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Early Michigan Early Banks Of Michigan
and that no association which had not then filed its securities and paid in its ten per cent., or been doing business six months, should transact any business except in winding up its affairs.
Immediately after the 10th day of January, 1838, the time when the statute of December 30th, 1837, took effect, three bank commissioners were appointed and entered at once on their official duties. Their reports to the legislature will be found to contain full accounts of the developments which were made in the course of their repeated examinations of the banking institutions of the state.
Under the general banking law, as already stated, every subscriber to the stock was required to pay in ten per cent, in specie on each share at the time of subscribing, and ten" per cent, every six months thereafter, and thirty per cent, of the whole capital stock was required to be paid in like manner before the bank could commence operations.
Michigan
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