Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1851-04-24
CHURCmRsss,,
Protestamf Episconal--ResaYi ihereaf.
sri Oe pad 10 such company. sa..5s ~


Protestnmt Episconal--Ree.aYi ihereal
ssitr' oe PAID % such company. as, !.
SEC. 33. The stocks transferred 10 IN,
auditor OF State, by any banking company
Tor The security of its circulating notes. shaI
10 held by him exclusively for lha, purpose
uniil such notes shall be redeemed, excep
as hereinafter provided. 1i ~ bHl :
SEc. 81. alfany such banking con,pan,
shall iai TO redeem, in gold and Silver coin
any OF It's circulating notes issued In .ptrfs,l
ance ol the provisions Of This act, when pav
men' thereof shall be lawfully demanded
during the usual hours Of business. at III,
ONCE Of such company, the holder of such
note or notes may cause one or NOR,
thereof to be protested by notary public
VINO shall, on protesting The same, forthwith
forward notice of such protest 10 the Audit.
oroi State, and after such protest suffered
1t shall not be lawful for the company thu.
suffering protest, TO pay oul any of its no,cs,
or ol!lS' or otherwise engage in The business
vi oahKihS, except 10 receive and safely
Keep moneys belonging to il, and deliver
special deposits, and where the holder Of
such notes shall cause more than one 10 be
protested on the same day he shall no, re.
celve pay Tor more than one such protest.
SEC. 35. In case any such banking com.
Pany shall iail 10 pay, and redeem its circu.
Iallng notes on demand, in gold or silver
coin' os specified in The mex, preceding sec.
ZION OF this act the Auditor OF Stale. shall
within '"en'yedays after he shall have re.
ccived notice Of such failure, cause The
stocks pledged BY such company, or so
much thereof as may be necessary, 10 re.
deem the outstanding circulating notes of
such cempany, TO ba sold either a, tho S,ocl
Exchange in tho city Of New York. afier
giving notice of such sale to such companv.
and also advertising the time and place Of
sale. win pertinent description /, of the
stocks TO be offered for sale, in Two or more
newspapers published in the city Of New
York, and in general circulation, moi less
lhan ten consecutive days before The day Of
sale, or a; the Office of the Auditor of S,a,e,
IN Tho city of Columbus, giving notice to
aaid company, and also, advertising in one
or more newspapers published and in gener.
al circulation in the city Of Columbus. and
one or more newspapers in general circula.
uon IN the county where the Office of such
lailng company is situated, which advertise.
menis shall contain the same particulars as
arc required herein, where sales are 10 be
made in the city Of New York (; and ou, of
The proceeds of such sale, the Auditor shall
pay, on the circulating notes of such bank.
as The same may be presented, ra,able pro.
portion OF the proceeds of such sale, moi ex-
ceeding the amount due on said notes; and
due notice shall be given by the Auditor,
'na' sald notes will be paid at The office of
The Auditor OF State; Provided, ,ha, if any
oil inc circulating notes Of such failing com. |
puny shall not be presented for redemplion
at the office Of the Auditor of State, until aE. |
Ter lhe term Of Two Years from the date of
the first publication Of the notice 10 the hol.
ders Of such notes 10 presen, the same n,
said AUDITORS Office, the Auditor NAV nav
ira'ab'y, 10 The holders Of the notes previous.
" presented, if such notes have moi been
previously paid in full, whatever of The pro.
ceeds OF such sale, remaining in his hands.
may be needed to fully discharge such no,es
so presented. Whenever default, shall be
made IN 'he payment Of the circulating notes
ol any banking company established under
me provisions Of this act, every stockhold.
~ snail, Tor such notes, be individually lia
'le' in proportion IN tho stock held by such
in such bank, 10 the extcn, and
o The lull amount Of the respective shares
81 stock owned in such bank by such stock. j,
holder. Where bank is owned by less |
han SIX stockholders, they shall be individ. 4
laiiy liable, as natural persons, Tor all debts .
ind liabilities of such bank. II
SEC. Sc. The auditor of State mnv. If
le shall deem that the interests of the no,e
holders OF any insolvent banking company c
vii be best promoted thereby, with The ad. 9
ice ol the Treasurer and Secretary of Sra,c,
lypo'heca'e, or sell al private sale, any orI .
he stocks transferred TO and deposited with
lm by such company, TO any other bank. 6
ng company, or TO any individual, person =
r lrm, and receive therefor either money u
r the circulating notes Of such failing com. 0
any; Provided, that no such stock shall be c
old, at private sale, at less Than the par val. Il
thereof. nor al less than its selling price at s
ie New York Stock Exchange, or the date v
the last rec ved information nor shall o
ny such stock be sold on credit. .
SEC. 81 On receiving notice lha! any Il
ich banking company shall have commit n
d an act Of insolvency, as herein before 4
eincd, the Treasurer Of State, The Secre. b
ry Of S!ac, and the Auditor of Stale, or n 5
shortly Of them, shall oppoin, special d
yeDi, who shall Immediately proceed 10 as. "a
'rtain whether such company has refused IL
pay lis notes in gold and silver coin, when 81
wiuIly demanded, and reporS to the said "
rcasureE Sccrctury and Auditor the facts ia
aScerialncd /; and iG from tho repor. so Of
ude, taids Treasurer, Secretary and Audit m
, or MINORITY or them, shall be salisfit d la
a. such Company has suspended the pay on
eni Of us circulating notes, when lawful. vi
denlandcd. In gold and silver coin, ,hey ii
all forthwith appoint receiver or rcccy. r.