The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1851-04-14

case of such violation, every direc or.
who participated In, or assented TO the
same, shall be held liable in his personal
and individual capacity, for all damages
which the conip,ny. its shareholders. or
any other persons, body polite or corpo-
rale, shall have sustained in consequence
! # such violation. 9s3 5fg # Il
See. 80. Every Presi lent, Direcror,
Cashier. Teller, Clerk. or Agents Of any
barking company. who shall embezzle.
abstracl, or ,wilfnlly tnisapply any Of the
moneys, funds or credits Of such com
lpany, or shall without authority from The
directors, issue sor pu, any Of The noIes
of such company. or shall put in circula-
ZION any bills or notes purporting TO be
The circulating bills or notes Of such bank,
other than those delivered 10 such bank
by the Auditor Of Slale, as provided for
lby this acl, either with or without The au-
thorty of the directors or shall without
such authority issue or pu, forth any cer--
tifcale Of deposit, draw any order or
bill Of exchange, make any acceptance,
assign any nole, bond, draft, bill Of ex-
change. NOR gage, judgment or decree.
or shall make any false enlry on any
book, report or statement Of The company,
with an intent in either case 10 injure or
detraud such company, or 10 injure or
deiraud any olher company, body corpo-
rate or polilc, or any individual person,
or to deceive any officer or agent opDoint-
ed 10 inspect the affairs Of any banking
company in The STATE, shall be guilty Of
misdemeanor, and upon conviction
thereof, shall be confined in The Peniien-
liary at hard labor. moi less Than five nor
more than ten years.
Sec. 81. Ii shall be the duty Of the
Auditor of Slaie. 10 receive mu,ilaled
circulating notes issued by him 10 any Of
such banking companies, and 10 deliver
in place thereof other circulating noies
10 an equal amount, and The said mutila-
led noies after memorandum shall have
been entered in The proper book or books,
shall be burned to ashes by The said Au-
dior, 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 10 the said Auditor,und
a certificate Of said burning, signed by
said Auditor, shall bemade in The books
Of the register, and duplicate thereof
given 10 said agent.
Sec. 80. The Auditor Of State shall
give 10 any company by whom any stock
Shall have been deposited according 10
The provisions Of this act, powers of al
torney TO receive The interest or dividends
thereon, which interest or dividend such
company may receive and apply TO its
own use; bu. such, powers Of attorney
shall become void upon any such compa-
ny failing 10 redeem The circulating Holes
issued by such company; Provided, how.
ever. thai whenever The price Of any OF
The stocks pledged for The security or re.
denplion OF the cicualing notes issued
by any such company as aforesaid, shall
he al The stock exchange in The city OF
New York for four consecutive weeks, al
u price or rale less than The value al which
such stock shall have been estimated when
so deposited a'd pledged, The Audio
shall receive and retain The interest or
dividend, on such deprecaled stock. so
pledg dged, unil The interest so received,
when added 10 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 de-
posii tho amount so received, with any
solvent banking company in this State, al
such rate Of interest as shall be agreed
upon, or, a. the option of The company
by which such stocks were deposited,
invest such interest or dividends in any
Of The stocks by This act authorized, 10
be pledged in tne name of the Auditor OF
Sale, in trust for The banking company
by whom the stocks on which such in
leresi or dividends may have accrued,
shall have been pledged; and whenever
the price Of such deprecated stocks al
the New York stock exchange, shall
rise 10 the price al which they were
pledged by The campany. and so remain
for four consecutive weeks, such invest
menl shall be assigned TO such company,
and all accrung interest on such pledged
stock shall lherea( be paid 10 such com.
pany'
Sec. SO. The stocks transferred to the
Auditor Of State, by any banking COM
pany, for the security of its circulating
notes, shall be held by him exclusively
Tor that purpose. until such noles shall
be redeemed, except as hereinafter pro-
vided.
Sec. 81. II any such banking compa.
ny shall fail toSedeem, in gold and silver
coin, any Of It's circulating notes issued
in pursuance Of the provisions Of this
act, wi,eSs navment thereof shall be law
ully demanded, during the usual hours
Of business, at The office Of such com. |
pany, The holder of such note or notes
may cause one or more thereof TO be
protested by notary public, who shall,
on protesting the sam, forthwith forward
notice Of such protest 10 the Auditor OF
Slale, and afier such protest suffered, il
shall not be lawful for The company thus
suffering protest, TO pay out any of its
notes, discount any noles or bills, or
otherwise engage in The business ofbnnk. 1