Fremont weekly freeman. [volume] (Fremont, Sandusky County, Ohio) 1850-1853, 1851-04-19

mode put ia circulation the notes OF any bank
or banking company, either in OF out of this
State, which notes shah not at that time be
receivable at par IN payment of debts, and by
the company SO paying out or circulating such
notes, nor shall il knowingly pay out orputin
circulation any notes issued by any bank or
banking company. which. at the time of such
paying out or putting in circulation. is not re-
deeming its notes in gold and silver, any
notes issued by any bank out of this State. of
a denomination less than 1--WE dollars.
See. 81 All notes, bills and other evdeR-
eCs Of debt, excepting bills of of exchange, dis
counted by any banking company shall be
made by the terms thereof, or by special en-
dorsement, payable solely 10 such company,
/ and no such evidence of debt shall be assign
able, except for colection,For for the following
purposes first, TO pay and redeem the circu-
latine notes of such company; second, to pay
other liabilities Of the said company, and after
such liabilities shall have been discharged,
third 10 divide among the shareholders on
their stock.
See. %. AL transfers Of the notes. bonds,
bills Of exchange. md other evidences of debt
owing 10 any banking company, OF of deposits
20 its credit, all assignments or mortgages. or
other securities on real estate, or of judg-
uiculS Ut OfSlCCS III itS 4sANOti Htt VI
money, bullion, or other valuable thing for its
use, or for the use of any of its stockholders
4 or creditors, all payments of money to either,
made after the commission Of an act of insol-
4 vencY or IN contemplation thereof, with view
to prevent the application of its assets in the
fl manner prescribed bv this act, or with view
to the preference of one creditor to another
except in payment of its circulating notes,
II 4 L 1 4 \
| Sec. 30. flhe directors of any banking
company which shall have aYailed itself of
any of the privileges granted by this act, shall
5 knowingly violate, or knowingly permit any of
!, the officers, agents. or servants of such COM
/ tpany, to violate any of the provisions of this
act, all the rights, privileges, and franchises OF
f said company, derived from this act, shall
: thereby BE- forfeited; such violation shall, how
ever, be determined and adjudged BY court
S of competent jurisdiction, agreeable to the
laws of this State, and the practice of such
. court before the corporation shall be declared
: dissolved, and in case of such violation, every
III director who participated in, or assented to
: the same, shall be held liable in his personal
i and Individual capacity. for all damages which
: the company, its shareholders, or any other
: persons, body polite or corporate. shall have
II sustained in consequence of such violation.
il Sec 80 Every President Director, Cashier
= Teller, Clerk or Agent. of any banking rom.
d pany, who shall cmbezze, abstract, or wilfuly
II misapply any of the moneys, funds or credits
;. of such company, or shall without authority
! from the directors, issue or put in circulation
I any bills or notes purporting to be the circu
n ating bills or notes of such bank, other thar
). those delivered to such bank by the Auditor
OF State. as provided for by this act, either
e with or without the authority Of the directors
or shall without such authority issue or pu
J. forth any certificate of deposite, draw any or
:. der or bill of exchange, make any acceptance
d assign any note, bond, draft, bill of exchange
g mortgage, judgment or decree, or shall make
e any false entry on any book, report or state
II ment of the company, with an intent IN elthe
III cafe to iniure or defraud such company, or Il
a injure or defraud any other company, bod.
- corporate OF polite, or any Individual person
,el or to deceive any officer or agent appointed I
all inspect the affairs of any banking company il
ofl the State. shall be guilty of misdemeanoI
of and upon conviction thereof shall be confines
10 in the Penitentiary hard labor, not less tha
,e FIVE nor more than ten years.
- Sec. 81. 1t shall be the duty of tie Au
ct ditor of State, to receive mutilated circulating
=. notes issued by him to any of such bankin
o. companies, and to deliver in place therec
j. other circulating notes to an equal amoun
ba and the said mutated notes. after memo
ii randum shall have been entered in the prope
n book or books, shall be burned 10 ashes by tn
:. said Auditor, in the presence of the Secretar
N, of State. and the officer or agent of said con
M pany BY whom the said notes shall have bee
~ delivered to the said Auditor, and certi6cat
he of said burning. signed by said Auditor, sha
nd be made in the books of the register, and
n duplicate thereof given to said agent
lis Sec 81 The Auditor of State shall give
is. any company by whom any stock shall ha'
ei- been deposited according TO the provisions
ed this act, powers of attorney 10 receive the Il
INF terest or dividends thereon, which interest
uit dividend such company may receive and a
hr ply 10 its own use; but such powers Of alto
IN. nev shall become void upon any such comp
mi nv failing to redeem the circulating notes
es- sued by such company; Provided, howevt
m. that whenever the price of any Of the stoc
led pledged for the security or redemiion of q
,tal circulating notes issued by any such compal
br as aforesaid, shall be at the stock exchange
ing the city of New York for four consecutl
,ci. weeks, at price OF rate less than the value
RS which such stock shall have been estimat
unt when so deposited and pledged, the Audit
IA. shall receive and retain the interest or di
osS dend, on such deprecated stock, so pledge
mrs until the interest so received, when added
les the market value of stocks so pledged, to
nit ascertained as in this section before provide
will be equal in amount to the amour:
r;v. which such stocks were pledged; and he sh
this deposit the amount so received. with any S
on vent banking company in this State, at su
ote rate of interest as shall be agreed upon, or,
ebt, the option of the company BY which su
on stocks were deposited. invest such interest
,re, dividends in any of the stocks by this act I
and thorized, to be pledged in the name of
nav Auditor Of State, in trust for the banking CO
;me panv by whom the stocks on which such
10 terest or dividends may have accrued, 81
in have been pledged; and whenever the pr
inc, Of such deprecated stocks at the New y
and stock exchange. shall rise TO the price at VII
rest they were pledged by the company. and SO