The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1858-10-12

thStSOns 4no duoStoto auQ OtuCcTb OI any
such association refusing TO pay its depos-
its on demand, when such deposits are, by
the conditions upon which they were re-
ceived, subject to sight drafts, shall be
personally liable for such deposits, and any
director or officer of such association, and
any individual banker, who shall fraudu-
lently, and with intent to cheat and do
fraud any person, receive any deposit,
knowing or having good reason to believe,
at tho time of receiving such deposit that
such association ori Individual banker is in
solvent, shall, if such deposit is not paid
on demand, be deemed guilty Of mis-
demeanor, and on conviction therefor bc
punished by imprisonment in the State
prison not exceeding three years.
Sec. 2l. The president and cashier Of
every such association formed pursuant to
the provisions Of this act, shall at all times
keep correct list OF the names of all tho
shareholders Of such association, and shall
record a copy of such list in the Office of
the register of deeds of tho county where
any office Of such association may TO loca.
ted, and file the same in the Office of Sec.
rotary of State, on tho first Monday Of
January in each year: Provided, Thcc
shall be any change in the shareholders
during the previous year.
Sec. %. II shall not be lawful for the
State Treasurer or other officer 10 counter
sign bills or notes for any person or asso.
citation Of persons organized under the pro-
visions Of this act, to an amount in tho
aggregate exceeding the stocks or public
funds deposited or transferred to said Treas
urer, as hereinbefore provided, by any
such person or association Of persons, for
bills or notes returned to him except rs
herein provided; and any Treasurer or 9TH
or officer who shall willfully violate tho
provisions of this section shall, upon con-
viction, be adjudged guilty of felony,
and shall be punished by imprisonment in
the State prison not less than five years.
See. %. 1t shall not be lawful for any
person or association formed under the
provisions of this act, to make any of lis
bills or notes, TO be put in circulation as
money, payable at any other pl &C than at
tho office where tho business Of the asso-
citation is carried On and conducted, and all
said bills or notes shall be redeemed at said
place of business.
Sec. "a. 1t shall not be lawful for any
person or association authorized to carry
on the business of banking under the pro
visions of this net, to receive, pay out,
give or offer in payment rs money, 20 cir
culate or attempt to circulate as money,
any bill, noto or other evidence of debt,
issued or purporting to have been issued
by any corporation, association or individ-
ual, situated or residing out Of this State,
which bill, note or other evidence of debt,
shall upon any part thereof purport to DO
payable or rcdeemable at any place or by
any person, association or corporation with
in this State.
Sec. 25. 1t shall not DO lawful for any
association or individual authorised TO car
ry on tho business of banking under this
act, directly or indirectly, to lend or pay
out for paper discounted or purchased by
him or them any bank bills, noto or other
evidence OF debt, which is not received at
par by the said association or individual
banker, either for debts duo to such asso-
citation or individual banker from dealers
and customers in the regular and usual
course of business.
Sec, 2G. Every corporation. association
or individual, who shall willfully offend
against any of the provisions Of tho last
three preceding sections, shall forfeit for
each and every otfcnse the sum Of one
thousand dollars, to be recovered with costs
nf -, Ia - ih;s Sioin f,r th N
support Of tho township libraries Of the
several townships in the county where such
forfetures shall be recovered; and cvory
officer and clerk of such association, and
every individual banker, and his clerks
and servants, who shall knowingly act or
assist in violation Of any provision Of this
ac,, shall, upon conviction, be deemed
guilty Of misdemeanor, and shall bo
punished by fine and imprisonment, or
both, al the discretion Of the court; but
such fine shall not exceed five hundred
dollars, or such imprisonment shall not
exceed six months.
Sec. 27. No note or bill intended to cir.
culatc as money shall issue or be put in
circulation by any association or individual
bankers Of less denomination than one dol
lar, nor unless such bill or note shall be
made payable on demand, and without in.
tcrcst
Sec. %. The State Treasurer shall ap
point one or more registers 10 countersigr
and register in book, to be kept FOR that
purpose, all circulating notes issued under
the provisions Of this act, who shall hold
his office during the continuance of saij
treasurer in. Office, unless sooner removed
by said treasurer; and such register or reg
istors shall take tho constitutional oath o.
office, and execute bond TO tho people q
this State in the penal sum Of ten thous
and dollars, with responsible suretics, con
ditioncd fol the faithful discharge of hi,
duties as such register under this act, wbicl
bond shall bc approved by the State Treas
urcr, and be filed with the Secretary o
State; such register shall receive an annua
salary Of eight hundred dollars.
Sec. 20. No person or individual banke
shall commence the business Of banking
under this act until he shall have deposit
cd with the treasurer tho securities rcquir
cd by law, to the amount Of at least TWEEN
ty.five thousand dollars.
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