Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1852-07-29

the makers Of such protested notes, to
the payment pro rata Of all such circu-
lating notes, whether protested or not,
put in circulation by the makers of such
protested notes, pursuant TO the provis-
ions of this Act, and to adopt such
measures for the payment Of such notes,
as will in his opinion most effectually
prevent loss to the holders thereof.
Sec 8. The Treasurer may give to any
association of persons so transferring
stocks, in pursuance of the provisions 81
this Act, powers of attorney to receive
interest or dividends thereon, which such
associations may receive and apply to
their own use; but such pow srs of at.
torney may be revoked, upon such asso.
citation failing to redeem the circulating
notes so issued. or whenever, in the
opinion of the Treasurer. the principal
of such stock or bonds shall become an
insufficient security and the said Treas
urer, upon the application of the owner
! or owners Of such transferred stock and |
bonds in trust, may, in his discretion,
change or transfer the same for other
stock and bonds Of the kind before spec
! flied in this Act. or may re transfer the
said stocks and binds or any part there.
of, upon receiving and canceling an equal
amount Of such circulating notes deliv-
cred by him 10 such corporation, IN such
manner that the circulating notes shall
ways be secured in full. as in this Act
provided.
Sec 8. Whenever in the oninion OF
| the Treasurer aud the School Fund Com
/ missioner, the securities deposited for the
| redemption of circulating notes become
! INSULT ;ient for that purpose. ;hey may
order such corporation or association to
either furnish SUCH additional security
as the said Treasurer and School Fund
Commissioner may require, or to return
to the Treasurer such proportion Of their
circulating notes received by such asso'
citation of SAID Treasurer, a. the Treas
urer and School Fund Commissioner
shall deem advisable, in order to protect
the bill holder from loss. And in such
case, where, in the opinion of the Treas
urer and School Fund Commissioner, the
securities deposited for the redemption
Of circulating notes become INSULT cient
| for that purpose, the Treasurer may re-
woke the power Of attorney mentioned
in this Act, and receive the dividend on
all stocks, as we'll as the interest on
bonds, and shall deposit the same in some
safe institution, in Ais name, in trust for
the corporation to whom the same may
belong-,he deposit to be made on such
terms and at such rates of interest, as
the Treasurer may deem most conducive
TO the advantage Of such corporation. and
be withdrawn and paid over whenever
in the opinion Of .he Treasurer and
School Fund Com missioner, the secur
ties of such corporation shall be suifi
cient to warrant it,
Sec. 10. In case any corporation or>
ganzed under this Act shall TAIL TO com
ply with the order of the Treasurer and
School Fund Commissioner. requiring
them to furnish additional securities. or
return their circulating notes for the p,-
riod of twenty days from the time such
order was given, then it shall be the duty
of the Treasurer to apply TO judge OF
the superior court FOR an order from SAID
Judge, declaring such corporation or as
ISOLATION insolNent And if the said
Judge shall find that the said corporation
or association has not complied with the
order of the Treasurer and the Schoo
Fund Commissioner. he shall thereupor
declare such corporation nsolvent, and
shall appoint receiver, who shall pro.
coed in the matter as provided in thi,
Act.
Sec. IL. In cosc such corporation o,
association of persons shall fail or refuse
to pay such bills or notes on demand, in
the manner specified in this Act, the
Treasurer, after the ten days notice
herein mentioned, may proceed to sell at
public auction the stock or bonds so
pledged, and out of the proceeds OF such
sale, shall pay and cancel the said bills
or notes. default in paying which shall
have been made as aforesaid but moth
ING in this Act contained, shall be con-
sidered as implying any pledge on the
part of the State for the payment Of
said bills or notes. beyond the proper
application Of the securities pledged to
the Treasurer for their REDEEM ption.
| Sec. IL. The securities to be deposited
W it'll the treasurer, by any such assoca,
zion or CO; roration. shall be held by him
exclusively for the redemption Of the
bills or notes of such corporation. put in
circulation as money, until the same are
paid.
Sec. ls. The plates. dies. and materi,
ais TO be procured BY the L, easursr. for
The printing and making Of the circulat-
ing notes provided for hereby, shall 70.
main in his custody and under his direc.
ion. and the expenses necessarily incur.
red in executing tho provisions Of this
Act, shall be audited and settled BY the
| Treasurer. and paid out of any monies in