Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1851-05-08
[At 81 30 In Advance
Whole Number sO3.

A UI
der or bill Of exchange. make any aeeeptane.
G assign any note. bond, draft, bin Of exehanr
: mortgage, judgment or decree, or shall make an
Iaise entry on any book, report or statement Q
Ine Company, with an intent in either case {
g lnyure or defraud such company, or to iniure o.
/, oeitaoo any other company, body eorporats q
, Pohtie, or any individual person. or to deceive
any ofacer or agent appointed to inspect the
. analrs OF any banking company in the State
, snail be guilty Of a misdemeenor, and uuou con
vietlon thereof shall be confined in the Peni
tentlary at hard labor, not less than Eve nor
more than ten years.
Sec. 81. II shall be the duty Of the Audi
Tor OF State, to receive mutilated circulating
notes issued by him to any Of such banking
companies, and to deliver in place thereof other
circuiating notes to an equal amount, and the
sela maulated notes, after = memorandum
shall have been entered in the proper book ar
books, shall be burned to ashes BY the said An
ditor. in the presence Of the Secretary Of State
and the ofhcer or agent Of said company b,
whom the said notes shall have been delivered
70 the said Auditor. and a eertI6eate OF said
burning, signed by said Auditor, shall be mada
IN the books Of the register, and a duplieata
thereof given 70 said agent.
sec 81. The Auditor OF State shall give 10
any company by whom any stock shall have
been deposited according to the provisions Of
this act, powers Of attorney to receive the in.
terest or dividends thereon, which interest or
dividend such company may receive and applv
10 It's own use; but such powers of attorney
snail become void upon any such company fail
Ing to redeem the circulating notes issued bv
such company; Provided, however, that when.
ever the price Of any Of the stocks pledged for
'he security or redemption Of the circulating
notes issued by any such company as Aforesaid,
shall be at the stock exchange in the CITY Of
New York for four consecutive weeks. at a
price or rate less than the value at which sush
stock shall have been estimated when 50 de-.
ited and pledged, the Auditor shall receive and
retain the interest or dividend, on such depre-
eiated stock, 50 pledged, until the interest so
received, when added TO the market value of
stocks so pledged, to be ascertained rs in this
section before provided, will be equal in amount
TO the amount for which such stocks were
Pledged; and he shall deposit the amount so
received, with any solvent banking COMPANY
In this State, al such rate Of interest as shall
be ngreed upon. or, at the option Of the com.
pany by which such stocks were deposited. in
vest such interest or dividends in any Of the
stocks by this act authorized, TO be pledged in
the name Of the Auditor Of State, in trust
for the banking company by whom the stocks
on which such interest or dividends may have
accrued, shall have been pledged; and when
ever The price Of such deprecated stocks at the
New York stock exchange, shall rise to the
price at which they were pledged by the COM
pany, and so remain for four consecutive
weeks, such investment shall be assigned 10
such company, and oil aecruing interest on such
p'edged stock shall thereafter be paid 10 such
company.
Sec, 80. The stocks transferred 10 the An
ditor Of State, by any banking company, 70.
the security Of its circulating notes, shall be
held by him exclusively for that purpose, until
su-h notes shall be redeemed, except as herein-
after provided.
Sec. 81. Ifany such banking company shall
fail TO redeem, in gold and silver coin, apv Of
its circulating notes issued in pursuance of
The provisions Of this act, when payment there
of shall be lawfully demanded, during the usual
hours Of business, at the Office Of such eomf5fFv-
The holder Of such note or notes may cause one
or more thereof to be protested by a notary
public, who shall, on protesting the same, forth.
with forward notice Of such protest to the Au.
iitOr Of State, and aftsE such protest suffered.
it shall not be lawful foe ne company thus suf-
lering protest, TO pay out any Of its notes, dis
;ount any notes or bills, or otherwise engage
in the business Of banking, except to receive
and safely keep moneys belonging to it, and de-
liver special deposits, and where the holder of
Iueh notes shall cause more than one 10 be pro-
ested on the same day, he shall not receive pav
or more than one such protest.
Sec. 35. In case any such banking eompanV
hall fail 10 pay, and redeem its circulating
totes on demand, in gold or silver coin, as spe-
:ihed in the next preceding section Of this
ct, the Auditor of State shall, within twenty
lays after he shall have received notice Of such
allure, cause the stocks pledged by such eompa-
~, or so much thereof as may be necessary to
edeem the outstanding circulating notes of
urh company, 10 be sold either at the Stock
Exchange in the city Of New York, after giving
Iotiee OF such sale 10 such company, and also
dvertising the time and place Of sale, with
ertinent description Of The stocks to he offer
d for sale. in two or more newspapers publish.
d in the city Of New York. and in general
REGULATION, for not less than ten consecutive
avs before the day of sale, or at the ofies Of
he Audit1r Of State, in the city OF Columbus,
living notice to said company, and also adver-
lsing IN one oc more newspapers published and
q general circu a ion in the city Of Columbus.
nd one or more newspapers in general eireu-
ltiOn in the county where the Office of such
iiling company is situated, which advertise
rents shall contain .ihe s1me particulars AZ
re required herein, where sales are to be made
! the city Of New York; and out of the pro-
seds Of such sale, the Auditor shall pay, on the
reulating notes Of such bank, as the same nav
? presented, ratable proportion Of the pro-
, 'ds Of such sale, not exceeding the amount
ne on said notes; and due notice shall be
ven by the Auditor, that said notes will ba
I'D at the Office Of the Auditor of State:
roVided, that If any Of the circulating notes
such fai'ing company shall not be presented
r redemption at the Office Of the Auditor of
Iate. until after the term Of two wears from
e date Of the first publication Of the notice
the holders Of suoh notes to present the
me at said Auditors Office, the auditor NAV
" ratably. to the holders Of the notes preyi-
sly presented. if such notes have not been
eviously paid IN full, whatever Of the proceeds
such sac, remaining in his hands, may be-
eded 10 fully discharge such notes so preseu.
a. Whenever default shall be made in the
yment Of the circulating notes Of any bank.
Z company established under the provisions
this act, every stakeholder shall. for such
tes. be individually liable. in proportion to
, stock held by such stoekhoder in such bank,
the extent and 10 the full amount Of the
peetive shares Of stock owned in such bank
such stakeholder. Where bank i, owned
less than six stockholders, they shall be indi-
luaily liable, as natural persons, for an debit
. liabilities Of such bank.
Sec. 36. The auditor OF State NAV. n he
II deem that the interests Of the note hoI-
$ OF any insolvent bansing company will be
4 promoted thereby. with the advice of the
easurer and Secretary Of State, hypothecata
sell at private sale, any OF the stocks tran.-
red to and deposited with him by such COM
ny to any other banking company, or to any