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

cute for the same, In the name Of the poo
pie of the State, and shall be exclusively
applied to the support Of tho township IL
brares iii the county where such penalties
shall be recovered. In all actions, suits
and proc, edings under this act, the said
book shall bo prcsumptive evidence Of the
facts therein stated. Any person or asso-
citation, making, directing or consenting
to any false entry in such book, or in any
othcf book Of such banker, shall upon con-
viction thereof, be sentenced 10 imprison-
mcnt in the State prison not less than Que
nor more than three years.
Sec. 40. Upon the return Of an cxccu-
tion against the property Of any associa-
tion or individual banker, organized under
the provisions Of this act, unsatisfied in
whole or in part, the judgment creditor
may sue and prosecute any officer or stock
holder, or any number thereof, in any
court having jurisdiction OF such actioh,
and may recover against such officer, stock
holder, or any number thereof the amount
due him upon any judgment he or they
shall have recovered against such associa-
tion or bank, with costs and may have
execution thereof against the private pro.
perty Of such officer, stockholder or indi-
vidual banker, as in other cases; and every
officer and stakeholder of such association
or bank, shall be individually liable for all
debts, dues and demands, contracted dd-
ring the time of their berg officers and
stockholders Of such association or ank.
But in case of any amendment Of tho colt.
stitution of this State, lcsscning or quail
flying such liability, the stockholders or Of
fccrs Of any such bank shall become cnli.
tied TO tho privileges Of such amendment.
Sec. Al. A judgment rendered against
any officer or stcckholdcr, or any number
thereof, shall moi be bar To prosecution
or suit against any other officer stockholder
Of such association or bank, for the rccov-
cry Of the Same Indebtedness.
See. A. All transfer Of notes, bonds:
bills Of exchange, or other evidences Of
debt owing to amp bank, or of deposits to
its credit, all AL assignments OF mortgages
or other securi les on real estate, or OF
judgments or dccrcss in lis favor, all dcpos-
Its Of money, bullion, or other valuable
thing for is use, or for tho use OF any OF
its stockholders or creditor, all payments
Of money TO either IN dc after the commits
sion of an act of insolvency, Or in con-
temptation thereof, with view 10 prevent
the application Of its assets in tho manner
prescribed by this act, or with view TO
the preference of one creditor To another,
except in payment of its circulating notes,
shall he held utterly null and void.
Sec. AZ. In case Of tho Insolvency OF
any bank OF banking association, organized
under this act, The bill holders thereof
shall be entitlecd to preference in pay
mcnt over all other creditors Vi such bank
or association.
Sec. A. Suits may DO Instituted and
prosecuted by and against such association
and bank in the same manner and in liko
cases as natural persons.
Sec. As. Tho stockholders. collectively,
of any bank, shall ut no time DO liat 10 10
such bank, either ms principal debtors or
surctics, or both, to an amount greater
than t, two.tifih of the amount Of tho
capital stock actually paid in and remain
ing undiminished by losses or otherwise.
Sec. 4G. 1t shall DC the duty Of tho
Scctrctary of State to report to the Lcgls-
lature al tho commencement Of each session:
/. A summary Of the state AMI condi-
,ion Of every Incorporated or organized
bank, l.; liking association and Individual
banker, from whom reports have been ro-
ccivci tho tr cecd:ng year or years, ut
tho date or dates to which such report re-
frrs. with an abstract Of the whole amount
Vi ba,king capital returned by them re-
spcctvely, Of the whole amount OF their
debts ami Liabilities, the amount OF circu.
latng notes outstanding, aud the total n
noun. of sprci, held 10y them, AMI such
| other information in relation TO said banks,
associations and bankers, rs in his judge
mcnt may c usefu':
2. A statement of til, banking as'ocia-
tons nd bankers. whose business has been
closcc during the preceding year or year,,
with the amour. of tBeir circulation re-
deemed, the rate Of such redemption per
cent. and tho amount outstanding. Suc!i
report shall be malo hy oI before til last
day tf the year.
Sec. A.. The treasurer, attorney guncf'
al or any committee appointed 10y the
Legislature or either branch thereof, shail
have power to examine the books, papers.
conditions aud affairs Of any banks or as.
socia,ion organized unlcr the Provisions oi
this act, and f,r thai purpose may examine
on oath, any individual banker, and tho
officers, agents. partners and clerks Of sucl'
banker, and Of any bank or association
touching the matters hc orr they shall be
directed or may desire to inquire into; and
any wiful falso swearing in any such ex'
animation shall be deemed perjury. They
may also inquire whether amy banker or
association transacts the business OF bank-
ing at tho place designated in Its aiiielcs
or certificates Of association; whether such
banking business is conducted in the man
ner prescribed 10y law. s t'tr
Sec. 4s. Such officer shall have power
TO summon any inhabitant of the county
in which ho or they may 10 conducting
the inquiry, to ng~car before him or then,
and testify in relation to the same. 81,
Sec 40. If il shall appear from such
examination and report, that any bank, as
sociaiion or individual banker, is in an NV
! sound or unsafc condition 10 do banking