Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1845-03-01


tate situate IN tho county where such
branch is located, or ia adjoining counties.
Of at least twice the value in each case
oIthe amount secured thereby, exclusive
oil buildings or other hNures suhiec, TO
Do destroyed by hre.by Hoods or other ac>
cidenlal &C iurrences, or OF timbsr, mines
or minerals subjects TO waste; which
bond shall be made payable on demand
TO the State Bank Of Ohio, and bear such
rate of intel esl rs shall be agreed on BY
parties, not exceeding seven per cent. per
anOum, payable semi-annuallY. Each
branch shall he entitled to receive the ino
Ierest sccruing on the stocks or bonds in
which 1t, portion OF the safety fluid shall
have been invested ;snd in case Of the in
solvency Of any branch, tho stocks and
bonds IN which the money Of such branch
shall have been invested rs aforesaid, II
the proceeds of such stock and bonds
shall be sufficient 10 redeem its outstacd-
Ing noes OF circulation, shall az far rs
practicable, be first converted into money,
and applied 10 that purpose before any
part ofthe safety fund belonging to 9th
er branches shall be 30 applied.
Sec. % The s,ockho ders, collect.
lyely, of any branch shall at no time be
liable to such branch either as principal
debtors, or sureties, or both, to an a
mount exceeding ono third par, oflhe cap
iiaI siock OF such branch then actually
pail in and remaining a, capital stock.
Nor shall the directors collectively be so
liable ts an amount exceeding one fourth
part OF the stock actually paid in, standing
ulthe'r names and of which they arc cole
lively the bona fide owners IN their own
right provided that such directors NAV
be further permitted to become liable as
drawers or endorsers Of bona fide bills o,
exchange, drawn in this State and pay
be at any place out Of this State, to an a
mount when added to their other liabili.
ties not exceeding one third of the capital
stock actually paid in, and Standing in the
names Of such directors; aud the stock.
holders may become liable in like man.
ner in su h sums when added to heir 9th,
er Liabilities will not exceed ono half OF
the capital sock Of any such branch act
ua!ly paid in.
Sec. "a Il any branch OF the State
Bank OF O"io shall refuse 10 pay us notes
OF circulation. or any of them, in gold
and silver coin OF the lawful currenc = OF
The Tn ted States, on which payment shall
be lawfully demanded al lis banking housc
orcustomary place Of doing banking busi,
neis, durin. usual banking hours, sucI
branch shall be deemed to have committ.c
an act of insolvency, and ,hcreupon a II MS
property, credits securities, liens and
assets of every description sh Al forthwith
vest IN and be The property, credits sscari
Ties, liens and n SIS OF The board Of con
troll, Tor the uses and purposes declared in
! This act
Sec. 20 The board OF control, on re,
ceIving information that any branch a.
the State Bank Of Olio hus conrnttcd an
ac' Of ,olvency, shali forthwith appoin, q
co nmuIee OF one or more Of its members
wlo shall make immediate INJURY int,
the truth of sucn Information and repor
thereon 10 the board; and il the board shall
DO satisfied from the report of The commit
lee mat such branch has suspended IN,
payment OF lis notes IN gold and silver
they sh IL forthwith app ini suitable
receiver receivers, no shall take i'm
mediate possession OF the books, records
money, chooses IN action, and property o.
sand branch OF every desc iption, and
hold the same for the JOINT use and benefit
OF the othe. branches OF the State Bank o.
OHIO. and the creditors of The said lalinp
branch; anJ board Of control shall i;nme Ii.
ateiy provide money, and place the same
IN such solvent branch, or branches, a.
III y be most convenient for the purpose OF
redeeming the notes OF such failing brancf
asd shall give pupic notice thereof in
some newspaper printed in the plac,
where such falling branch is located
and also IN some newspaper of general
circulation published at Columbus.
Sec. 20 Each solvent branch sha
contribute, in the ratio of the circulation
to which /, Is entitled, to the sum neces.
sary Tor redeemIng the notes fthe falling
branch, as provid d IN the preceding sec
ton, on the requisition of the board OF
control, and may be rcmuncrAled for such
contribution, from the safety fund, u.
soon as money sufficient can be raised
from that fund, by sale or hypolheca
Il n OF the stock, funds, or other securi,ie.
bel nging thereto.
oS''~' nt receiver or receivers an.
pointed as provided in the twenty fifth sec
non. shall be required to give bond in
such su n and wi b such securities as The
board of control shall Judge sufficient;
an1, under the direction OF the 81 id board.
shall proceed to settle up it's affairs and
convert lIs assets into money; the money
so made Shall De applied
EiTSf - IN rsiff, ~ ,,.a.......- A
shall have been advan: led by the seveiaI
branches for the redemption Of the notes
and bills of The nsolvenf branch, and
whI'h may NOT have been previously reim.
bursed from The safety fund.
Seco@d-To r,i,nburse all moneys I'D,
vaneed lrm the safety fund, ,ther than
moneys derived from that port n OF the
saiclg fund furnished by The failing branch
Third - o the payment and discharge
81 all the remaining liabilities Of such
branch; and
Foaeh-Fhs residue shall be diuIed