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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
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