The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1857-09-30

osits of money, bullion or other valuable o
hing for its use, or for the use of any of
IS stockholders or creditors; all pay n
nents of money to either; made after the !
commission of an act of insolvency, or in t
thereof, with a view to pre- .
'ent the application Of its assets in the
manner prescribed by this act, or with
'iew to the preference of one creditor to
mother, except in payment of Its circulat' {
ng notes, shall be held utterly null and
7oid.
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, privileges
and franchises of such branch shall there
by be forfeited; such violation shall, how
ever, he determined and adjudged by u
court of competent jurisdiction, agreeabIy
to the laws of this State and the practice
of such court. before the corporation shall
be declared dissolved; aud in case of such
violation, every director who participated !;
in, or assented to the same, shall be held
liable in his personal and individual ca
pacity for all damages which the branch,
its shareholders, or any other persons,
body polite or corporate shall have sus-
tanned in consequence ofsuch violation.
SEC. A. Every president, director,
cashier teller, clerk or agent Of fany branch,
who shall embezzle, abstract, or willfully
misapply 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 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 other
instrument of writing or shall make any
false entry on any book, report or state
ment ofthe branch, with OH intent in either
case to injure or defraud such branch, or
to injure or defraud any other company,
body corporate or polite, or an individual
person, or to deceive any officer or agent
appointed to inspect the affairs of any
branch, shall he deemed guilty of "a misde-
meanor, and upon conviction thereof,
shall be confined in the penitentlary at
hard labor, not less than one nor more
than ten years. ,ss. q,I. ..a.5 las
/ Sec IS. Stockholders in branches,
shall each be individually and severally
liable to the creditors of the branch OF
which they are stockholders in sum equal
in amount to the stock owned 10y each
and should any such branch become in
solvent, and its assets be insufficient te
pay its debts and liabilities, its stockhold'
ers may be compelled to pay such deicien
cy. in proportion to the amount of sock
owned by each. and should the Who'll.
amount for which stockholders are indi
vidually responsible, as provided in thi'
section, be found in any case to be mad
equate to the payment of oil the residue
of the debts of any branch after the ap
: plication of its assets to the payment o
: such debts, then, the moneys due from
stockholders on account of their individ
} ual liabilities as such, shall be distributed
equally among all the creditors of sucl
: branch, in proportion to the amount dn
: to each; the personal liability in this sec
r tion provided for is over and above tn
s stock owned by stockholders, snd an
: amount unpaid thereon
: SEC. 46 The general assembly ma
: alter or repealt this act ut plea sure, but II
5 act altering or repeating this act, sha
impose any injustice or wrong upon tn
r stockholders Of any branch. 5.
: SEQ. ~. Every branch shall have pow
er to make all necessary and proper by
> laws for the management and control {
its business, and to fix aud regulate th
!. rate of charges for making collections
> subject to be controlled therein by III
Bank of Ohio.
:, SEC. 4S. No branch shall issue an
g no.es intended for circulation as none,
: except the notes furnished for that pu
!. pose by the Bank of Ohio, and aI sue
. notes shall be payable at the branch b
:. which they are issued, in gold and silve
= coin, the lawful currency Of the Unite
|. :. States, or either. ut the option of til
- bronch, ON demand; they shall be sigue
is by the president or vice president of ii
proper branch, and countersigned by I'll
. cashier thereof made payable to beare
!. and shall be negotiable by delivery; all 9TH
Y evidences of debt issued by any branch, shall
le negotiable or transferable in the same mann
t, as if issued by natural person, and shall
a binding on the branch, whether under seal
not, and all such evidences of debt other tha
;. notes of circulation, shall be payable to II
l. order of some person therein named
SEC. 40. The branches shall continue to @
l., list so long as necessary for the settlement
their AFFAIRS notwithstanding the repeal
this act; and no law shall ever be passed q
OF verting or appropriating the assets of any SUI
III branch to any purpose other than to the pa
ment Of debts and liabilities, and the distrib
a tion of the residue among its stock holders
proportion to the stock by them several
owned.
Or BANK COMMISSIONERS. /,
Or SEC. so. To carry into effect the provisio
" Of this act, VIM. w. Scarborough, of Cincinna
II Franklin 7. Backus, of Cleveland, Hooking
Hunter, of Lancaster, ]. X. Finn, of Columbl
o and Samuel Forrer, of Dayton, shall be al
~ they are hereby appointed commissioners, al
ss they, or a majority of them, after taking