The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-09-10
WHOLE NUMBER 635

, toS''""B VI enutRi1g on huy deOt OF uemduu
e discounted OF purchased by any branch,
II rate oi the interest greater than that allow
Il ed by this section shall be held and adiada-
u ed forfeiture OF such debt or demand, but
J, The purchase or discount OF bona fide biil
ofexchange, or note payable ct another place
& than the place of such purchase or discount,
= and the taking or reserving of interest
0 thereon at the rate aforesaid, from the time
: of snch purchase or discount, until the ma
:, turitY of such bill or note, shall not be held
t usurious, although exchange on the place
where it is made payable, is at the time Of
such purchase or discount, worth premium;
nor shall the discount or purchase OF bona
q ide bill or note, payable at place, between
which andthe place of discount or purchase,
e exchange is in favor OF the place OF fdiscount or
\ purchase, andthe taking in addition to the rate
h of interest aforesaid, the rate OF exchange be.
tween such. places, be deemed usurous:
n Provided, that no loan to, or discount in fa-
,7oT Of any director or stockholder In which
more than six per cent. shall be taken, re.
served or charged, shall be forfeited, but the
, sOme shall be valid against such party. Pro.
, vided further, That no more than one-hah
Of one per cent. shall be taken as exchange
, upon any such paper payable in this state,
| and no more than one per cent. upon any
such paper payable out of this State and in
no cnse shall more than the current rate OF
exchange between such places be taken.
SEC. Al. The total liabilities OF any per-
son, or of any company or firm Cncluding in
the liabilities of company or firm, the Ii
abilities ofthe several members thereby to
any branch as acceptor or acceptors OF bona
f1e bills of exchange payable out of this
state, shall at no time exceed one-fourth OF
the amount of the notes which such branch
is authorized to circulate, exclusively of Ii.
abilities as acceptor or acceptors, one-tenth,
and exclusive Of all liabilities on such bills
of exchange, twentieth part Of the
amount ofsuch notes.
No branch shall, at any time, pay out on
loans or discounts, or in purchasing of drafts
OF bills of exchange, or in payment Of depo.
sitors, nor shall it in any mode put in circu.
lation the notes of any bank or banking CON-
pany which notes shall not at that time be
receivable at par in payment of debts, by
the branches SO paying out or circulating
such notes, nor shall it knowingly pay out
or put in circulation any notes issued by any
banker or banking company which at the
time Of such paying out or putting in circu.
lation is not redeeming in gold and silver,
nor any notes issued by any bank out of this
State.
Al notes, bills, and other evidences Of debt,
excepting bill 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 assignable except for collection, or
for the following purposes:
First-To pay and redeem the circulating
notes of such branch;
Second-To pay other liabilities of such
I bfanckg md after such liabilities shall have
been discharged;
Third-To divide among the shareholders
on their stock.
No branch, shall issue any certificate Of
deposit, order, draft, bill Of exchange, or 9th.
er evidence Of debt, payable in currency or
in anything less valuable than gold and sill
yer 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 coin, except accounts Of
special deposits.
| No branch, shall be permitted. in receiv-
ing payment at its banking house or other
| place than where the same was payable, of
any note, bill, or other evidence of debt, due
to such branch, and payable at place other
than at its banking house, to receive in addi-
ton to the amount of such debt and the legal
nteres: due thereon, any sum whatsoever as
premium, exchange OF damages: Provided,
Nothing in this section contained shall pre-
vent such branch from receiving the dam
ages allowed by law upon any bona fide bill
Of exchange, duly protested for non-accept.
| ance or non-payment.
| SEC. A.. All transfers of notes, bonds
bills Of exchange, and other evidence ofdebt
owing TO any branch, or of deposits to its
credit; oil assignments of mortgages or other
securities on real estate, or of judgments or
decrees in it's favor; all deposits of money,
bullion or other valuable thing for its use,
or for the use Of any OF it's stockholders or
creditors; all payments Of money to either,
made after the commission of an act of in
soVenCy, or in contemplation thereof, with
a 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. A3. If the directors of any branch
shall knowingly violate or knowingly permit
any of the officers, agents or servants of such
branch to violate any Of the the provisions of
this act, all the rights, privileges and franchise
es of such branch shall thereby be forfeited;
such violation shall, however, be determined
and adiudged by court of competent juris.
dction, Ogreeably 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 liable in his personal and individual
capacity for all damages which the branch,
its shareholders, or any other persons, body
potic or corporate shalt have sustained in
consequence Of such vic alton.
SEC. "A. Every president, director, cash
ier teller, clerk or agent of any branch,
who shall embezzle, abstract or wiifully
misappy 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 sach authority, issue or put forth
any certificate of deposit, draw any order cR
bill Of exchange, make any acceptance, SIN
any note, bond, draft, bill of exchange, mort
gage or other instrument Of writing, or shall
make any false entry on any book, reports
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
person, or to deceive any officer
or agent appointed to inspect the affairs of
II. 4 ~ "A -. ~ far