The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-03-05

company: and such court, inter citing said board
Of control TO appear and show cause why such
writ should not be granted, and nfier the finding
Of q jury that such branch, has, at all times con-
tinued, and still continues 10 redeem, in gold and
silver coin, its notes Of circulation, shall make
order, e~njoining the board Of control from all
proceedings against such branch, on ac-
count Of the supposed act OF insolvency, on which
such proceedings were instituted, and thereup-
on all the property and assets Of such branch
shall be restored to its directors.
SEC. 30. If the board Of control, shall, in
any case, fail TO proceed in the manner prescri-
bed in the foregoing sections of this act, in pro-
viding for the paymentof the outstanding notes
of circulation, and in closing the affairs of any
branch that shall have committed an act Of in
solvency, the holder of any Of its notes of cir
or other creditor of such branch may
in case payment of such notes of circulation or
other claim has been refused when lawfully de-
.manded, and remains unpaid, apply to any court
.of competent jurisdiction, for its writ, command
ing the board Of control so to proceed; and it
shall be the duty Of said court, after citing such
board to appear, and show cause why such writ
should not issue, and upon the finding of a jury
that such act of insolvency has been committed,
ITO issue IDGIr WITH, commanding SUN Il VI
control, forthwith to proceed, in the manner pom
ted out in the preceding sections OF this act, to
provide for the payment of the outstanding notes
of such branch, close up its affairs, and make ap-
plication Of its assets.
IN RELATION TO INDEPENDENT BANKING coMpA-
MES.
Sec. so. Each company that shall have cleo
ted to carry on its business, as an independent
banking company, and shall have complied with
the requirements of this act, preliminary to the
commencement Of banking business, shall before
it shall commence such business, and before it
shall be held to have acquired corporate powers,
deposit with and transfer to the Treasurer of
State certificates of the funded debt of this state
or of the United states, at least equal In amount
to the amount of its capital stock, at such time
paid in; and from time to time as an additional
instalment, or portion, of its capital stock shall
be paid in, additional certificates Of the funded
debts above specified, at least equal in amount
to the amount of such additional payments of
! capital stock, shall, within thirty days after such
payment, be deposited with and transferred to
tho Treasurer of State, but no such certificate,
of funded debt shall be received by said treasu-
rer, at a rate or price above the average selling
price of such certificates, at the New York stock
exchange for the four weeks next preceding the
/, time of the receipt thereof by the treasurer, nor
shall any certificate of the funded debt of this
State be received at any rate above it's par va
lue, exclusive of the unpaid interest that may
. have accrued thereon, and if such company shall
. fail to make deposits or transfers of sto ck, as in
: this section required, all its franchises and pew
9 ers derived from this act except such as'may Nc
J necessary to settle up its affairs, shall Inmedi-
} lately cease and determine.
SEC. 81. The Treasurer Of State shah deliv
Eer from time to time as he may be prepared to
. do so, to any independent banking company that
3 may have entitled itself thereto, ON the written
> order Of the president, and a majority Of its di-
~iErectors, notes for circulation to any amount not
c Exceeding the value of the certificates Of fund
] ed debt deposited with, and transferred TO him
G by such company as prescribed by the poeceding
q section but o! no time shall the total Amount Of
such notes, delivered to any such company, ex-
N coed three lines tive aH,tsrSt at sncls tiaac actu~
ally paid in on lis capital stock, understanding as
G capital stock, undinini4lcd by losses, or other
D wise.
SEC. 80. In order TO furnish suitable notes
g for circulation 10 such independent banking COM
D panies, the Treasurer Of State is hereby autho-
n rized and required 10 cause 10 be engraved and
printed. in the best manner 10 guard against coun-
terfeiting such quantity Of circulating notes in
e the similitude Of bank notes, in blank, of the
II several denominations provided for in this act, as
S he may from TO time deem necessary 10 furnish
to such independent banking companies, accor-
9 ding to the provisions hereinafter SET forth; which
u notes shall be countersigned, numbered, and re-
| gistered in proper books, TO be provided and kept
VI for that purpose, in the office of said Treasurer,
y under his direction, by such person or persons
as he may appoint, so that each denomination OF
G such circulating notes shall boar the uniform sig
nature of one of such registers; and all the notes
of each separate denomination shall bear the
same device, and bear a general simiftudc; and
The notes or bills to be so countersigned shall
:, have stamped or printed on their face the words
"secured by the pledge of stock"
SEC. SO. The plates, dies, and materials 10
be procured by the Treasurer Of State, for the
printing and making the circulating notes, provi-
ded for in the thirty-sccond section of this act,
I'd shall remain in the custody of said treasurer and
under his direction; and the, expense necessarily
incurred by him, in executing the provisions Of
b, this act, shall be audited and settled by the Au-
s. ditor of State, and paid out Of any moneys in the
lg treasury not otherwise appropriated; and for the
purpose Of reimbursing the same to the treasury
the said treasurer is hereby authorized and re-
quired TO charge against, and receive from, each
is company receiving such circulating notes, sucl
he rate per centun thereon as may be sufficient fol
that purpose, and shall, from time TO time, equa.
I'd lie said expenses among the companies 10 whom
such circulating notes may be furnished.
Sec. "a. Alter any such independent banking
a company shall have caused to be executed anC
h. signed, by the president and cashier thereof, th'
circulating notes received from the Treasurer o
II State, in such manner as may be requisite C