The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-09-13

CuITcAt TdIcS OF OlScOunG OF premium, Sudif HUI
be considered taking. receiving or reserving
of interest. And the knowingly taking. receiv-
ing. reserying or charging rate of interest
judged forfeiture of the interest which the
note. bill or other evidence of debt carries with
it, or which has been agreed to be paid thereon.
And in case greater rate of interest has been
paid. the person or persons paying the same, or
in any - tion OF debt. the entire an"unt of in
t. ,st thus paid from the company taxing OF re-
ceiving the same
company, corporation, or firm. for money Dor.
rOwed. including in the liabilities OF the several
in authorized, shall at no time eXceed one tenth
part OF the amount of the capital stock OF sucn
gs 5s Of
against actually existing values, and the dis
count of commercial or business paper actually
owned by the person or persons corporation or
firm negotiating the same, shall not be consId-
cred money borrowed
SEC 20 All transfers of notes, bonds. bills OF
exchange. and other evidences of debt, owing
to any banking company, or of deposit TO its
CT edit; all assignments of mortgages or other
securities in real estate Or of Judgments de
erees in its favor; all deposits of money, bullion
or Other fHr l's @se III
payments of money TO either. MADE atter the
commission of an act of insolvency, or i'll con-
temptation thereof. with view to prevent the
application OF its assets in the manner described
by law or with the view to the preference Ofone
creditor to another. shall be held utterly null
and void.
SEC. Il If the directors of any banking com
pany which shall have avaiied Itself OF tne
privileges Oithis act shall knowinsly V.o.a.e, ,
knowingly permit any of the officers, agents
servants OF such company to violate anyof the
prov .sions Oh this act all the rights. prlylcses
and franchises of said company, defiVeu irOm
this act, shall thereby be forfeited; Such Vioia-
tiOn, however, to be determined and adludSsu
by court of competent jurisdiction, asfeeably
to the laws OF this state. and the practice oil
such court before the corporation shall be de-
every director who participatcd in or assenied
to the same shall bc held liable, in his personal
and individual capacity. Tor all damages which
the company. its shareholders. or any other per-
son, body polite or corporate, shall have sus-
tanned in consequence of such violation.
SEC. u. Every president, director, cashier.
teller clerk or agent Of any banking company.
who shall embcZzie, abstract. or wltfuliy misal-
ply any OF the m9nsys funds or re''S o, @ aSe
directors, issue or put forth amy certIhcate ot
deposit. draw any order. or bill OF exchange,
make any acceptance, assign any notes. bonds,
drafts, or bills of exchange, mOrtgugc. judg-
ment. or decree, Or shall make any false entry
ny, with intent in either case to injure or de-
fraud the company, or any other company. Dody
polite or corporate or any individual person.
agent appointed to inspect the AFFAIRS OF any
banking company in tins state. shall be guilty
of an OffenSe, ana upon conviction thereof snail
be confined IN the penitentiary. at hard labor
not less than one year nor mole than 'en years
SEC 90 If the original capital stock OF any
such banking COMPANY Y shall III any manner lie
diminished or any portion theroi be wlth9fawn n
for any purpose whatever. while any debts OF
demands against said company remain unSatis-
fed, dividends shall be thereafter made on
the shares of the capital stock of such company
until the original amount of the capital STOCK
shall be restored either by contribution of the
shareholders. or out Of the prohs OF the IS
e6. Of S s nna IN socS shS
main so diminished or Withdrawn. 1t shall DC
the duty of any court having competent Juris-
dictiOn, MAKE the necessary orders and de-
cree for closing the affairs OF such company,
and dividing its effects among its creditors and
shareholders.
Thn har IF each
formed under the provisions of this act shall be
held individually responsible. equably ana
ratHbly, and net one Tor another, iOr all con-
tracts. debts. and engagement = of such compa-
ny, to the extent OF the amount of their stock
herein at the par value thereof; % IN audit'on 10
SEC. IS. 1t shall be the duty of the auditor.
treasurer and secretary of state, or majority
Of them, as often AS once in each year, and
without previous notice to such corporation. to
appoint some suitable person in the vicinity of
each banking company. who shall not be u
stockhOlder In any bank of the state, who shall
have power to make thorough examination
into the affairs of the bank which he may be ap-
pointed to examine, and in so doing to examine
any OF the officers and agents OF such bank on
oath; and such agent shall make detailed re-
Tor of state; and the banking companies herein
authorized shall be subject to any other visit
Orial power authorized by law; and every agent
appointed as in this section provided shall re-
ccive for his services AT the rate of nve dollars
for each day employed by him in such eXamin.
miles he shall necessarily travel in the perform
ance of his duty. which shall be paid by the
banking company by him examined.
SEC, IS. The president and cashier of every
company formed pursuant to the provisions OF
his act shall at all times keep true and cor
rect list of the names OF all the shareholders OF
such company. and the amount of stock owned
by each, and shall file copy OF such list in the
Office of the recorder OF the county where any
office of such company may be located. and also
III the Office OF such company, and aisp IN the
office OF the auditor of state, in the months OF
january and July of each year.
SEC II: That the approval or rejection OF
this act shall be submitted to the vote OF the
electors Of this state, at the general election in
October next. At such election the electors de-
siring to vote for its approval shall place upon
their ballots for the officers then to be elected
the words, For the Tree banking act.'' and the
voters not approving 1t shall place upon their
ass" ihe 1h Judges ana cieaks OF SAID election in
each and every township, ward and precinct
shall, in addition to the returns prov by
clerk of the county, OF the vote cast Tor an.
against the approval of this act. A return ad-
dltional to the return required by law to be
made of the votes cast at Sucn election Tor state
officers, and senators and representatives, shall
also be certified and made by the clerk OF each
county. OF the vote for and against the ap-
proval OF this act. to the secretary of state.
within ten days after said election: and within
thirty days after said election the secretary of
state, auditor Of state, and attorney general
shall open said return, anu count the votes. and
ascertain whether or not majority oil all the
votes cast at said election have been cast for the
approval of this act, and il it appears that Ii
majority of the votes cast ut such election have
been cast for the approval Of this act, the said
secretary and auditor OF state shall make proc
lamatiOn thereof without delay.
SEC, 2S. The secretary OF state shall cause
this act to be published in Que. but in not more
than two newspapers, and by one inseii in
each. i'll each county of the state wherein
newspaper is published, and within thirty days
preceding said election. The cost OF publica-
ton to be paid out OF the state treasury, upon
the warrant OF the auditor of state. upon proper
vouchers, and in accOrdadce with the prOvi-
siOnS of An act supplementary 10 the act to
provide for the execution and supervision OF the
state printing and binding. passed March "a.
1880 >. passed and took effect May l. 1862 Is. \
s. p. 619
SEC. ~ If the vote cast be asccrtained by
the secretary Of state. auditor OF state, and at
tOrney geseral, to have been cast in favor OF the
approval OF this act, it shall take effect and Le
in force from and ter the date of the procla-
nation SO required to be made by them.
q. H. GROSVENDR.
Speaker of tile House Of Representatives..
IL. W. CO kTISS.
Precedent Of the Senate
Auri