The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1877-09-13

w 80 49,
sEo, 10. No banking company shall, during the
time II shall continue ite operations as a bank,
withdraw, OF permit TO be withdrawn, either IN
form Of dlyldonds loans to stockholders for lon
ger period OF time than six months or In any 0ther
manner any portion Of its capital stock and II
lossee shall have been At any time sustained ny any
banking company, equal 10 or exceeding ns nodi-
Ylded profits then on hand, no dividend shall DO
made and no dividend shall ever be, made by any
| banking company, while II shall continue It's bank
Ing operations, To an amount greater than US net
profits then on hand, dsducting thererom ts losses
ana bad aAd suspended debts and al deDIs que 70
banking company on which interest Is past due
and unpaid for period of elk months. unless the
same shall be well secured and In process OF coleo-
| tion, shall be considered bad or suspended debts
within the meaning Of this act.
sEc 49, The directors Of each banking compa.
| ny shall semi lannually, declare dividend OF 30
much Of the net profits Of the company as they
| shall Judge expedient; but such company shall,
| before the declaration OF dividend, carry one.
tenth part OF It's net profit OF the preceding hall
year TO It's surplus fund, until the same shall
amount to twenty per centum OF us capital stock,
SEC. H. Every banking company shall make
| 10 the auditor Of State report, according TO the
| form which may be prescribed by him, verified
| by the oath Of tho president or cashier OF such
company, which report shall exhibit in detail,
and under appropriate heads such as he shall re-
| quire the resources and liabilities Of the compa.
| ny before the commencement Of business IN me
morning of the first Monday OF the mOnlhs OF
January and July of each year and snail trans,
NIT the same to the auditor OF State withln ten
| dayg thereafter.
SEC. l9 Every banking company deriving Its
powers and privileges from this act may laRe
reserve receive, and charge on any loan a VI us.
count made or upon any blu OF eSGni S nterssi o. Ir
other evidence of debt at the rate ot nIeIest al,
| lowed by the laws Of the State on lhe amount OF
any such note, bill OF exchange, or otner evl-
denoe of debt so discounted, ana no niolT, pro-
vided, however that interest may DC Ieogioeu OF
taken In advance, at the time Of makiuB tie IoaH
or discount, according to the usual rules pank,
ing but the purchase, sale or discount pl Dill
| OF exchange payable at another pllce thhn tbe
place OF such purchase, sale, or uleOouiSi at lne
current rate Of discount or premium, snSm moi be
considered taking, receiving, or reseINink VI IN
terest And the knowingly taking, RECEIVING, re-
serving or charging rate of interest greater than
aforesaid shall be held and adjudged FORFEITURE
of the interest which the note bill, or 0ther evil
dence Of debt carries with II, or which mas been
agreed 10 be paid thereon And In case a great.
er rate of interest has been paid, the person or
persons paying the same, or their legal represent
atives. may recover back, in any action OF debt,
the entire amount of interest thus paid from the
company taking or receiving the same.
SEC. 49, The total liabilities Of any person.
company, corporation, or firm, for money bor-
rowed, including in the liabilities OF the several
members thereof TO any banking company herein
part OF the amount Of the capital stock of such
company actually paid in; provided, that the dis
count of bona fde bills ofexChange drawn against
actually existing values, and the discount OF
commercial or business paper actually owned by
the person or dersoGs, corporation or firm negO'
tatug the same, shall not be considered 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 It's credit;
all assignments of mortgages or other securities In
real estate or ofjudgments or DEGREES In Its favor
all deposits of money, bullion, or other valuable
things for s use, or the use ofany OF lis stock
holders or creditors; all payments of money TO
either made after the commission of an act of
insolvency, or in contemplation thereof, with a
view 10 prevent the application OF ils assets in The
manner described by law, or with a view to the
preference of one creditor to another, shall be |
he'd utterly null and void
SEC 81. If the directors Of any banking com
pany which shall have availed itself Of the priv
leges of this act shall knowingly violate, or
knowingly permit any of the officers, agents, or |
servants of such company 70 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 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 dis
solved and in case Of such violation, every d.
rector who participated In or assented to the same
shall be held liable in his personal and individ-
nal capacity, for all damages which the company,
its shareholders, or any other person, body polite
or corporate, shall have sustained in consequence
of such violation
SEC, % Every president, director, cashier,
teller clerk, or agent OF any banking company
who shall embezzle, abstract or willfully misap-
ply, any of the moneys, funds, or credits OF such
or shall without authority from the
directors, issue or put forth any certificate OF de-
Dosit draw any order, or bill OF exchange, make
pfopo appfn hnnng
,r bills Of exchange, mortgage, Judgment, or de-
,ree or shall make any false entry in any book,
eport, or statement of the company with intent
n either case to injure or defraud the company,
II any other company, body polite or corporaIe,
" any individual person, or to deceive any ofl'
'er OF the company, or any gentappolnled 10 m
pect the affairs OF any banking company In this
'tate shall be guilty of an Ofense, ana upon CON
,iction thereof shall be confined III lhe pehlten
iary, at hard labor, rot less than one year nor
more than ten years.
SEC 49, If the original capital STOCK Of any of
uch banking company shall in any manner be
Unfinished, or any portion thereof be Withdrawn
)r any purpose whatever, while any debts or de-
lands against such company remain unSattis6ed,
o dividends shall be thereafter made on the
lares of the capital stock of such company until l.
le original amount of the capital stock shall be
,stOred either by contribution of the shaTehold
rs or out OF the profits Of the business of such
1mpany; and in case any dividend shall be made
lille the capital stock shall remain SO diminish
or Withdrawn il shall be the duty of any court
aving competent jurisdiction, to make the neces-
Try orders and decree for closing the affairs of
lCh company, and dividing It's effects among its
'editors and shareholders
SEC a. The shareholders Of such company
rmed unber the provisions OF this act shall be
cid individually responsible, eqnably and rata
". and not one for another, for all contracts,
ebts and engagements of such company to the
Itent of the amount of their stock therein at the
lr value thereof, in addition TO the amonnt In
asted in such shares.
SEC 25 1t shall be the duty Of the auditor,
easurer and secretary of state, or majority of
e m, as often as once in each year and without
-evious notice 10 such corporation, TO appoint
me suitable person in the vicinity of each bank
g company, who shall not be a stockhOlder in
~ bank of the state, who shall have power to
axe thorough examination into all the affairs
the bank which he may be appointed 10 exam
e, and In so doing to examine any OF the officers
I'd agents ofsuch bank on oath and such agent
all make detailed report of the condition Of |
Ch bank 10 the auditor OF state and the bank |
& companies herein authorized shall be subject
any other visitoral power authorized by law;
I'd every agent appointed as in this section pro,
ded shall receive for his services at the rate OF
70 dollars for each day employed by him in
ch examination. and five dollars for every
'enty-ive miles he she'll necessarily travel IN
e performance of his duty, which shall be paid |
the banking company by him examined.
SEC. 26. The president and cashier Of, every |
|
is act shall at all times keep true and correct
It of the names of all the shareholders OF such
mpany, and the amount Of stock owned by each /
Id shall file copy of such lisin the office of the
Corder of the county where any Office OF such /
IN pany may be located also in the Office OF such /
mpany, and also in the Office of the auditor Of /
e state, in the months of January and July Of /
oh year.
SEC n. That the approval or rejection Of this I
I shall be submitted to the vote OF the electors /
this state, at the general election in October !
xt At such election the electors desiring to
tie for It's approval shall place upon their lllots
the officers then to be elected the words, For
e free banking act" and the voters not apprOy.
shall place upon their ballots the words,
Igainst the free banking act" The judges and
erks of said election in each and every town. y
ip, ward and precinct shall, in addion to the
turns provided by law and at the same time, .
axe return to the clerk of the county OF the vote
st for and against the approval of this act A 7
turn additional to the return required by law to
made of the votes cast at such election for state
iCers, and senators and rep esentat YES, shall
30 be certified and made by the clerk OF each q,
unity, of the vote for and against the approval J
this act to the secretary of state within ten
ys after said election; and within thirty days az
said election the secretary of safe, auditor OF