Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-10-01

or charged shall be forfeited, but the sam,
shall be valid against such party. PROVIDED
further. That more than one-halt of onC
per cent. shall be taken as exchange upon any
such paper payable in this state, and no mor'
than one per cent. upon any such paper pay
. able out of this State and in shall more
than the current rate Of exchange between
such places be taken.
SEC. Al. The total liabilities of any person
or of any company or firm GncludIng in the liza
bilitics of company or firm the liabilities OF
! the several menbers thereby TO any branch as
acceptor or acceptors Of bona fide bills of ex-
change payable out of this state, shall at nc
/ time exceed one-fourlh of the amount of the
notes which such branch is authorized to cir
culate, exclusively of liza bilities acceptor or
ucceptors, one tenth, and exclusive of all LA
bilties such bills of exchange one-twcntieth
part of the amount Of snch notes.
| No branch shall, at any time, pay out on
loans on discounts, or in purchasing oil drafts or
bills qf exchange, or in papmeEt of depositors,
nor shall it in any mocs. put in circulation the
nets8 ofany bank or banking company which
notes shall not at that time be receivable at par
iu payment of debts, by the branches so paying
out or circulating such notes, nor shall it know
ingly pay out or put in circulation any notes
issued BY any bank or banking company which
at the time OF such paying out or putting in
circulation is not reGeeming its notes in gold
and silver nor any notes issued by any bank out
Of this State.
All notes, bills, and other evidences Of debt,
excepting bills Of exchange, discounted by any
branch, shall be made by the terms thereof, or
by special Endorsement, payable solely to such
branch, and no such evidence Of debt shall be
assgnable ex cept for collection, or for the fol-
lowing purposes:
First-To pay and redeem the circulating
notes of such branch;
Sccond-To pa other liabilities of such branch
and after such liza abilities shall have been dis
charged;
Thrd-To divide among the shareholders on
their stock.
No branch, shall issue any certificate of de-
posit, order, draft, bill of exchange, or other
evidence of debt, payable in currency or in any,
thing less valuable than gold and siver.con, ex-
cePt receipts for special deposits; nor shall any
such branch keep any accounts in currency or
in anything less valuable than gold and silver
coin, except accounts of special deposits.
No branch, shall be permitted, in receiving
payment at its banking house or other place
than where the same was payable, Of any note,
bill, or other evidence of debI, due to such
branch, and payable at place other than al its
banking house, to receive in addition to the u
mount 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 present such branch
from receiving the damages allowed by law up
on any bona fide bill of exchange, duly protest
ed for non u-acceptance or non payment.
SEC. A. All transfers of notes, bonds, bills
Of exchange, and other evidence of debt owing
to any branch, of deposits to its credit all as
signments of mortgages or other securities on
real estate, or Of judgments or DEGREES in its
favor; all deposits OF money, bullion or other
valua bic thing for It's use, or for the use of any
Of its stockholders creditors; all payments OF
money to either, made after the commission of
an act OF insovency,or in contemplation thereof
with view TO prevent 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 fthe directors of any branch shall
knowingly violate or knowingly permit any of
the oiiiGrrs, agents or servants OF sucn branch
to violate any Of the provisions OF this act, all
the rights, privileges and franchises OF such
branch shall thereby be forfeited; such violation
sha Il, however, be determined and adjudged By
Il court of competent jurisdiction. agreeably to
the laws Of this State and the practice of such
court, before the corporation shall be declared
dissolved; and in case of such violation, every
director who participated in, or assented to the
same shall be held liza BILE in his personal and
individual capacity for all damages which the
branch its shareholders, or any other persons,
body polite or corporate shall have sustained in
consequence of such violation
SEC A. Every president, director, cashier,
teller, clerk or agent OK any branch, who shall
embezzle, abstract, or willully misapply any of
the moneys, funds or credits of such branch, or
shall, without authority from the directors, is
sue 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 instrument of writing or
shall make any.false entry on any book, report
or statement OF the branch, with an intent in
either case to I'M ure or deiraud such branch, or
to injure or deiraud ary other company, body
corporate OF polite, any individual person or
to deceive any officer or agent appointed to in
spect the affairs of any branch, shall be deemed
guilty of IL misdemeanor, and upon conviction
thereof shall De confined in the Pententiary at
hard labor, not less than one nor more than ten
years.
SEC As. Stockholders in branches, shall ea ch
be individually and severally liable TO the Gre
ditors OF the branch OF which they are stockhol-
ders, in u sum equal in amount TO the stock
owned by each, and should any such branch be-
come insolvent,& & its asests be found INSULT
cient 20 pay its debts and liabilities, its stock
holders may be compelled 10 pay such deficien-
CIV, in proportion to the amolnt Of stock owned
by each, and should the whole amount for which
stockholders individually responsible, as
provided in this section, be found in any case
TO be inadequate to the payment OF all the re-
sidue of the debts OF any branch after the ap-
plication Of its 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 crc-
ditors OF such branch in proportion to the a.
mount due to each; the personal liability in this
section provided for, as over and above the stock
owned by stockholders, and any amount unpaid
thereon.
SEC 46. The general assembly may alter or
repeal tn y 4 ct at pleasure. but act altering
or repeating this act, shall impose any injustice
or wrong upon the stockholders OF any branch
SEC. Al. Every branch shall have tpOwer 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 TO be controlled therein by
the Bank of OHIO.
SEC. 4S. No branch shall issue any notes in.
tended FOR circulation as money, except the
notes furnished for that purpose 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 United
States or either, at the option of the branch ,on
jemand they shall be signed by the president
or vice president of the proper branch, and
countersI;. cd by the cashier thereof, made pay
able TO beaIc and shall be negotiable by de-
livery; all other evidences of debt, issued by
any branch, shall be negotiable or transferable
in the same manner as II issued by natural
person, and shall be binding on the branch,
whether under seal or not, and all such cv-
denccs of debt, other than notes OF circulation,
shall be payable to the order of some person
therein named.
SCI. 49, The branches shall continue TO cx-
isl so long as necessary for the settlement OF
their affairs, notwithstanding the repeal of this
act; and no law shall ever be passed divcrtng
or approprating the assets of any such branch
TO any purpose other than to the payment OF its
debts and liabilities. and the distribution of the
residue among its stockholders in proportion to
the stock by them severally owned.
BANK COMMISSIONERS.
SEC. 50, To carry into effect the provisions