The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1851-04-14

4 notice 10 said company, and also adver.
/ ,ising iaone or more newspapers publish
led and in general circulation in the city
1or Columbus, and one or more newspa.
lpers in general eirculion in the county
where the Office Of such failing company
lis situated which advertisements shall
CONAN The same particulars as are re.
.Iquired herein, where sales are 10 be
made in the city Of New York; and ont
of the proceeds Of such sale, the Auditor
shall pay, on the circnla a,ing notes Of such
bank, as the same may be present.
led, a ralable proportion Of the pro-
cecds Of such sale, not exceeding
The amount due on said notes; and due
notice shall be given by the Auditor, thar
said notes will be paid al the Office Of The
Auditor Of State; Provided, that II any
Of the circulating notes Of such failing
company shall not be presented for re-.
dempiion al The Office of the Auditor Of
State. until after the term of Two years
from the dale Of the first publication Of
the notice 10 the holders oil such notes TO
present The same al said AUDITORS Office,
the Auditor may pay ralably, to the hold
ers of the noles previously presented, II
such notes have no! been previously paid
in full, whatever Of The proceeds OF such
sale, remaining in his hands, may be
needed 10 fully discharge such notes 30
so presented. Whenever default shall
be made in The payment OF The circulating
notes Of any banking company esiab-
lished under The provisions Of this act,
every slockholder shall for such notes,
be individually liable, in proportion 10
The stock held by such slockholder In
such bank, 10 the extent and 10 the full
amount Of the respective shares Of stock
owned in such bank by such stockholder.
F Where bank is owned by less than six
! stockholders, they shall be individually H.
) able, as natural persons, for all debts and
liabilities of such bank. 10ieq
, SEC. &c. The Auditor Of State may, if
he shall deem that the interests Of the note
holders of any insolvent banking company
will be best promoted thereby, with the ad-
vice OF the Treasurer and Secretary Of State,
hypothecate, or sell at private sale, any Of
, the stocks transferred to and deposited with
him by such company, TO any other banking
company, or to any individual, person or
J firm, and receive therefor either money or tho
circulating notes Of such failing company;
Provided, that no such stock shall be sold,
at private sale, at less than the par value
thereof, nor at less than its selling price at
the New York Stock Exchange, at the date of
| thu rofaiyad inf t;<,,, NV sbo1 80
such ctock be sold on credit.
Sec. 81. On receiving notice that any
! such banking company Shall have committed
an act OF insolvency, as herein before def
ned, the Treasurer OF State, the Secretary Of
State, and the Auditor Of State, OF a major.
ity of them, shall appoint special agent,
who shall Immediately proceed to ascertain
whether such company has refused to pay its
notes in gold and silver coin, when lawfully
demanded, and report to the said Treasurer,
Secretary and Auditor the facts so ascertain
ed; and if, from the report so made, said
Treasurer, Secretary and Auditor, or a ma
jority of them, shall be satisfied that such
company has suspended the payment Of its
circulating notes, when lawfully demanded,
in gold and silver coin, they shall forthwith
appoint receiver or receivers, and require of
: him or them such bond and surety as they
shall dean proper who shall proceed to take
possession of the books, records and assets of
every description of such company; collect
all debts, dues and other claims belonging to
such company; settle with the approbatien
OF an agent, to be appointed by the stock
holders for the protection of their interests,
compound for all bad and doubtful debts; sell
all real and personal property of said compa.
ny, and to pay over all moneys so made to
the Auditor of State; and the Auditor of
State shall cause notice to be given, by ad-
vertisement, in one or more newspapers, pub.
lished in the City Of Columbus, and also in
one or more newspapers, in general circula-
tion in the county where the office of such
insolvent company shall be situated, for six
consecutive months, calling on all persons
who may have claims against such company
to make legal proof thereof; and after the
end of one year from the first publication of
such notice, the Auditor, after full provision
shall have been made for redeeming the cir
cuating notes of such company, shall make
a ratable dividend of the moneys SO paid over
to him, by such receiver or receivers, inclu-
slve OF moneys received by him on sales of
otoSh udHsSHeu W anu uepOSlleQ WIN hlm
by such company, on all such claims as may
have been SO proved; and from time to time.
as the proceeds of the assets Of said company
shall be paid over to him, the said Auditor
shall make further dividends, as aforesaid,
on ali claims previously proved, and the re-.
rnainder, If anything, shall be paid over to
the stockholders Of the company, or their
legal representatives, in proportion TO the
stock by them severally held; Provided, how
lever; that if any banking company, against
which proceedings have been Instituted, a.
prescribed in this section, on account of any
supposed act of insolvency, shall deny hay.
ing committed such act, such company NAV
apply to any court Of competent jurisdiction
to enjoin further proceedings in the premises
and such court after citing the Treasurer
Secretary and Auditor, Of State, TO show
cause why further proceedings should not Be
enjoined, and after the finding of jury that
such company has not suspended the payment
OF its notes, when legally presented, in gold
and silver coin, shall make an order, enjoin-
ing said Treasurer, Auditor and Secretary of
State, and any receiver or receivers appointed
by them, from all further proceedings on ac-
count Of such supposed act of insolvency
Sec. 38. If the original capital stock of
any of such banking companies shall in any
manner be diminished or any portion thern