The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-02-24
From the Ohio Statesman.
la W OF OHIO
AN ACT

of Ohio" passed February 25, 1889, and enforce
the resumption and continuance o. specie payments
by the Banks within ;he State ofOhio
Passed in General Assembly of Ohio Febrr,rv "A
lS42. 'Na'y IL
SIS. l. BE 1t enacted By the General Asse,ubu of TIN
State Of Ohio, That fany banking institution in this
state shall, alter the taking effect of this act fail mr. re
luse upon demand, made at its banking house or nsn
al place OF business, during banking hours to redeem
win gold or silver coin, the value of which is Fixed bv
tne laws OF the United States any note, hl check Ger
htcAte oidepost, other evidence of debt that has
been issued or may hereafter be issued or mt in crcu
latUn by or on behalf of such banking institution ca
cuIated or intended to circulate as money or currency
such failure or refusal shall be deemed and taken as m
ahandonmet and forfeiture of The charter such hank
ing institution. and of all franchises, powers and sryi>
leges conferred by its ac: or acts of ncoporaon and
for all acts done, or liabilities incurred after such a.
abandonment and forfeiture by, or on behalf of such
oankng institution the president directors and stock,
holders thereof shall be held jointly and seyeralIy La
Ole IN tnelr individual and natural capacity. And e e.
ry banking institution failing or refusing to make re-.
dempon, as aforesaid shall moreover, be deemed g.
taken to he insovent, aud SHALL lhereupon he subject
to the provisions contained in this act and the act to
which this act is ar amendment and the act anendo,
tory thereto passed March 23d one thousand szht hun
drcd and forty. c. ''"
Sec 2 Whenever my bank shall have SUSPENDED
or refused the payment of it, notes in gold or silver
cGl, or shall be in an insovent Dr. falling condition mr.
shall IN any way have forfeited its charter it shall nut
bs lawful for any such bank or any of its officers TO az
asn or transfer any oihe property assets or chooses in
Hcllon ol such BANK to any person persons corpo>
ra,ons, payment fany dobi, or for apy purnose
Whatever; but every such assignment or transi.r "a
well as conveyances executed, payments made iudg.
ments suffered, lien contracted or security given Nv
such bank when in state Of insolvency. or in contem
platon otnsOvenCy or to prefer one creditor to anoth
er or atler forfeiture ofcharter suspension Of spece
nav shall hnh hnd ,J,Io,
creditors of such bank.
Sec. j. Ii the bank commissioners or anv one of
Them shall ascertain from examination made, or in
any other manner, that after the taking effect Of tbs
at, any bank in this state has forfeited its charter or
has committed an act ofinsolvency by refusing to re-
deem any of IFS notes bills in gold or silver coin or
is in an insolvent or falling condition. or has become
subject to the provisions the fifth section of the act
amendatory of said act, passed March 3d. A. d. one
thousand eight hundred and orty the said commission,
ers or either them, shall Immediately apply to the
proper authority for the writ of Injunction and nanda.
mus provided for in this act.
Sec. a. That all proceedings by the Bank Commits.
sioners, or either ohem against any hank tha, shall
have become insolven shall have forfeited ts char
ter, or shall in any way he liable to be proceeded A.
gans by the Bank Commissioners under any law of
this State shall be commenced by petition as in chan
Gerry, in the name ofhe 'Stae of Ohio on relation of
the Bank Commissioners, which petition shall state,
substantially the act ofnsolvency forfeiture of char.
ter or other act of such bank for which the procee.
dings shall be instituted. And it shall ne the duty of
the prosecuting attorney of the county in which such
bank may be situated on requestof the Bank Commits
Soners or either OF them to prepare such petition ap-
ply for writ OF injunction and mlndamus, and con.
duct tho proceedings in the cause on the part of the
State Drovld d. that any other counsel learned in the
law, may be employed by the Bank Commissioners or
either OF them nstaad of such prosecuting attorney
when IN tho opinion OF such commissioner or commits,
sim fIn NH lin inaro
cutting attorney or other counsel shall be allowed for
his servcesin such such amount as the court or
courts before which the proceedings are had shall deem
reasonable to be taxed in the bill ofeosts and paid TO-
eether with the other costs of the assets the bank
IN case 1.-THE found guilty fthe violation complained Of
ana It's AFFAIRS be decreed to be closed up but rlhe
S,atefa such counsel fees shall be paid py the Cover
nor ol ofhs contingent fund.
Sec D. The court Of common pleas ifin session or
any president Judge thereof vacation or anv udpe of
the supreme court, shall upon such petition being pre-
senad to him or them, allow writ of injunction there
on to restrain such bank, its officers agents and SER
wants from exercising any corporate rights privileges
and franchises whatever, or from paying out, selling
or in any way dsposng of the lands ten
ements, goods chates rights credits, moaeys or ef+
tecS whatsoever ofsuch bank, until further order; and
upon such allowance being made, and ndorsei bv the
uoge upon such petition, the same shall be filed in the
court common pkas of the county where slch bank
may be situated, and all further proceedings thereon
shall be had in said court and upon the filing of such
Peton 1t shall be the duty ofthe clerk of such court
10 issue writ subpoena against such bank as in ca.
'es IN chancery when inlunctlons allowed aud the
allowance and service of such writ shall have the same
effect as IN cases of cbanLery.
sec. o. lfit shall appear by such petition, supported
~ The aldaV OF the bank commissioners or either of
hem, or ofany other credible person, ,-lsl That exe-
;utlon issued on any judgment decree against any
,an'i has been returned unsatsfed. in whue or III part
or want property being found sufficient to satisfy
he same; or 3D. That payment in gold or silver coin
las been refused by any bank of any note or bill ssu.
I'd by such bank 3d. That any bank has become sub
ect to the provisions The seventh section Of the act
Untitled IAN act providing for board of Bank Com.
nSsIoners' and for the regulation of hanks within tho
state ofOhlo, or to the provisions of the fifth section
y the act amendatory Of the aforesaid act. passed
1arch 70 1910, it shall be the imperative duty of the
our OF common pleas or the president Judge thereof.
Judge oi Inc supreme court, to whom such petition
nd aiilaavl may be presented to allow tho aforesaid
writ OF Injunction and to issue the writ of mandamus
hereinafter mentonedi and such injunction and mandn,
nus shall, in all other cases be allowed at the discro
ion ofsuch court or Judge.
Sec. Z 1t shall be the duty oflhe Judge or court nv
whom such Injunction shall be allowed to issue Mt tbe
anne time writ Of mnndamus to the sheriff of the conn
IN which such bank moy bo situated, requiring him
close, forthwith such bank and deliver over tn t,ree
ecelvers TO be named in said writ (whu shall not be
tocSnoiders otnor in anywse connected directly or in
treGl'y WIN such banking instiution) full possession
'ne banking house keys, books, papers, lands ene
tents, goods, chrteIs moneys in action prepery and
Fleets ofsuoh bnk, every kind and description what
yer and Wlleras0ever the same NAV be found And in
1e oxeeutinn of such writ tl,a shor;Gr -. al n.