The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1856-05-29
RAVENNA. THURSDAY, MAY 30 1856,

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thecution Of the stock, funds, or other sccu
s. tiles belonging thereto.
! Section 81 The receiver or receive
e appointed as provided in the forty.nintb se
lion, shall be required to give bond in sue
Z sum and with such securities as the Ban
Il OF Ohio shall jndge sufficient, and under Il
+ the dire ctiOn of said bank, shall proceed
settle up the affairs Of such branch, and CO,
b vert Its assets into money; the money 8
. made shall be applieJt
First-To reimburse all moneys wbic
shall have been advanced by the sever,
branches for the redemption of the notes an
: bills OF the insolvent branch, and whic
may not have been previously reimburse
from the safety fund.
Second-To reimburse all MONEYS atlvat
0 ced from the safety fund, other than monet
Y derived from that portion Of the safety fan
furnished by the failing branch.
: Third-To the payment and discharge q
: oil the remaining liabilities of each branch
, and
Fourth-The res;due'shall be divided anon,
the stoe ekholders Of the failing branch, il
proportion to the stock by them respectively i
held. 49,. -,
SEerroS SO. Tfsny branch again t whicI
the Bank OF Ohm shall have Instituted pro
proceedings on account of any sup
posed act Of insolvency, az prescribed b,
the torty-nihth section Of this act, shall de
ny having committed such act of insolvency
such branch may apply to any court of com
petant jurisdiction for writ of injunc
ton to said Bank Of Ohio, to suspend
all further proceedings against such branch
as an insolvent bank; and such court, af
ter citing said Bank of Ohio to appears and
show Cause why such writ should not be
granted, and after the not finding of a jury
that such branch haset all times continued,
ana still continues to redeem, in gold and
silver coin, its notes OF circulation, shall
make an order enjoining the Bank of Ohio
from all further proceedings against such
branch on account Of the supposed act of
insolvency on which such proceedings were
instituted, and thereupon all the property
and assets OF such branch sh all be restored
to its directors. H..a
SECTION 81. fthe Bank Of Ohio shall,
IN any case, fail to proceed in the manner
prescribed in the foregoing sections of this
act, in providing for the payment of the out.
standing notes of circulation, and in closing
the affairs OF any branch that shall have
committed an act insolvency, the holder Of
any OF It's notes Of circu lation, or other cred
ltor of such branch may in case payment of
such notes OF circulation or other claim has
been refused When lawfully demanded, and
remains unpaid, apply to any court of com.
petent Jurisdiction for its writs commanding
the Bank Of Ohio SO to proceeds and it shall
be the duty Of such court, after citing such
bank to 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 com.
manding said bank to forthwith proceed in
the manner pointed out in the preceding sec.
ton OF this act, to provide for the payment
OF the outstanding notes of such branch,
close up its affairs and make application of
its assets.
SECTION 55. That if any branch of the
bahK OF Ohio shall neglect or refuse to COM
ply with any order of the Bank of Ohio re
curing such branch toreduce its circulation
or other Liabilities, or to provide larpe n.
mount OF specie or other means, or to nav in
us stock' or to do or cease to do any other
natter,or thing which said bank may deem ne
cessary for the security ofsuch branch or any
other branch or branches, said bank or any
l'rector thereof, acting for said bank, NAV
'pply to any judge Of the supreme court or
court OF common pleas, OF any Judge OF a su
perlor eourt.by petition, In which the bank of
Ohio shall be made petitioner, and the branch
implicated defendant, setting forth the sub.
stance OF such order, or orders, and suck ne.
siect, or refusal on the part of the branch,
lis ihcers or agents, to comply Herewith:
IND the president, vice president. ,,r ahv
lirector of the bank, shall make affidavit 81
he truth of the facis therein stated. + shall
'e the duty OF such judge to allow an in.
JUNCTION, aid to eujoin such branch, its off. !
ers, agents, and all Others in It's employ, or :
ohhected thefewlth, from doing, or suffer.
hs' or permitting to be done, any business !
whatever as bank, and from intermeddlino =
'ltn' or IN any manner disposing Of, the
ooks' papers, money, chooses in action, as. !;
etts' or property OF the branch, whatsoever.
ht'i the further order OF the supreme court. .
some Judge thereof The petition shall I,
MED IN the supreme court ut Columbns i,
soon as injunction is allowed.
SECTION So. Upon the allowance Of snch :,
the property, credits, securities, /,
ems ana assets, ofevery description, of such
rahch snail forthwith vest in the Bank of ,
'olo, who shall appoint receiver, to take +
ossess'on oil the same, as provided in the n
1th section of. this act. A certificate of !,
prominent OF such receiver, by the Judge +,
court or clerk 10 take possession OF the y
'oks' property, and rights of every dssdrip. Il
on. OF such Branch, and shall be full an. :,
ofity to the sheriff of the county, where n
@ branch is locatnd to give such receiver. r
!! possession of such books, property nnd n,
gilt, with the aid Of the connty, II reou;r :.
!; and said bank and receiver Shall be GOV. =,
ned oy the provisions Of this act, as provi- =,
d IN cases OF suspension; and upon the 81
OF such injunction, or .discon. :,
luaneo OF such suit by the bank all the n
'hts ana property of such braifcf SGall be N
stored to and vest in said branch. NJ
SECTION 81, The directors OF tie Bank
Ohio, whenever they may deem il expe- h,
mt, may establish an office in each or 81. q;
ar Of the cities Of New York, Cincinnati n
cleveland, for the receipt bf deposit. ~
redemption Of the circulating notes Of re-
branches upon soch terms as they NAV m
M ume 10 time prescribe, and also su
'aring house at Columbus. They may cil
ne az rules and regulations necessary 10
good management Of such Offices and ,rt
'arlng house, require the several branch. Ist
70 contribute to the capital OF such offices in,
exceeding five per cent of the stock paid n,
Dy each branchaD compel the branches An
make their collections and deposits with an
d Offices, and to employ all such agents Or,