The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-02-24

80 Aho ieCoNoISt OF any Two OF Them.
cnahge add to- alter the security of any ofhe assetr
oil The bank upon such terms as the said recevers or
majority oi Them, aud the said agent of the stockholders
may agree upon. ~
Sec, TO- The receivers or sny two of them. may
WIN 'he concurrence of said agent of the stockholders
Ion3ouho WIN persons who owe the bank, and give
ueoors discharge upon receiving such Dart othe debt
as e receivers or any two of hem and The said agent
muy ueen beneficial TO those interested in the assets of
he oank Dut such compoundng and discharge shall not
DC until reported TO, and confirmed by the court
Sec ~ The debts due the bank shall be divided into
Two casses the first class shall consist of such debts as
nave not been contracted by the principal debtor with
view TO pay the same IN the deprecated bills of such
OahK aIter the insolvency failure of such bank the
second class sha consist of debts contracted by the prn
cpa dehtor with view TO pay the same in the depre
ciaed os OF such bank after such insolvency or failure
sec, ~ The receivers, or any.tw of them, NAV.
wh the concurrence of saiese of the stockhol.
ders and lhe suretes chy debtor or debtors require
me deois oil the st class to be paid in nsalments or
deferred payments ofnot less than twenty per centum
every ninety days and upon such terms as the receivers
or any two OF them, with the concurrence of the said A.
Sen' OF .he sloCKnolders may deem for the safety of
hose interested; but the receivers SHALL n all cases re.
serve The right TO Immediately collect and sue for the
whole amount OF debt when there shall be failure TO
ray any one lnstalment or deferred payment
Sec. II. A debts which the receivers, or any two
oi men, Sna' be ofoplnion belong to the said second
C'aSS sa De Immediately sued by the said receivers if
not paid when due in gold OF silver coin the yaue of
which fixed by The laws the United States and if
upon the trIal o such suit the jury shall find that the
principal debtor did not contract the debt for which snch
suit IS Drought with view to pay the same in the de.
preclaed bills Of the hank aorsai d. then the bills of
Inc sad bank may be set off, as is or may be- by law
provided in like cases; but if the iury shall find that the
principal debtor contracted the debt with view m nav
the same IN the deprecated bills ofhe bank as Aforesaid
That TACT shall be entered upon the mDutes of the conrt
with the verdict and the jury shall no. in such cases
allow the bills of the bank as a set off, and the rece,ver,
snail require gold or silver con,. the value of which ia
fixed by the laws of the United States in payment and
discharge OF the Judgment rendered in the premises.
Sec. ~. The receivers who may be appointed under
to provisions OF this act and the receiver or receivers
mat shall be appointed by any Judge or Court in anv
other way to take possession the property and assets
Of bank, and close its affairs and any assignee or as
ssnees trustee or trustees to whom may be assigned or
committed, in any way, the property and assets of
bank for the purpose of settling its affairs shall distribute
inc money arising from the property and assets of such
bank IN the manner and IN the order following and in
no other way viz:
First To the payment of the necessary expenses and
costs OF settling the affairs ofsuch bank, which shall be
allowed by the court.
Second. To the redemption of the notes and bills ia
sued by such bank calculated or intended so circulate
as money or currency; to the payment of all judgments
and DEGREES rendered and obtained against such hank
on any ofke bills notes issued by such sank as aors
said; and TO the payment of due to this state or anv
county of this state
Third: 10 the payment ofdeposs due individuals
FOURTH to the payment oa other debts of such bank
not being due to the officers and stockholders thereof;
Fifth: The balance of the property and assets of such
bank, If any there be, shall be transferred to such person
persons the stockholders ofhe bank NAV desgnate
for that purpose for the Lenet of such stockholders in
such manner as the court, by order or Decree may direct
Proved that IN all cases, there be not sufficient realz-
ed Dy the said receivers out of the assets and effects of
such bank, 10 pay the debts othe class entitled to be
paid as above, the receivers shall pay the creditors of
t1a class rateaby, in proportion to their respective
claims, under that particular class; provided also tha,
on the transfer by order or decree osad court of any
remaining property or assets ofa bank, provision shall
be made by such court for the redemption oany notes or
btlls' issued as aorsad and outstanding against such
bank according to the accounts of such bank according
to he accounts OF such bank but which may be supposr
ed to be lost or destroyed.
|3 1t shall be the duty of said receivers to de.
clare and make dividend every six months to the Gre.
dtor OF the bank which they may be appointed to close
up IN the order stated in the twenty second section of
,hls act IN proportion to the claims presented within
the preceding six months: Notice of the time when,
and place where such dividend shall be made, shall be-
Published in some newspaper printed in Columbus in
this state, and in some newspaper printed in the coun,
IN Whlcn such bank may be located at least three
weeks prior to the time ofmaking such dividend.
oec' -. All notes redeemed as aforesaid by said res
cetveTs shall be by them burned in The presence oftbe
sheriff and auditor Of the county in which such bank il
located and the said sheriff shall give to said receivers
certificate countersgned by said auditor, of the a.
mount and number of bills Of each denomination. So
destroyed and that the were burned in his presence
and snail hle duplicate with the clerk ofhe court Of
common pleas OF said county. And the SAID receivers
shall on entering upon the discharge of their duies
burn IN ike manner in the presence of the sheriff and
auditor and take like certificate therefor all banl
notes oil ne issues OF such bank that may be on hand Mt
the time they may take possession of such bank: and
duplicate thereof shall 5e edby the sheriff with the
clerk ofthe court as aforesaid.
Sec. 25. 1t shall be the duty of lhe oourt in ,,b;oh
The proceedings shall be had for closing bank to canse
final dividend of tie assets ofsuch bank reduced to
money! so TAR as may be necessary to pay the first sec
md and third class of debts enumerated in the tvvert
econd section of this act TO be made within
wo years from the time such bank shall have bseo nro
eeded against and to effect the same il shall be The du.
o such court in case any part of the property assets
md effects osnch bank should not have been previous
realized and aid collected, 10 order sale of the
anne TO be made by the said receivers to the highest
bidder for ready money.
Sec. 20. The said receivers shall in no manner d.
ecty On indirectly, ,enguge in purchasngor or otherwise
otanIng, at discount, for their own use or for the
se OF any other person, any note or notes or other
lams on the bank the affairs of which they have beeo
ppointed to close up.
Sec. 81. lfany such receiver or Bank Commission.
r, shall convert TO his use, embezze, loan or |
lhewlse fraudulently dispose of any of the money or
fleets of any such nsolvent bank which NAV come in.
his hands as such receiver bank commissioner or
nall violate the provisions of the twenty sixth section