The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1877-09-14

10 llic au'lilDi ol STATE aCtOruluE Inc
form which may be prescribed by him, verified by
the cath Of the president or cashier of such com
pany, which report shall exhibit in detail. and
under appropriate heads such as he shall require
the resources and liabilities OF the campany be
fore the commencement Of business in the morn
ing of the first Monday OF the months Of January
and July Of each year, and shall transmit tn,
same tu the auditor ni state within ten dfy> there
after.
SO. i. Every banking company deriving il,
powers and privileges from this act may take, ~
serve, receive and charge on any loan or discount
made, or upon any bill of exchange or Other
evidence of debt, at the mtc OF interest allowed by
the laws oi the STATE, on the amount Of any such
note, bill Of exchange, or other evidence Of debt
30 discounted, and no more provided, however
that interest may De received or taken in advance
at the time of making the loan or diScount.accord
ing To the usual rules oi banking: but the pur
chase, sale, or discount 0f a bill of exchange
payable at another place than the place OF such
purchase sale or discount, al the current rate OF
discount or premium, shall not he considered a
taking. receiving, or reServing of interest And
the knowingly taking. receiving re>erving. OI
changing rate Of interest greater than aforesaid
shall be held and adjudsed forfeiture OF the in.
tere>t which the nntc, bill, OF other evidence al
be paid thereon. And in case greater rate OF in
terest has been paid, the person or persons paying
the same, or their legal representatives, may re-
amount OF interest thus paid from the company
taking or receiving the same.
SIC. u. The total liabilities ofany person, com
pany, corporation, or ;irm, for money borrowed,
including in the liabilities Of the several members
IA,
lied, shall at time exceed One-tenth part OF the
amount OF the capital stock Of such company act
ually paid in provided, that the discount OF bona
Fde bills Of exchange drawn against actually eX-
isting values, and the discount of commercial or
business paper actually owned by the person or
persons. corporation or firm negotiating the same,
suall not DE considered money borrowed.
SEC. ~. All transfers OF notes bonds, bills of
exchange. and other evidences of debt, owing TO
any banking company, or Of deposit to itS credit;
all assignments OF mortgages other securities in
real estate, of judgments DEGREES in its favor:
all deposits of money, bullion, or other valuable
things Tor its or for the OF any OF its stock
holders or creditors; all payments of money TO
either, made after the commission of act OF in
solvency, or in contemplation thereof, with Al
view TO prevent the application of its assets in the
manner described by law, or with the view 10 the
preference OF one creditor To another shall be held
utterly null and void.
SEC. y. Ii the directors of any banking conf
pany which shall have availed itself Of the privi-
leges OF this act shall knowingly violate, know
ingly permit any OF the officers agents servants
of such company to violate any Of the provisions
OF this act all the rights privileges and franchises
OF said company, derived from this act, shall
thereby be forfeited; such violation, however, to
i. ,,,I.,
petent jurisdiction agreeably to the laws OF this
state and the practice OF such court, before the
shall be declared dissolved: and in
case OF such violation, every director who partci-
pated in or assented to the same shall be held
liable, i'll his personal and individual capacity
for all damages which the company, its share
holders, or any other person. body polite or cor
porate. shall have sustained in consequence of
such violation.
SEC. -. Every president, director, cashier, tel
Ter, clerk, or agent of any banking company, who
shall embeZzle, abstract, willtully misapply
any of the moneys, funds, or credits of such com
pany, or shall, without authority from the direct
ors issue or put forth any certificate of deposit,
draw any order, o. 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 statement OF the company, with intent in either
case to injure OF defraud the company, or any
other company, body polite OF corporate or any
persons deceive any officer of the
company, or any agent appointed TO inspect the
affairs Of any banking company in this state, shall
be guilty Of an offence, and upon conviction
thereof shall be confined in the penitentiary, at
hard labor, no les than one year nor more than
ten years.
III Il ,,f b..f
banking company shall in any manner be di-
minished, or any portion thereof be withdrawn
for any purpose whatever, while any debts or de
mands against such company remain unSatisfed
no dividends shall De thereafter made on the
shares of the capital stock Of such company until
the original amount of the capital stock shall lie
restored, either by contribution Of the share
holders, Gr out Of the profits Of the business of
such company; and in case any dividend shall be
made while the capital stock shall remain di-
minished OF Withdrawn it shall be the duty of
any court having competent jurisdiction. 10 make
the necessary order and decree for closing the
affairs OF such company and dividing it. effects
among its creditors and shareholders.
SEC. y. The shareholders of each company
formed under the provisions OF this act shall be
held individually responsible. equably and rata
bly,, and not one for another. for all contracts
debts. and engagements OF such company. To the
extent OF the amount Of their stock therein at the
par value thereof, in addition 10 the amount in
vested in such shares.
ser. -. II shall De the DUTY Oi the auditor
and secretary Of state, % majority OF
them, a. often as once in each year, and without
previous notice To such corporation. 10 appoint
some suitable person in the vicinity ofe each nK
ing company, who shall not Le "A stOckhOlder in
any bank Of the state, who shall have power TO
make thorough examination into all the afrai.S
Of the bank which he may be appointed to exam
inc, and in dOingt examine any OF the officers
and agents OF such bank on oath; and such agent
shall make detailed report Of the condition Of
such bank 10 the auditor Of state; and the bank
ing companies herein authorised shall be subject
TO any other visitorial power authorized by law:
and every agent appointed as in this section pro-
vided shall receive for his services at the rate Of
five dollars for each day employed by him in such
examination, and five dollars for every twenty
miles he shall necessarily travel In the perform
anee OF his duty, which shall BE paid by the bank
ing company by him examined.
SEC. 26. The president and cashier OF every
company formed pursuant to the provisions Of
this act shall at all times keep true and correct
list Of the names Of all the shareholders Of such
company, and the amount Of stock owned BY
each, and shall fle copy OF such list in the Office
Of the recorder Ofthe county where any Office OF
such company may be located, and alSO in the
office OF such company, and also in the Office Of
the auditor Of state in the months Of January and
July OF each year.
SEC. .. That the approval or rejection OF this
act shall De submitted tO the vote Of the electors
1f this state, at the general election il October
next At such election the electors desiring 20
vote for it, approval hall place upon their ballots
iOr the officers then to he elected the words For
the free banking act, - and the voters not approy
ing il shall place upon their ballots the words,
Against the free banking act. The judges and
clerks OF said election il each and every township.
ward and precinct shall, in addition 10 the ~
turns provided by law, and al the same time
make return 10 the clerk Of the county of the
vote cast for and against the approval OF this set
A return additional TO the return required by
aw 10 be made Of the votes cast at such election
Tor state officers and senator's and representative
shall also be certified and made by the clerk OF
each county, Of the vote for and against the ap-
proya OF this act 10 the Secretary OF state within
len DAYS after said election and within thirty
laws after said election the secretary Of teaud
tor OF state and attorney general shall open said
return and count the vote, and ascertain wheth-
Dr not majority OF ali the votes cst al said elec-
-ion have been cast for the approval OF this act;
and if it appears that majority Of the votes east
At such election have been cast for the approTa!
1f this act the said secretary and auditor Of sIate
hall make proclamation thereof without delay.