The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1851-04-30

Il .
company, aud all accrhing interest on such
pledged stock shall thereafter be paid TO such
company. "- go t
Sec. So Tie stocks transferred 10 the
Auditor Of State by any banking company
for Tic security Of lis circulating notes, shall
he held BY him exclusively for that purpose,
until such notes shall be redeemed, except
as hereinafter provided. .'a.
"a Sec. 34 II any such bInkng company
shall fail TO redeem, 10 gold and silver coin,
any of its circulating notes issued in pursu
snce of the provisions Of this act, when pay
meni thereof shall be lawfully demanded,
during the usual hours of business, az the
uiiice Of such company, the holder Of such
noie or notes may cause one or more thereof
To be protested by n notary public,who shall
an protesting The same, forthwith harvard
0oIice Of sncll protest to the Auditor Of State
and anher such protest suffered, i, shall moi
he lawful for The company thus suffering pro.
ieSt to pay out any Of lie no es, discount any
notes or bills, or otherwise engage in The
business OF banking, except 10 receive and
sniely keep moneys belongingto il, and de,
liver speciar deposils; ahd where the holder
of such notes shAt cause more than one 10
he protested on the same day. he shall not
receive pay for more, than one such protest.
Sec. ,33. In case any such banking com.
pany shall fail To pay and redeem its crcula>
ling notes on deuland, in gold OF silver coin,
as specifec in the next preceding section OF
this ACT, the Auditor Of Sta'e shall, within
twen'y days after he shall have received mo-
iice of slHh failure, cause the stocks pledg.
ed by such company, or SO much thereof as
may be necessary 10 redeem The outstanding
circulating notes Of such company, TO be sold
either sI the stock exchange in the city OF
New YVIk. ailer giving notice Of such sale
TO sgch COMPANY, and also advertising the
lime and place Of sale, gilh pertinent des
crip,iou of the stocks TO be offered for sale,
in Two or more newspapers published in the
city of New York, and in genelal circulation
Tor not less than ten colsecntlve DAYS be,
fore the dry. Of sale, or at the office ofthe
Andi,or OF Stale, in, Ire city Of Columbus
giving notice TO said company, and also ad-
Verlsing in Que or more newspapers publish
ee and IN general circulation il the city Of
Columbus, and one or u,ore newspapers in
general circulaiIoL ia The county where the
office. Of such failing co pPany is situated,
which adveIusements shall contain the same
particulars as nre required herein, where
sales ,ale 70 be made in the city Of New York !;
nnd OUT Of The proceeds, Of such sale, the
andlpr shall ,pay, ON the circulating notes Of
such bank, rs the same may be presented, a
IaIeabIe ,proporllnn7of The proceeds of such
sale, not exceeding The amount due on said
holeS ;lnd due moi ice shall be given by the An
dtot that the notes will be paid at the office Of
the Audiiot ofSiaie, Provided, hat fauy OF the
,noies OF such "a ling company shall
n,a be presented for redemption al The office
nt the auditor of State, untll alier the telm
Of two years from the date OF the first publ.
cation of The nu'ice TO The holders of such
notes. TO present the same al said auditors
Dilirc, the audiior may pay ratably, 10 the
holders Of the notes previously presented, if
such mites have not been prey ionsly paid in
Full, whatever Of the proceeds nf ouch sale.
u his hands, msy be Eeeded to
FULLY discharge, such notes SO presented
Whenever default shall be m lde in the Day
nenl of the circulating notes of any banking
established under the provisions of
his act, every s,ockholder shall, for such
notes be Individuality liable, in proportion to
Inc stock held by such stockhoGer in such
bank. 10 the ex'ent and to the full amount Of
he respective shares of stock owned in such
park by such sh'ckholder Where bank
Is owned by less than six stockholders, they !
'hall be Individually liable, ,as natural persons,
'or all debts and Liabilities Of such bank II
!, Sec. 36. The Auditor Of Stale may If bel
shall deem that Tue Interests Of ihe note
holders Of any insolyent banking company |
will be best promoted .lereby, with lie ad-
rice Of The T Treasurer and Secretary Of State, !,
iypothecate, OF sell at private sale, any OF
he stocks transferred to and deposited With
lin BY such company, 10 any cher hankinql
;ompany, o. % any individual person Of frn, /
md receive therefor either money or the cir l
;ulaing notes Of such fsiI ng COMPANY Pro-
lided, that no such stock shall be sold, al
mivate sale, at less than lhe par value ilheic-
u, nor al less han its selling price al The
View York Stock Exchange, at the date ofI
be last received information nor shall anv
uch stuck oe sid on credit. +t ''' Z
Sec. 81. Ga receiving notice that any !
urh banking company shall have committed
N act Of insolvency, as herein before dein-
ID, the Treasurer Of State, the Secretary Of
State, mud the And,oE7of State, or a mainr-
" Of, them, shall appoint special agent,
VINO shall immediately proceed 10 ascertain
whether such company has refused 10 pay its
sIes in gold and silver coin, when lawfully
ennhded, mud trpurt4to The said Treasurer,
Secretary and Auditor, The facts SO sscer.
aimed; and u, from representation 50. made /,
aid Treasurer, SGcielaty and Auditor, OF al !,
naiorIty 6f iliem, sllaIl be Satisfied lhat such
o,npany has s,ispendC i The payment u its
itculatrg aoes, whea IawiulIy dcinanded. !,
! gold ah3i silver cnin they shall foflhsitI \
Ipoini receiver ~ receivers, mud edufr,
fiun Or them sich bond and surety as The
hall deem proper, who Shall proceed 70 lak, |
pssessioh IL tie h0tks, records mud assets oi
very description &c such company; c0lleci J
I debts, dues and hthtr claims belonging.
, sdeh company settle with the appreciation, ion
f-ag agent, u be'nppoinied 'by tie stock !,
blders fn the pNheclion of their interests
irHpuUd fut ~ bad and .doubIptielis: sell y y
! REAL mud personal property pr said Com
ipy, and toPay over all monte, 80 made /.
g Auditor OF State; and the Auditor III
ate shall cause notice TO be gwen, by ad !,
'rtisement, in one or. more. newspape r.. \ 4
'blished IN the city of Columbus, and n !" !.
% Or more newspapers in general ,ircuia. n n
~ n Tho county where the Office Of such ~
solvent company shall be situated, for six !.
nsecpllye monihs. calling on sll pevsous \; n
10 fnay have claims against such company u \.