The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1856-07-09

SECTION ~. IF the original capital
stock of any such independent bank shall |
Ia aay manner be diminished, or any por-
ton thereof be Withdrawn for any pur-
pose whatever, while any debts or demands
against such bank remain unsatis6ed, no
dividends shall thereafter be made OH the
shares of the capital stock of such bank
until the original amount of the capital
stock shall be restored, either by contri-]
button of the shareholders, or out of the
profits of the business of such bank; and
in case. any dividend shall be made while
the capital stock shall remain so diminish
ed or,withdrawn, it shall be the duty of
any court having competent Jurisdiction,
to issue the necessary orders aud DEGREES,
for closing the affairs of such bank, and +
dividing its effects among its. creditors
and, shareholders, as in this act provided.
SECTION. 73. All. fees for protesting |
the notes issued by any such independent
bank shall be paid by the person procuring
the protest to be made, and such bank
shall be liable therefor, but no part Of the
stocks pledged by such bank to the treas
urer shall be applied to the payment of
such fees; and ali expenses incurred in
conducting the sale of any of such pledg-
ed stocks and advertisements thereof, shall
be paid out of the proceeds of such sales.
EcTioN IA. The stockholders, collectively,
of any independent bank, shall at no time be
liable to sueh bank either as principal debtors
or sureties, or both, to an amount greater than
tbra1a he 81
tually paid in and remaining undiminished, by
losses or otherwise, nor shall the directors be
so liable, except to such amount and in such
| manner as shall be prescribed by the by laws
of such bank, adopted by it's stockholders to
regulate such liabilities, and it shall be the
duty of the AUDITOR treasurer and secretary of
State, or majority of them, as often as orce
in each year, to appoint some suitable person,
who shall not be stakeholder in any bank in
| this State, who shall have power to make a
thorough examination into all the affairs of
the bank which he may be appointed to ex-
anime, and in so doing to examine any of the
officers and agents of such bank on oath, and
such agent shall make detailed report of the
condition of such bank to the Auditor of State;
and the banks organized under this act shall
not be subject to any other visitorial powers
than such as are authorized by this act ex-
/ cept such as are vested in the several courts,
tof law and chancery; and every agent appoin-
ted, as in this section provided, shall receive
for his services at the rate of four dollars for
each day by him employed in such examina-
| ton, and four dollars for every twenty-five
miles he shall necessarily travel in the per-
formance of his duty, which shall be paid by
the Treasurer of State, and refunded by the
banks, as other expenses are refunded.
SECTION rs. Whenever any independent
bank, being des;rous of diminishing the amount
u its circulain notes shall deliver to III tre.:-
u er OF state any Iortion such of notes not less
IN amount at any one time than i've Thousand
dollars, to be destroyed, the treasurer shall
destroy the same as prescribed in section sixty
three, and shall thereupon transfer and deliver
TO such bank, certificates of funded debt de-
posted with him by such bank to an amount
tequai to the amount of notes, so delivered up;
Iprovided that the amount of such certificates,
i remaining with the treasurer shall not there
by be reduced below the amount of the capi-
tai stock of such bank at the time paid in, nor
in any case below the sum of one hundred
thousand dollars, nor in value, estimating the
same at their then current price in the city OF
1 New York, below the amount of circulating
notes, still retained by such bank nor shall
The treasurer be required to transfer such GER
ttifcates in fractional sums of less than one
thousand dollars; and whenever any such bank
being desirous of relinquishing its banking
business, shall have paid at least ninety per
1cent. of the maximum amount of its circulat-
Il ing notes, and shall have delivered the same
60 the treasurer of state to be destroyed and
shall have provided mean and given security
tethe satisfaction of the treasurer secret; and
auditor of state, for the redemption of its out
4 standing notes of circulation, at the place
where the Office of such bank was established,
and shall have given notice thereof by adver-
tisement for six consecutive months, in two
newspapers of general circulation published at
Columbus, and at least published in the
: city, town or village where the Office of such
bank is located it shall be lawful for the treas
urer of state to re-transfer aud deliver to such
bank all the certificates of funded debt previ-
iously plsd Jed with him by such bank, and
thereupon all the corporate owe of such
bunk, excep such as shall be necessary to close
i up its afars, shall cease.
SECTION 76. This act shall be submitted to
the electors of this state at the general cleo
tion to be held on the second Tuesday of Oc-
r tober next, for their approval or rejection
/ and each elector may have written or printed
, or partly written and partly printed upon his
ticket the words aFor the Bank Charter OF
!, Against the Bank Charter and the judges o.
each election district, in counting out the votes
f shall set down in separate columns in the pol
II,
and the votes given Against the Bank Char
2 ter" and certifythe number of votes given fo
! and against the Charter. as they are required
1 10 certify to the nnnaber Of votes given fo
: lcandidates.
SECTION II. 1t siall be the duty of the per
!, soHs epening the poll books in each county, t,
I make q aseperate abstract of votes given for
b aud agains. the charter, including statemen
A showing the number Of votes cast, which wer
J. neither given for or against the charter. AM
= the Clerk Of the conrt of common pleas of eacl
:, county, shall, immediately after such abstrac
e is made, make certified copy thereof, unde
f the seal of the court and forward the same b.
), mail to the Governor, at Columbus, marked Of
: The outside sabstract of votes for, and against
Bank Charter, given in 49, county,"
vi SECTION IS. 1t shall be the duty Of the gov
/ ernor, as soon after said election as practice
!; ble withthe aid OF the auditor or secretary 9
! state, to open and abstract all said returns
2 and the governor shall Immediately Thereafter
Isl by proclamation in some newspaper publishe
4 at Columbus, set forth the number of vote
!. given for the charter, the number of votes Civ
i en- ag in t the chartr, nj the number {
!, votes gwen which were neilner for, nor agains