« PreviousContinue »
trust company shall be invested or loaned in any one security or loan. 91 O. L. 201.
§ 3821gg. May exercise powers of safe deposit and trust
company when having requisite capital in
Toledo and Columbus, etc.That any company now or hereafter incorporated under the laws of the state of Ohio, as a savings and loan association, and having a paid up capital stock of not less than two hundred thousand dollars, and organized and doing business in any city of the third grade of the first class, or first grade of the second class, may also engage in business as a safe deposit and trust company, under and in accordance with the provisions of sections 3821a, 38216, 38210, 38210, 3821e, 3821g, of the Revised Statutes of Ohio. Provided, however, that no such company shall be authorized to engage in business as such safe deposit and trust company, until after the holders of at least two-thirds in amount, of the capital stock of such company shall have voted in favor of so doing, at a meeting of the stockholders called for the purpose of considering such question. Upon the stockholders of any such company voting in favor of a resolution to engage in business as a safe deposit and trust company, as provided in this act, the president and secretary of such corporation shall make, and file with the secretary of state a certificate under the seal of such corporation, showing the action of the stockholders in this behalf, and the number of shares voted in favor of the proposition, and thereupon such corporation shall have all the powers, and be subject to all the regulations, obligations, liabilities, and conditions which safe deposit and trust companies have and are subject to, under the several sections of the Revised Statutes to which this act is supplemental. 94 O. L. 340.
($ 3821h.) Sec. 1. Collateral loan companies; their object
In all counties, containing a city of the second grade of the first class, any number of persons not less than seven, may associate and form a collateral loan company in the manner prescribed by the revised statutes. The object of such association shall be to make loans upon pledges of goods and chattels of every kind; also, on mortgage on goods and chattels; it shall not do a deposit or exchange business, nor shall it make loans upon any other kind of securities than that above named. 82 0. L. 132. (S 3821i.) Sec. 2. Capital stock; power to borrow
The capital of said company shall be raised by subscription. It shall not exceed five hundred thousand dollars, in shares of fifty dollars each; and no one person shall own more than oneseventh of the stock subscribed. It shall have the power to borrow on its own notes, not exceeding the amount of its capital paid in, and for periods not exceeding one year. 83
0. L. 144.
($ 3821j.) Sec. 3. Board of directors, officers, by-laws
The government of the company shall be in a board of seven directors, who shall be residents of the county where the association is located, five of whom shall be chosen annually by the stockholders, together with one to be appointed by the governor of the state, and one to be appointed by the mayor of the city where such company may be located, whose term of office shall also be for one year.
The board thus created shall elect one of their number president, and such other officers as may de deemed necessary. Said directors may also establish such by-laws, rules and regulations for conducting the business of said company as they may deem necessary, not inconsistent with the laws of this state.
82 0. L. I32.
(3821k.) Sec. 4. Organization- ,
When twenty thousand dollars have been duly subscribed, and one-fourth of said subscribed capital has been actually paid in, the stockholders may organize, as hereinbefore provided, and proceed to transact business under the provision of this act. 83 0. L. I44.
(§ 38211.) Sec. 5. Loans; rate of interest, etc.
When the company has disposable funds, it shall loan on all goods and chattels offered, embraced within its rules and regulations, in the order in which they are offered; with the exception that the company shall always discriminate in favor of small loans to the indigent. It shall loan four-fifths of the appraised value on gold and silver plate and ware, and to two thirds of such value on all other goods and chattels as aforesaid. In no case shall the rate of interest charged exceed eight per cent per annum, and any other charges, including insurance, investigation of titles,
and the expense of the custody and care of all property offered as security, shall not exceed ten per cent per annum on the amount loaned. 83 O. L. 144.
(8 3821m.) Sec. 6. Maturity of loans; right to redeem
All loans shall be on a time fixed, and for a period of not over one year; and the pledger shall have the right to redeem his property pledged, at any time, within the specified period, at the rate of compensation to the time of offer to redeem. 82 O.
(§ 3821n.) Sec. 7. Sale of unredeemed property; pro
ceeds; pawn ticketsIf the property pledged is not redeemed within the time limited, the same shall be sold at auction, and the net surplus, after paying loan charges and expenses, shall be held one year for the owner; when, if not demanded within said year, it shall be forfeited to the company. The company shall give to each pledger, a card inscribed with the name of the company, the article or articles pledged, name of the pledger, the amount of the loan, the rate of compensation, the date when made, the date when payable, and the page of the book where recorded. 82 0.
(S 38210.) Sec. 8. Reports of company's business
The president and directors of said company shall report in writing, to the stockholders and to the governor of the state, full and accurate statistics of its business, and of its financial condition, in the month of November, in each year, and at such other times as they may be requested to do so by the governor of the state. 82 0. L. 132.
($ 3821p.) Sec. 9. Transfers of stock
The stock of said company shall be transferable only at the office of said company, and on its books.
82 0. L. 132.
($ 38217.) Sec. 10. Applicability of statutes to stockhold.
The stockholders of said corporations shall be subject to the provisions of section 3258 of the Revised Statutes of Ohio, and to all other provisions of the Revised Statutes, where applicable. 82 0. L. 1 32.
To provide for the better protection of persons dealing with bond and in
vestment companies. * (S 3821r.) Sec. I. Bonds investment companies-Must
make deposit upon commencing businessDeposit by companies already in operation
in Ohio-Minimum of deposit-PurposeEvery corporation, partnership and association, other than a building and loan company, which shall hereafter commence, in this state, the business of placing or selling certificates, bonds, debentures, or other investment securities of any kind or description, on the partial payment or installment plan, and every investment guaranty company doing business on the service dividend plan, shall, before doing business in Ohio, deposit with the state treasurer one hundred thousand dollars in cash or bonds of the United States, or of the State of Ohio, or of any county or municipal corporation in the State of Ohio, for the protection of the investors in such certificates, debentures or other investment securities. Such deposit of one hundred thousand dollars shall be made out of the paid-up capital stock of such corporation, partnership or association. And every corporation, partnership or association now doing business in the State of Ohio shall, in addition to the amount now on deposit with the state treasurer by such corporation, partnership or association, on or before the Ioth day of January of each year, deposit with the state treasurer, either in cash, or bonds of the United States, or of the State of Ohio, or of any county or municipal corporation in the State of Ohio, an amount equal to ten per cent of the gross receipts on the amount of business done by it in the State of Ohio for the twelve months next preceding the 31st day of December; and the said deposit shall be made each year as aforesaid until the total amount of such cash or bonds so deposited shall amount to one hundred thousand dollars. Provided, every such corporation, partnership or association now doing such business in the State of Ohio shall have on deposit with the state treasurer not less than twenty-five thousand dollars out of its paid-up capital
* This act replaces an act in 93 v. 401, which was construed in Shaw v. Interstate Corporation, 5 N. P. 41 (Sup. Ct.:Cin.).
Corporations amenable to act. State v. Diamond Contract Co., 43 B. 407 (Sup. Ct.).
stock. The deposit made with the treasurer shall be held as a security for all claims of residents of this state against such corporation, partnership or association, and shall be liable for all judgments or decrees thereon, and subjected to the payment of the same in the same manner as the property of other non-residents. Should any such corporation, partnership or association cease to do business in this state, the treasurer may release securities in his discretion, retaining sufficient to satisfy all outstanding liabilities. 94 O. L. 147.
The $25,000 deposit need not be derived wholly from the capital stock. State v. Supt. Ins., 43 B. 221.
($ 3821s.) Sec. 2. Conditions precedent to doing busi
ness-Copy of charter-Statement of busi
ness of preceding year-ProcessEvery such corporation, partnership or association shall, as a condition precedent to transacting business in this state, comply with the following conditions, to wit:
First. It shall file with the supervisor of bond investment companies, a certified copy of its charter or articles of incorporation, constitution and by-laws, and other rules and regulations showing its manner of conducting business.
Second. It shall also file with the supervisor a statement under oath of the president and secretary or other managing officer in the form by the supervisor required, of its business for the preceding year.
Third. It shall also file with the supervisor a written instrument, duly executed, agreeing that a summons may issue against it from any county in this state directed to the sheriff of the county in which the office of supervisor is situate, commanding him to serve the same by certified copy personally upon the supervisor or by leaving a copy thereof at his office. The supervisor shall, however, mail a copy of any papers served on him, postage prepaid, to the home office of such corporation, partnership or association. 94 O. L. 147.
($ 3821t) Sec. 3. Certificate of authority-Revocation
Whenever such company, partnership or association has complied with the provisions of this act, and the supervisor is satisfied that it is doing business in accordance with law, he shall issue to such company, partnership or association a certificate of