Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1856-09-11
gatus Of 0bio.
PUBLISHED By AUTHORITY.
THE BANK LAW.
Concluded from last ,ceek.

Concluded from last week.
Sec 49, The stockholders collectively of anv brancl
shall at time be liable to such branch either as prin
cpal debtors or sretes BOTH to exceeding
oe-ird Of the capital stock of such branch then actu
ally paid in, and remaining capital stock; shat
the directors, collectively, be liable to amount
ceeding onetird part of the stock actually maid in
standing in their names and of which they are collective
ly the bona fde owners in their right
Sec. 40. If any branch of the hank of Ohio shall re-
fuse to pay its notes of circulation of them
gold or silver coin of the lawful currency of the United
States on which payment shall be lawfully demanded
its banking house customary place of doing business
during usual banking hors such branch shall he deemed
10 have committed an act of insolvency. and thereupon
cry description shall forthwith vest in and proper
" and assets of the bank Of Ohio for the and pu
pose dsslafed in this act. d. -. -
Sec 80. The bank OF Ohio, receiving information
that any branch has committed act ofinsolvenc sha
forthwith appoint committee of of IFS i-
rectors, who shall make immediate inquiry into the tru
of such Information and report thereon the board
if the board shall be satisfied from the report the
ttee that such brunch has supended the payment of its
notes IN golG and silver they shall forthwith appoint
suitable receiver receivers who shall take immediate
possession of the books records moneys choser in ac
ton and property OF said branch of every description
and hold the for the joint and benefit Of the
other branches of the bank of Ohio and the creditors
failing branch; and the said bana of Ohio shall mmed-
aely provide and place the in such solvent
branch or branches may be most convenient for the
purpose of redeemng the notes of such falling branch
and shall give public notice thereof in Newspaper
printed in the place where such failing branch is located
and also in some newspaper of general circulation print
eds Columbus
Sec. ST. Each solvent branch shall contribute in the
ratio of the circulation to which it is entitled the sum
necessary for redeemng the notes of the failing branch
as provided IN the preceding section, the requisiiion
oi the bank OF Ohio and may b, remuneraed for such
contribution from the safety fund rs money suf
fcient can be raised from that fund.- by sale hypothe-
cation of the Stock funds other securities belonging
thereto.
Sec So The receiver receivers appointed as proy
ed in the ortyninth secioa shall be required to give
bond in such sum and such securities the bank of Ohio
shah judge sufficient and under the direction Of said
hank shall proceed to settle up aairs of said branch
and convert its assets into money; the money made
shall he applied:
Fffst-To reimburse all moneys which shall have beer,
advanced by branches for redemption OF
the notes and bills of the iolvent branch and which
not have been previously renburged from the safety
fund -rsi.sf f'~s1 t.lf r
- Second-To reimburse all moneys advanced from the
safety fund.- other than moneys derived from that portion
of the safety fund furnised by the falling branch
Third-fo the payment and discharge of all the
rnaining liabilities of each branch: ard sa
Fourth-The residue shall be divided among the stock
holders of the falling branch in proportion to the stock
by them respectively held. 80 - 2
Sec. SO. If any branch against which the hank of Ohio
shall have instituted proceedings account of sup
posed act of insolvency prescribed by the fortynth
section of this act shall deny having committed such act
of insolvency, such branch may apply to court of
competent jurisdiction for writ of Injunction to said
bank of Ohio to suspend all further proceedings against
such branch insolyent bank; and such court, after
citing said hank of Ohio appear and show why
such writ should not be granted and after the fuding Of
jury that such branch has at all times continued and
still continues to redeem in gold and silver coin its notes
of circulation, shall make order enoinng the Bank of
Ohio from all further proceedings against branch
account of the supposed act of Insolvency which such
proceedings instituted, and thereupon all the pro-
per and assets of such branch shall be restored to its
directors
Sec 81 If the hank Of Ohio shall in any case fail to
proceed in the manner prescoied in the foregoing
tiens OF this act in providing for of the out
standing notes of circulation and in Closing the affairs of
any banch that shall have committed insolvency
the holder of any OF lis notes of circulation, other
cIedor of such branch may, in payment of such
notes of circulation other claim has refused when
lawfully demanded, and remains unpaid apply to any
court of competent jurisdiction for its writ commanding
the bank of Ohio to proceed and it shall be the duty
of such court after citing such bank 10 appear and show
cause why such writ should not issue, and upon the
finding of jury that such act OF insolvency has been
committed, to issue their writ commanding said bank
forthwith to proceed in the pointed in the
preceding sections of this act to provide for the payment
of the outstanding notes of such branch its affairs
and make application of its assets.
Sec. So. That branch of the bank of Ohio shall
neglect or refuse to comply with any order of the bank
of Ohio requiring such branch to reduce its circulation
or other liabilities to provide larger amount of spe
Gle other means, pay its stock or do or cease
to do any other matter, thing which said bank deem
necessary for the security of such branch or any other
branch or branches said bank any director thereof
acting for said bank, may apply to any judge of the
prene court or court of common pleas any judge Of
superior court by petition in which the bank of Ohio
shall be made petitioner, and the branch implicated de-
fendent setting forth the substance of such order or or
ders and such neglect refusal the part of the
branch rs officers or agents, to comply Herewith and
if the president vice president director of the
bank shall make affidavit of the truth of the facts there
IN stated 1t shall be the duty of such judge to allow
injunction, and to enjoin such branch officers agents
and all others in its employ, connected Herewith
from doing, or suffering, permitting to be DONE any
business whatever a bank and from intermeddlne
with, or in manner dsposing the books paperS
MONEYS chosers in action assets or nroperty Of te
branch whatsoever, until the further order of Che s-
preIne court judge thereof The petition shall
I've ied in the supreme court at Columbus as in
junction is allowed.
See S. Upon the allowance of such Injunction tbe
credits securities, liens and assets of every de-
scrlpeon Of such branch, shall forthwith vest in the
ois OF oIao ueo shaH appoint receiver to take pos
session Of the sa provided the forty-nnth sec
non OF tbs act cersicate of appointment Of sacl,
Che saiae to him To- f ms
session of the books property and rights of every de-
scrirton OF such branch, and shall full authority To
the sheriff of the county where such branch is ocatcJ
give such receiver full possession such hooks pro
perty and rights with the aid of the county, required.
and said bank and receiver shall he governed pro
visions Of this act provided in of suspension
upon dissolution Of such Injunction or dcon
tinuance of such suit by the bank, all the rights
and property of such branch shall be restored to and
vest in said branch.
they may deem If expedient, establish Office in
each either Of the cities Of New York. Cincinnati and
Cleveland for the receipt of deposits and REDEMPTION Of
the circulating notes OF the !nn such terms
they from time time prescribe and also clear
ing houae at Columbus. They make all rules and recua-
ons necessary the good management such Offices
and clearing house. require the several branches t.
tribute to the capital Of such Offices not exceeding Eve
cent of the stock paid in by each branch and compel
the branches make their collections and deposits with
said Offices and TO employ such agents he
The net profits Of the Offices shall be divided among
the branches equitably. The Office in New York. in
tansactng its business at that place. may take reserve
and receive such rate of interest is he lawful by
the laws Of the State of New York, and no
Sec 5S. ANY existing independent bank, banking
company or free bank created by the laws Of this State
and authorised to issue notes for circulation may after
the organization Of the bank Of Ohio become branch of
the bank of Ohio upon full compliance with all the
QUESTIONS of this act necessary branch of such
hank. The directors Of such existing hank, organiz
ing such branch under this act may perform all
the acts required Of stockholders perfect organ
zation and after the full organization Of any such ex-
sting bank branch of the hank Of Ohio Fuc origi-
nal corporation shall be held to be dissolved except for
the purpose of collecting its assets and the settle
nent of its affairs in the provided in this charter
Provided that nothing in this section contained shall he n
construed to require the bank of Ohio to admit
such independent free bank TO become branch Of tho
bank of Ohio, unless the directors Of the Bank Of Ohio
mar be satisfied that the admission Of such bank will