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

alaii uc SEP " tur nAuh ~ Jhot IN
book or books, to be provided and kept
in its Office al Oolumbus; oil rotes 20
worn, defaced or mutilated, as to be unit
for circulation, shall be returned by the
branee by which Issued 10 The bank,
and an equal amount Of new notes reeei.
we'd therefor; all sush notes 80 returned
By branch. shall be Gre diled, and al
new ones delivered In their stead shall
be charged to such branch on the books
OF said bank; and the notes 20 retained
shah be burned TO ashes In the presence
Of the president, and at least two Of The
directors of said bank.
Sec. 50. Before the bank shall deliver
to any branch. notes for circulation. 1t
shall require such branch to pay over or
deposit to the credit Of said bank. as said
boz I'd hall order, either in money or in
certificates Of be stocks Of this State. or
vf the United States. at their current yul.
as in The city Of New York, but in no In.
s'aEee Shove thsiI par value, 20 amount
cqual to ten per cent on The amount of
the notes for circulation which shah be
delivered 10 such branch. And 80, from
time to-riule. as any branch-rnay, by the
pay yiDg in uf an additional amount on It's
car ital stock, or by not swing received
the amount Of notes for circulation 10
which il was previously entitled, be pu-
thoTized 70 demand an additional amount
Of notes Tor circulation, such branch shall
depoSi! Bifh the bank ten per cent. or
The amount CT notes so required; and the
stocks AID money so deposited shall e
denominated The safety fund.-" and shall
be invested as hereinafter prescribed, an !
held by the bank as thfproperty Of said
said branch, in trust fer the benefit Of the
several branches of the Bank Of Ohio,
and as fund for the redemption Of the
notes Of circulation Of any ons or more
of said branches that may fail to redeem
its notes. to be applied to that purpose IN
tie manner pointed by this act.
Sec. a. All money so deposited or
paid to the bank on account Of tie safety
fund. by any branch shall be. under the
direct i'm OF said bank, invested by such
branch either in stocks ofthe State or OF
the United S;atee. or in bonds secured
by mortgages on UnincuMbered real e.
state situate in the cuanty where such
branch is located, or ia adjoining coun-
ties, Of at least twice the value in each
case of the amount secured thereby. ex-
elusive of buildings or other fixtures sub
iect to be destroyed by fire. bod or 9th.
er accidental oceurrances, or Of timber,
mines or minerals subject-to waste; which
bond shall he made pay able on demand
TO the Bank Of Ohio, and shall brar such
rate { interest as shall be agreed no by
the parties, not exceeding seYea per cent.
per annum, payable semi: annnaly.-
Each branch shall be entitled to receive
the interest accruing on the stocks or
bonds in which its portion of the safety
fund shall have beea invested. and ia
case et lie Insolvency Of any branch, the
stocks and bonds in which the money of
such branch shall have be invested rs
aforesaid 1.-THE proceeds OF such stock and
bends shall be sufficient to redee m its out
standing notes Of circulation, shall, as
far as pracucsblc be FIRST converted into
money and dappiivd 10 chat purpose before
any part Of the safety fund belonging to
other branches shall bt SO applied
See. 48. The stockho ers collectively,
Of any branch sha aI no time be Hab9e
to such branca, either as principal debt
ors or Suretits, or both, 10 sn amount *
ceeding o4e tiRrd part Of the capital stock
of such branch, then actually paid in,
and remaining as capital STOCK; nor shall
the diaectors, col ecdstly, te SO liable to
"a amoun exceeding onethird part Of
the stock actually paid in, standing in
their names, and Of which Il ey are col-
ItcVveiy the bona fed owners in their
own rights.
See 40 I any branch Of the Bank Of
Ohio shall refuse 10 paw its noies of cir.
culation, or any of them, in gold or silver
com OF the lawtai currency OF the United
states, On which payment shall be Law
tully demanded atils banki3g Eouse or
customary place Of doing bantins basi-
ness. durIrg the usual banging hours,
such branch shall be deemed to ave
committed al act Of insolvency, and there
.upon 81! iIs property, credits, srcuH'ieS,
liens a2d assets Of every description shall
forthwith vest in and be tie property,
credits, socVsiues, liens and assets of the
Bank Of Ohio, for the uses aud purposes
declared ia this act.
SEC. so. The Bank Of Ohio, on reeciv-
in. information that any branch has COM
aaltted an act OF Insolvency, shall forth
with appoint a committee Of one or more
Of its directors, who shall make inmedi
ate inquiry into tie tru h OF such iuforma-
tion and report thereon to the board; and
if the board shall DC satisfied from the re-
port Of the comm ttee that such branch
has hu>penped the the pay ment of its
notes in gold end silver, they shall forth
with appoint suitable receiver or recei-
yers, who shall take immediate pofses.
sion Of the books, records, money, cEoses
ia action. and property of said branch Of
every description, and hold the same for
the Joint use and benefit of the other
branches o the Bank Of Ohio. and the
creditors Of the failing branch; and said
Bank Of Ohio shal Immediately provide
money and place the same in such SOL
vent branch or branches AS may be most
convenient for the purpose Of redeeming
The notes of such failisg branch, and
shall give public notice thereof in some
newspaper printed in the place wLere
such failing branch is located and also in
some newspaper of general circulation
published at Columbus.
Sec. 81 E. sh solvent branch shall
contribute in the ratio Of the circulation
to which il is entitled, to the sum neces-
sary for redeeming the notes Of the fail.
ing branch, as provided in the prtc ed
ing section. on the requisiilcn Of the
Bank Of Ohio, and may be- remunera!ed