Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-05-12

ed the payment Of its circulating notes,
"heD lawfully demanded. in god and silver
coin they shall forthwith appoint receiver
or receivers, and require OF him or them
such bond and surely as they shall deem
proper, who shall procsed TO take posses.7
sion Of the books, records md assets or ev.
cry description Of such company; collect
all debts, dues and other claims belonging
10 such company: settle with the approta.
>tion OF an agent. to be appointed by the
stockholders for the protection OF their in.
ieresls, compound for ali bad and doubtful
debts; sell all real and personal property
OF said company, and TO pay over all mon.
les so mude TO the Auditor OF STATS; spd
the Audi'or Of Sinie shall cause not &c 10
be given. by advertisement, in one or mots
newspapers. published in The city Of Co..
lumbus. and in one or more newspapers in
general lcircula,ion in the couuty where The
Office Of such insolvent ccmpahy shall be
situated, for six consecutive months. calling
on all persons who may have Claims against
such company to make legal proof thereof;s
and after the end Of one year from m the first
publication Of such notice, the Auditor. a.. "a.
ter full provision shall have been ma,le for
redeeming the circulating notes Of such
company, shall make a raiabIe dividend Of
the moneys SO paid over TO him, by such
receiver or receivers. inclusive of moneys
received by him on sales Of stock transfer.
ed and deposited with him by such company,
on oil such claims as may have been so
proved; and from time to time, ms the pro.
ceeds Of the assets Of said company shall be
paid over to him. and the said Auditor shall
make further dividends, as aforesaid. on ull
claims previously proved, and the remnin-
der. if ANYTHING, shall be paid over 10 the
stockholders Of The company, or their le-t
gal representatives., In proportion 10 the
stock by them severally hello; P divided,
however, ihai if any banking company,
against which proce edings have been insti.
tuied, rs prescribed in This section, on nc
count of any supposed ACT Of insolvency,
shall deny having committed such act, such
company may apply 10 my coortof conn.,
ntjurisdiction to enjoin further proceed.
ings in the premises. and such cnurt, afer
citing the Treasurer, Secretary and Aud.
tor Of State, 10 stow cause why further
proceedings should not be epjo:ned. and nf.s
ter the finding Of jury that such compa.
ny has not suspended the payment OF its
notes, when.legnlly presented, in gold and
silver coin. shall make an order. snjnining
said Treasurer, Auditor and Secretary OF
State. and any receiver or receivers ep.
pointed by them, from all further proceed.
ings on account Of such supposed aci OF
insolvency. sri t7F
SEC. 3s. II the original capital stock Of
any Of such banking companies shall in any
manner be diminished or any portion
thereof be Withdrawn for any purpose
Whatever. while any debts or demands
agains, such company rsmnin unsntis6ed,
no dividends shall thereafter be made on
,hs shares ofthe capital stock Of such CON-
pany. until the original amount Of the
capital stock shall be restored, either by
Of the shareholders. or out Of 3
the profits Of the business Of such company;
ard in case any dividend shail be made
while the capital stock shall remain 40 d. u
minished or Withdrawn, il shall be the duty
OF any court, having competent jurisdiction.
to make the necessary orders and decree aH
for closing the affairs Of such compsny,aDd
dividing its effects among its creditors and
MS 10 this act provided. tGl-
SEC. 80. All fees for protesting the notes
issued by any sucn banking COMPANY. shall
Re paid by the person procuring the pro-
les, TO be made, and such company shall
be liable therefor, dut no pnrt Of The stocks
pledge1 BY such company 10 the Auditor.
shall be applied 10 the payment of such
fees; and all expenses incurred in conduc-
Ting tbs sale OF any such pledged stocks.
and advertisements thereof, shall be paid
out of the proceeds Of such sales.
SEC 40. The stockholders collectively,
Of any banking company, shall at no time
be liable TO such company, either as prin.
cipaI debtors or sureties. or both. TO an
amount greater than two-ffth ofihe amount s'
of capital stock actually paid in and re.
undiminished by losses or oihsr-
wise, nor shall the directors be so liable by
The bylaws Of such company, adopted by
Its stockholders 10 regulate such liabilities;
and il shall be the duty Of the Auditor,
T Treasurer, and Secretary Of State, or a
majority Of them, as often as once in ench
year. to appoint some suitable person in
the vicinity Of each banking company,
who shall not be n stockholder in any bank
of this State, who shall have powor 10 make
a thorough examination into oil the afiairs
of the bank which he may be appointed to
examine, and, in so doing, 10 examine any
Of the officers and agents Of such bank. on
oath, and such agent shall mike detailed
repor, of the condition Of such bank to the -
Auditor of State; and the banking compa-
MES herein authorized shall be subject TO
any other visitoriai powers authorized by
law; and every agent appointed. as in this
section provided, shall receive for his ser.
vices 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 performances
Of his duty. which shall be paid by the
banking company by him examined.
SEc. al. Whenever any banking COM
puny, being desirous 10 diminish the
amount Of iis circulating noles, shall dsliv.
er to the Auditor OF State any portion OF
such notes, not less in amount at any one