True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-04-30
fcoNrrNuEb.l

bonds bills fsxchange, and other evi.
dsnce Of debt owing TO any bank, or Of
deposits TO its credit; all assignments Of
mortgages or other securities on real es-
tate, or ofjndgmenis or DEGREES in its ia
voS all deposits money, bullion orother
valuable thing for its use, or for the use
Of any Of It's stockholders or creditors; all
payment Of money TO either, made after
the commission of an act Of insolvency,
or in contemplation thereof, with view
to prevent the application ofits assets in
the manner prescribed by this act, or with
view TO the preference Of one creditor
TO another, except in payment of its cir
culating notes, shall be held utterly nul |
and void.
SECTION SO. II the. directors of any
banks organizedunder this act, shall know
ingly ViOlate or knowingly permit any Of
the officers, agents or servants of such
bank to violate any Of the provisions Of
this act, all the rights, privileges and fran
chises Of said bank shall thereby be for
feiled such violation shall, however, he
determined and adjudged by court Of
competent jurisdiction, agreeably to the
laws Of this State and the practice Of such
court, before the corporation shall be de-
clared dissolved; and in case OF such vi
olaiion, every director who participated
in, or assented to the same, shall be held
liable in his personal and individual capac-
ity for all damages which the company,
its shareholders, or any other persons
body polite or corporate, shall have
sustained in consequence of such viola
ton.
SECTION 81. Every president, direc.
tor. cashier. teller, clerk or agent of any
bank, who shall embezzle, extract, or will
fully misapply any Of the moneys, funds,
Orscrediis of such bank, or shall, without
authority, Gom the directors, issue or put
in circulation any of the notes OF such
bank, or shall, without such authority, is
sue or put forth any certificate of deposit,
draw any order or bill Of exchange, make
any acceptance, sign any note, bond, draft,
bill Of exchange, mortgage, judgment or
decree, or shall make any false entry on
any book, report or statement of the bank,
with an intent in either case to injure or
defraud such bank, or to injlHe or defraud
any other company, body corporate or po-
litic,-or any individual person, or to de-
ceive any officer or agen, appointed toin-
spect the affairs of any bank in This State,
shsllbe deemed guilty of a misdemeanor,
and upon. conviction thereof, shall be. con-
fined in the penitentiary at hard labor, no'
less than five nor more than ten years.
SECTION 35. Stockholders in banks
organized under this act, shall each be
individually and severally liable TO the
creditors of bank of which they are
stockholders, in sum equal in amount TO
the stock owned by each, and should any
such bank become insolvent and its as
sests be found insufficient 10 pay its debts
and liabilities, its stockholders may be
compelled to pay such deficiency, in pro-
portion to the amount of stock owned by
each, and should the whole amount for
which stockholders are individually re-
sponsible, as provided in this section, be
found in any case TO be inadequate TO the
payment of all the residue of the debts of
any bank after the application of its as.
ses,s to the payment Of such debts, then,
and in that case, the moneys due from
stockholders OH account of their individu-
al liabilities as such, shall be distributed
equally among all the creditors of such
bank, in proportion 10 the amount due to
each, the personal liability in this section
provided for, is over and above the stock
owned by stockholders, and any amount
unpaid thereon.
SECTION SO. The General Assembly
may alter or repeal this act at pleasure,
but no act Altering or repeating This acl,
shall impose any injustice or wrong upon
the stockholders Of any bank organized
under it.
SECTION 81. Every corporation organ
gized under this act, shall have power 10
make all necessary and proper bylaws
for the management and control of its bu-
siness and TO fix and regulate the rate Of
charges for making collections. The
bank Of Ohio may revise the bylaws and
may also revise the regulations of the
branches concerning charges for making
collections, and cause both to be made
uniform among the branches, or as near
ly so as may be deemed expedient.
Section 3s. The corporations Organi-
zed under this act shall continue 10 exist
so long as necessary for the settlement Of
their affairs, notwithstanding the repeal