Fremont weekly freeman. [volume] (Fremont, Sandusky County, Ohio) 1850-1853, 1851-04-19

.han one to be protested on the same day. De
shall not receive pay for more than one such
protest
Sec. 50. In case any such banking compa-
ny shall fail to pay. and redeem its circulating
notes on demand, in gold or silver coin, as
specified in the next preceding section of this
act, the Auditor Of State shall, within twenty
days after he shall have received notice of
such failure, cause the stocks pledged by such
so much thereof as may be nee
essary 10 redeem the outstanding circulating
such company, to be sold either at the
Stock exchange in the city of New York, after !
giving notice of such sale to such company,
and also advertising the time and place of sale,
with pertinent description of the stocks to
be offered for sale, in two or more papers pub
lished in the city of New York, and in gener-
al circulation. for not less than ten consecu-
tive days before the day of sale, or at the of |
fee of the Auditor of State, in the city Of Co
lumbus, giving notice to said company, and al |
so ad vertising in one or more newspapers
published and in general circulation in the city
of Columbus, and one or more newspapers in |
general circulation in the county where the |
Office Of such failing company is situated, which
advertisements shall contain the same particu-
lars as are required herein, where sales are to
be made in the city of New York; and out of
the proceeds Of such sale, the Auditor shall
pay, on the circulating notes of such bank, as
the same may be presented, rateable pro-
portion Of the proceeds of such sale, not ex
ceeding the amount due on said notes; and
notice shall be given by the Auditor, that said
notes will be paid at the Office Ofthe Auditor of
State; Provided, that if any of the circulating
notes of such failing company shall not be pre-
sented for redemption at the Office Of the Au-
ditor of State, until after the term oftwo years
from the date of the first publication of the
notice TO the holders of such notes to present
the same at said Auditors office, the Auditor
may pay ratably, to the holders of the notes
previously presented, if such notes have not
been previously paid in full, whatever of the
proceeds of such sale, remaining in his hands,
may be needed tofully discharge such notes so
presented. Whenever default shall be made
in the payment of the circulating notes of any
banking company established under the pro-
visions of this act, every stockholder SHALL for
such notes, be individually liable, in proportion
to the stock held by such stockholder in such
bank, TO the extent and to the full amount of
the respective shares of stock owned in such
bank by such stockholder. Where bank is
owned by less than six stockholders, they shall
be Individually liable, as natural persons for all
debts and liabilities of such bank.
Sec SO. The Auditor of State may, if he
shall deem that the interests of the note hold
lers of any insolvent banking company will be
best promoted thereby, with the advice of the
treasurer and secretary of State, hypothcate,
or sell at private sale. any of the stocks trans
lferred 10 and deposited with him BY such
company, TO any other banking company, or to
any individual, person or firm, and receive
therefor either money or the circulating notes
lof 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
iselling price at the New York stock exchange
at the date Of the last received information
nor shall any such stock be sold on credit
See, 81. On receiving notice that any
such banking company shall have committed
an act Of insolvency, as herein before defined
, the treasurer of State, the secretary of State
} and the auditor of State, or a majority of them
shall appoint special agent, who shall imme
diately proceed 10 ascertain whether such com
pany has refused to pay its notes in gold ant
silver coin, when lawfully demanded, and re
port to the said treasurer, secretary and audi
tor,thc facts so asceatained; and il, from th'
report so made, said Treasurer, Seeretar ant
: auditor or majority ofthem, shall be satisfied
4 that such company has suspended the pay
, ment Of its circulating notes, when lawful,
r demanded, in gold and silver coin, they shal
T forthwith appoint a receiver or receivers, ant
c REQUIRE Of him or them such bond and suret
J as they shall deem proper who shall procee
: to take possession of the books, records an
n assets Of every description of such company
9 collect all debts. dues and other claims belong
II ing to such company; settle with the apPrc
a baton of an agent, to be appointed by th
stockholders for the protection of their intel
o lests compound for all bad and doubtful debts
e sell all real and personal property ofsaid con
of pauy, and to paw over all moneys SO made
l. the auditor of State; and the auditor of Stat
Or shall cause notice to be given, by advertise
D. lment, in one or more nespapers, published l
r the city of Columbus, and also one or MOI
a. newspapers, in general circulation in the coul
S ty where the office of such iGsolvent comps
II, nv shall be situated, for six consecutive month
IS calling on all persons who may have CLAIM
le arainst such company to make legal pro
ly Thereof: and after the end of one year fro
in the first publication of such notice, the audtc
re after full provision shall have been made f
at redeeming the circulating notes of such cor
ID pany, shall make rateable dividend of Il
or moneys so paid over to him, by such receiv
ii or receivers, inclusive of moneys received
d. him on sales of stock transferred 10 and d
to posted with him by such company, on all SUI
be claims as NAV have been so proved; and fro
d, time to time, as the proceeds of the assets
or said company shall be paid over TO him, t
all said auditor shall make further dividends,
ol- aforesaid, on al claims previously proved. al
ch the remainder. if anything shall be paid ov
at TO the stockholders of the company, or th'
ch legal representa- YES in proportion to the stO
or hy them severely held; Provided howev
lu- that il any banking company, against wbi
he proceedings have been instituted, as prescr
M ed in this section. on account of any suppos
in act of irsolvcncy. shall deny having commit
ali such act. such company may apply TO
ice court Of competent jurisdiction to enjoin f
'rk Their rrncordinires in the premises, and ST
Ich court. after citirg the treasurer, secretary
re- auditor Of State, to show cause why furtl