Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-05-28
[oosrrsurp FROM rnsr PAGE

CONTINUED FROM FRS PAeE.1
however, be determined and adiudged by acourt
of competent jurisdiction, agreeably to the laws
of this State and the practice of such court, be-
fore the corporation shall be declared disssolv-
ed; and in case of such violation, every director
who participated in or assented to the same,
shall be held liable Ii his personal and indiyi-
dual capacity for all damages which the branch,
its shareholders or any other persons. body po-
little or corporate shall have sustained in conse-
quence of such violation.
Sec ~ Every president, director, cashier, teller, clerk
or agent of any branch, who shall embezzle abstract, or
wilfuIly misapply any Of the moneys. funds or credits OF
issue or put in circulation any of the notes OF such
branch, or shall, without authority, issue or put forth any
max eany acceptance, sign any note, bond, draft bill ofe1,
change, mortgage, or other instrument oil writing 0 7 IA
the branch. With an intent in either case to injure or de-
fraud such branch, or to iniure or defrand any otner com
pany, body corporate or polite, or any ihoisiuuai person,
afairs of any branch, shall be deemed guilty OF a INSIDE
meonor, and upon conviction thereof, shall be confined in
the Penitentiary at hard labor, not less than one nor
more than ten years.
Sec. As. Stockholders in branches, shall each be ihdi-
viduany and severaIly liable to the creditors Of the branch
ofwhich they are stockholders, in a sum eeusi in amount
to the stock owned by each, aud should any such branch
become insolvent, and its assets be found insufficient to
pay its debts and liabilities, its stockholders may be COM
PEELED to pay such deficiency, in proportion to the amount
of stock owned by each, and should the whole amount
for which stockholders are individually r~esponible, as pro-
vided in this section, be found in any case TO. be made
quate to the payment of all the residue of the debts of
any brunch after the application Of its assets to the pay
ment OF such debts, then, the money due from the stock
holders on account of their individual ias fities as such.
shall be distributed equally among all the creditors of
such branch, N proportion to the amount due to each; the
PERSONAL habfilty In this section provided for, is over and
above the stock owned by the stockholders, and any
amount unpaid thereon
See. 40. The general assembly may alter or repeal this
act at pleasure, but no act altering or repeating this act,
shah impose any injustice or wrong upon the stockhold-
es of any branch.
Sec Al. Every branch shall have power to make all
necessary and proper bylaws for the management and
control OF its business, and TO fix and regulate the rate
OF charges for making collections, subject 10 be controll-.
ed therein by the Bank of Ohio.
See. a. No branch shall issue any note intended for
Circulation as money, except the notes furnished for that
payable at the branch by which they are issued, in gold
end silver coin, the lawful currency Of the United States,
or either, at the option of the branch, on demand; they
shau be signed by the president or vice president of the
proper branch, and countersigned by the cashier thereof,
made payable to bearer, and shall be negotiable by delive-
y; all other evidences of debt issued6y any banch, shall
be negotiable O. transferable in tine same manner as if
issued by q natural person, and shall be binding on the
branch, whether under seal or not and all such evidences
or debt other than notes of circulation, shah be PAYABLE
to the order Of some person therein named.
Sec 40. The branches shall continue to exist so long
as necessary for the settlement of their affairs, notwith-
ing the repeal of this act; and no law shall ever be passed
drverting or appropriating the assets Of any such branch
and liabilities, and the distribution Of the residue among
aus stockholders in proportion to the stock by them sew
orally owned. .I-a
H BANK COMMISSIONERS.
Sec: so. To carry into effect the provisions of this
act VIM, W Scarborough, of Cincinnati, Franklin t.
Backus, of Cleveland, Hooking n. Hunter, of Lancaster,
J-R. Finn, of Columbus, and Samuel Forrer, of Dayton,
shall be and they are hereby appointed commissioners,
ana they, or a majority of them, after taking an oath
diligently, faithfully and impartially to peform the duties
assigned them by this act, a certificate of which oath
shall be fled and carefully preserved in the office ofthe
secretary of State, shall constitute a board to be designa-
ted the board of bank commissioners; which board shall
continue until the organization of the Bank of Ohio, as
herein provided for, and thereafter, the duties which they
are required to perform by this act, shall be performed by |
said bank; sud If any of said commissioners shall refuse
to serve, shall die or resign, his place shall be filed by
Said commissioners shall meet in the city of Columbus, |
at such time, within thirty days after the adoption of this
act as shah be appointed by the governor, who shall mo-
tfy each member of his appointment, and of the time and
place of meeting; they shall, when net, appoint one OF
their number to be their president, who shall, under the
order of the board, sign all official documents; and they
shall cause a fair and true record of all their official pro-
ceedings to be kept in a book to be provided for that pur-
pose, which shall be delivered by the president of said
board to the Bank of Ohio, as soon as the same shall be
organized.
Sec. 81. The board of bank commissioners shall exam
inc the certificates of the formation of branches, trans
united to them as required by this act, and shall, by one |
of their own members or other special agent appointed
by them for that purpose, who shall not be a stockholder
in any of the branches formed under this act, Immediate |
ly proceed to examine the condition ofeaeh of the branches
which shall have transmitted to said board the required
certificate; and it shall be the special duty of such agent
TO carefully count or otherwise ascertain the amount of
money paid in on accounted its capita. stock, to ascertain
u uuIQt III z vi IttllGuct u cLCu VI II /
of such branch, and whether their stockholders, directors
and officers are men of responsibility and integrity, and
entitled to the public confidence; and the amount of cap
ital stock of which each is the bona fde owner, whether
such branch has complied with all the requirements of
this set necessary to entitle the branch to engage in the
business of banking, and shall cause to be made and at
tested BY the oath Of a majority of the directors, and by
thecashier of such branch statement Of all the mate
rial facts necessary to enable the boar. of bank commits
sioners to determine whether such branch is lawfully en-
titled to commence the business of banking under the
provisions of this act, and such agent shall Immediately
report to the board of bank commissioners such statement
and his proceedings in the premises.
Sec So. II, upon a careful examination of the certiii-
f f5e sn ~ sIso aasnts .a ana aas t ta aseer tnI Wbe etbe tb ne
branches SO organized have complied with the provisions |
of this act, it shall appear that FIVE or more such branches
have been formed, and that their stockholders, directors
and officers are men of responsibility and integrity, and
entitled to public confidence, and that such branches are
lawfully entitled to commence the business of banking,
the commissioners shall certify the same to the govern
or, and shall Immediately notify each of said branches
thereof; and within ten days after receiving such notice,
each branch shall appoint, in such manner as the direc-
tors thereof shall prescribe, one person to be a director
of the Bank of Ohio. But no person who is not a citi-
zen of the United States, and a resident of this State,
and who has not resided within this State at least one |
year next previous to his appointment, shall be director.
Ser. %; The governor, II ne be satisfied that the law
proclamation, setting forth that such branches are su-
thorized to commence and carry on the business of bank
ing, at the places severally designated in their certificates
of association; which proclamation shall be recorded in
the office OF the Governor, and a copy of said record GER
titled under the great seal of the State of Ohio shall be
Sec. "a. The bank commissioners and all agents ap-
no;nte,,, tv them, shall each be entitled to receive for their
services under this act, five dollars per day for every day
necessarily employed in the discharge of their duties, and
their reasonable expenses to be paid by the Bank of Ohio.
Sec. SIS. This act shall take effect and in force from
and after the second Tuesday of October next, if same
shall be approved by q majority of the electors voting ]
on that day, and not otherwise. asa Il
N, II, VAN WORRIES,
Speaker of the House of Representatives
THOMAS II. FORD,
Q President of the Senate.
April IA. 1857. seI as
A SECRETARY OF STATES OFFICE,
-C COLUMBUS, April %, 1857.
/ hereby certify that the foregoing acts are cor
rectly copied from the original rolls on file in
this office.
JAMES Il. BAKER,
Secretary of State.
AUDITOR OFFICE, HOLMES Co., O,l
WILLIAMSBURG, May %, 1857.
I, Francis McCoMB, Auditor of Holmes Coun-
y, Ohio, do hereby certify that the foregoing
Laws are correctly copied from the official paper.
FRS. McCOMB. Auditor.
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