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Early Michigan Early Banks Of Michigan
previously in operation in the state of New York. It required each bank to deposit with the state treasurer, at the beginning of each year, a sum equal to one-half of one per cent on the capital stock paid in, and the fund so created was to be held and to be used for the benefit of the creditors whenever any bank subject to its provisions should become insolvent. The act was made applicable to such monied corporations only as should be created after its passage, and such existing corporations as should subsequently obtain a renewal or extension of their charters, or should voluntarily comply with the provisions of the act.
This statute was destined to have little practical effect. In New York the system proved inadequate for the security of the public interests, and was abandoned. In Michigan, subsequent events which speedily followed would have rendered it impotent for any good, even if its merits as a system had been far greater than its most sanguine supporters dared to claim for it.
Michigan
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