Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1856-05-28

on the amount OF notes SO required; aud the stocks an
mOner so deposited shall be GenOminsted the -saict
fund. and shal he invested as hereinafter prescribed
and held by the hank as the property Of said branch
in trust for the benefit Of the several branches OF Ii
Bank Of Ohio, an as 4 fund for the ~relemrtIsL OF tn
notes OF circulation of any oRe or more oil said branch
e that may fail to redeem its notes, 10 he applied {
that purpose in the manner pointed out ~ this act.
SEcrFoN A.. All money so deposited or paid 20 IN
bank on account ofthe safety fund. by any branch shat
De uuler tue direction Of said hank, invested by sucl
branch either in stocks Of the State or Of the Unite
States. or in bonds secured by mortgages on uniLcuui
bercd real estate situate in the county where sucl
branch is located, or in adjoining counties, of at leas
twice the value in each case OF the amount secured
| thereby, exclusive of buildings or other fixtures su Jc
t. lie destroyed by III e, by foods or other accideLta
occurrences. or OF ii aber, mines or minerals subject t'
waste; which bond shall be made payable on d.man'
to the Bank Of Ohio, aud shall bear such rates OF iLter
est as shall be agreed on by the parties, not exceeding
seven per cent Per annun, payable seini-annualy-
Zach branch shall he entitled TO receive the Interest
accruing on tie stock or bonds in which its portion Of
the safety fund shall have been invested, and in cas-,
Of the Insolvency Of any branch. the stocks and bonds
in which the money Of such branch shall have beeS in
vested as aforesaid, if the proceeds OF such stock aud
bonds shaIlb sufficient to red EN- its outstanding notes
of circulation, shall, as far rs practicable, be first con
verted INTO money anu apphed I tlat purpose oe.oi
any part Of The safety fund belonging TO other hraneh-s
shall be so applied.
SECTION 4S The stockholders, collectively. OF any
branch shall at DO time be liable to such branch. eith,T
as principal debtor or surcties, or both, to an amount
exceeding one-third part OF the capital stock Of such
branch, then &C ually paid in, and Remaining as capt
4 EL1Ihs - Nlt4l liz tlA : ' ~ o'
liable 10 an amount exceeding onethirl part Of ths
stock actually paid in, standing in heir names. aud
Of which they are collectively the bona-Ade oaEers III
their owa right.
SECTION ~. Ifany brarch of the Bank Of Ohio shall
rGfuSe TO pay its notes OF circulstion, or any OF then.
in gold or silver coin of the lawful currency Of the
Unjiej States, on which payment SHALL he lawfully de
manded ut its banking house or customary place or
doing Lanking business, during usual banking hours.
such branch shall be deemed 10 have committed an act
OF insolvency, and theTeupoh all its property. credits,
securities, liens and assets Of every description shah
forthwi n vest in and be tae property. credits, securi-
ties, liens anl assets Of tn Bank Of Ohio, foT the uses
and purposes declared in this act.
SsCrlOS Sd The Bank OF Ohio. on receiving irfoi-
nation that any branch has committee an act Of ms l.
more Of It's directors, who shah make immediate it,
quiry into the truth Of such information and report
thereon to The board; and IL the board shall re satisfied
from tAe report Of the committee thlt such branch has
suspended the payment OF its notes in gold and silver.
tiey shall forthwith appoint = suitable receiver or re-
ctiyers, who shall take immeliaIe possession OF the
books. records, money. chooses in EctioR. and property
Of said branch OF every description, ana hold the SAME
for the joint use and benefit Of the other branches OF
the Bank of Ohio, and the creditors Of the falling
branch; and said Bank OF Ohio shall immediately no
vide money and place the same ia such solvent branch
or branches a may be most convenient fort the purpose
of redeemilg the notes Of such failing branch, and
shall give puil'c notice thereof in some newspaper
printed in the place where such failing brarch is 10
Gated, snd also in soule newspaper Of general circuls-
ton published at Columbus.
SEXTON 81. Zach solvent branch shall con tribute.
in the ratio oi the C rcuIati n to which it l. eIticI,d, O
the sum necessary for redeeminc the notes Of the iaiI-
ing branch, as provided in the preceding section, On
the requisition Of the hank Of OHIO. aud may he reInl-
nerated for such coItri1 ution. from the safety fund as
S o. as money sufficient can he raised from that fund,
hy Z safe or hypothecatiOn q tht stock, lands, or cth'r
securities belonging thereto.
SErTtos -. The receiver or receivers appointed -
in the f5rty-Eiath section. shall he required
to give bond in such sum AMI win such securities as
the Bank OF Ohio shall judge sufficient. an Under th-
direction Of s7id uagk, shall proceed 10 settle up thea.
fairs OF such branch, and convert its assets into money:
the money so male shall be appiieu:
First-IO reimburse all moneys which shlll have
been advanced 10y the several branches FOR IA. rel-lnp-
ton Of the notes aud bits Of the iTsDivcuI, ranch and
which may not base been previously reimbursed from
the safety find.
Se-oEd-To reimburse all moneys advanced from
the safety fund. other than moneys derived from thss
P -Ttioa Of tie safety fuad furnished l. the falling
brunch
Thiri-To the payment and discharge Of all the re-
naming liabilities Of each uIanchi and
Ecu th-The residue shall I've divided among the
stockholders Of the failing ranch, in proportion 70 the
stock By them respectively held.
SEXTON -. II any branch against which the Bank
OF Ohio shall have instituted proceedings on account
Of any supposed asst Of insolvency as prescribed by the
flrty niuIh section Of this act. shah deny having com
ntstel such act II il snlvcncy, sIch branch may apply
to any court Of competent iur.s LECTION Tor a writ o! m
junction TO said bank 81 Ohio to suspend ali further
against such branch as an lnsolrent hank;
and such court, alter citing said Rank OF OHIO 10 ap-
pear and show cause Why such writ should not be grant
AM after the finding OF a Jury hatsueh branch has
n ali times continued. and still cont nnes 10 redeem,
in gold Snd silver coin. It's notes OF circulation. shall
make an order enj0iEinC the Bank of Ohio from all
further proceeIirs Is against such branch on accouuto OF
the supposed act Of insolvency or which such proceed
inys were instituted. and thereupon all the property
and assets Of such branch shall he restored to us di-
SrcrIox 81. " the Bank Of Ohio shall in any case,
fail to proceed in the manner prescribed in the icrcsC'
ing sections Of this act, in providing for the payment
The Affairs Of any branch that shah have committed an
OF inso'vency- the holder Of any OF lis notes OF cH-
cuiatiol, or other creditor Of such branch may. IN ca-e
payment Of such notes uf circulation or otiier claim
has been refus-d when lawfully demanded. and re-
mains unpaid, apply to any court Of competent Jurls-
dicticn for its writ commanding the Bank or OlIiO so to
proceed; aud it shall be the duty of such court, after
cling such bank to appear and show cause why such
should not issue. ard upon the finding OF a jury
that such act Of Insolvency has Teen committed. 10 l.
sue their writ commanding said hank to fortlISith PRO
in th- manner pointed OFT in the preceding sec
tons Of this act, 10 provide for the Payment OF the out.
standing notes .! such branch, close up It's AFFAIRS and
RAKE application OF It's assets.
* Ilos %. That IL any hrlnch OF the Bank OF ohio
shall neglect or refuse to comply with any order OF the
B nk Of Ohio, requiring such branch to reduce its cir
-u.afioR or other liabilities, or to provide 4 larger
mount ofspecie or other means, or TO pay in its stock,
or TO do. or cease to do, any other matter, or tang
which said hank may deem necessary forthe security OF
such branch. OF any other bTanch or branches, said
bank or Any director thereof, acting for said hank, ray
apply to any judge Of the supreme court or court Of
pleas, or any judge OF 4 superior court, by
in which the Bank Of Chic shall be made
petitioner, and the branch implicated defendant. set
ting forth the substance of such order, or orders. and
such neglect, or refusal on tie art OF the branch, is
officers or agents, to comply theIewith: AMI II the
president, vice president, or any director OF the bank,
shall make affidavit Of the truth of the facts therein
stated. II shall he the duty Of such judge to allow an
il juciicn. and TO eniUin such branch. lis ofhceis,
MS. and al others in its employ, or connected there
Ei-h, from doing or suffering. or permitted TO lie done,
business whatever as a hank, ana from informed
ding with. or in aEy manner disposlns of, the books.
papers, money. chooses in action. assets, OF property Of
the branch, Whatsoever, until the further order Of tue
4,-ar- a,uvH ny coma sgslua rt9rppF The Tpfrtl4n
snail lie filed in the supreme court ~ Columbus, as
soon as ia;uHctOnis allowed.
sEc,les IS. Upon the allowance OK such injunction,
the property, credits, securitieS. liens aud assets, CT
every description, Of such branch, snail forthwith vest
in the Bank Of Ohio. vino shall appoint 4 receiver. TO
possession Of the saI5e, as provided in the 4gtli
section Of this act. a ceftiicate Of appointment u
such receiver, by the judge, or court, or clerk thereof,
the same, shall be sufficient authority to him to
possession of,the boOEs, property. and rights 81
every deseril ton, OF such branch and shall be fuil au-
.horiiy to the sheriff Of the county, where the branch IS
located. to give such receiver fGil possession OF such
books. property ani rights, " til The aid OF thc county,
required; ana said bank and receiver shall be gov
ernsd by the PROVISIONS OF this act, as provided II
eases @: suspension; and upon the dissolution OF such
iriuction. or a dIscOEtiEuaure Of such suit by the bank,
all the rights anu prof ertY Of sueh branch shall bc re-
stored TO and vest in said branch.
SECTION a. The directors OF the Bank OF Ohio, when
ever they may deem it eXpedirrt, may establish an Of
il each or ether Of the cities Of New \ Ork. ClucIn-
and Cleveland, for the receipt Of deposits and re
dempti0n OF the circulating notes Ofthc branches. upon
SUCH sEEL-5 as lhEa Hl1l- liNn lil4t . lAA4c FANSAt AN-
also a clezriug house al Columbus. They may
make all rules ana regulations necess ny to the good
o. such OLlces and clearing house. require
the several branches TO contribute 10 the capital Of such
oihces, not exceeding five per cent. of the s;ock paid
in 10y each branch, and coIzpel the branches 10 make
their collections and deposits with sail Offices, and to
employ ali such agents as may be necessary The net
profits Of the Offices shall be diyid'd among the
branches equirlhly. The Office in New York, ia tranl-
acting is business al that place, may take, reserve, and
receive such rate of interest as is or may lie lawfully
the laws OF the State Of New FORK. and no more.
SE- TioS 81 ANY existing Independent iank, hank
company or free bank ere ated by tie laws Of this
State. and Authorized to issue notes for circulation may,
alter the organization Of he Bank OF Ohio, become 4
branch Of the Bank Of Ohio, upon full compliance with
tie acquisitions Of this ac necessary 10 create .
branch OF such bank. The directors Of any such exist
ing bank, organizing as such branch under this act,
DO aud perform all the acts required OF stocShoi:-
ers to perfect such organization; and after the fall or
Of any such existing lank as 4 branch OF
the Bank Of DINO, such original corporation shall lie
held to be dissolved, EXCEPT for the purpose Of collect
its assets aud the final settlement Of its Affairs in
the manner provided il its charter; Provided, that
nothing in this section cont lined shall he so Construed
as to require the Bank If Ohio to admit any such indie
pendent or free iaEk To become 4 branch Of the Bank
Of Oaio unless the directors Of the hank Of Ohio shall
lie satisfied that the admission Of such hank viii not
irouardize the interests Of the public, or Of the Back
CT Ohio.
SEXTON 50 The Bank OF Chic. after establishing It's
ia addition TO the taxes TO be assessed under the tGen-
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