The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-04-16

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company, shall make ratable dividend
Of the moneys so paid over to him by such
receiver or receivers, inclusive Of moneys
received by him on sales Of stock trans
ferred to and deposited with him 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 compa-
ny shall be paid over TO him, the said Au-
ditor shall make further dividends, as afore-
said, on all claims previously proved and
the remainder, if anything, shall be paid
over 10 the stockholders Of the company,
or their legal representatives, in proper
ton TO the stock by them severerally held;
Provided, however, that If any banking
company. againstwhich proceedings have
been Instituted, as prescribed in this sec
ton, on account Of any supposed act Of
insolvency, shall deny having committed
such act, such company may 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 enioined, and after the finding of jury
that such company has not suspended the
payment of its notes, when legally pre-
sented, in gold and silver coin, shall make
an order, enjoining said Treasurer, Audi
tor and Secretary ofState, and any receiver
or receivers appointed by them from all fur
ther proceedings on account Of such sup
posed act of insolvency.
| Sec 3s. If the original capital stock of any Of
such banking companies shall 10 any manner be
diminished. or any portion thereof be withdrawn
for any purpose whatever, while any debts or de-
mands against such company remain unsatsfied,
no dividends shall thereafter be made on the shares
of the cspital stock OF such company, until the
original amount of the capital stock shall be re-
stored. either by contribution Of the shareholders,
or out tf the profits Of the business of such com.
lpany and in case any dividend shall be made while
the capital stock shall remain so diminished or
withdrawn, it shall be the duty of any court hav-
ing competent jurisdiction. TO make the necessary
orders and decree for closing the affairs Of such
company, and dividing its etfec's among its credit
ors and shareholders as in this act provided.
SIC. 80. All fees for protesting the notes is
sued 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 company to the
Auditor sha be applied to the payment of such
fees; ana all expenses incurred in conducting the
sale of any such pledged stocks. and advertise
mens thereof, shall be paid out Of the proceeds of
such sales.
| SEC. 40, The stockholders collectively. Of any
bapking company. shall at no time be liable to
such company, either as principal debtors or sure
ties, or both. to an amount greater than two-fifhs
of the amount OF capital stock actually paid in and
remaining undlininished by losses or otherwise,
nor shall the directors be SO liable by the bylaws
OF such company, adopted by Its stockholders to
regulate such liabilities; and il shall he the duty
oi the auditor, treasurer. and secretary OF State.
or majority OF them, as often as once in each
year, to appoint some suitable person in the vicin-
ity of each banking company. who shall not be
stakeholder 10 any bank of this State, who shall
hsv0 power 10 make thorough examination into
| all the affairs of the bank which he may be APP
pointed To examine, and, in SO doing, TO examine
any OF the officers and agents Of such bank, on
| oath; and such agent shall make detailed report
of the condition of such bank to the auditor of
State; and the banking companies herein auhor-
lied shall be subject 10 any other visitoral powers
authorized by law; and every agent appointed. as
in this section provided, shall receive for his SER
vices at the rate of two dollars for each day by
him employed in such examination, and two dol
lars 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 exam
iDed.
SEC Al. Whenever any banking COMPANY, be-
ing desrous to diminish the amount of It's crculs-
ting notes, shall deliver to the auditor OF State
any portion Of such notes, not less in amount at
any one time than five thousand dollars to be de.
stroyed. the auditor shall destroy the same, as pre-
scribed in this act, and SHALL ihereupon, transfer
and deliver to such company, certificates of fund
ed debt deposited with him by such company. to
an amount equal to the amount of notes so delv.
cred up; Provided, that the amount of such GER
iificates remaining with the auditor shall not
thereby be reduced below the amount OF the cap
ital stock Of such company at that time paid ir,
nor in value, estimating the same at their current
price in the city OF New York below the amount
Of circulating notes still retained by such compa-
ny; or shall the auditor be required to retransfer
such certificates in fractional sims of less than
| one thousand dollars; and whenever any such
company, being desirous of renquishing its bank
ing business, shall have paid at least eighty-five
per centuh Of the maximum amount of its circula-
ting notes, and shall have delivered the same to
the auditor Of State, to be destroyed, and shall
have provided means and given security to the
satisfaction OF the treasurer, secretary and auditor
ofSate. for the redemption of its outstanding notes
of circulation, at the place where the Office OF
such company was established. and shall have Civ
en- notice thereof, by advertisement, for six con-
seCuuVe h0nuis. ia TWO newspapers OF general
circulation, published in Columbus, and atleast
one. published in the city, town, or village where
the office of such company is located, it shall be
lawful for the auditor of State TO retIansfer and
deliver to such company, all the certificates of
funded debts previously pledged with him by such
company, and thereupon. all the corporate powers
of such company, except such as shall be necessa-
ry to close up its afdrs, shall cease.
SEC. AZ. Each company shall be liable to pay
the holder Of every bill or note put in circulation
as money by such company, the payment of which
shall have been demanded and refused, and upon
all its circulating notes or bills without such de-
mand and refusal, after such company shall have
suspended generally, tho payment Of its notes or
bills ia gold or silver coin, dam ages thereon, in
lieu of interest, at the rate OF fifteen per centum
per annum from the time Of such refusal or sns.
pension, as the case may be, until such company
shall resume the payment of its notes 10 gold or
silver coin, and shall, in case of such general sus-
pension, have given three weeks notice Of such
/ ID, in lrir