The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1856-07-09

$ setting forth the substance of such order
: or orders, and such neglect, or refusal, ol
, the part of the branch, its officers or agent
to comply Herewith; and if the president
vice president, or any director Of the bank
q shall make affidavit Of the truth of tn
: facts therein stated, it. shall be the duti
! of such judge to allow an INDUCTION, and tt
enJoin such branch, its officers, agents, ant
1 all others in its employ, or connected there
with, from doing, or suffering, or permit
4 ting to be. done, any business whatevel
4 as bank, and from intermedding with
or in any manner disposing of, the books
! 1papers, money, chooses in action, assets, OF
! property of the branch, whatsoever, unit
4 the further order of the supreme court, ol
some judge thereof The petition shall
be fled in the supreme court at Columbus
las soon as injunction is allowed.
Il 'SEcTroN 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
shah appoint receiver to take possession OF
this act. certificate of appointment of such
receiver, by the judge, or court, or clerk there
OF, making the same, shall be sufficient author
ity to lin to take possession of the books,
property, and rights of every description, of
such branch, and shall be full authority to the
sheriff of the county, where the branch is To-
Gated, to give such receiver full possession of
such books, property and rights, with the aid
of the county, if required; and said bank and
receiver shall be governed by the provisions
of this act, as provided in cases of suspension;
and upon the dissolution of such injunction,
or a discontinuanee of such suit by the bank,
all the rights and property of such branch
lshah be restored to and vest in said. branch.
4 SECTION 81. The d rectors of the Bank of Ohio,
whenever they may deem it expedient may
establish an Office in each or either of the
lcities OF New York, Cincinnati and Cleveland.
for the receipt of deposits and redemption of
. the circulating notes of the branches upon
such terms IS they may, from time to time,
prescribe, and also clearing house at Colum
bus. They may make all rules and regula-
tons necessary to the good management of
such offices and clearing house, require the
several branches to contribute to the capital
of such Offices, not exceeding FIVE per cent. of
the stock paid in by each brarch, and compel
! the branches to make their collections and de-
posits with said Offices, and to employ all such
agents as may be necessary. The net profits
/ of the offices shall be divided among the
branches equitably. The Office in New York,
lin transacting its business at that place, may
take, reserve. and receive such rate of interest
as Is or may be faw fu1 by the laws ofsthe State
of New York, and no more.
! SECTION 5S. Any existing independent bank,
banking company, or free bank, created by TIE
laws of this State, and authorized to issue
notes for circulation may, after the organiza-
ton of the Bank of Ohio, become a branch of
the Bank of Ohio, upon full compliance with
all the acquisitions of this act necessary to
create a branch of such bank. The directors
of any such existing bank, organizing as such
branch under this act, may do and perform all
the acts required of stockholders to perfect
such organization: and after the full organiza-
ton of such existing bank as branch Of the
Bank of Ohio, such original corporation shall
be held to be dissolved, except for the purpose
of collecting its assets and the final settlement
of its affairs in the manner provided in its
charter; Provided, That nothing in this section
| contained shall be so construed as to require
the Bank of Ohio to admit any such indepen-
] dent or free bank to become branch of the
Bank of Ohio unless the directors of the Bank
of Ohio shall be satisfied that the admission
of such bank will not jeopardize the interests
of the public, or of the Bank of Ohio.
| SECTION SO. The Bank of Ohio, after estab-
fishing its agency in New York, shall, as a bo-
nus for this charter, in addition to the taxes
to be assessed under the twenty fifth section
of this act, when required by the proper officers
of the State of Ohio, discharge the duties of
transfer agent of the State and receive and
disburse for the State all moneys necessary to
| be received and disbursed in that city in the
4 payment of the public debt and interest there
ON without any other compensation or charge
| for such service.
IN RELATION TO INDEPENDENT BANKS.
j SECTION 60. Each company that shall have
elected to carry on its business as an indepen-
! dent bank, and shall have complied with the
j requirements of this act, preliminary to the
commencement of banking business, shall, be-
fore it shall commence such business, and be-
fore it shall be held to have acquired corpo-
rate powers, deposit with and transfer to the
4 Treasurer Of State certificates Of the funded
debt of this State, of the United States, of the
State of Massachusetts,, Indiana Illinois, Ken
lucky, Pennsylvania, Maryland, New York or
4 IMichigan--one- half of which shall he in the
certificates of the United States and of this
State, an amount at least equal to the amount
of its capital stock atssuch time paid in; and
from time to time as an additional installment
or portion of its capital stock shall be paid in,
additional certificates of the funded debt above
! specified, at least equal in amount to the
lamount Of such additional payments of CAPT
tai stock shall, within thirty days after such
4 payment, be deposited with and transferred to
& the Treasurer of State: bat no such certificate
q of funded debts shall be received by said
treasurer at a rate or price above the average
lselling price of such certificate at the New
York stock exchange for the four weeks next
q preceding the time of the receipt thereof by
the treasurer. nor shall any certificate be re-
3ceired at any rate aboveits par value, exclu-
!. sive Of the unpaid interest that may have &C.
Icrued thereon and if such bank shall fail to
!, make deposits and transfers of stock, as in
this section required, all its franchises and
lpowers derived from this act, except such as
may be necessary to settle up its affairs, shall
t Immediately cease and determine.
SECTION 81. The Treasurer of State shall de
: liver from time to time as he may be prepared
so to do, to any independent bank that; t;M>5
have entitled itself thereto, on the writteR
! der of the President and majority of its a e.
tors, notes for circulation to any amoyn1 nol
texceeding the value Of the certificates offnnd-
ed debt deposited with and transferred 20 him
by such bank as prescribed by the preceding
section; but at no time shall the total amount
iaf such xli ixsrxx1 ufI, 6.pE