Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-05-12

any OtneF UlOue put VII EFCuiutiob tlo uots
4 Of any bank al banking company, either j
n or out of this State, which notes shall nc
at that time be receiveable al par in pay
' ment Of debts, and by the company SO pay
E ing out or circulating such notes. nor shal
+ it knowingly pay out or put in circulation
: any notes issued by any bank or banking
!, company which, at the time Of such pay I'M
out or putting in circulation, is not redeem
r ing its notes in gold and silver, nor an,
, notes issued by any bank out Of this State
Of a denomination less than FIVE dollars.
I Sec. 27. Allnotes, bills, and other eyi
f dences of debt, excepting bills Of exchange
discounted by any banking company, shall
be made by the terms thereof, orby specia
indor rsement, payable solely to such com
pany, and no such evidence of debt shall
be nssignable, except for collection, or lol
the following purposes: First-To pay
and redeem the circulating notes of sucf
company; Second-to pny other liabilities
Of the said company, and af;er such liabil
tiles shall have been discharged; Third
To divide among the shareholders on their
/ stock.
! SEC 2s. All transfers Of the notes,
bonds, bills Of exchange, and other eviden.
ces Of debt, owing to any banking company,
or Of deposits to It's credit, all assignments
or mortgages, or other securities on zeal
estate, or Of judgements or DEGREES in its
favor, all deposits Of money, bullion, or
other valuable thing for its use, or for the
use Of any its stockholders or creditors, all
payments of money 10 either, made after the
commission Of an act Of insolvency, or in
contemplation thereof, with view to pre-.
vent the application Of its asserts in the
manner prescribed by This act, or with q
: view 10 the preference Of one creditor 10
another except in payment OF its crcula-
ting notes, shall be held utterly null and
void.
SEC 30 IL the directors of any banks
ing company which shall have availed it.
self Of any of the privileges granted by
this act, shall knowingly violate, or know
ingly permit any Of the officers, agents or
servants Of such company, TO violate any Of
the provisions OF this act, Ill the rights,
privileges, and franchises Of said company,
derived from this act, shall, thereby be for
feted; such violation shall, however, be
determined and adjudged by court OF
competent jurisdiction. agreeably 10 the
laws of this Stale, and the practice OF, such
court, before the corporation shall be de-
clared dissolved; and in case Of such
violation, every director who participated
| in, or assensea to the same, shall be held
liable in his personal and individun, capaci.
ty, for all damages which the company, its
shareholders, or any other persons body
polite or corporate, shall have sustained in
consequence ofsuch violation.
SEC 80 Every President Director,
Cashier, Teller, Clerk, or Agent, of any
banking company, who shall embezzle, ab.
stract, or willully mis- apply any Of the
moneys, funds or credits Of such company,
or shall, without authority from the directors,
issue or put in circulation any Of the notes
Of such company, or shall pu, in circ .lation
any bills or notes purporting to be the cir.
culating bills or notes Of such bank, other
than those delivered to such bank by the
Auditor of State, as provided for by this act,
either with or without the authority OF the
directors, or shall without such authority
issue or put forth any certificate of deposit,
draw any order or bill Of exchange, make
any acceptance, assign any note, bond,
draft, bill Of exchange, mortgage, judge.
ment or decree, or shall make any false
entry on any book. report or statement of
the company, with an intent in either case
to injure or defraud such company, or 10
iniure or defraud any other company, body
corporate, or polite, or any individual per.
son, or to deceive any officer or ngentap-
pointed to inspect the affairs of any banking
company in the State, shall be guilty Of q
msdemeanor, and upon conviction thereof,
shall be confined in the Penitentary ut
hard. labor, not less than FIVE nor more than
ten years. na
Sec. 81. 1t shall be the duty Of the
Auditor of State, 10 receive mutilated cir
culating notes issued by him to any Of such
banking companies, and to deliver in place
thereof other circulating notes to IN equal
amount; and the said mulilated notes, after
a memorandum shall have been entered in
the proper book or books, shall be burned
to ashes by the said Auditor, in presence of
the Secretary OF State, and The officer or
agent Of said company by whom the said
notes shall have been delivered TO lhe said
Auditor; and certificate Of said burning,
signed by said Auditor, shall be made in
the books Of the register, and duplicate
thereof given to said agent.
SEC. 50. The Auditor Of State shall
give to any company BY whom any stock
shall have been deposited according to The
provisions Of this act, powers of attorney
to receive the interest or dividends thereon,
which interes, or dividend such company
may receive and apply to its own use; but
such powers Of attorney shall become void
upon any such company failing to redeem
the circulating notes issued by such com.
pany; Provided, however, that whenever
the price of any of the stocks pledged for
the security or redemption of the circula.
ting notes issued by any such company ms
Aforesaid shall be at the stock exchange in
the city Of New York for four consecutive
weeks, at price or rate less than the value
at which such stock shall have been estima.
ted when so deposited and pledged, the Au.
81