Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1851-05-08

at
nan has refused to pay its notes IN go'a ano
r;Is.r co;n. when lawfully demanded, and re-
-,,-rt IN fhe said Treasurer, Secretary and
Aud,tor the facts SO aseertaiued; and II. from
.he report 80 made, said Tr asurer, Secretary
and Auditor, or majority Of them, shall oe
satisfied that such company has suspended lne
,,vment of ITS circulating notes. when NV
fi,ilr demanded, in gold and silver coin, ~
shall forthwith appoint receiver OF
and require Of him or them such ocna anu ,.as
~ as they shall deem proper, who snan Pio P,.S
to t,ke possession of the books te0oius -
,,.et. Of every description OF suen e'u' nPP1n
,-oIIsrt all debts. dues and otner eiai,',. 1913
ms 70 such company; settle WIN as' s ~PPo -.
bafion of an agent, 10 DC
-,a-EhoIders for the protection OF Inen inter
,,,,d for ali bad and doubtful debts;
es III NJ. -asI and personal property Of said com
sen - .nd 70 nav over all moneys so made to
pa. rditor Of State; and the Auditor OF
80 .haIl cause notice to be given, by adver
.;,emant in one or more newspapers, published
:. tbe city Of Columbus, and also in one or
,-,or. newspapers, in general circulation in
|bs county where the Office Of such insolvent
comnan shall be situated. for six consecutive
months, calling all persons who may have
claims against such company to make legal
oroof thereof; and after the end of one year
from the FIRST publication of such notiCe, the
Auditor. after fell provision shall have been
made for redeeming the circulating notes Of
xuch company, shall make a ratable dividend
of the moneys so paiG over to him, by such re-
eeiyer or receivers, inclusive of moneys receiv
Cd by him on sales of stock transie rred to and
deposited with him by such company, on all
such claims as may have been proved; and
from time 20 time, as the proceeds Of the as
sets of said company shall be paid over 10 him,
the said Auditor shall make further dividends,
as aforesaid on all claims previously proved,
and the remainder, 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
however, that If any banking company, against
which proceedings have been instituted, as
prescribed in this section, on account of any
supposed act Of insolvency, shall deny having
committed such act, such company may apply
TO auy court OF competent jurisdiction TO en- =
ioin further proceedings IN the premises, and
such court after citing the Treasurer. Secre-
tarv and auditor nf State. to show cause why
further proceedings should not be enioined,
and after the finding of jury that such CON-
many has not suspended the payment of its
notes, when legally presented, in gold and sill
yer coin, shall make an order, enJolnlng said
Treasurer, Auditor and Secretary of State,
and any receiver or receivers appointed by
them, from all further proceedings on account
of such supposed act Of insolvency.
Sec. 80. II the original capital stock of any
of such banking companies shall in any manner
be diminished, or any portion thereof be with
drawn for any purpose whatever, while any
debts or demands against such company remain
unsutisfied, no dividends shall thereafter be
made on the shares of the capital stock Of such
company. until the original amount of the caPi
tai stock shall be restored, either py eontrIbu-
tion OF the shareholders or out of the profits OF
the business of such company; and in case any
dividend shall be made while the capital stock
shall remain 50 diminished Withdrawn, If
shall be the duty of any court, having compe-
tent jurisdiction. TO make the necessary or
ders and decree for closing the affairs Of such
company, and dividing its effects among its
creditors and shareholders as in this act pro-
Vided.
Sec. 80. All fees for protesting the notes
issued by any such banking company shall be
paid by the person procuring the protest to be
made, and such company shall be liable therefor,
but no part of the stocks pledged by such CON-
pany to The Auditor shall be applied to the pay
ment of such fees; and all expenses incurred
in conducting the sale of any such pledged
stocks. and advertisements thereof, shall be
paid out of the proceeds of such sales.
Sec. 40. The stockholders collectively, of
anv banking company, shall at no time be LA
Die 70 such company, either as principal debt
or both, to an amount greater
than two-6fths of the amount Of capital stock
actually paid in and remaining undiminished
bv losses or otherRise, nor shall the directors
be 50 liable by the bylaws Of such company,
adopted BY ITS stockholders to regulate sch
liabilities and it shall Sc the duty of the audi
Tor. treasurer, and secretary Of State, major
itv of them, as often as once in year, to ap-
point some suitable person in the vicinity OF
ofeach banking company, who shall not be a
stockholder in any bank of this State, who shall
have power to make thorough examination
into all the affairs of the bank which he may be
nppoiuted to examine, and, in so doing, to ex
anime any Of the officers and agents of su
bank. on oath; and such agent shall make de-
failed report of the condition Of such bank to
the auditor OF State; and the banking compa
mics herein authorized shall be subject to any
other yisItorial powers authorized by law; and
every agent appointed, as in this section Dro-
vided- shall receive for his services at the rate
of two dollars for each day by him employed in
such examination, and two dollars for every
TWENTY-FIVE miles he shall necessarily travel, in
the performance of his duty, which shall be paid
by the banking company by him examined.
Sec Al. whenever any company
being desirous to diminish the amount Of it.
circulating notes, shall deliver to the auditor o
State nny portion Of such notes, not less il
amount at any one time than FIVE thousand
dollars, TO be destroyed, the auditor shall de
stroy the same, as prescribed in this act, anC
shall. thereupon, transfer and deliver to suci
COMPANY, certificates of funded debt deposited
with him by such company, to an amount equa
to the amount of notes so delivered up; FRO
Tided, that the amount OF such certificates re
manning with the auditoG shall not thereby b'
reduced below the amount of the capital stOcs
of such company at that time paid in, nor il
value, estimating the same at their current
price in The city of New York, below thu
amount of circulating notes still retained BY
such company; nor shall the auditor be required
10 re-transfer such certificates in fractiona
sums Of less than thousand dollars; anC
whenever any such company, being desirous o
relinquishing its banking business, shall hav'
paid at least eighty FIVE per centum Of thi
maximum amount OF its circulating notes. anC
shall have delivered the same to the auditor o
State, to be destroyed, and shall have pnovideG
mrans and given security TO the satisfaction o
the treasurer. secretary, and auditor of State
FOR the redemption Of its outstanding notes o
circulation, at the place where the Office o
such Company was established, and shall haV'
given notice thereof, by advertisement, for sil
consecutive months, in two newspapers ofgsn
eral circulation, published in Columbus, ant
at least one, published in the city, town, O
village where the Office Of such company is loca