The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-03-12
NUMBER 81.

void.
Sec. &C. If the directors Of any banking
company which shall have availed itself Of any
of the privileges granted by this act, shall know
ingly violate, or knowingly permit any Of the
officers, agents or servants of such company, TO
violate any of the provisions of this act, all the
rights, privileges and franchises of said company,
derived from this act, shall thereby be forfeited;
such violation shall, however, be determined and
~adjudged by a court Of competent Jurisdiction,
agreeably TO the laws of this State and the prac-
tice of such court, before the corporation shall be
declared dissolved; and in case Of such violation
every director who participated in, or assented 10
the same, shall be held liable in his personal and
individual capacity for all damages whichthe com
pany, its shareholders, or any other persons, body
polite or corporate, shall have sustained in con-
sequence, of such violation.
Sec. 81. Every president, director, cashier,
teller, clerk or agent of any banking company,
who shall embezzle, abstract, or wilfully misap-
ply any of the moneys, funds, or credits of such
company, or shall, without authority from the
directors, issue or put i'll circulation any of the
notes Of such company, or shall without such
authority, issue or put forth any certificate of de-
post, draw any order or bill of exchange, make
any acceptance, assign any note, bond, draft, bill
of exchange, mortgage, judgment or decree, OF
shall make any false entry on any book, report
or statement Of the company with an intentin
either case to iniure or defraud such company, or
to injure or defraud any other company, body
corporate or polite, Or any individual person, or
10 deceive any officer or agentappointed 10 inspect
the affairs of any banking company in the State,
be deemed guilty Of a r isdemeanor, and
,pcO nopuiof;o, 4boroof oboI Lo ronEOoJ -, fLo
penitentiary at hard labor, not less than five nor
more than ten years.
Sec. G9. The stockholders of the Bank of
the Western Reserve Bank-of the
Columbiana Bank Of New Lisbon-of the La
Bank Of Cincinnati, and of the Ohio
Life Insurance and Trust Company shall, in each
case, be considered as having associated and
formed a company for the purpose of banking I'M
dor the provisions of this act, with such amount
Of capital stock, by such name and at such place,
within the county where such banking company
is now located, as shall be determined on by a
ma jority of the directors or trustees: and after
acknowledging and filing with the coun-
ty recorder a certificate setting forth the name,
amount of capital, and the place Of banking of
such company, and transmitting 10 the Board of
Commissioners a copy thereof as prescribed in
the seventh section, and after said commissions
ers shall have examined the condition of such
company, and found that as to the amount Of lis
its gold and silver coin, or their equiva-
lent, on hand, the requirements Of this act have
been complied with, sGch company shall be ar-
thoriZed TO recommence, and during the time Ii
mited by this act, carry on the business of bank
ing, subject TO the limitations, restrictions and
liabilities herein prescribed; and on depositing
with the Treasurer of State, Subject, in case
such company shall elect TO become a branch II of
the State bank of Ohio to the order of the Boa,d
of Control certificates of funded debt, or mo-
ney, to an amount equal to the amount required
of the new companies formed and organized I'M
the provisions of this act, as compared with
the amount of their circulating notes, such COM
pany may Immediately proceed to issue its notes
Of circulation TO any amount within the limits in
such cases prescribed by this act: But when the
of Control or the Treasurer of State, as
the case may be, shall be prepared to furnish
notes for circulation, the notes previously issued
by such company shall not be re-issucd or in any
way put in circulation by such company, but shall
be transmitted to the Treasurer Of State, or the
of Control, to be destroyed, as in the case
of defaced or mutilated notes, and new note re-
ceiyed in lieu thereof: Provided, however, that
the capital set apart for banking purposes by the
Ohio Life Insurance and Trust Company, and
the capital of the Lafayette Bank of Cincinnati,
may each extend to any sum not less than three
hundred thousand dollars, nor exceeding one
million dollars; but the circulating notes of nei-
of said companies shall at any time exceed
six hundred and fifty thousand dollars. In de-
termining the number, qualifications and liabil.-
Of the directors or trustees of the two last
companies, they shall each be governed by their
respective acts Of incorporation; and the Ohio
Life Insurance and Trust Company shall in all
except as to its banking operations, be
governed by its original charter.
SEC. 50. That the Bank Of Wooster, at Woos
the Bank of Massilon, at Massilon, the Bank
Of Norwalk, at Norwalk, the Bank of Circleville,
at CircIeville, the Clinton Bank of Columbus, at
Columbus, the Bank of Xenia, at Xenia, and
the Bank of Sandusky, at Sandusky, may, within
one year from the passage of this act, and when
ever two thirds of the directors, or the ownefsof
Il majority of the capital stock, of any such
bank, shall elect 10 do so, become an incorpora-
ted bank under the provisions and during the
time limited by this act, and as such, be entitled
to use and enjoy all the privileges, and be sui
lect TO all the liabilities and restrictions of the
Provided, that the banks named in this
section may, as far as the liabilities of their d.
rectors incurred previous TO their acceptance of
the provisions of this act, and as to their gualif-
be governed by the provisions Of their
several original acts of incorporation until the ex-
Of their respective charters; provided, al.
so, that the acceptance of the provisions of this
act by the Ohio Life Insurance and Trust Com
Pany, shall not be construed 10 take away, or
the banking powers now enjoyed by said
company, under its act Of incorporation, after the
franchises granted by this act shall have expired.
Sec. 70. That before any banking institution