The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-06-17
have sustained in consequence Of such vi

olation.
SEC. A. Every president, director,
cashier, teller, clerk or agent of any
branch, who shall embezzle, abstract, or
willfully misapply any of tho 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 au-
thority issue or put forth any certificate of
deposit, draw any order or bill of ex-
change, make any acceptance, sign any
note, bond, draft, bill of exchange, mort
gage, 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 iDjure or'de-
fraud such branch, or to iDjure or defraud
any other company, body corporate or
polite, or any individual person, or to
deceive any officer or agent appointed to
inspect the affairs of any branch, shall be
deemed guilty of a misdemeanor, and up
on conviction thereof, shall be confined in
the Penitentiary at hard labor, not less
than one nor more than ten years.
SEB. 45. Stockholders in branches,
shall each be individually and seyerally
liable to the CT, differs of the branch of
which they are stockholders, in a sum
equal in amount to the stock owned by
each, and should any such branch become
insolvent, and its assets be found insult
cient to pay its debts and liabilities, its
stockholders may be compelled to pay
such deficiency, in proportion to the
amount cf stock owned by each, and
should the whole amount for which stock
holders are individually responsible, as pro-
Ill - Az ,a.l.o, L. $780,
to be inadequate to the payment of all
the residue of the debt of any branch af
ter the application 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 dis
tributed equally among all the creditors
of such branch, in proportion to the
amount due to each the personal liabili-
ty in this section provide for, is over and
above the stock owned by stockholders,
and any amount unpaid theron.
Sec. 46. The general assembly may
alter or repeal this act at pleasure, but
no act altering or repeating this act, shall
impose any injustice or wrong upon the
stockholders of any branch.
Sec. At. Every branch shall have to
make all necessary and proper bylaws for
the management and control of its bust
ness, and to fix and regulate the rate OF
charges for making collections, subject to
be controlled therein by the Bank OF
Ohio.
SFo. 4S. No branch shall issue any
notes intended for circulation as money,
except the notes furnished for that pur-
pose 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 demand they shall be signed
by the president or vice-president of the
proper branch, and oountersigned by the
cashier thereof, made payable to bearer,
and shall be negotiable by delivery /; all
other evidences of debt, issued by any
branch shall be negotiable or transferable
in the same manner as if issued by a nat.
ural person, and shall be binding on the
branch, whether under seal or not, and al
such evidences of debt, other than notes
of circulation, shall be payable to the or
der of some person therein named.
SEC. 40. The branches shall continue
10 exist so long as necessary for the set
Element of their affairs, notwithstanding
the repeal of this act and no law shall
ever be passed diveIting or appropriatine
the assets of any such branch to any pur.
pose other than the payment of its debts
and liabilities, and the distribution of the
residue among its stockholders in proper
ton to the stock by them severally own