Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1856-09-25

circulating notes of such failing bank; provide.
that no such stock shall be sold by private ssI
at less than the par value thereof, nor at lea
than its selling price at the New Ysrk stoci
exchange at the date of the last rsceivsd- nfor
nation. nor shall any such stock be sold oil
srscit.
Sec II. On receiving notice that any such In
: dependent bank shall have committed IN act Of
insolvency, as hereinbeiore defined. the treasurer
OF state the secretary OF state, and the auditor s
.. state majofiiy OF them shall appoiut spscia
agent, who shall Immediately proceed 70 ascer-
. tam whether such bank has refused to pay itl
notes in gold and Ever coin when lawfully demand.
ed and repo TO the said treasurer, secretary and
h auditor. the facts asceriained and if from the
report so made, said tIaasurer. secrsta y and au-
ditor, majority Of than. shall bs satisfied tha;
. such bank has pended . payment OF tts cir.
culation note4, when lawfully demanded, 10 gold
and siyer com they siis forthwith appoint rs.
fh eelver or receives and sceQuire OF him than
H. suh bond and security they shall deem proper,
OF who shall proceed TO take possession OF tte books
d. records and assets OF every descripion of snch
III bank collect all debts, dues, and other claims be-
10 longing to such bank. SETTLE and, with the eppre
!, tlUn OF an AZ nj 10 be appointed by the stock
holders tor the protection OF their interests,
pound tor all bad and doubtful debts; sell all the
real and personal property Of said bank, and pay
over all moneys SO made 10 tae treasurer oil state,
and the treasurer OF state sha cause notice to be
given by advertisement IN one or more newspapers
published in the city OF Columbus, and also in enc
e or more newspapers 10 general circulation in the
, county where ;he Office of such insolvent bank
shall be situated for Biz con ecutive months cali
ing on all persons who may have clsims against
such bank, 10 make legal proof thereof; and after
the end OF enc year from the hrst publication Of
such notice. the treasurer, alter full provision shall
! have been made for redeeming the circulating
notes OF such bank, shall make q ratable dividend
OF the moneys paid over To him by such rsesiv-
er or receivers inclusive OF moneys received BY him
on sales OF stock transferred to and Deposited with
him nv such hank On all auch ,.laiYpo bsu.
been so proved; and from time TO time, as the pro-
ceeds OF the assets Of said bank shall be paid over
to him, the said treasurer shall make further d.
vidends, as aforesaid, on all claims previously
proved, and the remainder il anything shall Be-
paid over to the stockholders of the bank or .hsir
legal representatives. in proportion the stock by
them severaily held; provided, however, that II
any independent bank. against which proeeetirKs
have been Instituted prescribed in this ss ction
on account oil any supposed act oil Insolvency shall
deny having cumm;tied such act, such bank may
apply to any court OF competent jurisdiction 20
Join further proceedings in the premises; and such
yourt. alter citing the treasurer, secretary and an
ditor OF state, TO show Cause why fnrther proceed
lngs should not be enjoined, and after the finding
of jury thai such bank has not suspended the
payment OF Its notes, when Legally presented, in
gold and silver coin, shall make order enJonins
said treasurer, auditor and secretary .o stats, AMI
any receiver or receivers appointed BY thsm, frotl
all further proceedings on account OF such supPos-
ed act of insolvency.
OCT. *. stuc uIlRlHSl CdpfLdt 4tOck OF k1y
such independent bank shall in any manner be d.
mnistsd, any portion thereof be withdrawn TOR
any purpose whatever, while any debts OF demands
against such bank remain unsaIised, no dividends
shall thereafter be made on the shares of the eap-
tal stock of such bank until the original laountof
the capital stock shall be restored, either BY csl-
ribuon OF the shareholders or out of the profits
the business Of such bank; and in case any divld
end shall be made while tho capital stock shall
main so dnlnished or Withdrawn, il shall bs the
duty of any court LA wing competent Jurisdiction, TO
issue the necessary orders and DEGREES tor closin
the nairs OF such bank, and dividing its effects a.
mong its creditors and ssharsholicrs, in this
provided
Sec 70. All e es for protesting the rttss issued
by any such independent bank shall be paid By the
person procuring the protest to be made, and such
bank sbnI beslIabte therefor, but no part OF tbs
stocks pledged by such bank the treasurer shall
be applied The pay Hient of such lses and all ex-
penses incurred in conducting the sale of any such
pledged stocks and advertisements thereof, shall BE-
paid out OF he procesds OF such saies-
Sec. "a. The Stockholders. collectively, Of any
independent bank. shall st no time be liable such
bank, either as principal debtors or surstics, or
both, 10 amount greater Than ihree-kiths of The
capita; stock actually paid in and ,rsna-
inug Unfinished by losses or ofhsrw Use, nor
shall the directors BE- so GaLle. except 10 such A.
mount and in such manner shall be prescribed
by the by-lsws y! sach bank op.ed byits stock
hoLlers regulate such iiabilies and il shall be
The duty the auditor, treasurer and secretary of
each year, Ia app ini suitsbis person, who
shall not be stockhOdeE IN any bank OF this state
who sluA have power Ia III Ike Ihoroughexsmina-
tGII into I'll ,le aisIfs OF the bank which he may
be appointed Ia examine, and IN so doing, to ex-
aniii;e any o the otic-rs AMI agents of such bank
on oath, and suci. agent sEaH make u dctalled re-
port OF the c,nd;iJ oi sach bank the sudit0rof
state; and the banks organized under this act shau
not be subject To am Other vistoriai powers than
such as are authorized by this act, except such
are vested in the several law and chancery
and every agent appointed sl this section pro-
vided shall receive for his services al the rate Of
oardo:Lars tor each day by him employed in such
examinations and four dollars Tor eysry twenty-five
miles ie shsE necessarily the perfornanes
OF his dny which sLstlbe pnil by the treasurer of
state, and rttunded by the banks as othsr expenses
are rttun Ell.
Sec. rs. Whenever any independent bank, be-
ing desirOus diminishing the amount of lis cir
cuang notes. sha de liver the treasurer of state
any portion OF such notes not less in amount At any
one TIME than i've thousand dollars, to be destroyed
the treasurer shall destroyed the prescrib-
cd in section sx;y-th:ee. lrxty-6vel and shall
theTeupOn Ter and deliver to such bank, certi
fcatss offunded debt deposited with him by such
banks TO the amount equal 10 the amount of notes
so delivered up; provided that the amount Of such
certificates remaining with the treasurer shall not
thereby be reduce. below the amount OF the capital
stock OF such bank at the time pal in, in any
case Lciuw the sum oil one hundred thousand dol
lars, Mr. in zaius. estimating the same az thsir
then current price in the city ot New York, below
The amount OF circulating notes iii retcined by such
bank: nor shaA the treasurer BE- required 10 trans
Or such certificates in fractional surn' OF less than
nne thousand duILars; and " henevcr such bank,
b. ipp desirous Of rsiinquising its banking hufi-
ness SHAH have paid al t-s,i Ilneiy per cent OF The
maximum amount OF Us circulating notes, and
shall have delivered the sEnle 70 the treasurer Of
,tate TO be desiroyet, ,Gu shah have provided means
and given security 10 tin satisfaction of the tress-
lrt r. secretary and Euior of state, ior the rcdemp
lion of It's outstanding no:es OF circulation at tbs
,Iuce where the Office oi such bank was establish
al and shall have given notice thereof by ndvcr-
i,rrnent for six consecutive months, in two news
,apers of general circulation published at Colum.
,us and al least one published in the city, twOn
riIIage where the oii;c OF such bank Is located; IL
hail be- lnyiul for The treasurer of state 10 re-
ranser and deliver 10 such bunk u the certificates
II funded debt previ5u>'. pledged with him by such
, INK g. the-eugon all cur;Orate powers OF such
,ank except such sI,ul be necessary 10 close u2
is affairs, shall ceasa
GExEEAL PROVISIONS,
Sec IS This act shall he submitted to the slec-
ors of this Is general election TO be held
IN the second Tuesday ~ Octuber next, for their
,pproyal or rejection aui each electOr may have
written or printed. o. parity written ard parity
,rinteii upon is ticket "a words, For the Bank
Charter" or Against ih- Bank Chart>r." and the
m es OF each election district, N counting out the
yo;ss shall - down III separate columns, in tbs
Doll Cooks, tas votes given For the Bank Char
ier'' and the votes ei.as Against the Bank Char
ter, an cru 'i-c 'tI''' l "i 'oessNeh 'Oi 1nu
against TIL C!a ter, tLey are rcsUled to csEufy
10 the nln6 ot 70; CIV 4 ior candidates
Sec Il L sE7il "a. the Gu;y OF the parsons
ooeninl ;l,s 20. S.oks In each covn:y, 10 make
seuurat. agslIac o vutss Il 81 tor and agsin.t
the charter. inc,u,!i"g statement showing the
number q fyg..- ras sh;ch were neither ven
t,r or rcgiqst ,Ss ,-hv-r-f. AID the clerk OF the
court ul ln;..-.,f u. o ca,h county shal inme-
ii Al, ly atrsI su IL Ul~ds, make cefti-
6,d c,:y TIE gt.. u. II .n' =. Gf the court and
forward ~. sr'r ~ nail % the governor, at Co.
uu,l W. ma = e uf tav 04jsris, abstract of votes
or and a t;.iu IA v..altrr Stve0 i'll sounty.'
See - sI,... Nc tbs tuy OF the governor, as
soon after saiL jecIC p.scucable, wiih the aid
It the nu,:i Og ir) ~ sistc to open and ab-
,trnct al SAT- r ;uT,s aad t.s % shall nms
iiaI-ly thefri i.-! procs I'll n IN some news
Dapsr uubl-ru. Oriaa.bas, se' firth the number
Ii votes given ~ ine charter, the number OF votes
yiy,i 81 the caaTJzr, the numb " votes given
,gainst in, chart H'i the number OF votes given
and