The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1857-06-04

lbS pun POoCo' ~
First-To pay and redeem thecircula'
ting notes Of such branch;
Second-Tppay other liabilities ofsuch
branch; and after such liabilities shall
have been discharged;
Third-To divide among the sharehol-
ders on their stock.
No branch, shall issue any certificate
Of deposit, order, draft, bill of exchange,
or other evidence of debt, payable in cur
rency or in anything less valuable than
gold and silver 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 de-
posits.
No branch, shall be permitted, in re-
ceving payment at its banking house or
other place than where the same was pay
able, Of any note, bill, or other evidence
of debt, due 10 such branch, and payable
at place other than at its banking house,
to receive in addition to the amount OF
such debt and the legal interest due there
on, any sum whatsoever as premium, ex'
change or damages: Provided, Nothing
in this section contained shall prevent such
branch from receiving the damages al.
lowed by law upon any bona fde bill OF
exchange, duly protested for non-accept'
ance or non payment
Sec. AZ. All transfers of notes, bonds,
bills of exchange, and other evidence of
debt owing to any branch, or of deposits
to its credit, all assignments of mort
cages or other securities on real estate,
or of judgments or DEGREES in its favor;
all deposits of money, bullion or other
valuable thing for its use, or for the use OF
any of its stockholders or creditors; all pay
mcnts of money to either, made after the
commission Of an act of insolvency, or in
contemplation thereof, with view to pre-
vent the application of its assets in the
manner prescribed by this act, or with a
view to the preference of fonc creditor to an
other, except in payment of its circula-
ting notes, shall be held utterly null and
void.
Sec. 43. Ifthe directors of any branch
shall knowingly violate or knowingly per-
nit any of the officers, agents or servants
of such branch to violate any of the pro
visions of this act, all the rights, privil'
oges and franchises of such branch shall
thereby be forfeited; such violation shall
however, be determined and adjudged by
a court of competent jurisdiction, agreea'
bly, to the laws of this State and the prac
lice of such court, before the corporation
shall be declared dissolved; and in case
of such violation, every director who par
ticipated in, or assented to the same, shal
be held liable in his personal and individ
ual capacity for all damages which the
branch, its shareholders, or any other
persons, body polite or corporate shal
have sustained in consequence of such vi
olation.
Sec. "A. Every president, director
cashier, teller, clerk or agent ofany brancl
who shall embezzle, abstract, or willfully
misapply any of the moneys, funds OF
credits Of such branch, or shall, withou
authority from the directors, issue or pp
in circulation any of tho notes Of sucl
branch, or shall, without such authority
issue or put forth any certificate Of de
posit, draw any order or bill of exchange
make any acceptance, sign any note, bond
draft, bill of exchange. mortgage, or 9th
er instrument of writing or shall max,
any false entry on any book, report o
statement of the branch, with an intent il
either case to injure or defraud sucl
branch, or to injuro or defraud any othe
company, body corporate or polite, o
any individual person, or to deceive an.
officer or agent appointed to inspect th
affairs of any branch, shall be deemed
guilty Of misdemoanor, and upon con
yiction thereof, shall be confined in th
Penitcntiary at hard labor, not less thai
one nor more than ten years.
Sec. 45 Stockholders in branches, ,shal
each be individually and severally liab
to the creditors of the branch Of whicl
they are stockholders, in sum equal il
amount tsAe stock owned by each, ant
should any such branch become insol
vent, and its assets be found insufllcien
to pay lis debts and liabilities, its stock
holdeRs may .be compelled to pay sucl
defciency,i n Proportion to the amount o
stock owned by each and should tht
whole amount for which stockholders al,
individually responsible, as provided il
this section, be found in any case to b
inadequate 10 the payment of all the resi-
due OF the debts Of any branch after thu
application of its assets to the payment o
such debts, then, the moneys due iron
stockholders on account of their individ
lal liabilities as such, shall be distribute,
1equally among all the creditors of sue
= shch, in proportion to the'amoupt du
labcach: the personal liability in this sec
a ton provided for, is over and above th
stock owned by stockholders, and an
amount unpaid thereon.
Sec. 46, The general assembly ma
alter or repeal this act at pleasure, but n
act altering or repeating this act, sha
J impose any injustice or wrong upon tn
stockholders of any branch.
Sec. AZ Every branch shall have pow
{ er to make all necessary and proper by
laws for the management and control {