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

8 III this State, at such rate Of interest as sha
De agreed upon, or, nj the option Of the com.
1 pany by which such stocks were deposi,ed
(. invest such interests or dividends in any oI
/. the stocks by this act authorized. 10 be
pledged in the name fihe Auditor Of State,
, in trus, for the banking company by whom
, the stocks on which such interest or dividends
) may have accrued, shall have been pledged;
: and whenever the price Of such depreciat ed
; stocks at the New York stock exchange,
shall rise to the price at which they were
lpledged by the company, and so remain for
four consecutive weeks, such investment
shall be assigned to such comaany, and all
accruing interest on such pledged sock
shall thereafter be paid 10 such company.
/ SEC 80. The stocks transferred to the
Auditor Of State by any banking company,
! for the security Of its circulating notes, shall
be held by him exclusivelyifor that purpose,
until such notes shall be redeemed, except,
as hereinafter provided.
| SEC. 81. Ifany such banking company
shall fail 10 redeem, in gold and silver coin,
any of its circulating notes issued in pursu.
ance of the provisions Of this act, when
payment thereof shall be lawfully demand
ed, during the usual hours of business, al
the office Of such company, The holder Of
such nole or notes may cause one or more
thereof 10 be.pro:esed by notary public,
who shall, on protesting the same, forthwith
forward notice Of such protest to the Audi.
tor Of State, and after such protes, suffered,
it shall not be lawful for the compa ny thus
suffering protest, to pay out any Of is noies,
discount any notes or bills, or Otherwise
engage in the business Of banking, except
to receive and safely keep moneys belong
ing to ii, and deliver special deposits; and
where the holder of such notes shall cause
more than one to be protested on the same
day, he shall not receive poy for more than
one such protest.
| Sec. 35. In case any such banking
company shall fail TO pay and redeem its
circulating notes on demand, in gold or
silver coir, as specified in The next proceed.
ing section of this act. the Auditor Of State
shall, within twenty days after he shall have
received notice Of such failure, cnuse the
stocks pledged by such company, or so
much thereof as may be necessary 10 re-
deem the outstanding circulating notes Of
such company, 10 be sold either a, 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 more
newspapers published in the city of New
York, -nnd in general circulation, for no,
| less than ten consecutive days before the
= - l. ho nff nF he nd
Of State, in the city of Columbus, giving
notice 10 said company, and also advertising
in one or more newspapers published and in
general circulation in the city OF Columbus,
and one or more newspapers in general
circulation in the county where the office
OF such failing company is situated, which
advertisement 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
auditor shall pay, on the circulating notes
Of such bank, as the same may be present.
cd, ra,able proportion Of The proceeds of
such sale, not exceeding the amount due on
said notes;and due notice shall be given by
the auditor, that said notes will be paid at
the Office of the Auditor Of State; PROVIDED,
that if any Of the circulating notes Of such
failing company shall not be presented for
redemption at the Office of the Auditor Of
State, until after the term of two years
from the date of the frs, publication Of the
notice to the holders Of such notes,to present
the same al said AUDITORS Office. The audit.
or may pay ratably, TO the holders ofthe
notes previously presented, if such notes
have not been previously paid in full, what.
ever ofihe proceeds Of suchs sale, remaining
in his hands, may be needed 10 fully dis
charge such notes SO presented. When
ever default shall be made in the payment
of the circulating notes Of any banking |
company established under the provisions
of this act, every s,ockholder shall, for such
notes, be individually liable, in proportion
10 the stock hell by such stockholder in
such bank, to the extent and to tho full
amount of the respective shares Of stock
owned in such bank by such stockholder.
Where bank is owned by less than six
stockholders, they shall be individually lia.
BILE, as natural persons, for all debts and
liabilities of such bank.
SEC. SO. The Auditor Of State may. If
ne snail QSelH tDut tie IuIcIoStS VI VIC HOic
holders Of any insolvent banking company
will be best promoted thereby, with the ad.
vice Of the Treasurer and Secretary OF
State, hypoiheca.e. or sell at private sale.
any of the stocks transferred 10 and depos.
tied with him by such company, TO any 9th.
er banking company, or to any individual
person or firm, and receive therefor either
money or the circulating notes oil such fall
ing company; Provided. that no such stock
shall be sold. nj 2rivote sale. at less than
the par value thereof, nor at less than It's
selling price a, the New York Stock Ex'
change, at the date Of the last received in.
formation; nor shall any such stock be sold
on credit.
SEC. 81. On receiving notice that any
such banking company shall have commit.
led an act Of insolvency. as herein before
defined, the Treasurer Of State. the Secre.
tory of State, and the Auditor Of State, or
n majority of them, shall appoint special
.r.nt who ahall ;ruued,ntelv proceed TO