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

among Tue btocknol1eTo VI tuc ihlilnS
branch. in proportion ~ The stock BY them
fespe ctively held. ID ~ |.1 f
See. IS. II any branch against which
1.-THE Bsnk Of Ohio shall have instituted
proceedings on account Of any supposed
act Of insolvency, as prescribed by the
forty ninth section Of this act. shall deny
having committed such act Of insolvency,
ich branch may spply TO any court Of
competent jurisdiction Tor wit u in
junction 10 said Bank Of Ohio, to suspend
AL further proceedings against such
branch as an insolsent bans; and such
court, after citing said Bank Of Ohio to
20 appear aud show Cause why such writ
should not be granted. and after the End.
ing Of jury that ssch branch has st all
times continued. and still continues TO
redeem, in gold and silver coin, It's notes
OF circulation. shall make An order en-
Joining tue Bank ol Ohio from all further
proceedings against such branch on ac-
count of The supposed act Of insolvency
on which such proceedings were insIitu-
ted, and thereupou sll the property and
assets Of such branch shall be restored 10
It's directors.
Sec. Is, 1.-THE Bank of Ohio shall Ia
any case, fail to proceed in the manner
prescribed 10 the foregoing sections ts
this act, in providing fer the payment of
the outstanding uotes Of circulation, and
in closing the affairs Of any branch that
shall have committed an act Of insolvency,
the holder Of any Of lis notes of circula-
ton, or othet creditor of such branch
may. in case payment Of such notes Of
circulation OF other claim has been refu.
sed when lawfully demanded and remains
u0psid. aAply to arr eovrt OF cempatent
jurisdiction tor its writ commanding the
Bank Of Ohio so to proceed; and it rhall
/ be The duty Of such court. after citing
such bank to appear and show cause
why such writ should not issue, and up
on tie finding of jury that such act Of
Insolvency has been committed, to issue
their writ conn snding said bank to forth
with proceed in the manaeT pointed out
in the proceeding seetions of this act, to
provid' for the payment of the outstand-
ing notes Of such branch, c ose up its af-
fairs and make application of its assets.
Sec. 55. That if any branch Of the
Bank OF Ohio shall neglec or refuse to
to comply With any erder Of the Bank Of
Ohio. requiling such branch 10 reduce its
circulation or Other liabilities, or to pre-
vice Target amount of specie or otiie-
means, OF to pay in its stock, or to do, or
cease to do. any other matter, or thing
shiek said hank may deem neccsuary
for the sacurity Of sach branch. or any
other branch or branches, said bank or
any director thereof, acting for said bank,
may apply to any Judge oI the supreme
cout or court of commoa pleas, or any
Judge Of superior court, by petition. in
which the B ,nk OF Ohio shall be made
ipeltioner, aud The branch imp ioaled de-
defendant. setting forth the subsIa, &C Of
such order, oT orders, and such negict, or
refusal, OIL lie part Of the branch, its Of
ticers or agents, TO comply there"iIE:
and ifChe president, vice president, or
any director Of the bank, shall make af.
fdavit Of the truth Of the facts therein
stated. it shall be the duty Of such judge
70 allow an injunction, and to enjoia
such branch, Ills o1i ;ers, agents, and all
others in its employ, OF connected there
with, from doing or suffering or permit
TIM TO BE- done. any business %hatever
as bank, and from intermedllins with,
or in any manner disposing of, the books
Ipapers, mouey, chooses III action, assets,
or propevty Of the branch, whateoePer.
untiI the iurther order of the supreme
court, or some Judge thereof. The ped
ZION shall be GIed in the supreme court at
| Columbus, as soon as injunction is al.
lowed.
| Sec Sc Upon the allowance Of such
Injunction, the propety, credits, secnri-
ties liens and assets, OF every description,
of such branch, shall forthwith vest in
the Bank Of Ohio who shall appoint a
receiver. to take possession of the same,
as provided in the fcrly ninth section Of
this act A certif cate Of appoin ment of
such receiver, by the judge, or court, or
crrk thereof, making the same, Shall be
sufficient authority 20 him to take posses
ssIcn OF the books, properly. and nights
Of eve. ry description Of sueb branch, and
shall be iuIl authority to the sherjE of
the county, where the brarch is located,
to give snch receiver full possession of
such books, property AID rights, with
the aid OF the county, if required; and
said bank and receiver shall b. governed
by the provisions OK this act, as rroy .ded
in cases Of suspension; and upon the dis.
ISOLATION Of sach injunction, Or discon-
tinuaace Of such suit by the bnak, all
the rights aud property of such branch
shall be restored TO and vested in said
branch.
See. 81. The directors Of the Bank Of
Chic, whenever they may deem it expe.
dent, may establish an Office in each or
either of the cities of Now York, Cnciu'
mai aud Cleveland, for the receipt Of de-
ipo>its and redemption Of the circulating
notes OF the branches, upon such terms
as they may, from time TO time preserve,
and also a clearing house at Columbus.
They may make MI rules and regulations
necessary to the good management of
Esuch Offices and clearing housr, req1ire
the several branches TO contribute . the
Icapi,al Of such ofic:s, not exceeding five
per cent. Of the stock paid in by each
branch, and compel the branches to make
heir collections and deposits with said
offices, and to employ ali such agents as
my be necessary. The net profits of the
fees shall be divided among the branch
es eQuitably. The Office in New York,in
transacting its bu mess at that place,
may take, reserve, and receive such rate
Of interest as is or may be lawful by the
laws of the State of New York, aud no
more.
Sec. 5a. ANY existing independent