Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1856-05-20
bank, and all accruing interest on such
pledged stock shall thereafter be paid to such
hooL ft

bank, and all accruing interest on such
pledged stock shall thereafter be paid to such
bank.
Sec. 81. The stocks transferred to the
treasurer Of state by an independent bank,
for the security Of its circulating notes, shall
be held by him exclusively for that purpose
until such notes shall be redeemed, except
as hereinbefore provided.
Sec. 68. If any such independent bank
shall fail to redeem, in gold or silver coin,
any of its circulating notes issued in pur-
suance Of the provisions Of this act, when
lpaymentthereof shall be lawfully demanded,
during the usual hours of business, at the
Office Of such bank, the holder of such note
or notes may cause one or more thereof to
be protested by notary public, who shall.
on protesting the same, forthwith forward
notice Of such protest to the treasurer Of
state; and after such protest suffered, it shall
not be lawful for the bank thus suffering
protest, to pay out any ofits notes, discount
any notes or bills, or otherwise continue in
the business Of banking, except to receive
and safely keep moneys belonging to it, and
to deliver special deposits; provided, howev,
er, that if satisfactory proof be produced to
such notary public that the payment Of any
such note or notes is restrained or delayed
by order of any court Of competent jurisdic-
ton, such notary public shall not protest the
same. Where the holder Of such notes shall
cause more than one to be protested on the
same day, he shall not receive pay for more
than one such protest.
Sec. SO. In case any such independent
bank shall fail to pay and redeem its circu-
lating notes on demand, in gold or silver
coin, as specified in the preceding section Of
this act, the treasurer of state shall, within
thirty days after he shall have received no.
tice ofsuch failure, cause the stocks pledged
by such bank, or SO much thereof as may
be necessary to redeem the outstanding cir
culating notes Of such bank to be sold either
at the stock exchange, in the city Of New
York, after giving notice Of such sale to such
bank and also advertising the time and
place Of sale, with pertinent description Of
the stocks to be offered for sale, in two or
more newspapers published in the city Of
New York, for not less than ten consecutive
days before the day Of sale, or at the State
Treasury in the city Of Columbus, giving
notice to said bank, and also advertising in
one or more newspapers published in the
city Of Columbus, and one or more newspa-
pers in general circulation in the county
where the Office of such failing bank is stu
ated, which advertisements shall contain
the same particulars as are required herein
where sales are to made in the city of New
York; and out Of the proceeds Of such sale
the treasurer shall pay in a ratable proper
ton on the circulating notes OF such bank,
of which due notice shall be given, calling
upon the holders Of such notes to present
them for such payment at the State Treasu.
Try; Provided, that if any Of the circulating
notes of such failing bank shall not be pre-
sented for redemption at the State Treasury
until after the term Of two years from the
date Of the first publication Of the notice tc
the holders Of such notes to present the same
at the State Treasury, the treasurer may
pay ratably to the holders Of the notes pre-
viously presented, if such notes shall no
have been previously paid in full, whatever
of the proceeds of such sale remaining il
his hands may be needed to fully discharg,
such notes SO presented. 90 Provided, tina
sales of stock under this section and section
10 shall not be made more rapidly thar
may be necessary to provide funds for tn
redemption of the notes of such bank, q
they may be presented for redemption.
Sec. 10. The treasurer Of state may,
he shall deem that the interests of the not
holders Of any insolvent bank will be bes
!, promoted thereby, with the advice Of tn
, auditor and secretary of state, hypothecat
or sell, at private sale, any of the stock
transferred to and deposited with him b
such bank to any other independent banl
or to any individual person or firm, and re
ceive therefor either money or the circuls
tinr notes of such failing bank; provided
that no such stock shall be sold by privat
sale at less than the par value thereof, nc
at less than its selling price at the New Yor
stock exchange at the date Of the last n
ceiyed information, nor shall any such stoc
be sold on credit. -.
Sec. II. On receiving notice that an
such independent bank shall have commi
ted an act OF insolvency, as hereinbe'ol
defined, the treasurer Of State, the secreiar
Of State, and the auditor Of State, or mi
jori,y Of them, shall appoint special agen
: who shall Immediately proceed t. ascerlai
whether such bank has refused 10 pay
notes in gold and silver coin when lawful
I demanded, and report 10 the said treasur1
t secretary and auditor, the facts so ascel
tained, aud if from the report so made, sal
r treasurer, secretary and auditor, or majol
Y hy Of them, shall satisfied iha, such ban
Q has suspended the paymen, Of It's circulaIin
# notes, when lawfully demanded, in gold an
g silver coin, they shall forthwith appoint
: receiver or receivers, and require OF him {
4 them such bond and security as they sha
Q deem proper, who shall proceed TO take poi
0 session Of the books, records, and assets {
every description Of such bank. collect a
g debts, dues, and other claims belonging ,
! such bank; settle, and, with the approbt
: ton of an agen, 10 be appointed by ih
!, stockholders for The protection OF their ir
r teresls, compound for all bad and doubifi
I deb,s, s.ll all the real and personal propert
o OF said bank, and TO pay over all moneys 6
y made TO the treasurer Of State, and lhe irea,
: urer Of State shall cause notice to be give
Y BY advertisement in ne or more newspaper
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