The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-10-01

Il
amy OF the officers, agents or servants Of
such branch to violate any of the proyi.
sions of this act, all the rights, privileges
and franchises Of such branch shall there
by forfeited; ;such violation shall however,
be deter mined and ajudged by court Of
competent jurisdiction, agreeably to the
laws of this Stale and the practice Of such
court, before the corporation shall be de-
clared dissolved; and in case of such vi
olation. every director who participated in
or assented to the same, shall be held la
able in bis personal and individual capac
ity for all damages which the branch, its
shareholders, or any other persons, body
polite or corporate, shall have sustained
in consequence ofsuch viola itn.
SEC. A. Every president, director,
cashier, teller, clerk or agent Of any
branch, who shall embezzle, abs tract. or
wilfully misapply any of the moneys,
funds or credits of such branch, or shall,
without authority from the directors issue
or pnt 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. will:
an in either case to injure or defraud
such branch; or injure or defraud any
other company, body corporate or polite,
or any idiyidual person, or to deceive any
officer or agent appainted to inspect the
affairs of any branch, shall be deemed
guilty of misdemeanor, and upon con
yiction thereof, shall be confined in the
Penitentiary at hard labor. not l,ss than
one nor more than ten years.
SEC. 45. Stockholders in branches,
shall each be individual and seyerally H.
able to the creditors 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 insolyent
and it assets be found insufficient to paw
its debts and liabilities, its stockholders
may be compelled to pay suck deficiency;
in proportion to the amount Of stock own
ed by each, and should the whole amount
for which stockholders are individually
responsible, and provided in this section.
be found in any case to be inadequate to
the payment of all the residues of the
debts of any branch after the application
OF its assets to the payment of such debts
then, the moneys due from stockholders
on account of their individually liabilities
as such, shall bed distribute equally a.
mong all the creditors of such branch, in
proportion to the amount due to each; the
personalliability in this section provided
! Tor, is over and above the stock owned bv
stockholders, and any amount unpaid
thereon.
SEC. 46. The general assembly may
alter or repeal this act at pleasure but no
act altering or repeating this act, shall i'm
pose any injustice or wrong upou the
stockholders of any branch.
SEC. Al Every branch shall have
powerto 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. 48. No branch shall issue any
notes intended for circulation as money.
except the notesfurnished 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
demand; they shall be signed by the pres
ident or the vice president of the proper
branch, aud countersigned by the cashier
thereof, made payable 70 bearer, and shall
be negotiable by delivery; all other e,i
dences of debt, issued BY any branch
shall be negotiable or transferable in tn,
same manner as if issued by a natura
person, and shall be binding on the branch
whether under seal or not and all sucl
evidences of debt, other notes of circula
tion, shall be payable to the order of som,
{ person therein named.
4 Sec. 40. The branches shall continu,
to exist so long as necessary for the settle
ment of their affairs, Notwithstanding tn,
repeal of this act; and no law shall eve
be passed diverting OF. appropriating th,
asset of any such branch TO any purpos,
other than the payment of its debts ant
liabilities, and the distribution of the res
idue among its stockholders in proportion
to the stock by them seyerally owned.
| BANK COMMISSIONERS.
Sec so. To carry into effect the pro
visions of this act, Wm. w. Scarborough
of Cincinnati. Franklin I. Backus, O
Cleveland, Hooking H. Hunter, of Ian
caster, ]. R. Finn. of Columbus, anc
Samuel Forrer, Of Dayton, shall be ant
they are hereby appointed commissioners
and they or majority of them, after ia
king an oath diligently, faithfully and i'm
partially to perform the duties assigned
them by this act, a certificate of which
oath shall be filed and carefully preserved
in the office Of the secretary of State, ,shal
constitute board to be designated tn,
board of bank commissoners;which boart
shall continue until the organization o
the Bank of Ohio, as herein provided for
and thereafter, the duties which they ar
required to perform by this act, shall b.
) performed by said bank; and if any O
said commissioners shall refusee to serv
shall die or resign, his place shall be fllle'
r by the governor
Said commissioners shall meet in th
, city of Columbus, at such time, within
thirty days after the adoption Of this act
as shall be appointed by the governor