The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1851-04-07
March %, le5l.
AN ACT

To provide for the distribution of the assets
of expired Banking companies.
SEC. i. Be it enacted by the General
Assembly of the State Of Ohio, That in
all cases where the charter Of any bank
ing company has, or may hereafter have
expired, or become forfeited, any stock
holder or stockholders, or other person
or persons, in interest, may at any time,
by petition in chancery, in a suit to be
commenced in the county where such bank
was located, be entitled to have any per-
son or persons holding, or having recel-
we'd 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 hav-
ing received said funds, credits or assets
of such banking company, shall stand
chargeable 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 saidfunds u credits,
or having enjoyed and received said rents
and profits, except in cases where by
proof made to the satisfaction of the
court, said person or persons have kept
and held said funds in trust upon deposit
without using or receiving any benefit,
use or profit of the same; and in sta-
ting said account, interest shall be COM
puted and rents made annually.
SEC. 8. 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 6duci-
ary capacity, to meet any contingent or
future liability Of such company, it shall
be lawful for the court to appoint a recei-
yer or receivers of all such funds or assets,
as upon hearing of said cause shall be
foun 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 suffi.
cient security, upon annual interest, until
the time when such contingent and future
liabilities may be finally discharged OF
barred by laws of limitation; provided,
that said funds so loaned upon annual in
terest, shall be made payable, either in
whole or part, as may be necessary, to
pay any such accruing contingent liabil-
ties, within thirty days after the notice
and demand of the same.
Sec. 4. That all accruing interest and
rents upon such funds and assets, after
discharging such contingent liabilities ari-
sing during the year, shall be annually
divided and paid over to the several par
ties in interest, according to their respec-
tive distributive shares in said fund, to be
determined and settled by said court in
and by their final decree in said cause;
and the principal of said fund, and all as
sets so belonging to said company, shall
according 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 distributive
shares, as determined by the decree o.
said court.
JOHN F. MORSE,
Speaker of the House of Representatives.
CHARLES G. CONVERS,
Speaker Of the Senate.
March "a, 1851.