The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1877-09-13

interest may be received or taken in advance, a
the time Of making the loan or discount according
70 the usual ~ les Of banking; but the purchase
sale, or discount Of bill Of exchange payable a'
another place than the place Of such purchase
sale or discount az the current rate Of discount
or premium, shall not be considered taking re-
ceiving, or reserYing Of interest And the nOW-
[ ngiy taking, receiving, reserTiug, or chr 1g 9
rate Of interest greater than aforesaid shall Be- held
aud adludCed forfeiture Of the interest which the
note Dill or other evidence Of debt carries with if,
( 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 their legal
representative, may recover back IN any action Of
leOt, tne entire amount OF interest thus paid IRON
/ the company taking or receiving The sane.
/ SIC. 70. The total liabilities Of any person,
[ company corporation, or drm- for money bof-
roWed, including the liabilities Of the several mem
1ers thereof to any banking company herein 1u-
thouized, shall at no time exceed ous-taufh part
of the amount Of the capital stock Of such con-
panY actually paid In; provided that the discount Of
b0IlGfds bills of exchange drawn agEiust actuaIy
existing values, and the discount Of commercial or
business paper actually owned by the person or
persons corporation or firm negotiating the same
shall not be considered money borrowed.
SEC 90 an transfers Of notes, bonds, bills Of ez-
change, and other evidences Of debt, owing tu
any banking company OF Of deposit 90 ia cr8filt
A ass llueuls 9l mortgages or Qluer eacuftlea lu
real estate OF OF judgments or DEGREES I'm its IS
yOrs all deposits OF money, bullion or other vall
able things for its use, for the Of any Of i8
stockholders or creditors; all payments Of money
insolvency, or In contemplation thereof with
view TO prevent the application of its assets n the
manner described by law, or with the view % the
preference Of one creditor 70 another, shah be bed
utterly null and void
SEC. q. If the directors Of any banking com
pany which shall have avaiied itself OF the priVi-
eyes Of this act shall knowingly violate, OF know
tngly permit any Of the officers, agents, or ser
wants Of such company 70 violate any Of The pro-
visions Of this act, all the rights, privileges and
franchises OF said company, derived from this aCt
shall thereby be forfeited: such violation, however
to be determined and adjudged by court Of com
petent jurisdiction agreeably 70 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 participated
In or assented to the same shall be held liable. In
his personal and individual capacity, for oil dam
ages which the company, its shareholders, or any
other person. body pOEnc OF corporate, shall have
sustained in Consequence OF such violation.
SEC p. Every President, director, cashier, tell
ers clerk or agent Of any banking company, who
any OF the moneys funds or credits Of such COM
pany, or shall, without authority from the di1ec-
tors, issue or put forth any certificate Of deposit,
draw any Order or bin Of exchange make any aC-
ceptance, assign any notes, bonds, drafts, or bills
OF exchange mortgage, Judgment, OF decree, or
shall make any false entry in any book, report. or
statement of the company, with intent IN either
case TO nJure or defraud the company. any other
company, body polite or corporate or any individ-
ual person, or to deceive any officer Of the COM
panvY or any agent appointed TO inspect the afairs
u any N4lAllE Company LL lalll STARE alll De
guilty Of an ohenser and upon conviction thereof
shall be confined in the penitentiary, az hard Ia
Dor, not less than one year nor more than ten
years.
SEC. o. If the original capital stock Of any Of
such banking company shall I'm any manner be di-
minished, or any portion thereof be Wilhdrgwn
Tor any purpose whatever while any debts or de-
mands against such company remain unsahsded,
no dividends shall be thereafter made on the
shares OF the capital stock Of such company until
the original amount Of the capital stock shah BE-
ostOIeuf elllIl ny IuAtllol !9u OF tl5 1AAlelul
3rsY 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
lr Withdrawn, it shall be the duty Of any court hav
ng competent jurisdiction, TO make the Necessary
orders and decree for closing the affairs Of such
company, and dividing its effects among its cred
tors and shareholders.
SEC. p. The shareholders Of each company
Ormed under the provisions of this act shall be
led Individually responsible, equally and rafuhIT
md not one for another, for all contracts, debts,
md engagements Of such company, to the extent
II the amount Of their stock therein, at the par
-alue thereof, in addition 10 the amount Invested
n such shares.
SEC. 25 II shall be the duty Of the Auditor.
Treasurer and Secretary Of State, or majority Of
hem- as often as once in each year, and without
lreyiOus notice to such corporation, to appoint
Ome suitable person i'm the vicinity Of each bank
nc company, who shall not be st0czh0lder in
my bank Of the State, who shall have power to
make thorough examination into all the affairs
# the bank which he may be appointed 20 exam
ne, and ir so doing to examine any Of the officers
md agents of such bank on oath; and such agent
shall make a detailed report Of the condition Of
such bank tn the Auditor of State, and the banking
companies herein authorized shall be subject to
my other yslloraL power antnorlzeQ oY laW and
every agent appointed as 10 this section provided
shall receive for his services at The rate nf i've
iOllars for each day employed By him in such eL-
animation, ,sand five dollars for every twenty-five
niles he shall necessarily travel iu the perform
uCe Of his duty, which shall be paid by the bank
nE company by him examined.
SEC. 25. The President and Cashier Of every
ompanY formed pursuant to the provisions Of
his act shall at all times keep a true and correct
st of the names Of all the shareholders OF such
OmpanV, and the amount OF stock owned BY each.
nd shall file copy of such list in the Office Of
he Recorder Of the county where any office Of
uCh company may be located, and also I'm The Of
Ce Of such company, and also i'm the Office Of the
-uditor Of state in the months Of January and Ju-
of each wear.
SEC. q. That the approval or rejection Of this
ct shall be submitted To the vote Of the electors OF
bis State, at the general election in October next
Q such election the electors desiring % vote Ior
g approval shall place upon their ballots for the
1iCers then to be elected the words, 'FOr the
zee banking act" and the voters not approving it
hall place upon their ballots the words.
Against the free banking aCt.n The judges and
Jerks of said election in each and every town
hip, ward and precinct SHALL in addition TO the
turns provided by law, and at the same time
aze return to the clerk of the county Of the vote
ist for and against the approval Of this set A
turn additional to the return required by law %
made of the votes cast at gucn e.eclIOu E0F
late officers, and Senators and Representatives
lal also be certified and made by the clerk Of elcE
lunty for the vote for and against the approval Of
lis act to the Secretary of State, within ten days
ter said election, and within thirty days after
i'd election the Secretary Of State, Auditor Of
ate, and Attorney General shall open said re-
I'm, and count the votes, and ascertain whether
not a majority of an votes cast at said election
ave been cast for the approval Of this aCts
ld If 10 appears that majority Of the votes cast at
Ch election have been cast for the approval Of this
T. the said Secretsry and Auditor Of State shall
axe proclamation thereof without delay.
SEC. %. The Secretary of State sha U cause this
t to be published in one, but in not more than
70 newspapers, and by one insertion In each, in
ch county of the State wherein a newspaper is
lblished, and within thirty days preceding said
eCti0n. The cost Of publication to be paid out OF
e State Treasury, upon the warrant Of the Au-
tor Of State, upon proper vouchers, and in &C
rtlanCe with the provisions Of "An act supple
entury to the act to provide for the execution
ID supervision of State printing and binding
ssed March %, 1880, " passed and took effect
ay I, 1862. rs. & S. p 6l9.l
SEC. %. IF the vote so cast be ascertalned by
e SECRETARY OF State, Auditor Of State, and At
rnev General, to have been cast in favor Of the
prOval Of this act it shall take effect and be in
rec from and after the date Of the proclamation
required 10 be made by them
c. II. GROSVEEOR,
Speaker Of The House Of ReprsseItatirss.
ii. W. CURTISS,
President Qf tho Senate.
III a. ra-T