The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1856-05-07

over 10 him BY such receiver or receivers
inclusive Of msneys received ~ him on
sales Of stock transerred to and deposit
ted with him by such bank on al snehr
claims as may have been 10 proved; and
from time 10 time. as the proceeds OF the
assets OF said bank shall be paid over to
him, the said treasurer shall make fur
iher dividends, as Aforesaid, on all claims
previously proved. Rnd the remainder, i
anything, shall be paid ever TO the stock
holders Of the bank or their legal repre-
sentatives, in proportion TO the stock by
them seSerally held; provided. however.
that if any independent bank, against
which proceedings hYae been instituted
as prescribed in this section, on account
Of any supposed act Of Insolvency, shall
deny having committed such act, such
bank may apply 10 any court OF eompe.
tent jurisdiction to enjoin further proceed
ings in the premises; and sneh court. at
ter citing the treasurer, secretary eHd
audi or Vl State, to show cause why fur
ther proceedings should not no enjoined,
and after finding OF a jury that sucn bank
has not suspended the payment Of is
-notes- when legally presented, 10 gold and
silver cola, shall make an order enioininx
said .teasur6r, suditor aud secretary Of
State, aud any reseiver or receivers ap.
pointed By them, from all farther procee-
dings on account of saeh supposed act Of
Insolvency. - -
Sec, 7s. IF the original capital stock
Of any such independent bank shall In
any manner be diminished, or any por.
ton thereof be Withdrawn for any purpose
whatever, while any debts or demands
against such bank remain unsatis6ed, no
dividends shall thereafter be made on
the shares OF the capital stock of such
bank until the original amount of the cap
iial slock shall be restored, either by con-
tribution of the sbGSeholders, or oat Of
the profits of the business Of such bank;
and IN case any diyident shall be made
while the capital stock shall remain So di.
minished or Withdraw, it shall be the
duty Of any court having competent ju
risdiction, to issue the necessary orders
and DEGREES, Tor closing the affairs ofsuch
bank. and dividing its Effects among its
ereditoYs and shareholders, as in thia ast
provided. '
Sec. 70. All fees for protesting lls
notes issued by any such independent
bank shall be paid by the person
procuring the protest to be made. and
such bank snail be liable therfor bat no
part OF the stocks pledged by such bank
TO the treasurer shalt be applied to The
payment Of such fees; and all expenses
incurred in conducting the sale Of any
such pledged stocks and advertisements
thereof s!s!I be paid out CT the proceeds
of such sales. .s..q..
Sec. "a. The stockholders, collective
", Of any independent bank, shall at no
lime be liable to such bank either as prir.
cipai debtors or sureties, or both. to An
amount greater yhsA three Eff hs of the
amount of capital stock actually paid in
and remaining undininished. by losses
or otherwise, nor shall the directors be
so liable exoep. 10 such amount and sucA
manntraAs shah bepescribedby tie BIZ.
laws Of such bank, adopted by its stock
holders to regulate such Liabilities, and
it shall be the duty Of the auditor treasa-
rer and secretary Of State, or a majority
of them, AS Gtlen as once in each year,
to appoint some suitable person, who
shai) not be a stoekhoIdrs in any bans Of
this State. who 54ail have power to make
4 thorough examination into al the al.
fairs Of the bank which be may be- ap-
pointed to examine, and in 50 do ng to
gxAmae any Of the ufficefs and agents Of
>uc4. hank on oath, and such agent shah
make detailed report Of the condition Of
suctI bark 10 the Auli,or oi Siate; and
the banks organized under this Act shall
not be suhiect 10 any ether ViritriaI pew
ers than such rs are All borIred b. this
act, except such as ARE vested IN the sew
,Ial courts, of law and chancer,; aud
every agent appointed, as in this src'i n
provided. shall receive for his services at
the rate ofJour dollars for each day BY
him emf Ios ed in such examination, ard
four dollars for every twenty Eve miles
he shall necessarily travel in he perfor
nance Of his duty, which shall be paid
by the treasurer OF ST. te, and refunded
by the banks. as other expenses ere re
fundtd ..y..'....
SEC. rs. Whenever any indie en-
dent bank, being desirous of diminishing
the amount OF It's circulating notes. shall
deliver to the treasurer of State any por-
lion Of such notes not less in amount at
any one time than five THOUSAND dollars,
to be destroyed. the treasurer shall drs-
troy the same as prescribed in section
sixty three, and shall thereupon transfer
and deliver TO sach bank, certificates Of
funded debt posted with him by such
bank to aa amount equal to the amount
of notes, so delivered up; provided, that
the amount Of such certificates, remaining
Gilh the treasurer, slall not thereby be
reduced below the amount oL the capital
stock Of such bank at the time paid in,
nor in any case below the sum OF one hui.
dred thousand dollars, nor in value, es-
timaiht tie same ii their then cur
rent price in the city of New York,
below the amount OF circulating notes,
still retained by such bank: nor shall the
treasurer be required To transfer such Ger
in fractional sums Of less than
one thousand dollars. and whenever any
such babk. neiag de,irous of relinquish
ing its banking business. shall have paid
Al least ninety percent. Of the maxmum
amount o. its circulating notes. and shail
have delivered the same To The treasurer
OF State to be destroyed ard b Al have
provided means ard given security TO tte
satisfaction Of the treasurer, secretary
and sujitor Of state, for tie redemptiont
OF it. outstanding notes of circulation. a
The place where the office Of such bank
was established. and shall ha9e given
,o,;ca ,ha,,of hv adv.rti. .en,ent for aix