The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1856-05-14
9abs Of 0biu.
PUBLISHED BY AUTHORITY.
(Co7atinued.}

SECTION 20. Every bank. organized
under this act may take, reserve, receive
and charge on any loan or discount
made, or upon any note, or bill of ex-
ehange, or other evidence of debt, at the
rate of SIX per centum per annum or the
amount of any such note, bill of exchange
or other evidence Of debt so discounted,
and no more; provided, however, that in
terest may be reserved or taken in ad-
vance at the time of making the loan or
Z discount, according to the usual rules of
banking, or as calculated in Rowlett's
tables; and the knowingly taking, re-
serving or charging on any debt or de-
mand discounted or purchased by such
bank, at a rate of interest greater than
that allowed by this section, shall be
held and adjudged a forfeiture of such
debt or demand, but the purchase or dis
count of a bona fde bill of exchange, or
note payable at another place than the
place of such purchase or discount, and
tie taking or reserTing of interest there
on at the rate aforesaid, from the time
of such purchase or discount, until the
maturity of such bill or note, shall not
be held usurious, although exchange on
the place where it is made payable, is at
the time of such purchase or discount,
worth a premium; nor shall the discount
or purchase of q bona fde bill or note,
payable at a place, between which and
the place of discount or purchase, ex-
change is in favor of the place of dis
: count or purchase, and the taking in ad-
dition to the rate of interest aforesaid,
the rate or exchange between such places,
be deemed usurious; provided, no more
than one half of one per cent shall be
taken as exchange upon any such paper
payable out of this State, and in no case
shall more than the current rate of ex-
change between such places be taken.
SECTION 81. The total liabilities of
any person or Of any company or firm,
(ineluding in the liabilities of a compa-
ny or firm the liability of tie several
members thereof to any bank organized
underth act, inclusive of liabilities as
acceftalarS accePtors of bona fde bills
Of exchange, shall at no time exceed one
half, inclusive of liabilities as acceptor.
or acceptors, one fifth, aud exclusive of
all liabilities on such bills of exchange
one tenth part of the amount of tie notes
which such bank is authorized to circu-
late Of the time of sr4h liabilities.
SECTION %. No bank shall, at any
time, pay out on loans or discounts, or
In purchasing of drafts or bills Of ex
change, or in payment of depositors, nor
shall tin any mode pu in cir ,ulation h
notes of any bank or banking company
which notes shall not at that time be re-
ceivable at par in payment of debts, by
the banks so paying 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,
atthe time of such paying out or putting
in circulation is not redeeming its notes
in gold and silver, nor any notes issued
by any bank out of this State.
SECTION 90. All notes, bills, and other
evidences of debt, excepting bills of ex-
change, discounted by any bank, shall be
made by the terms thereof, or by special
Endorsement, payable solely to such bank,
and no such evidence of debt shall be as
signable except for collection, or for the
following purposes:
Ffrst-Fo pay and redeem the circu-
lating notes Of such bank;
Secend-To pay other liabilities of
the said bank; and after such liabilities
shall ave been discharged;
Fbird-To divide among the share
holders on their stock.
SECTION 80. No bank organized un-
der this act, shall issue any certificate of
deposit, order, draft, bill of exchange, or
other evidence of debt, payable in cur
reney or In anything less valuable than
gold and silver coin, except receipts for
special deposits; nor shall any such bank
keep any accounts in currency or in any
thing less valuable than gold and silver
coin except accounts by special deposits.
SECTION 81. No bank organized under
this act, shall be permitted, in receiving
payment at its banking house or other
place than where the same was payable,
of any note, bill, or other evidence of
debt, due to such bank, and payable at a |
place other than at its banking house, to
receive in addition to the amount of such
debt and the legal interest due thereon,
any sum whatsoever as premium, ex-
change or damages; provided, nothing in
this section contained shall prevent such
bank from receiving the damages allowed
by Law upon any bona fde bill of ex-
change, duly protested for non accept
anee or n~on-payment.
SECTION 80. All transfers of notes,
bonds, bills of exchange, and other evi
dence of debt owing to any bank, or of
deposits to its credit; all assignments of
mortgages or other securities on real es-
tate, or of judgments or DEGREES in its
favor all deposits of money, bullion or
other yaluable thing for its use, or for
the use of any ofits stockholders or cred
itors; all paymentr of money to either,
made after the commission Of an act of
insolvency, or in contemplation thereof,
with a view to prevent the application
of It's assets In the manner prescribed by
this act, or With view to the preference
of one creditor to another, except in pay
ment of its circulating notes, shall be
held utterly null and void.
SECTION 80. If the directors of any
banks organized under this act, shall
knowingly violate or knowingly permit
any of the officers, agents or servant of
such bank to violate any of the provisions
Of this act, all the rights, privileges and
Franchises of said bank shall thereby be
forfeited; such violation shall, however,
be determined and adjudged by a court
of competent Jurisdiction, agreeably to
the laws of this State and the practice of
such court, before the corporation shall
be declared dissolved; and in case of such
violation, every director who participa-
ted 10, or assented to the same, shall be
held liable in his personal aud individu-
al capacity for all damages which the
company, its shareholders, or any other
persons body corporate or corporate,
shall have sustained in consequence of