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Early Michigan

Early Banks Of Michigan

The initiatory proceedings had in many instances been taken, but so short a time had elapsed that few applicants had proceeded so far as to perfect their organizations and acquire corporate rights under the statute. To meet this condition of affairs it was provided by the twelfth section of the suspension act, that every bank which should thereafter, and before the 16th day of May, 1838, commence operations, should be entitled to the benefit of the provisions of the act. In the discussion of this provision in the house of Representatives an effort was made to limit its application to such associations as had completed their organization and actually paid in and possessed in specie thirty per centum of their capital stock; but this proposition was voted down.
From the bank commissioner's report to the legislature of 1838, it appears that six banks, organized tinder the general banking law, were doing business, and had been visited by the commissioner previous to December 6th, 1837; and eleven more are named as having commenced, or about to commence, business; and numerous others were in contemplation.

Michigan


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