The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1877-09-13

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law, or with the view to the preferenc
OF one creditor TO another, shall be belt
utterly null and void.
SEC 81. II the directors Of any bankin
company which shall have avaIled itsel
OF the privileges OF this act shall know
ingly permit any Of the officers, agents
or servants OF such company TO violate
any Of the provisions of this act. ell tn
rights. privileges and franchises OF sai'
company. derived from this act. shal
thereby be forfeited; such violation, how
ever. TO be determined and adjudged bl
court OF cOmpetent jurisdiction, agreea
bly, TO the laws Of this state. aud th'
practice Of such court, before the corpor
alton shall be declared dissolved; aud il
case OF such violation. every director wh'
participated in or sssented TO the sam'
shall be held liable, in his personal anC
individual capacity. for all damage,
which the company, its shareholders, OF
a1y other person. body polite or corpor
ate. shall have sustained in consequence
of such violation.
cashier, teller, clerk or agent OF anJ
banking company, who shall embezzle
abstract, or willfully misspply, any OF tbS
VI VI EOuA
pany, or shall, without authority frOu
the directors, issue or put forth any Ger
tificate OF deposit. draw any order, or bill
OF exchange, make any acceptance, as
sign any notes, bonds, drafts, or bills OF
exchange, mortgage, Judgment, or decree
or shall make any false entry in any
book, report, or statement OF the compa
ny. with intent in either case to injure OF
defraud the company. or any other com.
pany. body polite OF corporate, or any
individual person, or to deceive any
officer of the company. or any agent sp-
pointed to inspect the affairs OF any
brDking company in this state, shall be
guilty of an otiense. and upon conviction
thereof shall be confined in the peniten.
tiary. at hard labor. not less than one
year nor more than ten years.
SEC. % Ifthe original capital stock OF
any OF such banking company shall in
any manner be diminished, or any por-
tion thereof be Withdrawn for any pur.
pose whatever, while any debts or de-
me nds against such company remain un-
setisf ed, no dividends shall be thereafter
made OF the shares OF the capital stock
of such company until the original
Of the capital stock shall be re-
stored. ei'her by contribution of the
or out OF tie profits Of the
business Of such company; and in case
say dividend shall be made while the
capital shall remain so diminished or
il shall be the duty Of any
COZ rt having competent Jurisdiction. to
Lake the necessary orders aid decree
Tor closing the affairs Of srch company,
. nd HfUaHfno afa s.H..nfa a. 1WaA
itors and shareholders.
SEC. "a The shareholders Of each com
pany formed under the provisions of this
act shall be held individually response
ble, equably and ratably. and not one for
another. for all contracts, debts, and en-
gagements Of such company. to the ex-
tent Of the amount Of their stock there
in, at the par value thereof, in addition
10 the amount invested in such shares.
SEc. 25. 1t shall be the duty Of the au.
litor, treasurer and secretary oi state, or
\ majority Of them. as often as once in
zach year, aud without previous notice
10 such corporation. to spIoint some
'ritable person in the vicinity OF each
oankiug company, who l~hall not he a
in any bank OF the state.
Who shall have power TO make y thor
,ugh examination into all the sffaiTs OF
he bank which be may be appointed To
.xamire e, aud in so doing to exrmins any
,f the officers and agents o. such bank
IN oath; and such agent shall make y
detailed report OF the condition OF such
bank to the auditor Of state; and the
banking companies herein authorized
hall be subject to any other visitorial
,ower authorized by law; and every
gent appointed IA in this section pro-
'ided shall receive for his services at the
ate Of FIVE dollars for each day employed
~ him in such examination, and FIVE
iollars for each twenty-five miles he
hall necessarily travel in the perform
lnce Of his duty, which shall be paid by
he banking company by him examined
SEC 26 The president and cashier of
very company formed pursuant to the
OF this act shall at all times
Ieep a true and correct list Of the names
II all the shareholders of such company,
md the amount of stock owned by each.
md shall file a copy Of such list in the
,ffice of the recorder OF the county where
my Office Of such company may be To-
.ated, aud also in the office Of such com.
,any. and also in the Office Of the auditor
# the state, in the months OF January
md July of each year.
SEC. 27 That the approval or rejection
II this act shall be submitted to the vots.
# the electors OF this state, at the general
Election in October next At such cleo
ion the electors desiring to vote for its
IppIoval shall place upon their ballots
or the officers then TO be elected the
words, For the free banking act," aud
he voters not approving il shall place
lpon their ballots the words. Against
he free banking act" The judges and
clerks of said election in each and every
ownship, ward and precinct shall. in ad-
lition to the returns provided by law,
md at the same time. make return to
he clerk Of the county, OF the vote cast
or and against the approval Of this act.
A return additional to the return re
luired by law 10 be made of the votes
,ast at such election for state officers, and
senator's and representatives, shall also
De certif and made by the clerk OF
zach county, OF the vote for and against
he approval Of this act, to the secretary
Of state, within ten days after said elec
.icn and within thirty days after said
election the secretary OF state, auditor oi
'tate, and attorney general shall open
iaid return, aud count the votes, aud
lscertaIn whether or not u majority OF
ali the votes cast at said slsctIOu have
been cast for the approval of this act;
md if it appears that a majority Of the
votes cast az such election have been cast
Tor the approval of this act, the said sec
retary and auditor of state shall make
thereof without delay.
SIC. %. The secretary Of state shall
cause this act to be published in one, but
In not more than two newspapers, and
by one insertion in zach, in each county
OF the state wherein newspaper is pub
lished, and within thirty days preceding
-aid said election. The cost OF publics-
ton to he paid out of the state treasury.
upon the warrant OF the auditor OF state.
nuon proper vouchers, aud in accord