Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1856-05-29
WHOLE NUNBER. 1878.

vi Il
er' Of any ins0lvent bank viii be best promoted
thereby. with The advice fpbs auditor and sec.
rs'7ry Of state hypolhecl.e or sell. a, pri,a,o
'a'e'any oishe sock transferred % and deno.;,,1
"l.h hin by such bank OF any other ipleosn.
daas bank or to any individual person
or hrm' ard receive therefor either money or
ne circulating notes Of such falling hank. mo.
''ded' Tia: no such stock shall be sold bv mr..
vale le al less than the par value thereof ~,
al less than It's selling price at the New Yort
stock exchange at the date Of the las. received
information nor shall any such stock be sell
on credit. '4
Sec 81. On receiving notice tha. any sucb
independent bank shall have committed a. -,
o. insolvency, as hereinbeiors defined The ,ro,s'
urer Of State, the secretary Of State anil ia
Hui''r Of State, or a majority Of them, sbaIl
appoint a special agent who shal immeIi,t,,,
proceed to ascertain whether such oanI b.s
fused to pay It's notes ia gold and SILVER coin
when lawfully demanded and report to ,ai5
treasurer secretary and auditor, the fsc,, 60
a''eT'aInsd' and if from the reports SO made
sAatraesurer, secretary and auditor or a maio,i'
y OF them, shall be satisfied that such bank ba.
suspended the payment Of its circulating no,ss
"h'n la"iuily demanded, in god aud siyer
eo'n' they shall Forthwith appoint receiver or
receivers, and require Of hun or them such bonI
or security as they shall deem proper, vbo
shall proceed to take possession of the bo,l,
records, and agsests of every dgscripli,r of
such bank, collect all debts, dues, and o,ler
claims belonging to such bank; settle. and ,,i,b
he appreciation Of an agent to be appointed
By the stockholders for the protection Of their
interests, compound for all bad and dopbtruI
d, 6is sell all the real and personal propertv Of
sad bank and to pay over all mOneys so made
% the treasurer OF State, and the Treasure, or
state shall cause notice to be given By adver.
lsement IN one or mole newspapers published
the city Of Columbus, and also in one or
nore newspapers in general circulation in the
o1nty where the Office of such insolvent bank
hall be situated, for six consecutive months
slIIng on all persons who may have claims a.
ainst such bank, to make legal proof thereof;
nd alter The end Of one year from the first
ubllcaton of such notice, the treasurer after
Ill provision shall have been made for re,Iser,.
g the circulating notes of such bank. shall
ake aratabie dividend Of the moneys so paid
yer to him by such receiver or receivsrq ;r-
usive of moneys received by him on sales of
oek transferred to and deposited with Linn bv
lch bank on all such claims as my have been
proved; and from time to time, as the pro-
aeds OF the assests Of said bank shall be maid
yer to him, the said treasurer shall make fur
her dividends, as aforesaid. on all claims pra.
iousIy proved, and the remainder, il anytbing,
hall be paid over to the stockholders of tbo
ank or their legal representatives, 10 proper
ION to the stock by them severaly held: pro.
ided, however, that if any Independent bank.
ganst which proceedings have been instituted
prescribed in this section, on account of snv
opposed act of insolvency, shall deny hayipo
mmltted such act, such bank may apply 70
EF-g -
y court of competent Jurisdiction to erigin
rther proceedings in the premises; and such
lrt' after citing the treasurer, secretary and
dhor OF State, to shoV cause Why further
'ceedings should not be enjoineJ, and after
ding OF jury that such bank has not sus.
ldeI the payment of its rotes when legally
scented, IN gold a6d silver coin, shall make
or1er enjoiniug said treasurer, auditor and
retary of State, and any receiver or receiy.
appointed BY them, from all further proceed
5 on account of such supposed act of insol-
ICY,
Sec. y. If the original capital stock of any
h Independent bank shall in any manner be
finished, or any portion thereof be with.
Wn .or any purpose whatever, while anv
is or demands against such bank remain un-
sfed, no dividends shall thereafter be made
he shares q the capital stock Of such bank
] the original amount of the capital stock
be restored, either BY contribution Of the
'ehollers, or out the profits of The busi-
OF such bank ; and in case any dividend
be made while the capital stock shall re-
SO diminished or Withdrawn, it shall be
duty of any court having competent iaris.
on, to issue the necessary orders and de-.
S, for closing The affairs of such bank, and
ling its effects among its creditors and
ehollers. as in this act provided
&C. 73. All fees for protesting the notes
ID by any such indepead,n bank shall be-
BY the person procuring the protest to be
e, and such bank shall be liable therefor
no part Of Che stock pledged by such bank
e treasurer shall be applied to The payment
uch fees; aud slexpenses incurred in con.
ng the sale of any such pledged stocks