The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1857-07-16

be individually ami severally liable to the credit
ors 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 nsol-
vent, and its assets b5 found insu icent to pay its
debts and Liabilities, its stockholders NAV be
compelled to pay such deficiency, in proportion n to
| the amount of stock owned by each aud should
the whole amount for which stockholders are in
dividually responsible, as provided in this section,
be found in any case to be Inadequate to the nav
ment OF all the residue Of the debts of any branch
after the application of its assets to the payment
of such debts, then, tho moneys due from stock.
holders on account of their individual liabilities
| as such shall be distributed equally among all
the creditors of such branch in proportion to the
amount due to each; the personal liability in this
section provided for, is over and above the stock
owned by stockholders, and any amount unpaid
| thereon.
Sec 45 The general assembly may alter or re-
peal this act at pleasure, but no act altering
pealing this act, shall impose any injustice or
wrong upon the stockholders of any branch.
Sec. Al. Every branch shall have power to make
all necessary and proper bylaws fo- the manage
ment 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. 45. 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 Unlled States either,
at the option of the branch, on demand; they
shall be signed by the president vice president
| of the proper branch, and counterSigned 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
ansferabe in the same manner as if issued by a
natural petson, and shall be binding on the
branch, whether under seal not, and all such
evidences OF debt, other than notes of circulation
shall be payable to the order of some person there
| in named
Sec. 40. The branches shall continue to exist so
long necessary for the settlement of their aft rs
notwithstanding the repeal of this act; and no law
shall ever be passed dvering or aPProPriating the
assets of any such branch to any purpose other
than to the payment of its debts and liabilities,
aud the distribution of the residue among its
| stockholders in proportion to the stock by them
severally owl ned.
| BANK COMMISSIONERS
Sec. 50, To carry into effect the provisions of
this act, VIM W. Scarborough, of Cincinnati,
Franklin 7. Backns, Of Cleveland, Hooking II
! Hunter. of Lancaster, j. Flynn, of Columbus,
and Samuel Forrer. Of Dayton, shall be and they
are hereby appointed commissioners, and they, or
a majority of them, after taking oath diligent
lY. faithfully and mpartally to perform the duties
assigned them by this 'ct, certificate of which
oath shall be filed and carefully preserved in the
othcl OF the secretary of state, shall constitute
! board to be designated the board of bank commits
sioners; which board shall continue until the
organ zation of the Bank Of Ohio, as herein pro-
vided for and thereafter, the duties which they
are req q1ired to perform by this act shall be per-
formed by said bank; and if any of said commits
sioners shall refuse to serve shall die or resign,
/ his place shall be filled by the governor.
Said commissioners shall meet in she city of Co.
lumeus, at such time, within thirty days after the
adoption of this act, as sh all be appointed by the
! governor, who shall notify each member Of his
appointment, and of the time and place of meet.
lug! they shall, when met, appoint one of their
number to be their president who shall, under the
order OF the board, sign all official documents;
aud they shall cause fair and true record of all
their official proceedings to be kept in book 40
) be provided for that purpose, which shall be de-
ivered by the president of said DO ard to the yank
of Ohio, as soon as the same shall be organized.
Sec. 81. The board of b ink commissioners shall
eXami the certit Gates of the formation of branch
es. transmitted to them as required bv this act
and shall by one of their own members or other
special agent app >inted by them for that purpose
E who shall not be stakeholder in any OF the
branches formed under this act, Immediately pro
{ ceed to examine the condition of each of tn,
i branches which shall have transmitted to saiG
board the required certificate; and it shall he the
b special duty of such agent TO carefully count o
otherwise ascertain the amount of money paid il
account of its capital stock, to ascertain the
name and the place of residence of each of the di
| rectors of such branch, and whether their stock
holders, directors and officers men of respon
t sblity anil integrity, and entitled to the public
Il confidence; and the amount of capital stock o
9 which each is the bona fde owner, whether such
t branch has complied with all the requirements o
this act necessary to entte the branch to engage
= in the business of banking and shall cause to be
made and atested by the oath of maiority of the
d directors, and by the cashier of such branch,
statement of all the material facts necessary to
: alb the board of bank commissioners to determine
b whether such branch is lawfully entitled to com
i mence the business of banking under the proyis.
ions of this act and such agent shall mmed lately
= report to the board Of bank commissioners such
: statement and his proceedings in the premises.
Sec. 50. IT, upon careful examination of the
certificates of ASSOCIATE IN, and the reports and
statements of the special agents appointed to as
certain whether the branches so organized have
complied with the provisions Of this act, it shall
appear that five or more such branches have been
formed, and that their stockholders, directors and
officers, ale men of responsibility 6nd integrity.
t and entitled to public confidence, and that such
branches are lawfully entitled to commence the
business of mixing the commissioners shall GER.
tfy the same to the go yernOr, and shall immedi-
ately notify each of said branches thereof; and
within ten days after receiving such notice, each
branch shall appoint n such manner as the direc-
tors thereof shall prescribe person to be di-
rector Of the Bank of Ohio But person Who
is not citizen Of the United States and 'ident
of this State, and wh1 has not resided within this
STATE at least year next previous to his appoint
ment. shall he such director.
Sec So The governor if he be satisfied that
the law has in all respects been complied with,
shall issue his procl am alton, setting forth that
4 such branches authorized to commence and
carry on blnklng, at tile places severally desg.
mated in their certificates of association; which
proclamation shall be recorded in the office of the
4 Governor, and copy of said record certified un-
der ths great seal of he State of Ohio, shall be
prima facia evidence of the organization of such
branch
4 Sec 81 The bank comnis sioners aud all agents
4 appointed by them, shall each be entitled to re-
ceiye for their services under this act, five dollars
per day for every day -arily employed in the
discharge of their duties, and their enable eX