True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-04-30


the note holders Of any iHsOlyent bank
Nil be best promoted thereby, with the
advice Of the auditor and secretary Of
state, hhyPothecaie or sell al private sale,
any of the stocks transferred 10 and de-
posted wilh him b such bsak 10 any
other independent bank. Or,o an individ.
ual person or firm, and receive ihereloF
either money or The ecirculaling notes of
such failing bank provided. thatnO such
stock shall be sold BY private sale a. less
lhan the par value !hereofi nor a! less
than its selling price at the New York
stock exchange at the date Of the last re.
ceived information, nor shall any such
stock be sold on credit. -
SECTION II. On receiving noiicethat
any such independent bank shall have
committed an act Of insolvency. a here.
inbefore defined, the treasurer Of State,
The secretary of State. aud the auditor Of
State, or majority aof Them, shall ap-
point special age1i. who shall immedis
atey proceed to ascertain whether such
baak has refused 10 pay It's notes in gold
and silver coin when lawfully demanded
and reporlio The said treasurer, secretary
aud auditor, The facts so ascerlained, aud
il from the report so made, said ,teasut
rer, secretary and auditor, ora msjorhy
of them, shall bessalis6ed that such bank
has suspended the payment Of its circuIa-
ting notes, when lawfully demanded, in
gold aud silver coin, they shall forthwith
appoint receiver or receivers, and re-
quire Of him or them such bond and see
curly as they shall deem proper who
shall proceed to take posses ssion Of the
bucks, records, and assets Of every des@
crp,ion of such bank. collect. all debts,
dues, and other claims belonging to such
bank settle, and, with the appreciation
Of an agent 10 be appointed BY the sock
holders for The protection Of their in,rr-
es,s, compound for all bad and doublfui
debts; sell all The real and peraonal prop
cry of said bank, and TO pay over all mon-
eys 81 made To the treasurer Of State. and
the treasurer of State shall cause notice To-
be given by advertisement in one or more
newspapers published in the city Of COL
umbus, and also in one or more newspa-
Pers in general circulation in the county
where the Office of such insolvent bank
shall be situated, for six consecutive
months. calling on all persons who may
have claims against such hank, TO make
legal proof thereof; and after the end Of
one year from the first publication Of such
notice, The treasurer, af,er full provision
shall have been made for redeeming the
circulating notes of such bank. shall make
"A ratable dividend oflhe moneys so paid
uvrr ~ him by such receiver or receivers,
inclusive Of moneys received by him on
sales of stock trans lcrred to and deposited
with him by such bank on all such elaine
as may have been so proved and, frdin
time to time, as the proceeds Of the al.
sesls OF said bank shall be paid over to
him, the said treasurer shall make further
dividends, as aforesaid OH all claims pre-.
3 viuusly proved, anil llie remaihter, il any+
lhirg, shall be paid over 10 the s,ockhol.
dprs Of the bank or their legal represents
, lives, in proportlon'lo the sleek by them
} severally held; provided, however, that
if any independent bank, against which
proceedings Lave been instituted as pre-
scribed in this section, on account Of any
supposed act Of insolvency shall deny hav
ing committed such act, such.bank may
, apply 10 any court Of competent jurisdic-
lion to enjoin further proceedings in the
premises aud such court, after citing tho
treasurer, secretary, and auditor Of State,
to show cause why further proceedings'
should not be enjoined, and after the fnd'
ing Of ajury tha, such bank has no. sus-
pended the pay menl Of its notes when le-
y gaIly presented, in gold and silver coins
, , shall make an order enjoining said treas.
urer, auditor and secretary Of, Stale, and
any receiver or receivers appointed by
them, from all further proceedings on &C.
count Of such supppsed act Of insolyeR-
cy.
!. SECTION 70. II the original capital
u stock Of any sueh Independent. tank shalF
3 in any manner be diminished, or any
a porlion ,hereof be Withdrawn for any par.
, pose whateveE while any dehis or de-
# mands against such bank remain ihsatiS.
l: fed, no dividends shall thereafter be made
,. on The shares Of The capital stock Of such
.s hank until the original amount Of the cap
=. ilal stock shall be restored, either BY con.
,e liIbulion ofthc shareholders, or out Of the
!, profits Of The business of such bank and
or in case any dividend shall be made while
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