image
image

image
image
 

Early Michigan

Early Banks Of Michigan

The statute authorized any twelve freeholders of any county who desired to form an association for transacting banking business to make application to the treasurer and clerk of the county for that purpose, and books were to be opened for subscription to the capital stock of the association. This stock was in no case to be less than $50,000 nor more than $300,000. Ten per cent, on each share was required to be paid in specie at the time of subscribing, and thirty per cent of the entire capital stock , in like funds before the association should commence operations. The president and directors were also required to furnish securities, to be approved by the said treasurer and clerk, to the auditor general of the state, for the payment of all debts contracted and the redemption of all uotes issued by the association; which securities should consist either of •bonds and mortgages on real estate or in bonds executed by resident . freeholders of the state.

Michigan


Page 14


 






Please consider making a donation to help keep these sites alive.
Thank you



image
image
image

Site Map | Chapter Index | MICHIGAN
Old Capitol | Female College | Early Press 2| My Michigan |County Bar | County BarII | County Bar III | Asylum | Bazil | Ohio Boundary | Western Michigan | John Barry | Wyandotte | Port Huron | Saginaw Valley
image