The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-10-01

out or circulating such notes nor shall il Know
ingly pay out or put in circulation any notes is-
Sred BY any bank or banking company which at
the time of such paying out or putting in cir
culAtion Is not rsdeen,ins Us notes in gold and
SILVER, nor any notes issued by any bank out Of
this State.
( All notes, bills and other eyidences Of dsbt,
except bills of exchange discouited By any
branch, shall be made by the terms thereof or
by special endorsement, payable solely 10 such
brahch, anl M such evidence Of dent shall he
asSignable except tor collection, or for the Gol.
lowing purpose:
FIrSt--Io pay and redeem the circulating
notes Of such branch;
Second-To pay other liabilities Of such
branch; and after such liabilities shall have been
discharged;
Thiri-To divide among the shareholders on
;hsir stock
| No branch Shall issue any certificate Of depoS-
It. order, draft, bill of exchange or other eyi-
denco Of debt, payable in currency or in any
thing less valuable thai gold and silver coin.
except receipts for special deposits; nor shall
any such branch keep any accounts in currency
or in anything less valuable than gold and silver
c 'n, except accounts Of special deposits.
! No branch shall he permitted, in receiving
| payment at its banking house or other place
than where the same was payable, of any note,
/ bll or other evidence of debt, due to such
branch, and payable at place other than at its
banking house to receive in addition to the
amount of such debt and the legal interest due
thereon any sum whatsoever as premium, ex-
change or damages Provided, Nothing in this
section contained shall prevent such branch
from receiving the damages allowed by law up-
on any bona fide bill Of exchange, daily profess
I ted ~
sec. II. All transfers of notes, bonds, bills
of exchange, and other evidence of debt owing to
any branch, or of deposits to its credit; all as
signmentS of mortgages or other securities on
real'estate, or Of Judgements or DEGREES in its
favor; all deposits Of money bullion or other
valuable thing for its use, or for the use of any
o! ITS stockholders or creditors; all payments of
money to either made after the commission of
an act oil insolvency, or in contemplation there
Of with view toprevent the application of its
assets IN the manner prescribed by this act or
with view to the preference Of one creditor to
another, except in payment Of its circulating
notes. shall be held utterly null and void.
SEC. 43. If the directors of any branch
shall knowingly violate or knowingly permit
any OF the officers, agents or servants of such
branch t. violate any of the provisions of this
act, all the rights, privileges and franchises of
! such branch shall thereby be forfeited; such
violation, shall, however, be determined and ad
Judged by court OF competent jurisdiction agree
ably to the laws Of this State and the practice OF
such court, before the corporation shall be de-
cl1rtd; and IN case OF such violation, every dir
;ctor, who participated in, or aSSented TO the
same, shall be held liable in his personal and
individual capacity for all the damages which
the branch It's Shareholders or ary other per-
hnI la l.,
tained in consequence Of such violation.
SEC, ~, Every president director, cashier,
teller clerk or agent ofany branch, who shall
em5ezzle, abstract, or wilfully misapply any of
the moneys, funds or credits of such branch or
shall, without authority from the directors issue
or put III circulation any of the notes Of such
branch, or shall without such authority, issue
or put iorth any certificate of deposit, draw any
order or bill o! exchange, make any acceptance,
sign any note, bond draft bill of exchange.
mortgage, or other instrument of writing or
shall make any false entry upon any book re-
port or statement OF the branch, with an intent
IN either case to iEjure or dciaud such branch,
or to iniure or deilaud any other company, no.
dy corporate polite, or any individual person
or to deceive any officer or agent appointed to
inspect the affairs of any branch shall be deem
ed guilty ola msdelneanor, and upon conyic-
tion thereof, shall be confined in the Pententi-
| AIRY at hard labor, not less than one nor more
than ten years.
SEC 43. Stockholders in branches, shall
each be Individually and scverally liable 10 the
creditors o! the branch Of which they
are stockholders in sum equal in amount to
the stock owned by each and should anv such
branch become inSoycnt ana its assets be found
insufficient to pay It's debts and liabilities, its
Stockholders may be compelled to pay such de-
ticiency in proportion to the amount CT stock
; owned by each, and should the whole amount
fot which stockholders are individually respon.
sible, as provided in this section, be found IN
any case to be adequate to the payment of all
the residue Of the debts Of any branch after the
Application OF it> assets to the payment of such
debts, then, the moneys due from stockholders
on account OF their individual liabilities as such
Shall be distributed equally among all the credj-
tors oi such branch, in proportion to the amount
due to each; the personal liability in this sec.
ton provided for, is over and above the stocl,
owned by stockholders, and any amount unpaid
thereon.
SEC 46. The general assembly may alter
or repeal this act at pleasure, but no act alter
, ing or repeating this act shall impose any njus.
tlce or wrong upon the stockholde of any
, branch.
SEC Al. Every branch shall have power ia
make all receSsary and proper by laws for the
management and control of its business, ard ia
fix and regulate the rate Of charges for making
.lectiors, subject to be controlled therein by
the bank of Ohio
SEC 48. No branch shall issue any notes
intended for circulation as money, except the
notes furnlfh.d for that purpose by the bank Of
Ohio, and all such notes shall be payable at the
r branch by which they are issued in gold and
! silver CON- the lawful currency 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 proper branch and coun
tersigned by the cashier thereof made payable
to bearer and shall he negotiable or transerra-
BILE in the same manner as il issued by natur-
!, al person, and shall be binding on the branch,
whether under seal or not, and all such eviden-
ceS Of debt, other than notes of circulation shall
he pay able to the order Of some person therein
named.
SEC. AZ. The branches shall continue to en-
ist so long as necessary for the settlement OF
their affairs Notwithstanding the repeal of this
act; and no law shall ever be passed dverting
approprlating the assets Of any such branch
to any purpose other than the payment of its
debts and liabilities and the distribution of the
the residue among its stockholders in proper
ton to the stock by them severally owned
/ BANK COMMISSIONERS
i SEC. so 10 carry into effect the provisions
OF this act, VIM. w. Scarborough, of Cincinnati
Iti, Franklin T. Backus,of Cleveland, Hooking H.
i Hunter, Of Lancaster, J. r. Finn, of Columbus,
and Samuel Forrer, of Dayton, Shall be and they
are hereby appointed commissioners and thew