Fremont weekly freeman. [volume] (Fremont, Sandusky County, Ohio) 1850-1853, 1851-04-26
No 79.l
AN ACT to provide for the distribution o
the assets of expired banking companies.
March 20, 1851.

AN ACT to provide for the distribution OF
the assets of expired banking companies.
Sec /. Re it enacted by tile General As
sena6ly oftke State Of Ohio, That in all cases
where the charter of any banking company
has. or may hereafter have expired, or be-
come forfeited, any stockholder or stockhold-
ers. or other person OF 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 person or persons holding, or having re-
ceived any funds credits or assets of such
banking company, render full and fair ac-
count of the same.
Sec 2. That in taking such account, the
person or persons, SO holding or having receiv-
ed said funds, credits or assets of such banking
company, shall stand chargable with interest
upou all sums of money and credits by him OF
them held, and with all rents and profits re-
ceived 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
to the satisfaction of the court, said person OF
persons have kept and held said funds in
trust upon deposite without using or receiving
any benefit, use or profit of the same, and in
stating said account, interest shall be compu-
ted, 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 re
ceived the same in fiduciary capacity. to
meet any contingent or future liability of such
company, it shall be lawful for the count to
appoint receiver or receivers of all such
funds or assets, as upon hearing Of said cause
shall be found necessary to meet and dis
charge all such contingent or future liabilities
of such banking company; and to order such
funds TO be loaned, with good and sufficient
security, upon annual interest, until the time
when such contingent and future liabilities
may be finally discharged or barred by law
of Limitation; provided, that said funds SC
loaned upon annual interest, shall be made
payable, either in whole or part, as may be
necessary, to pay any sneh accruing contin-
gent liabilities, 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 dischargine
such contingent liabilities arising during the
year. shall be annually divided and paid over
to the several parties in interest, according tc
their respective 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 al
assets SO belonging TO said company, shall, ac-
cording to the decree and order of the court
upon final discharge or termination of said con.
tingent liabilities of said company, be in like
manner distributed and paid over TO the sew.
eral parties in interest according TO their re.
spective distributiye shares, as determined by
the decree of said court
JOHN F. MORSE,
Speaker House Representative
CHAS. C. CONFERS,
. Speaker of the Senates.
March "a, 1851.