Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1857-06-03

bill, or other evidence OF debt, due to such
branch, an payable at a place other than al
its banking house, TO receive IN addition to
the amount of such debt and the legal interest
due thereon, any sum whatsoever as premium
exchange or damages: Provided. Nothing in
this section contained shall prevent such
branch from receiving the damages allowed
b. law upon any bona fde bill of exchange.
duly protested fornon-acceptance or non-pay
ment.
SEc. -. All transfers of notes, bonds bills
of exchange, and other evidence Ofdept owing
to any branch, or of deposits to its credit, all
assignments of mortgages or other securities
on real estate, or Of Judgments or DEGREES IN
its favor ; all deposits of money, bullion or
other valuable thing for its use, or for the use
of any of its stockholders or ceditors; all pay
ments Of money to either. made after the COM
mission of an act of insolvency, or in contem-
plstioa thereof, with a view to prevent the ap-
plication of its assets in the manner prescrib
ed by this act, or with a view to the prefer
ence of one creditor to another, exceptin pay
ment of its circulating notes, shall be held ut
terly null and void.
SIC. 43. If the directors of any branch shall
knowingly violate or knowingly permit any
of the officers, agentsor servants of such branch
to violate any Of the provisions Of this act, all
the rights, privileges and franchises of such
branch shall thereby be forfeited; such viola
ton shall, however, be determine land adjudg-
ed by a court of competent jurisdiction, agree
ably TO the laws of this State and the practice
of such court, before the corporation shall be
declared dissolved; and in case of such viola
ton, every director who participated IN, or as
scented to the same, shall be held liable II his
pei sonal and individual capacity for all dam
ages which the branch, its shareholders, or any
other persons, body polite or corporate shall
have sustained in consequence Of such viola
ton.
SEC. a. Every president, director, cash Ter.
teller, clerk or agent Of any branch, who shall
embezzle, abstract, or willfully misapply any
of the moneys, funds or credits of such branch,
or shall, without authority, from the directors,
issue or put in circulation any of the notes Of
such branch, or shall. without such authority,
issue or put forth any certificate of deposit,
draw any order or bill of exchange, make any
acceptance, sign any note, bond, draft, bill of
exchange, mortgage. or other instruments of
writing or shall make any false entry oR any
book, report or statement of the branch, with
an intent in either case to injure or defraud
such branch, or to injure or defraud any other
company, body corporate or polite, or any In
diyidual person, or to deceive any officer or
agent appointed to inspect the affairs of any
branch, shall be deemed guilty of a misde-
meaner, and upon conviction thereof, shall be
COnQn6Q IN the feQiUe0llaEy dI naIu ldUOTy not I
less than one nor mere than ten years.
SEC. IS. Stockholders in branches. shall each
be individually and s~eyerally liable to the
creditors oftke branch of which they are stock
holder, in a sum equal in amount to the stock
owned by each, and should any such branch
become insolvent, and its assets be found in
sufficient to pay its debts and liabilities, its
stockholders may be comp He'd to pay such de-
fciency, in proportion to the amount of stock
owned by each, and should the whole amount
for which stockholders are individually re
spopsible, as provided inthis section, be found
in any case to be inadequate to the payment Of
all the residue of the debts of any branch after
the application Of its assets TO the payment of
such debts, then, the moneys due from stock
holders Oh account of their individual liabil-
lilies as such, shall be distributed equally
among all the creditors of such branch, In pro-
portion to the amount due to each; the persOn
al liability in this section provided fer, is over
and above the stock evned by stockholders,
and any amount unpaid thereon.
SEC. 46. The general assembly may alter or
repeal this act at pleasure, but no ACT altering
or repeating this act, shall impose any iDius-
tice or wrong upos stockholders of any branch.
SEC. AZ. Every branch shall have power to
make all necessary and proper bylaws for the
management and control of its business, and TO
fix aid regulate the rate ofcharges for making
collections. subject to be cIntrolled therein by t
the Bank of Ohio. A.;
SEC. IS. No branch shall issue any notes in
tended for circulation as money, except The
notes furnished for that pur,ose by the Bank
Of Ohio, and all such notes shall be payable at
The branch by which they are issued, in gold
and silver coin, the lawful currency of the f;
States, or either, at the option of the {
branch, on demand; they shall be signed by c
he president or vice president of the proper :
and cUuntersigned by the cG>hier
thereof, made payable 10 bearer, and shall be
negotiable by delivery: all other evidenc es Of
debt issued by any branch, shall be negotia-
Die or transferable in the same manner as if !
by a natural person, aud shall be bind
on the branch, whether under seal or not,
aud all such evidences Of debt, other than
notes of some person therein named. l
SIC. ~. The branches shall continue 10 ex t
st SO long as necessary for the settlement OF !
heir affairs, notwithstanding the repeal of :
his act: and no law shall ever be passed di>
rerting or appropriating the assets of any
.uch branch to any purpose other than TO :
payment of its debts and liabilities, and :
he distribution of the residue among its stock
holders in proportion to the stock BY them
severally owned
BANK COMMISSIONERS. 4,
SEC "a TT carry info effact the nravrSions !