Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1851-05-08

S lies; SeVenteenth--the total amour
J OF liabilities Of the company of Il
S stockholders thereof, collectively, sp,
cifying the gross amount Of such Ii;
bilities as principal debtors, and h
:, gross amount as endorsers or suretie
J, which statement shall be forthwith
r transmitted to the Auditor Of State
Sec. "a. Every banking compan
E deriving any Of its powers and priv
: leges from this act, may take, reserve
: receive and charge on any loan o
discount made, or upon any note o
bill OF exchange, or other evidenc,
OF debt, at the rate Of six per centun
, per annum on the amount oil an,
such note, bill Of exchange, or othel
evidence OF debt, so discounted, anc
no more; provided, however, tha
, interest may be reserved or taken il
. advance, at the time of making The
loan or discount. according to th,
usual rules Of banking, or as calcu
lated in Rowlett's tables; and the
knowingly taking, reserYing or charg.
ing on any debt or demand PAYABLE
to such company, Of a rate OF inter.
est greater than that allowed by this
section, shall be held and adjudged a
forfeiture Of such debt or demand,
but the purchase, discount or sale OF
a bill of exchange, payable at another
place than the place OF such purchase,
discount or sale, at the current rate
OF discount or premium, shall not be
considered as taking, reServing or re.
ceiving interest; provided no agree
ment or understanding shall be made
that the same shall be paid at any
other place than that at which il IS
made payable.
Sec. 25. The total liabilities of
any person, or company, or firm, in
cluding the liabilities Of company or
firm, the liabilities Of the several
members thereof, to any banking
company herein authorized, inclusive
oi liabilities as acceptor or acceptors
Of bona fide bills Of exchange, paw
able out Of this State, shall at no time
exceed one-third; exclusive oil liabili-
ties as accePtor or acceptors, one
fifth, and exclusive Of liabilities on
such bills OF exchange, one-tenth part
Of the amount of the noies which
such company is authorized to circu-
late at the time oil such liabilities.
Sec. 26. No banking company
shall at any time pay out on loans
or discounts, or in purchasing of
drafts or bills Of exchange, or in pay
ment Of depositors, nor shall it in
any other mode put in circulation
the notes Of any bank or banking
company, either in or out Of this
State, which notes shall not al that
time be receivable at par in payment
OF debts, and BY the company so pay
ing out or circulating such notes, nor
shall it knowingly pay out or put in
circulation any notes issued by any
bank or banking company, which, at
the time of such paying out or put
ting in circulation, is mol reedeeming
its notes in gold and silver, nor any
notes issued by any bank out Of this
State, oI a denomination less than
five dollars.
Sec. 81. All notes, bills and other
evidences Of debt, excepting bills OF
discounted by any bank
ing company, shall be made by the
terms thereof, or by special endorse
nent, payable solely TO such comPa-
nv, and no such evidence Of debt
shall he assignatle, except for collec
lion, or for the following purposes:
first, TO pay and redeem the circuIa-
ling notes of such company; second
10 pay other liabilities Of the said
company, and after such liabilities
shall have been discharged, third, 10
divide among the shareholders on
heir stock. Ii
Sec. g. All transfers Of the notes, bonds.
bills Of exchange, and other evidences Of debt, E
wing TO any banking company, or Of deposits l
% IFS credit. all assignments or mortgages, or =
,fher securities on real estate, OF Of judgments
VI DEGREES in its favor, all deposits Of money, 2
,uIlion, other valuable thing fnr its use, or ,
or the use Of any Of IFS stockholders nr eredi I
ors, all payments Of money 70 either, made n
Ifter the commission Of an act Of insolvency, 4
" in contemplation thereof. with a view to S
,revent the application Of its assets in the Il
manner presented by this act or with view I
% the preference Of one creditor 10 another, $,
xcept in payment Of its circulating notes, u
hall be held utterly null and void o
Sec. %, Iffhe directors OF any banking D
ompany which shall have evaiied itself Of any O
4 the privileges granted by this act, shall n
knowingly violate, or knowingly prrmit any OF Il
be officers, agents, or servants of such compa d,
~ to violate any Of the provisions of this act. il
u the rights, privileges and franchises OF said Of
ompany, derived from this act, shall thereby M
E forfeited, such violation shall, howe ever be IN
etermined and adjudged by a court Of com TO
etent jurisdiction, agreeably to the laws Of re
bis State, and the practice Of such court, be b.
,re the corporation shall be declared dissolved ~
nd in case Of such violation, every director Vi
no participated in, or assented to the same. ar
iaIl be held liable in his personal and iudivid-
al capacity. for all damages which the compa- sb
y, its shareholders, or any other persons, body de
D,itis or corporate, shall have sustained in be
,nsequenee Of such violation. II
Sec 30. Every President, Director, Cash or
4, Teller. Clerk. or Agent, Of any banking fe,
,mpany, who shall embezzIe,. abstract. or vii pa
,Tiv misannlv anV Of the ulonevs f,nnds - =.