True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-04-30

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ceediugs against such branch on account
Of the supposed act of insolvency on
which such proceedings were Instituted.
and thereupon oil the property and assets
Of such branch shall be restored to its di-
rectOrs.
SECTION 81. II the Bank Of Ohio
shall in any case, fail to proceed in the
manner prescribed in the foregoing sec
lions Of this act. in providing for the pay
ment Of the outstanding notes of circnla-
tion, and in closing the affairs of any
branch that shall have committed an act
Of insolvency, the holder Of any OF its
notes Of circulation, or other creditor OF
such bralich may, in case payment of such
notes Of circulation or other claim has
been refused when lawfully demanded.
and remains unpaid, apply TO any court
of competent jurisdiction for its writ com,
manding the Bank of Ohio so to proceed;
and il. shall be The duty Of such court, al.
er citing such bank to appear and show
cause why such writ should not issue.
and upon ihs finding of jury that such
acl Of insolyenc y has been committed, to
issue their writ commanding said bank to
forthwith proceed in the manner poin ted
out in the preceding sections Of this act,
10 provide for The payment of the out
standing notes of such branch, close up
its affairs and make application of its as
sets.
SECTION S.. That if any branch Of
the Bank Of Ohio shall neglect or refuse
to comply with any order Of the Bank of
Ohio, requiring such branch 10 reduce its
circulation or other liabilities. or to pro.
vide larger amount Of specie or oher
means, or 10 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 o'her
branch or branches, said bank or any di-
rector thereof, acting for said bank, may
apply to any judge Of the supreme court
or court Of common pleas, or-any judge
of superior court, by petition, in which
the Bank of Ohio shall be made petition
er, and the branch implicated defendant,
setting forth the substance of such order,
or orders, and such neglect, or refusal. OH
the part of the branch, its officers or
agents, Ocomply herewith; and if the
president, vice president, or any director
of the bank, shall make affidavit, Of the
truth of the facts therein stated, it shall be
The duty Of such judge 10 allow an in
junction, and 10 enpin such branch, lis
officers, agents, and all others in its en-
ploy, or connected there with, from doing
or suffering, or permitting to be done
any business whatever as bank, and
from intermeddiiug with, or in any man.
"sr l:-ros;"s ~r. the I~"ke, P"rnrs, mon
ey, chooses in action, assets, or property
of the branch. whatsoever, until tie fur
f ther order of the supreme court OF some
Judge thereof. The petition shall be flee
IN the supreme court at Columbus, as soor
as injunction is allowed.
+ SECTION So. Upon the allowance o
such injunction, the property, credits, &C.
curities, liens and assets, OF every descrip
tion, Of such branch, shall forthwith ves
in the bank of Ohio, who shall appoint {
receiver, to take possession Of the same
as provided in the 49lh section of this act
E A certificate of appointment Of such re-
ceiver, by the judge, or court, or clerl
e thereof, making the same, shall be sufi
| cient authority to him to take possession o
y the books, property, and rights of every
q description, of such branch, and shall b'
full authority to the sheriff of the county
where the branch is located, to give sucl
receiver full possession of such books
property, and rights, with the aid of thu
county, if required; and said bank and re
: ceiver shall be governed by the provision
e of this act, as provided in cases of suspen
j. sion; and upon the dissolution of such in
+ junction, or discontinuance Of such sui
d by the bank, all the rights and property q
q such branch shall be restored to and yes
in said branch
G SECTION 81. Thedirsctors Of the bank c
Ohio whenever they may deem 1t expedien
I, may establish an office ineach or either {
:, the cities uf New York, Cincinnati an
Cleveland, for the receipt of deposits an
redemption Of the circulating notes of tn
u branches upon such terms as they may
= from time TO time prescribe, and also
clearing houseeat Columbus. They mu
j. make all rules and regulations necessar
IN to the good management of such Offices ar
,e clearing bouse, require the several brancl
10 cs to contribute to the capital Of such of
ces, not exceeding FIVE per cent of Il
stock paid In by each branch, and comp
- the branches to make their collections al
'h deposits with said Offices, and to employ Q
such agents as may be necessary. Then