The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-03-12
CONCLUSION OF
The Banking Law.
AN ACT to incorporate the State Bank of Ohio and
other Banking Companies.

scoin, any of its circulating notes issued in pur-
:suance of the provisions of this'act, when pay
qnent thereof shall be lawfully demanded, dur
ing the usual hours of business, at the Office of
such company, the holder of such note or notes
may cause one or more thereof to be protested
by a notary public, who shall, on protesting the
same, forthwith forward notice of such protest
ito the Treasurer of State, and after such protest
suffered, it shall not be lawful for the company,
thus suffering protest, to pay out any of lis
notes, discount any notes or bills, or otherwise
engage in the business of banking, except to re-
ceive and safely keep, moneys belonging to it,
and to deliver special deposits; provided, how
ever, that if satisfactory proof be produced to
such notary public, that the payment of any such
note or notes is restrained or delayed by order
of any court of competent jurisdiction, such
notary public shall not protest the same; where
the holder of such notes shall cause more than
one to be protested on the same day, he shall not
receive pay for more than one such protest.
Sec. 80. lncase any such independent bank
ing company shall fail to pay and redeem its cir
c~ulnting notes on demand, in gold or silver coin,
as specified in the next preceding section of this
act, the Treasurer of State shall, within thirty
days after he shall have received notice of such
failure, cause the stocks pledged by such COM
pany, or so much thereof as may be necessary
to redeem the outstanding circulating notes of
such company, TO be sold either at the Stock
Exchange in the city of New York, after giving
notice Of such sale to such company, and also
advertising the time and place of sale, with a
pertinent description Of the stocks to be offered
for sale, in two or moro newspapers published
in the city of New York, for not less than ten
consecutive days before the day of sale, or at
the State Treasury in the city of Columbus,
giving notice to said company, and also, advcr-
Using in one or mole newspapers published in
the city of Columbus, and one or more newspa-
pers in general circulation in the county where
the Office of such falling company is situated,
which advertisements shall contain the same par
ticulars as are required herein where sales are
to be made in the city of New York; and out of
the proceeds of such sale the Treasurer shall
pay in a ratable proportion, the circulating notes
Of such company, of which due notice shall be
given, calling upon the holders of such notes to
present them for such payment, at the State
Treasury: provided, that if any of the ~circulat-
ing notes of such failing company shall not be
presented for redemption at the State Treasury
until after the term Of two years from the date
Of the first publication of the notice to the hold
ers of such notes to present the same at the
State Treasury, the Treasurer may pay ratably
to the holders Of the notes previously presented,
if such notes shall not have been previously
paid in full, whatever Of the proceeds of such
sale, remaining in his hands, may be needed to
fully discharge such notes SO presented.
Sec. 40. The Treasurer of State may, if he
shall deem that the interests of the noteholders
of any i~nsolvent banking company will be best
promoted thereby, with the advice of the Audi
tor and Secretary of State, hypothccate or sell
at private sale any of the stocks transferred to,
and deposited with him, by such company, to
any other independent banking company, or to
any individual person or firm, and receive there
for either money or the circulating notes Of such
failing company; provided that no such stock
shall be sold, by private sale, at less than the par
value thereof, nor at less than its selling price
at the New York Stock exchange at the date of
the last received information, nor shall any such
stock be sold on credit.
Sec. Al. On receiving notice that any such
independent banking company shall have COM
mitted an act of insolvency, as hereinbelore de-
fined, the Treasurer of State, the Secretary of
State, and the Auditor of State, or a majority of
them, shall appoint a special agent, who shall
Immediately proceed to ascertain whether such
company has refused to pay its notes in gold and
silver coin when lawfully demanded, and report
to the said Treasurer, Secretary and Auditor,
dhe facts so ascertained, and if from the report
so made, said Treasurer, Secretary, and Audi
tor, or n majority of them, shall be satisfied that
such company has suspended the payment Of
its circulating notes, when lawfully demanded,
an gold and silver coin. they shall forthwith APP
ypoint a receiver or receivers, and require of him
tor them such bond and security as they shall
deem proper, who shall proceed to take possess
;ion of the books, records and assets of every de-
s~cription of such company, collect all debts,
dues and other claims belonging to such compa.
ny, settle, and with the appreciation Of nnAgent,
to be appointed by the stockholders for the pro-
lection Of their interests, compound for all bad
and doubtful debts, sell all the real and person
al property of said company, and TO pay over
all moneys so made to the Treasurer of State,
and the Treasurer of State shall cause notice to
be given by advertisement IN one or more news
papers published in the city of Columbus, and
also in one or more newspapers in general circu.
lation in the county where the Office of such in
solvent company shall be situated, for six con-
s~ecutive months, calling on all persons who may
have claims against such company to make le-
gal proof thereof; and after the end of one year
from the first publication Of such notice, the
Treasurer, after full provision shall have been
made for rcdeeming the circulating notes Of
such company, shall make a ratnble dividend Of
the moneys so paid over to him by such receiv.
er, or receivers, inclusive of moneys received by
him on sales Of stock transferred to and depos
tied with himby such company, on all such claim.