Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1856-05-20

NAV apply 10 any coun OF competent juris.
diclion for writ Of injuclion 10 said Bank
oil Ohio, 10 suspend all further proceedings
against such branch as an iDsOlvent bank;
and such court, after citing said Bank ol
Ohio 10 appear and show cause why such
wri. should moi be gran.ed. and after the fin.
ding OF a jury that such branch has q, all
times continued, and sill continues 10 re.
deem, in gold and silver coin, It's roles Of
circulation, shall maks an order enjoining
Inc bank Of Ohio from all further proceed
iugs against such braEch on account Of the
supposed act Of insolvency OH which such
proceedings were Instituted, and thereupon
all tho properly and assesls Of such branch
shall be restored TO lis directors. aa
Sec. 81. II the Bank Of Ohio, shall in
any case, fail 10 proceed in The manner pre-
scribed in The foregoing sections of This acl,
in providing FOR the pay meni OF the ouls!and-
iGg notes of circulation, and in closing the
affairs of any branch that shall have COM
miied an act Of insolvency, The holder OF
any of It's notes Of circulation. or o,her cred.
itor Of such branch may, in case payment
Of such notes OF circulation or other claim
has been refused when lawfully demanded,
and remains unpaid, apply 10 any coui, Of
competent jurisdiction for It's writ command
ing the Bank OF Ohio so to proceed; and IL
shall be The duly Of such court, after citing
such bank 10 appear and show cause why
such wri, should not issue, and upon the
finding Of jury that such ACT oil insolvency
has been commiued. 10 i ssue their wril
commanding said bank to forthwith proceed
in the manner pointed out in The preceding
sections OF this act, to provide for The pay
ment ofihe outstanding notes Of such branch,
close up It's affairs and make application Of
It's assets.
Sec. IS. That if any branch Of the Bank
of Ohio shall neglect Or refuse to comply
with an order of the Bank Of Ohio, requiring
such branch to reduce its circulation or 9TH
er liabilities, or to provide larger amount
of specie or other means, or to pay in its
stock, or to do, or cease to do, any other
matter, or thing which said bank may deem
necessary for the security Of such branch,
or any other branch or branches, said bank
or any director thereof, acting for said bank,
may apply to any Judge of the supreme
court or court OF common pleas, or any judge
of a superior court, by petition, In which the
Bank of Ohio 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 the
part of the branch, its officers or agents, to
comply Herewith: and if the president, vice
president, or any director of the bank, shall
make affidavit Of the truth of the facts there
in stated, it shall be the duty Of such Judge
to allow an injunction, and to enjoin such
branch, it's officers; agents, and all Others
in its employ. or connected Herewith, from
doing, or suffering, or permitting to be done,
any business whatever, as bank, and from
intermeddling with, or in any manner dis
posing of the books, papers, money, chooses
in action, assets, or property of the branch,
whatsoever, until the further order of the
supreme court, or somt judge thereof. The
petition shall be filed in the supleme court
at Columbus, as soon as injuction is al
lowed,
Sec. Sc. Upon the allowance Of such IN
junction, the property, credits, securities
liens and assets, of every description, Of
such branch, shall forthwith vest in the
Bank Of Ohio, who shall appoint receiver,
to take possession of the same, as provided
in the 49th section of this act. A certificate
of appointment Of such receiver, by the
Judge, or court, or clerk thereof, making the
same, shall be sufficient authority to him to
take possession of the books, property, and
rights of every description, of such branch,
and shall be full authority to the sheriff ol
the county, where The branch is located, to
give such receiver full possession of such
books, property and rights, with the aid ol
the county, if required; and said bank and
receiver shall be governed by the provisions
of this act, as provided in cases Of suspen-
sion; and upon the dissolution of such in
junction, or discontinuance of such suit
by the bank, all the rights and property Of
such branch shall be restored to and vest
in said branch.
Sec. 81. The directors of the Bank Of
Ohio, whenever they may deem it expedent,
may establish an Office in each or either Of
the cities of New York, Cincinnati and
Cleveland for the receipt of deposits and re-
demption Of the circulating notes of the
branches, upon such terms as they may,
from time to time prescribe, and also a cle.r-
ing house at Columbus. They may make
all rules and regulations necessary to the
good management of such Offices and clear
ing house, require the several branches to
contribute to the capital of such Offices, moi
exceeding FIVE per cent. Of the stock paid in
by each branch, and compel the branches tc
make their collections and deposites with
said Offices, and to employ all such agents
as may be necessary. The net profits o.
the offices shall be divided among the
branches equitably. The Office in New
York, in transacting its business at thai
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, and nc
more.
Sec. SO. Any existing Independent bank,
banking company or free bank created by
the laws of this State, and authorized to is
sue notes for circulation may, after the or
ganization Of the Bank of Ohio, become a
branch Of the Bank of Ohio, upon full COM
pliance with all the acquisitions of this act
A.. 4 L Il