The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1856-05-14

officer or agent appointed to inspect the
affairs of any bank in this State, shall
be deemed guilty of a misdemeanor, and
upon conviction thereof, shall be confined
in the p~enitentiary at hard labor, not
less then Eve nor more than ten years.
SECTION 35. Stockholders in banks or
ganized under this act, shall each be in
dividually and severally liable to the
creditors of a bank of which they are
stockholders, in a sum equal in amount
to the stock owned by each, and should
any such bank become insolvent, and it's
assets be found insufficient to pay its
debts and liabilities, its stockholders
may be compelled to pay such deficiency,
in proportion to the amount of stock
owned by each, and should the whole
amount for which stockholders are indi-
vidually responsible, as provided in this
section, be found in any case to be mad
equate to the payment of all the rest due
of the debts of any bank after the appli-
cation of its assets to the payment of
such debts, then, and in that case, the
moneys due from stockholders on account
of their individual liabilities as such,
shall be distributed equally among all
the creditorsNf such bank, in proportion
to the amount due to each, the personal
liability in this section provided for, is
over and abovethe stock owned by stock
holders, and any amount unpaid thereon.
SECTION Sc. TIE General Assembly
may alter or repeal this act at pleasure,
but no act altering or repeating this act,
shall impose any injustice or wrong upon
the stockholders of any bank organized
under it.
SECTION 81. Every corporation organ-
ICED under this act, shall have power to
make all necessary and proper bylaws
for the management and control of its
business and to fix and regulate the ate
of charges for making collections. The
bank of Ohio may revise the the bye
laws 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
nearly so as may be deemed expedient.
SECTION SO. The corporations organ
lied under this act shall continue to ex-
i5t SO long as necessary for the settlement
of their affairs, notwithstanding the re-
peal of this act; and no law shall ever be
passed diverting or approprlpriating the
assets of any such corporation to any
purpose other than to the payment of its
debts and liabilities, and the distribution
of the residue among it's stockholders in
proportion to the stock by them sever
ally owned.
IN RELATION TO THE BANK
OF OHIO.
SECTION SO. Whenever, from an in
speetion of the certificates transmitted
by banks to the board of baak commits,
s%ioners, it shall appear that any number
of said banks, not less than five, have
made their election to transact their
banking operations as branches of the
bank of Ohio, and have complied with
the requirements of this act preliminary
to the commencement of banking opera
atoms, then said commissioners shall i'm
mediltely notify each of said banks
thereof, and within ten days after re-
c%eiving such notice, they shall each ap-
point in such manner as the directors
thereof shall prescribe, one person to be
a director of the bank of Ohio. But no
person who is not a citizen of the United
States, and a resident of this State, and
who has not resided within this State at
least one year mex previous to his ap-
pointment, shall be such director.
SECTION 40. The directors Of the bank
of Ohio who shall have been appointed
agreeably to the provisions of the IRE
ceding section, shall, from the time of
IFS organization until the the first day of
May, in the year one thousand eight hun
dred and seyenty-seyen, and thereafter
until the affairs of the several branches
IF fha h,n6 &C nh5a eIo1l L. E-nil- a11.ol
up, be Il body corporate, with succession,
and by the name of the bank of Ohio,
capable of contracting and of prosecuting
and defending suits or actions, asf-lly as
natural persons, and of doing all other
acts and things necessary to effect the
object contemplated in this act by the
formation of said corporation. They
shall meet in the city Of Columbus at
such time as shall be designated by the
board of bank commissioners, who shall
give ten days previous notice to each
branch of the time of such meeting; they
shall each take an oath diligently, faith
fully and impartially to perform the du-
ties imposed on them by this act; a certi-
fcate. of which oath shall be filed and
preserved in the Office of the Secretary
of State. They shall organize, provided
two-thirds of the whole number shall be
convened, by electing some suitable per-
son as president, whose duty it shall be
to preside at the meetings of the board,
and sign its official documents. They
shall elect a vice president, whose duties
shall be prescribedby the bylaws # the
corporation. They shall appoint a sec
who shall keep a fair and true re-
cord of the proceedings of the baak.
They shall keep an Office in the city of
which, together with their
books, papers, records aud accounts Of
every description, shall at all times be
open to the inspection OF any committee
of the general assembly, or either b:anch
thereof, aud of any commission or
commissioners especially appointed for
purpose by the general assem-
bly,, and of any person appointed by any
cure and furnish each branch with notes
for circulation, and decide on the amount
to be furnished from time to time to
each, within the limits and agreeably to
the rules and restrictions prescribed by
act. They may prescribe rules for
the settlement of balances between the
branches. They shall have power by
themselves, or by a committee of one or
members of their own body, or by
a special agent appointed by Thorn for
that purpose, whenever and as often as
shall think proper, to visit any
inspect it's books, records and
accounts, and all the evidences of debt
lue to and securities held by such :
examine aud ascertain the