Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1856-05-28
LAWS OF HI0.
PUBLISHED BY AUTHORITY.
oxrlxuED FROM THIRD PAGE.

as premium, exchange or damages provided, nothiu;
In this section contained shall prevent such bsnk
from receiving the damages allowed By law upon aay
sorz aie bill Of exchange, duly protested for non &C
ceptznee or non payment.
SECTION b. Ali transfers Of notes, bonds. bills OF
2 exchange, aud other evidence Ct dsst owing 10 any
bank, or of deposits TO its credit; all assignments OF
mortgages or other securities on real estate. or Of judg-
ments or DEGREES in its favor; all deposits Of mon Y,
bullion or other valuable thing Tor its use, or for the
use Of any Of its stockholders or creditors; all pay
nents 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 rs assets IA
SAe manner prescribed by this act, or Win : view 70
tae preference Of one creditor 90 aaother' except IN
payment of its circulating notes. shall be held utterly
maitland void.
sEcrIox 80. II the dir ctors of any hanks organized
under this act, shall knowingly violate or knowingly
permit any of the officers agents or servants of such
bank to violate any Of the provisions Ofthis act, all the
rights. privileges and franchises OF said bank shall
thereby be forfeited; such violation shall, hogeTer, be
determined and aljudged by = coart of competent !uris-
Aiction, agresahly 10 the laws Of this State and the
practice OF MD court. before The corporation shall be
declared dissolved; and in case of such violation, ey-
cry director who participated in, or asserted to the
same, shall be held liable in his personal aud iudiyid-
ual capacity for all damages which the company IT'S
shareholders, or any other persons hoay eorporaIe o.
corporate, shall have sustained in consequence OF sucn
violation.
SECTION 81. Every president, director, cashier, tel
Ter. clerk or agent OF any hank, who shall embezz-e,
extract, or wilfJlly misapply any eithe moneys, lands
or credits of such hank, or shall, without authority
from the directors, issue or put IN circulation any Of
the notes OF such hank, or shall. without such asthOri-
ty, issue or put forth auy certificate Of deposit, draw
any order or bill az exchange, make any acceptance,
81 n any note, bond, DRAFT. Iii, OF exch1nEe. mortgage.
Judgment or decree, or shall make any false entry on
any book, report or statement Of the bank, with AL in
tent in either case to iaiure or deirAud such bank or
to injure or Gefraud any other company, body corPo-
rate or polite. or any Individual person, or to deceive
any omcer or agent appo;nlcdto ms ect the alaifs "i
any bank in this Safe, shall be deemed guilty Of a
misdemeanor. and upon conviction thereof. shall lie
confined in the peniteutLITy al har illsoT, moi less dln
Eve, nor more than ten years.
SECTION b. Stockholders in hanks organized under
this act, shall each be individually and scyeraiy liable
70 he creditors a. "A hank If which III - are srpCklnfl
ers, n = sum equal in amount 10 the stock oTHe4 by
each, and should any such bank become insolFenI
and its assets lie found insufficient to pay itsdebts aad
liabilities. its stockholders nay he compelled to pay
sSch deficiency, in proportion 10 the amount Of stock
Owned fy each. and should the whole amount for which
stockholders are individually Responsiveness PROVIDED
in this section. be fand in any case % be inadequate
10 the payment Of all the residue OF the debts oi any
bsnk after the application OF its assets 70 tie payment
VI such debts, then, and in that case. tie money due
from stockholders on account Of their Individual La
tiities as such. shall be distributed dqually among all
due to each, the personal liability in this section pro
yidei for, is owes and above the stock Owned 10y ss0ek
holders and any anoaEI unpaid thereon
SECTION IS. The General Assembly way alter CT re
peal this act at yiesure, but no act altering or repeal
ing this act. shall impose any injustice or wrong upon
the stockholders of ANY bank organized under Il.
SEcTIoS37. Every corporation organized under Gals
act, shall have power TO make unnecessary and proper
by laws Tor the management ara control OF as 5us mes
and to fix and regulate the rate Of charges Tor making
collections. The Bank OF Ohio may revise the by
Laws and may also revise the regulations OF the branch
es concerning charges for making collections, and
rsuse both 70 lie LIade uniform among the branches,
or as nearly so as may lie deemed e~xPedieEt-
SECTION IS. The corporations organized under this
act shall continue to exist SO long Is necessary for the
settlement Of their affairs. Notwithstanding the repeal
o. this act; and no Law shall eyerL BE passed diycrJiIs
o. sPprOpriaiinE TIE assets Of any such corporation 70
any purpose other than 10 the payment Of its debts and
liabilities. and the distribution Of the residue among
its stockholders in proportion to the STOCK ty then
seversliy owned.
IN RELATION 40 The BANK OF OHIO.
SECTION 80. Whenever, from an il srection Of the
certificates transmitted ~ banks to the board Of bank
commissioners. il shall appear that any nIm1er OF said
banks, not less than five. have made their election TO
transact their laHkiug operations IS ranches OF the
bank Of ohio. aud have complied Eith the requirements
of this act preliminary to the commencement Of bank /
ing operations, then said commissioners shall immedi l
Rtrly notify each Of safI b INKS thereof, AID within ten /
days after receiving sGch notice, they shall each ap-
pointi in such manner as the directors thereof shall pre- |
scribe. one person TO be a director ofthehank ofOhio.
But no person who is net a citizen of the United states,
snd a resident of this State. and who has not resided
within THE State at ieast one year next previous to his |
appointment, shall be such director.
FICTION 40 The directors Of the hank Of Ohio Who
shall have been appointed ayreeably to the provisions
Of the preceding section. shall, from the time Of its or
EAniZatiou until the first day OF Nay. in the year one /
thousand eight hundred ard seventy seven. aud there \
after until the Affairs Of the several branches Of The /
hank Of Ohio shall he finally closed up, ne a body cor 1
ro-ate. with succession, aud by the name of the bank |
al Ohio, capable OF contracting and OF prosecuting and |
Offending suits or actions, as fully as natural persons,
snd Of doing all other acts and things necessary 20 ef-
feet the object contemplated in this act by ;he fnrma-
ton OF said corporation. They shall meet in the city |
Of columbus At such time - shall &c designated by the
board Of bank commissioners. Eha shlli give ten days /
previous notice TO each branch of the TIM of such
meeting; they shall each take an oI;h diligently. faith
fuliy ard impartiaily 20 perform the duTieS imposed on 1
them by this act; a certificate OF which oath shall he I
nled and preserved in the oGse of the Secretary Of
State. They shall organize, provided two thirds fifth
whole number snail lie convened, by electing some
suitable person as p-esi3eI (, whose duty il shall he 70 l
preside at the meetings Of TIE board, and sign It's Off
sial documents They shall EJECT 4 vice president,
whose dI ties shall be prescribed y the by laws OF the
corporation They shall appoint a secretIry, vino
shall keep a fair aud true record OF the proceedings OF
the bank. They shall keep an oflce ir the city Of Co
lumbus, which, { 'gether with their books, papers. rec
ords and accounts Of every description, shall at all
times Ice open to the in pectiOn OF an committee OF the
general assembly, or ether branch I .ereOI, and Of ans /
commission or commissioners especially appointed for 1
tAat purpose by the general assem- ly, and 0. any per \
con appointedb by any one Of the branches. They shall
procure and furnish each branch with ROt-s for circu
lStiOn, and decide on the amount to he furnished from
time to time to each, withia the limits and agrees by I
TO the rules and restrictions prescribed by this act.
They may prescribe rules orthe. eItlement Of halances |
between the branches. They Shall have power by
themselves, o. by a committee Of one or more members |
OF their own body, or by 4 special agent appointed by
them for that purpose, Whenever and as often as they
shall think proper, 10 visit any branch, inspect its 4
books, records and accounts, and ali She evideI ces Of /
debt due to and securities held by such branch; exam
iAe znd ascertain the amount ofm0ney ana other prop
e-ty held by sGch ranch; examine on oath the pTesi- 1
dent, vice president. directors, cashier, and all other
officers. agents. clerks or servants oftbe branch, touch.
ing its condition, Means and liabilities. They shall
have 20 ger to require any branch to reduce its circu
lAtion or other liabilities, within such limits as they 1
Suali. S.ter luil inquiry Into its Cnuu ton, deem urce$- /
sarJ 70 secure from icss either the dealers with such
branch, or the other branches Of the L@nk Of Ohio. /
They may require the officers Of each branch to make
cut, under oath, and transmit to the Office OF said hank
1t Columbus, statements OF the condition thereof, in 4
such form as such bank shall prescribe, and as fire.
quently as they shall deem proper, which statements /
shall be recorded in a book or books to he kent for that
purpose. They may appoint an executive COMMITTEES Of
not less than three, Of whom the president, or vice
president shall be one, TO &C; In behalf Of the bank il J
such cases. ana perform all such duties as shall be pre- !
scribed BY the bylaws Of said bank, not Inconsistent
with this act 1
SECTION II. The president, vice president and secre-
tary Of the bank shall earh receive such compensat5 On (
for their services IS said hank shall allow :. which shail
be Ass-ssed u on tie several branches Of the Bank OF
Ohio. in the ratio Of heir capital stoc;. The hank may
also allow the executive Committee such comp nsatian
as il shall deem lust and reasonable. 10 he laid by the (
several branches il the same manner; and the expen-
ss Of procuring plates and printing notes Of circula
tsan, shall be aid by the several branches in tbe ratio /
otthe notes Of circulation- received by each
SECTION a. Each dis ecior o! taeifank shall continue
IL ofhcr until the first Monday Of February, Eext after
his appointment, anh until his successor shall lie APP
pointed and qualified; vacancies in the board shall lie
r!led by the branch by which the appointment vacated
vas made In voting. each member shall lie entitled
10 one vote and 10 one additional vote Tor every nifty 4
Thousand dollars OF the amount Of capital stock paid
in to the branch represented by him over one hunlred
tlOussnd dollars. az the time Of such voting The
Pr ssilcEt and vice president shall hold their Offices for 1
one year, and until their successors shall ie appointed, !
tut they may be removed By a res luton Of the board.
They shall take an saith faithfully, diligently and i'm
partially to fuiSIi the duties o taelT appointments and
not knowingly violate any Of the provisions Of this act.
ny A@e w II luESA ~ kAfE o'AA ia suNA SAll- Anu
with such securities as the bank shall prescribe; and
al vacancies ia said appointments shall be flied by
the bank. 4
SECTION %. All notes issued by any branch. intend
ed 10 circulate as money, shall be lag ables at the branch
ty which they are issued, in gold and silver coin, the
lawful currenc. Of the United States. or either, at the
option Of the branch. on demand; they shall be signed
by the president or vice president Of the bank of Ohio,
eountersigned by the cashier Of the branch by which
tAey are issued. made payable to bearer, and shall lie
negotiable iy delivery all other evidences Of deit, IS
sued by any brandt. shall be negotiable or tra.-=serahle
IN the same n4anner as ifissued by Z natural person,
and shall be iiading IN The branch, whether unoer seal
Or not, and all such evidences OF dv.t. ether than noles
Of circulation. shall be payable to the order OF sumo
person therein named. 4
SECTION A. No branch Of the Bank OF Ollie shall, ct
any time. have in circulation notes in the similtule Of
bank notes, to an amount bearing a greater proportion
to the capital stock OF said branch actually paid III, ard
at the time remaining undiminished by losses or with
eragal, than the proportion hereinafter specified, that
Is 20 say:
On the first hundred thousand dollars, or aTy lesser
amount Of its capital, not more than twice the amount
Of such capital. 4
On the second hundred thousand dollars OF part