The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-06-04


mortgage, or other instrument of writing,
or shalt make any false entry on any
book, report or statement OF the branch,
with an intent in either case to.injure or
defraud such branch, or to injure or de-
fraud any other company, body corpo-
rate or polite, or any individual person,
or to deceive any officer or agent appoint
ed to inspect the affairs Of any branch,
shall be deemed guilty Of misdemean-
or, and upon conviction thereof, shall De
confined in the Penitentiary at hard Ia
bor, not less than one nor more than ten
years.
SEC. 45. Stockholders in branches,
shall each be individually and severally
liable to the creditors of the branch Of
which they are stockholders, in a sum
equal III amount to the stock owned by
each, and should any. such branch be-
come insolvent, and its assets be found
insufficient to pay its debts and liabil
itiss, its stockholders may be compelled
to pay such deficiency, in proportion to
the amount Of stock owned 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 pay
ment Of all the resldues 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 individual liabilities
as such, shall bed distribute equally
among all the creditors of such branch,
bin proportion to the amount due to each;
the personal liability in this section pro-
vided for, is ruvefa and above the stock
owned by 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
impose any injustice or wrong upon the
stockholders of any branch.
| SEC. Al. Every branch shall have
power to make all necessary and proper
laws for the management and control
ofits business, and to fix end regulate the
rate of charges for making collections,
subject to be controlled therein by the
Bank of Ohio.
SEC. 49,. No branch shall issue. any
nc tes intended for circulation as money,
except the notes furnished for atpurpose
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 ofthe United States,
or either, at the option of the branch, on
demand; they shah be signed by the pres
ident or the vice president of the proper
branch, and countersigned by the cashier
thereof, made payable to bearer, and shall
be negotiable by delivery; all other evi-
dences Of debt, issued by any branch,
shall be negotiable or transferable in the
same manner as if issued by a natural
person, and shall be binding on the branch,
whether under seal or not, and all such
evidences of debt, other than notes Of cir
culation, shall be payable to the order Of
some person therein named.
Sec. 49. The branches shall continue
to exist so long as necessary for the settle
ment of their affairs, notwithstanding the
repeal of this act; and no law shall ever
be passed diverting or appropriating the
assets of any such branch to any purpose
other than the payment of its debts. and
liabilities, and the distribution of the res
idue among its stockholders in proportion
to the stock by them severally owned.
BANK COMMISSIONERS.
SEC. SO. To carry into effect the pro-
visions of this act, VIM. w. Scarborough,
of Cincinnati, Franklin F. Backus, of
Cleveland, Hooking H. Hunter, of Lam
caster, J. R. Finn, Of Columbus, and Sam.
uel Forrer, of Dayton, shall be and they
are hereby appointed commissioners, and
they, or majority of them. after taking
an oath diligently, faithfully and impair
TALLY to perform the duties assigned them
by this act, certificate Of which oath.
shall be fled and carefully pres eryed
in the office of the secretary of state, shall
constitute board to be designated the
board of bank commissioners which
board shall continue until the organiza-
ton of the Bank of Ohio, as herein provi-.
ded for, and thereafter, the duties which
they are required to perform by this act,
shall be performed by said bank and if
any Of said commissioners shall refuse to
serve, shall die or resign, his place shall
be filed by the governor. p ~sS
Said commissioners shall meet in the
city of Columbus, at such time, within.
thirty days after the adoption of this act,
as shall be appointed by the governor,
who shall notify each member of his APP
pointment, and Of the time and place Of
meeting; 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; and they shall
cause fair and true record of all their
official proceedings to be kept in a book
to be provided for that purpose, which
shall be delivered blythe president of said
board to the Bank Of Ohio, as soon as the
same shall be organized. ae
SEC. ST.. The board of bank commits
sioners shall examine the certificates of
the formation Of branches, transmitted to
them as required by this act, and shall,
by one of their own members or other
special agent appointed by them for, that
purpose, who shall not be stockholder
in any Of the branches formed under this
act, Immediately proceed to examine the
condition of each of the branches which
shall have transmitted to said board the
required certificate and it shall be the
special duty of such agent to carefully
count or otherwise ascertain the amount
of money paid in on account of its
canital stock. 10 ASCERTAIN the name