The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-05-21


Sec. 1. Belt enacted by the General
Assembly ofhe State of Ohio, That in all
cases when by reason of the absence or
non-residence of the officers or board of
directors of any company that is now, or
that may hereafter be incorporated, under
the laws of this State, the service of mesne
process in any suit at law, or in chancery,
cannot be made as is now provided for by
law, said process may be served person.
ally upon the general agent of such COM
pany in the county where its affairs are
transacted, or by copy left at the Office or
usual place for the transaction of business
Of said agent; and such service, in all suits,
both at law and chancery, shall be as valid
and legal, as if made in any manner now
provided for by law
JOHN F. MORSE.
Speaker of The House Of Representatives,
CHARLES c. CONvERs,
Speaker Of the Senate.
March 90, 1851.
No. 1911
AN ACT to provide for the distribution Of
the assets of expired banking compa.
nies.
SEC. 1. Be it enacted by the General
assembly Of the State of Ohio, That in
all cases where the character of any
banking company has, or may here.
after have expired, or become forfeited,
any stockholder or stockholders, or other
person or persons in interest, may at any
time, by petition in chancery, in suit to
be commenced in the county where such
bank was located, be entitled to have any
person or persons holding, or having re.
ceived any funds. credits or assets of such
banking company, render full and fair
account of the same.
Sec. 2. That in taking such account,
the person or persons SO holding or having
received said funds, credits or assets of
such banking company, shall stand charg-
able with interest upon all sums of money
and credits by him or them held, and with
all rents and profits received or enjoyed
of the same, from the time Of having first
received said funds and credits, or having
enjoyed and received said rents and profits,
except in cases where by proof made 10
the satisfaction ofthe court, said person or
persons have kept and held said funds in
trust upon deposit without using or receiv.
ing any benefit, use or profit of the same;
and in stating said account, interest shall
be computed, and rents made annually.
Sec. 3. That in case any person or
persons holding any funds or assets Of
such banking company, shall claim to hold,
or to have received the same in fiduciary
capacity, to meet any contingent or future
liability Of such company, it shall be law
ful for the court to appoint receiver or
receivers of all such funds or assets, as
upon hearing of said cause shall be found
necessary to meet and discharge all such
contingent or future liabilities of such
banking company; and TO order such funds
to be loaned, with good and sufficient Sc
curity, upon annual interest, until the time
when such contingent and future liabilities
may be finally discharged OF barred by
laws oi limitation; provided, that said funds
so loaned upon annual interest, shall be
made payable, either in whole or part, as
may be necessary, to pay any such ac-
cruing contingent liabilities, within thirty
days after the notice and demand of the
same.
Sec. 4. That all accrung interest and
rents upon such funds and assets, after dis
charging such contingent liabilities aris.
ing during the year, shall be annually di.
vided and paid over 10 the several parties
in interest, according to their respective
distributive shares in said fund, to be de.
termined and settled by said court, in and
by their final decree in said cause; and
the principal Of said fund, and all assets
so belonging to said company, shall, ac-
cording to the decree and order of the
court, upon final discharge or termination
Of said contingent liabilities.of said com.
pany, be in like manner distributed and
paid over to the several parties IN interest,
according to their respective dstributive
shares, as determined by the decree Of
said court.
JOHN F. MORSE,
Speaker ofthe House Of Representatives..
CHARLES C. CONVERS;
Speaker Of the Senate.
March "a, 1851. ....-... ....
No. 8O.]
AN ACT to amend the act to incorporate
the State Bank of Ohio, and other bank.
ing companies.
Sec. /. Be 1t enacted by the General
Assembly of the Stale Of Ohio, That the
Board Of Control may, at the time, and in
the same manner the president is now by
law elected, elect an officer to be called
the vice president. who may perform any
part or all the duties Of the president, as
said board may direct; the term of Office
and the bond of the vice president shall
be the same as the president.
JOHN F. MORSE, -..
Speaker of the House of Representatives.
CHARLES C, CONVERS,
Speaker of the Senate.
March 2s, 1851.