Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-01-24

No " AOhoOlh lAA0 eoiACp uhNA
culating notes or bills Of such lnsolVent
bank shall be fully satisfied and paidi and
The amount Of money thus drawn from
said several banks as aforesaid, for the
redemption of the circulating notes OF
bills Of 81 ch solvent bank, shall be re-
funded 10 said banks, with lawful inter-
forest thereon, in the manner following,
to wit: the available assets Of such inS
solvent bank, exclusive Off interest in
the "safety fund.-" shall be,fIst taken and |
appropriated to the reimbursement Of said
several solvent banks, and if said assets
shall prove insufficient for that purpose,
the Treasurer OF State shall proceed to
collect the residue from the directors Of
such insOlvent bank, by means Of a writ
Of scire facias, 10 be issued in the name
Of the State Of Ohio, against all or any
number Of said directors, requiring them
TO show cause why execution should not
issue for the amount remaining unpaid
against their lands and tenementS, goods,
ChSttles, rights, credits, moneys and Of
fects, and execution may be ordered by
the proper court at the appear ance term
Of said writ, and the said directors shall
be held responsible for all the debts Of
said insolvent bank in their individual ca
pacity 10 the utmost extent Of their pri>
Vate property; and the stock tholders OF
such insolvedt bank shall be held individ-
ally liable 10 the full amount of the stock
by them severally owned and possessed:
provided, that if available assets Of such
insOlVent bank, together with the individu
aliresources OF the directors and stockhOld-
ers as aforesaid, shall fail TO reimburse the
said several solvent banks for their al
vancmeDts as aforesaid, then and in that
case, the proportion Ofsaid "safety fund"
belonging 10 such solvent bank, or 30
much thereof as may be necessary for
that purpose, shall be transferred, by
the Treasurer OF State, to the said several
solvent banks in the proportion Of the
amount remaining due to each on ac-
count fsuch advancement: and provided
further, that If any more Of such solvent
banks shall neglect or refuse, for the space
Of ten days after proper notice, TO pay the
assessments SO made against them, as a
foresaid. by the Treasurer Of State, then,
and in that case, the proportion Of said
safety fund" belonging TO the bank or
banks thus negleGting or refusing to pay
as aforesaid, or SO much thereof as may
be necessary for that purpose, shall be
sold 10 satisfy such assessment, in the
manner prescribed in the twenty.second
section Of this act,
Sec. 25. The salaries Ofthe Bank Com
missioners anG State Register shall first
be paid out Of tho income arising from
said safety fund, whenever it shall be
sufficient for that purpose, and the resi-.
due ofSuch income shall be semi.anDu.
ally paid by the State Treasurer to the
several banks by which said fund shall
have been created, in proportion to the
amount each shall have contributed hero.
to-; but no bank shall be entitled TO any
part Of such income after it shall have
become insOlvent, bo dissolved, or its
charter shall expire, or be dissolved, and
its circulating notes or bills shall have
been redeemed, and destroyed BY burn
lag the same in the presence Of the State
Register, II shall be entitled TO receive
its proportional share Of the principal Of
said safety fund which such bank shall
have contributed thereto, after deducting
therefrom proportional part Of the los.
ses charged upon said safety fund, which
proportional share, the State Treasurer
is he reby required to pay 10 said bank,
in said Ohio State bonds; but if such
circulating notes or bills shall not al! be
redeemed by such bank, it shall depoS'
il sum of money, sufficient for that pur.
pose, with the State Treasurer, which de.
posit shall be deemed equivalen Mt to the
redemption aforesaid ;and such notes shall
thencefOrth be redeemed by said Treas.
urer, and destroyed as aforesaid.
Sec. %. 1t shall not be lawful for any
such bank, or the president or cashier
thereof, except as herein before provided, |
to purchase or sell, or otherwise deal in
public stock Of any kind, whether of the
United States or individual States, or of
any incorporated compsny, whatever,
nor shall any such bank, either directly
or indirectly, receive or reserve as inter.
est or discount. greater sum than at the
rate Of elk per centum per annum, in ad. !
vance, upon the amount Of any,.lOan made,
or for the discount Of any note, bill, or
other evidence Of debt, or upon any re-.
newal thereof, either by way Of interest
or discount, OF under any other charge
or pretence whatever, and every bond,
bill, note, or other evidence Of debt, I'D. |
on which q greater sum than at the rate
Ofsix per centum per annum, in advance.
upon the amounts thereof shall be receiv.
ell, or reserved by way Of interest or dis.
count, or upon any other charge or pre-.
fence by any such bank, shall, be null and
void, and any director, or other officer Of
such bank. cOnsenting thereto, shall be
liable to such bank for all damages or
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