The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1844-03-08

by filing their written declaration thereof with The
Auditor of State on, or before the first day of March
one thousand eight hundred and forty four: and
p,Ovided also, that said bank shall be subject to
4 tanned.
SEC. q That from and after the first day oi
March, in they year one thousand eight hundred and
forty four, the Stockholders of said bank of Woos-
ter, shall be severally table, in their individual and
private capacity, for each and every valid claim
against said bank, except in cases where depositors
and said bank shall agree.
| SEC. 8 The Board of Directors of said bank
shall consist of not less than nine nor more than
thirteen members, at the discretion OF the Stock
holders.
Sec. A. If any president, director, trustee,
CASHIER or other officer, clerk or agent ofSad bank
shall embezzle, or frauduleDtly convert to his own
use, or shall iaudulenty take secrete any effects
or property, or commit any breach of trust, with
intent to convert to his use or the use ben
ettof any other person, any effects property
belonging to said bank or deposited therein he
and upon conviction thereof, shall be imprison-
ed in the Penitentiary, and kept at hard labor,
not more than ten years, nor less than year.
SEC. 5. That whenever the stockholders of the
Bank Of Wooster shall have complied with the
provisions of the first section of this act, then so
much ofthe nineteenth section of the act entitled
San act to amend the act entitled an act to regulate
Banking i'll Ohio" passed February twenty-one,
one thousand eight hundred and forty three, as re-
lates to the Bank Of Wooster, shall be deemed as
hereby repealed
SEC. 9. That it is unlawful for said bank to
loan or discount to any stockhoIder or director up
on any note or evidence OF debt, or to permit
any stockholder director TO become liable in any
form to the bank to greater amount than one half
Of the capital stock of such stakeholder or director
actually possessed by him; provided, that nothing
herein contained shall be so construed as to prevent
said Bank from buying and selling bona tide bills
of exchange at their market value.
Sec 7. That said bank of Wooster shall bere-
qured to have and keep in the vault thereof, the
actual property Of said bank, an amount of gold or
silver coin equal to one dollar for every three dol
lars of its circulation and 10 case it shall so happen
that said bank, by the redemption of its notes and
the payment ofits immediate liabilities, in gold or
silver coin, shall violate so much Of this section as
relates to the proportion of its specie and circula-
ton. it shall be unlawful for the directors of said
bank, from the time such disproportion occurs, to
discount any note, BILL bond. or other security, or
III any manner pay out or put in circulation, any
ofthe circulating notes of said bank, until the legal
proportion of circulation and gold and silver coin
shall be rcganed, and all such discounts made in
violation of the provisions of this section shall be
considered, and held, to all iuteuts and purposes,
void; and the directors consentiug 10 such violation,
shall be liable, jointly and severaIly, in their ind-
vdualcapacities to said bank, for all damages arising
to said bank for such violation. PrOrilcd, That
funds on deposit in Philadelphia, New York or Ros-
ton, subject to sight drafts by said bank, shall be
deemed equivalent to gold and silver coin, in the
vaults thereof, so far as it regards the amount of
circulation.
SEC. s. That the La Fayette Bank of Cincinna-
ii, and the Bank of Zena shall be entltl.d to USE
exercise, and enjoy all the rights, privileges and
immunities granted TO them by their respective
charters, on the same conditions that the like priv
ileges and immunities are hereby granted to the
Bank of Wooster, and subject to the same qualiiica
tons and restrictions, as are by this act, imposed
upon the said bank of Wooster.