Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1856-06-11
Arrns. Is5s.
AN
lNo.12e.l

Prescribing the duties OF the Commissioners OF the
Sinking Fund in certain cases.
SECTION I. Be it enacted By the GezerGl .7sSzbIg
eftke State Of Ohio, That it shall be the duty Of the
commissioners Of the sinking fund to select and mp
point some suitable and responsible person who shall
during his continuance in Office reside ia the city OF
He~ York or some bank or other moneyed institution
keeping an ofire in the city of New York, to be denOmi-
mated Transfer Agent" and who shall act as agent Of
the State, under the direction OF said commissioners.
for paying such part Of the principal and interest Of
the state debt as is or shall he payable in the said city
snd also for issuing and for transferring certificates of
such Indebtedness; ami to require of the agent such
security as, in their Judgment. may he sufficient TO in
demnify the state against any loss OF damage resulting
from the neglect of duty or malfeasance of such agent
But no such appointment shall be held to have been
made until the name OF the person. bank or other insti-
tui0n proposed 10 be appointed ana me charlcier anu
amount OF the security required shall have been Submit
ted TO and approved 10y the Senate.
SECTION , Every Transfer Agent" appointed I'M
der the prov sions Of this act shall hold such appoint
Eent during the pleasure Of the cnmniSsiOaers-suD-
iect, however. to be removed by res lution Of the
Senate il shall moreover be the duty Of the commits
sioners to remove any such agent whenever they shall
believe the interest Of the State requires such removal.
whenever any agent shall be removed the commission
es shall immediately appoint with the approval OF the
senate IL in session, another in h S place, but If the
senate be not in session when such appointment shall
lie made the same shall he submitted to the senate for
their approval within five days after the commence
ment OF their next session and no agent a~ppOicted
during the recess Of the senate shall hold such appoint
nent longer than twenty days after TIE commencement
Of the next ensuing session unless approved by the
Senate
q an Va AE SAAhAuE auAAs
shall designate some suitable place in the city Of New
York where the business of the agency prescribed by
this act shall be transacted, and shall give proper pub
lie notice thereof.
Sections. All moneys appropriated or intended by
law or by the commissioners of the sinking fund for
the payment OF Interest or principal OF the Foreign
debt OF the state, or to be Invested in stocks or bonds
for the benefit OF the sinking fund, If deposited or kept
elsewhere than in the state treasury at Columbus, shall
he deposited in some hank or banks or other moneyed
institution or institutions of established credit and I'M
doubted peeuniary responsibility in the city of New
York, and shall there remain unless Withdrawn for the
purpose Of being Immediately deposited in some other
bank or institution of equal responsiiiiity in the city
Of New York, or in the sttte treasury at Columbus, I'M
I'll the s1me shall be required for the payment of the
principal or interest OF thr state deit, or for invest
ment as provided by law, and until such moneys shall
actually be paid out for such purpose or purposes and
said commissioners shall if they deem it necessary take
such good and sufficient security as they may deem
1Yroper 10 secure the repayment OF said MONEYS which
shall be taken in the name of the state Of Ohio and de
posit>d in the office Of the Auditor Of State.
sErTIos 5. All payments made by the Transfer
Agent. whether on account Of interest or principal Of
the state debt, or for Investments Of the sinking fund,
rhall be made by draft or check on the bank or other
Institution where money shall have been deposited for
the purpose Of making snch payments; and every such
draft or check shall he made payable to the person en-
titied or duly authorized to receive such payment or to
his order. and shall specify the claim or debt for Uhich
payment is so made
SEXTON 6. The commissioners OF the sinking fund
shall. tom time to time, as the same shall become ne
cessary, appropriate of the moneys belonging TO the
sinking fund. such sums as may be sufficient to pay the
Interest on the foreign debt of the state-the principal
Of Sucn part tnereOi as SnAl Al any kucn time oe dhout
to f4ildue. and such sum as they may deem %expedient
TO invest in purchasing such bonds. stscks or other
public securities, as they may be. by law authorized &c
purchase for the benefit of such fund and shall order
the dePositary or depostlries OF the moneys-'elong-
ing 10 The sinking fund Of the city Of New York to pay
to the person legally authorized 70 receive such pay
inent the checks or drafts drawn by the Transfer Agent
in accordance with the provisions Of the fifth section Of
this act
srSTrox :. The commissioners of the sinking fund,
as soon as convenient after the passage of this act.
shall appoint some suitable person of established repu
tatiou for integrity and correct business habits, who
shall keep his office at some convenient place in the
city Of New York. and who shall in no way Re related
to nor connected in business with the Transfer Agent.
to be denominated the Registrar" Of state stock. and
whose tenure of Office shall be the same as that of the
Transfer Agent
SECTION I. 1t shall be the duty Of the Registrar per-
sonzliy to examine every certificate of state stock is
sned by the Transfer Agent, and every certificate sur
rendered TO such agent. whether for the purpose OF
transferring such stock or any part thereof to a differ
ent owner; or for the purpose ofdividing or Of c1nsoli-
dating the stock represented 10y Que or more OF the GER
OF all such certificates issued or surrendered in a book
or books TO he provided therefor. in such forms as the
commissioners Of the sinking fund shall prescribe.
SEcrToN9. All certificates of state stock. whether Of
new stock or Of stock transferred, or certificates issued
in lieu Of certificates surrendered. lost or destroyed,
issrci by the Transfer Agent on or after the first day
Of May next, shall be verified Ivy the Registrar, who, for
that purpose, shall sign his name conspicnousiy on
each Of such certificates Immediately under the word
"a Registered" and no certificate Of state stock iss1ed
by the transfer agent, on CT after the said first day Of
Nay next. shall be held valid and binding on the state
unlGs1 Il 1ut Ia > tEAlCL aAl NAN llAlL AnhEl vi
the sinking fand sh.ll Immediately after the appoint
ment of a Registrar give public notice by publication
in At least one newspaper published in each of the cit
les Of New York and Lonion, and Of general circula-
ton therein, Of the requirements contained in this sec
ton.
SECTION 10. No certificates Of new stock shall he
executed or issued by the transfer agent. nor verified
by the registrar unless in accordance with The written
orders and instructions of the commissioners of the
sinking fund. 4 copy of which shalI have Teen deliver.
ed to such agent and : copy to such registrar and no
certificate OF stock shall he so issued by the transfer
agent in place Of any certificate or certificates pTevi-
Ousiy issued for the purpose of transferring the same.
or for any other purpose, unless certificates previously I
Issued OF stock 10 an equal amount, bearing the same
rate Of interest aud PAYABLE at the same time. as the
new certificate OF certificates so to be issued lie srr-
rendered and cancelled, except in cases Of the loss or
destruction Of certificates previously issued. as herein /
after provided-aor shall TIE registrar verify or SIC,
any certificate Of stock issued in violation of the pTo.
visions of this section.
SECTION IL Iiefor. the registrar shall verify, by his
signature. any certificate Of state stock. il place Of any
certificate or certificates surrendered, he shall write /!
IN large and lrgible characters on the face Of the GER
tihcate or certificates surrendered, the word .'canctu- |
ell" and Immediately under said word, afix the date
Of such cancellation. and subscribe his name thereto.
SEcTIo~ IL. Whenever satisfactory proof shall he
made to the commissioners Of The sinking fund. or the |
acting commissioner Of said fund that any certificate
or certificates Of the foreign stock of the state shall
have been lost or Destroyed. and Of the amount and par
tieulzr kind Of stock represented by the certificate or
eeri5cd;es 50 lost or ce-trOyed, and Of the legal and