The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-03-12

as may have been so proved; and from time to
time, as the proceeds of the assets of said COM
pany, shall be paid over to him, the said Urea
surer shall make further dividends as aforesaid,
on all claims previously proved; and the remain
der, if any thing, shall be paid over to the stock
holders of the company, or their legal represen-
%tatives, in proportion to the stock by them sever
ally held; provided, however, that if any indie
pendent banking company, against which pro-
ceedings have been instituted as prescribed in
this section, on account of any supposed act OF
insolvency, shall deny having committed such
act, such company may apply to any court OF
competent jurisdiction TO enjoin further proceed
ings in the premises, and such court, after citing
the Treasurer, Secretary and Auditor of State,
to show cause why further proceedings should
not be e%nioined, and after the finding of a jury
that such company has not suspended the pay
ment of its notes, when legally presented, in
gold and silver coin, shall make an order, %enjoin-
ing said Treasurer, Auditor and Secretary Of
State, and any receiver or receivers appointed
by them, from all further proceedings on account
of such supposed act of insolvency.
Sec. AZ. If the original capital stock of any
of such Independent banking companies shall,
in any manner, be diminished, or any portion
thereof be withdrawn for any purpose whatever,
while any debts or demands against such compa-
ny remain unsatisied, no dividends snail tflereaf
ter be made on the shares of the capital stock of
such company, until the original amount of the
capital stock shall be restored, either by contri-
button of the shareholders, 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shall remain so diminished or withdrawn, it shall
be the duty of any court having competent luris-
diction, to issue the necessary orders and de-
crces for cIosingthe affairs Of such company, and
dividing lis effects among its creditors and share
holders, as in this act provided.
Sec. 43. All fees for protesting the notes is
sued by any such independent banking company,
shall be paid by the person procuring the proies;
to be made, and such company shall be liable
therefor; but no part Of the stocks pledged by
such company 10 the treasurer, shall be applied
TO the payment of such fees; and all expenses
incurred in conducting the sale of any such pied
ged stocks, and advertisement thereof, shall be
paid out of the proceeds of such sales.
Sec. IL. The stockholders, collectively, Of
any independent banking company, shall, at no
time, be liable to such company, either as prInci-
| pdl uCDlOiS vi SulclSSS vi DOtlls W I'LL GlIIOuIl'
greater than lIree-ffths of the amount of capital
sock actually paid in, and remaining undImin-
ished, by losses or otherwise; nor shall the dlrec-
tors be so liable, except 10 such amount, and in
such manner, as shall be prescribed by the by
laws of such company, adopted by its stockhold-
ers to iegulate SUCH liabilities, and it shall be the
duty Of the auditor, treasurer, and secretary of
State, or a majority of them, as often as once in
each year, toappoint some suitable person in the
vicinity of each independent banking company,
who shall not be a stakeholder, fin any bank of
this State, who shall have power 10 make q thor
ough examination into all the affairs of the bank
which he may be appointed to examine; and in
so doing, 10 examine of the officers and agents
of such bank on oath, and suchagcnt shall make
a detailed report Of the condition of such bank
TO the auditor of State; and the banking compa-
MES deriving their powers and privileges from
this act, shall not be subject TO any other visito-
rial powers than such as are authorized by this
act, except such as are vested in the several
courts of law and chancery, and every agent APP
pointed, as in this section provided, shall receive
for his services at the rate of two dollars for each
day by him employed in such examination, and
two dollars for every twenty-five miles he shall
necessarily travel in the performance of his du-
ty, which shall be paid by the banking company
by him examined.
Sec. 45. Whenever any independent bank
ing company, being desireus of diminishing the
amount of its circulating notes, shall deliver TO
the Treasurer of State any portion of such notes
not less in amount at any one time than five
thousand dollars, to be destroyed, the treasurer
shall destroy the same, as prescribed in section
thirty-ive, and shall, thereupon, re-transfer and
deliver 10 such company certificates of funded
debt deposited with him by such company to an
amount equal to The amount of notes SO deliver
ed up; provided that the amount of such certi-
fcates remaining with the treasurer shall not,
thereby, pc reduced below the amount of the
capital stock of such company, at the time paid
in, nor in any case below the sum of fifty thou
sand dollars, nor in value, estimating the same
at their then current price in the city of New
York, below the amount of circulating notes
still retained by such company: nor shall the
Treasurer be required TO re-transfer such certi-
fcates in fractional sums of less than one thou
sand dollars; and, whenever any such company,
being DESTROYS of relinquishing its banking bu-
%siness, shall have paid at least ninety per cent.
of the maximum amount of its circulating notes,
and shall have delivered the same TO the Trea-
surer of State, TO be destroyed, and shall have
provided means and given security, to the salts
faction of the Treasurer, Secretary, and Audi
tor of State, for the redemption of its outstand-
ing notes Of circulation, and the place where
the office OF such company was established, ard
shall have given notice thereof by advertisement,
for six consecutive months, in W. newspapers
of general circulation published at Columbus,
and at least one published in the city, town, OF
village, where the Office of such company is To-
Gated, it shall be lawful for the Treasurer Of
State 10 re-transfer and deliver 10 such company
all the certificates of funded debt previously
pledged with him by such company, and, there.