Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1856-05-29


Sec. 40. II any branch ofths R,nL NJ
shall refuse to pay It's notes of circulation
any OF them, 10 god or silver coin of the awG
currency of lbe United States. nm which -,
"en' shs!i be lawfully demanded at its bsnI
'"s house or customary place Of doing bankin
BUSINESS during the usual banking hours. suc
branch shall be deemed to have committed .
act ol Insolvency, and there upon all its pror
ery' credits, securities. liens and assets Of az
cry description shall forthwith vest in and h
the properly, credits, securities, liens and as
sets OF the Bank of Ohio, for the uses and Dur
poses declared IN this act.
Sec 6o. The Bank of Ohio, on receiviro
Information thatany branch has committed az
act oil insolvency, shall forth with appoint "a com
m''tee OF one or more of its directors, who shal
make immediate inquiry into the truth of sucb
Information and report thereon 10 the hoard
and II the board shall be satisfied from the 70.
port OF the committee that such branch has su 9.
pended the payment of its notes in gold and sill
Ver' they shall forthwith appoint suitable re.
GeIver or receivers, who shall take immediate
possession Of the books, records money, chooses
IN action, and property of said branch of every
description, and hold the same for tbe Joint use
and benefit of The other branches of the Rank
of O IL, and the creditors Of The falling branch.
and said Bank of Ohio shall Immediately pro.
vide money and place the same in such sol
vent branch or branches as may be most con.
venlen' for the purpose Ofredeeming the notes
OF such failing branch, and shall give publc
notice thereof in some new 'paper printed in the
place where such failing branch is located and
alsoIn some newspaper of general circulation
published at Columbus.
Sec, 81. Each insolvent branch shall CON
tribute in the ratio of the circulation to which il
$ entitled, to the sum necessary for rede,mino
ne notes of the failing branch, as provided in
he preceding section, on the requi.iion orthe
Bank of Ohio, and may be renumerated for
uch contribution from The safety fund. as soon
IS money sufficient can be raised fom that
dnd, and by sale orhypothecation tire stock.
unds, or other securities belonging thereto.
Sec. 81 The receiver or receivers appointed
5 provided in theforty ninth section, shall be
equired to give bond in such sum and with $
uch securities as the Bank Ct Ohio shall iudpe S
lticlent, and under the direction of sad bank $
nall proceed to settle up the affairs of such
ranch and convert its assets into money the 9
oney so made shall be applied
FiTt-To reimburse all moneys which shall =
ave been advanced by the several branches Il
r the redemption of the notes and bills of the >
solvent, branch, and which may not have +.
zen previously reimbursed from the safety =
nd.
SecOLd TO reimburse all moneys advanced te
I'M the safety fund other than moneys deri- 81
d from that portion of the safety fund fur. tc
shed by the failing branch. .,
Third-To the payment and discharges all of =
eremaining liabilities of each branch and II
Fourth-The residue shall be divided amono .,
stockholders of the failing branch, in pro. g,
rton to the stock by them respectively held di
Sec 53. If any branch against which the Of
nix of Ohio shall have instituted proceedings At
account of any supposed act of insolvency, su
prescribed by the forty ninth section of this h
, shall deny having committed such act OF m,
oIvency, such branch may apply to any
rt OF competent jurisdiction for a writ Of in ba
ction to said Bank of Ohio, to suspend all Ia,
Lher proceedings against such branch as an fo1
'lvent bank and such court, after citing Ba
Bank of Ohio to appear and show cause oil
y such writ should be not granted, and after ito
tiuding ofajury that such branch has at all sut
es continued, and still continues to redeem ba
told and silver coin its notes of circulation. ma
! make an order enjoining the Bank of Ohio sto
all further proceedings against such aft
1ch on account of the supposed act of in bar
ency on which such proceedings were in rig
lted, and thereupon all the property and exc
is Of such branch shall be restored to its di and
OTIS. ma
&c 81, If the Bank of Ohio shall in any pro
, fail to proceed in the manner prescribed ID
lie foregoing sections of this act, in provi- "S
for the payment of the outstanding notes Su''
regulation, and in closing the affairs of any OFa'
ch that shall have committed an act of in orS
ency, the holder of any of its notes of cir. the
tion, or other creditor of such branch NAV, Tue
ase payment of such notes of circulation or mo- o
r claim has been refused when lawfully de- %
ded, and remains unpaid, apply to any lng
of competent jurisdiction for its writ iof
handing the Bank of Ohio so to proceed aSSe
it shall be the duty of such court, after ci- ac''
such bank to appear and show cause Why stat