The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-04-16

Of the said company, and AFTER spch liabils
tiles shall have bsen discharged l1ird, 70
divide among the shareholder 81 their
stock.
SEC. 28. Alltrafisfers of the notes, bonds,
bills Of exchange, and other evidences Of
debt, owing to any banking company, or
of deposits to its credit, all assignments or
mortgages, or other securities on real es.
tate. or ofjudgments or DEGREES in its IA
vor, all deposits Of money, bullion, or other
valuable thing for its use, or for the use Of
any ofits stockholders or creditors, all pay.
ments OF money to either, made after the
commission Of any act ofinsolvency, or in
contemplation thereof with view to pre-.
vent the application of its assets in the ,
manner prescribed by this act, or with
view of the preference of one creditor to
another, except in payment Of its circula.
ting notes, shall be held utterly null and
void ~ a e8
Sec. go. If the directors of any bank.
ing company which shall have availed it.
self Of any privileges granted by this act,
shall knowingly violate, or knowingly per.
NIT any of the officers, agents, or servants
of such company, to violate any Of tho
provisions Of this act, all the rights, privi-
leges, and franchises ofsad company, dc.
rived from this act, shall thereby be for.
feited; such violation shall, however, bs
determined and adjudged by court Of
competent jurisdiction, agreeably to the
laws of this Slate, and the practice Of such
court, before the corporation shall be do.
clared dissolved, and in case of such vic.
lation, every director who participated in,
or assented TO the same, shall be held lia-
biz in his personal and individual capacity,
for all damages which the company, its
shareholders, or any other persons, body
polite or corporate, shall have sustained
in consequence of such violation.
Sec 80. Every President, Director,
Cashier, Teller, Clerk, or Agent, Of any
banking company, who shall embezzle,
abstract, or willfully misapply any Of the
moneys, funds or credits OF such company
or shall without authority from the direc-
tors, issue or put in circulation any Of the
notes of such company, or shall put in cir.
culaton any bills or notes purporting to be
the circulating 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 author
ity of the directors, or shall without such
authority issue or put forth any certificate
of deposit, draw any order or bill of OK,
change, make any accept ance, assign any
note, bond, draft. bill of exchange, mort
gage, judgment 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 deiraud such
company, or to injure or defraud any 9TH
er company. body corporate or polite, or
any individual person, or to deceive any
officer or agent appointed to inspect the az
fairs of any banking company in the State,'
shall be guilty of a misdemeanor, and up
on conviction thereof, shall be confined in
the Penitentiary at hard labor, not less
than five nor more than ten years. IA
Sec. 81. II shall be the duty ofthe Au.,
ditor of State, to receive mutiated circu-
lating notes issued by him to any Of such
banking companies, and to deliver in place
thereof other circulating notes Of an equal
amount, and the said mutilated notes. after
memorandum shall have been entered in tho
proper book or BOOKS, shall be burned to
ashes by the said Auditor, in the presence
of the Secretary of State. and the officer or
agent of said company by whom the said
notes shall have been delivered to the said
Auditor, and certificate Of said burning,
signed by said Auditor, shall be made in
the books of the register, and a duplicate
thereof given to said agent. ''fN@
Sec. 80. 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 interest 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 as
aforesaid, shall be at the stock exchange
in the city of New York for four consecu.
tive weeks, at price or rate less than the,
value at which such stock shall have been.
estimated when so deposited and pledged,
the Auditor shall receive and retain the in.
terest or dividend, on such deprecated
stock, so pledged, until the interest so re.,
ceived, when added to the market value,
Of stocks SO pledged, to be ascertained as
in this section before provided, will be
equal in amount to the amount for which
such stocks were pledged; and he shall
deposit the amount so received, with any
solvent banking company in this State, at
such rate Of interest as shall be agreed
upon, or al the option of the company by
which such stocks were deposited, invest
such interest or dividends in anv nf tb.