Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1877-09-13

S sale, OF ulScOunt- III the cuTTenL Tdtc vi ulS-
r count or premium, shall not be considered q
taking, receiving, or reserving of interest.
e And the knowingly taking, receiving, reserv.
ing, or charging rate of interest greater than
aforesaid shall be held and adjudged forfeit
: ure of the interest which the note, bill, or
other evidence of debt carries with tor which
7 has beed agreed to be paid thereon. And in
case a greater rate of interest has been paid,
the person or persons paying the same, or their
: legal representatives, may recover back, in
any action of debt, the entire amount of inter
est thus paid from the company taking or re-
ceiving the same.
| SEC. 10. The total liabilities of any person,
company, corporation, or firm, for money bor-
rowed, including in the liabilities of the sever
al members thereof to any banking company
, herein authorized, shall at no time exceed one
tenth part of the amount of the capital stock
of such company actually paid in; provided,
that the discount of bona tide bills of exchange
drawn against actually existing values,
and the discount of commercial or business
paper actually owned by the person or per
sons, corporation or firm negotiating the
SAME, shall not be considered money borrowed.
SEQ. 20. All transfers of notes, bonds, bills
of exchange, and other evidences of debt, ow-
ing to any banking company, or of deposit to
its credit; all assignments of mortgages or
other securities Unreal estate, or of judgments
or DEGREES in its favor; all deposits of money,
bullion, or other valuable things, for its use,
or for the use of any of its stockholders or
creditors; all payments of money to either,
made after the commission of an act of insol-
vency, or in contemplation thereof, with a
view to prevent the application of its assets in
the manner described by law, or with the
view to the preference of one creditor to an
other, shall be held utterly null and void.
| fha Of ha,, ,Irsr
company which shall have availed itself of
the privileges of this act, shall knowingly vi
olate, or knowingly permit any of the officers,
agents or servants of such company 10 violate
any of the provisions of this act, all the rights,
privileges and franchises of said company, de-
rived from this act, shall thereby be forfeited;
such violation, hewever, to be determined and
adjudged by a court of competent jurisdiction,
agreeably to the laws of this state, and the
practice of such court, before the corporation
shall be declared dissolved; and in case of
such violation, every director who participa-
ted in or assented 10 the same shall be held
liable, in his personal and individual capacity,
for all damages which the company, its share
holders, or any other person, body polite or
| col porate, shall have sustained in consequence
| of such violation.
SEQ. %. Every president, director, cashier,
teller, clerk, or agent Of any banking cOmpa'
ny, who shall embezzle, abstract, or willfully
misapply, any of the moneys, funds, or cred
its of such company, or shall, without author
/ ity from the directors, issue or put forth any
certificate of deposit, draw any order, or bill
! of exchange, make any acceptance, assign any
notes, bonds. drafts, or bills of exchange,
mortgage, judgment, or decree, or shall make
any false entry in any book, report, or state.
ment of the company, with intent in either
case to iIjure or defraud the company, or any
other company, body polite or corporate, or
any Individual person, or to deceive any off
Ger of the company, or any agent appointed
! to inspect the affairs of any banking company
in this state, shall be guilty of an offense, and
upon conviction thereof shall be confined in
the penitentiaIy, at hard labor, not less than
one year nor more than ten years.
SEC. 3d. If the original capital stock of any of
such banking company shall in any manner be
| diminished, or any portion thereof be with
drawn for any purpose what
against such company remain unsat-
isfied, no dividends shall be thereafter made
on the shares of the capital stock of such
company until the original amount of the cap
ital stock shall be restored, either by contri.
button of the shareholders, or out of the profits
of the business of such company; and in case
any dividend shall be made while the capital
stock shall remain so diminished or with
drawn, it shall be the duty of any court hav-
ing competent jurisdiction, to make the neces.
sary orders and decree for closing the affairs
of such company, and dividing its effects
among its creditors and shareholders.
SEC. "a. The shareholders of each company
formed under the provisions of this act shall
be held individually responsible, equally and
ratably, and not one for another, for all con
tracts, debts and engagements of such compa-
ny, to the extent OF the amount OF their stock
therein, at the par value thereof, in addition
to the amount invested in such shares.
SEQ. %. 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 |
stockholder in any ba1kof the stale, who Shall
have power to make a thorough examination |
into all the affairs of the bank which he may |
be appointed to examine, and in so doing to ex'
anime any of the officers and agents Of such
bank on oath; and such agent shall make a
detailed report of the condition of such bank
to the auditor of state, and the banking com
panies herein authorized shall be subject to
any other visitorial power authorized by law;
and every agent appointed as III this sec
tioA provided shall receive for his services at
the rate of five dollars for each day employed
by him in such examination, and tve dollars
for every twenty-five miles he shall necessari
ly travel in the performance of his duty, which
shall be paid by the banking company by
him examined.
SEC. 26. The president and cashier of eve
ry company formed pursuant to the provi-
'slons of this act shall at all times keep true
and correct list of the names of all the share
holders 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 in the Ofhce OF such
company, and also in the office of the audi
tor of the state, in the months OF January and
July of each year.
SEC. 81. 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
desiring to vote for its approval shall place
upon their ballots for the officers then to be
elected the words, ''For the free banking act"
and the voters not approving it shall place
upon their ballots the words, Against the b:
free banking act" The judges and clerks OF
said election in each and every township, [
ward and precinct shall, in addition to the re-
turns provided by Jaw, and at the same time,
make return to the clerk of the county, of the
vote cast Tor ana against the approVai Oh THIS
act. A return additional to the return re-
qured by law to be made of the votes cast at
such election for 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 approval of this act, to the
secretary of state, within ten days after said
election; and within thirty days after said cleo
tion tie secretary of state, auditor !
of state, and attorney general $
shall open said return, and count the 8
votes, and ascertain whether or not majority
of all the votes cast at said election have been
cast for the approval of this act; and if it APP
pears that majority Of the votes cast at such
election have been cast for the approval of
this act, the said secretary and auditor of state
lau