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

eeiSed therefor all such notes SO returned
by a branch, shall be credited, and all new
Unes delivered In their stead shall be charged
to such branch on the books of said bank;
and notes SO returned shall be burned to
ashes in the presence Of the president, and
at least two Of the directors Of said bank.
4, Sec. 46. Before the bank shall deliver to
any branch, notes for circulation, it shall re-
quire such branch to pay over or deposte
70 the credit Of said bank, as said board
shall order, either in money or in certificates
OF the stocks of this State, or Of the United
States, al their current value in the city Of
New York, but in no instance above their
par value, an amount equal to ten per cent.
on the amount of the notes for circulation
which shall be delivered to such branch
And so, from time to time, as any branch
may, by the paying in Of an additional
amount on its capital stock, or by not hav-
ing received the amount of notes for circula-
ton to which it was previously entitled, be
authorized to demand an additional amount
of notes for circulation, such branch shall
deposite with the bank ten per cent. on the
amount Of notes so required; and the stocks
and money so deposited shall be denomina-
ted the "safety fund, and sha' be invested
as hereinafter prescribed, and held by the
bank as the property of said branch, in trust
for the benefit of the several branches Of
the Bank of Ohio, and as fund for the re-
demption of the notes of circulation of any
one or more Of said branches that may fail
to redeem its notes, to be applied to that
purpose in the manner pointed out by this
act.
Sec. Al. All money so deposited or paid
to the bank on account Of the safety fund,
by any branch shall be, udner the direction
Of said bank, invested by such branch either
in stocks of the State or Of the United States,
or in bonds secured by mortgages on unin-
numbered real estate situate in the county
where such branch is located, or in adjoin-
ing counties, of at least twice the value in
each case Of the amount secured thereby,
exclusive of buildings or other fixtures sub.
ject to be destroyed by fire, by floods or
other accidental occurrences, or of timber,
mines or minerals subject to waste; which
bond shall be made payable on demand to
the Bank of Ohio, and shall bear such rate
of interest as shall be agreed on by the par
ties, not exceeeing seven per cent. per an
mum, payable semi-annually. Each branch
shall be entitled 10 receive the interest ac-
cruing on the stocks or bonds in which its
portion of the safety fund shall have been
-, in Af fha ipc nf
any branch, the stocks and bonds in which
the money of such branch shall have been
invested as aforesaid, if the proceeds of such
stock and bonds shall be sufficient to re-
deem its outstanding notes of circulation,
shall, as far as practicable, be first convert
ed into money and applied to that purpose
before any part of the safety fund belong
ing to other branches shall be so applied.
Sec. 48, The stockholders collectively, Of
any branch shall al no time be liable to such
branch, either as principal debtors or sure.
lies, or both 10 an amount exceeding one.
shird partof The capital stock Of such branch,
1hen ocldally paid in, and remaining as cap.
ilal stock; nor shall the directors. collective.
ly, be so liable 10 an amount exceeding one.
third parl Of The stock actually paid in. stan
ding in their names, and Of which they are
collectively The bona fde owners in ,teir
own right
Sec. 40, If any branch of the Bank OF
Ohio shall refuse TO puy lis noles of crcuu-
lion. or any of them, in gold or silver coin
o. the lawful currency OF the United States,
on which paymen, shall be lawfully deman,
ded al its banking house or customary place
Of doing banking business, during usual
banking hours, such branch shall be deemed
10 have committed an act of insolvency, and
ihereupon all It's properly, credits, securities,
liens and assets Of every description shall
forthwith vest in and be the properly, cred
its, securities. liens and assets Of the Bank Of
Ohio, Tor the uses and purposes declared in
this act.
Sec. so. TIE Bank Ct Ohio, on receiv.
ing information that any branch has com.
miIIed an act Of insolvency, shall forthwith
appoint commiiee of one or more of It's
directors, who shall make immediate inqui.
'ry into the ruth Of such information and re-
pou thereon TO the board; and il The board
shall be satisfied from The report Of the com.
miIIee that such braUch has suspended The
payment Of its notes in gold and silver, they
shall forthwith appoint suitable receiver or
receivers, who shall take immediate posses
sion Of the books, records, money, chos-
es in action, and property Of said branch Of
every description, and hold The same for the
join, use and benefit of The other branches
. Of the Bank Of Ohio, and the creditors Of The
failing branch; and said Bank OF Ohio shall
Immediately provide money and place The
samo in such solvent branch or branches as
may be mos, convenient for The purpose OIL
redeeming the noles Of such falling branch
and shall give public ,lce thereof in some
newspaper printed in the place where such
fOiling branch is located. and also in some
newspaper of general circulation published
al Columbus.
Sec. 81. Each solvent branch shall con.
tribute, In the ratio OF the circulation 10
which il is entitled, to the sum necessary
for redeeming the noies OF The falling branch
as provided in The precedi, G section, on the
requisilion Of The Bank ol Ohio, and may
be remuneraled for such contribution, from
the suIety fund, as soon as money sufficien,
can be raised from thar fund, by sale OF
hypolhecaIion OF the stock, funds, or other
Gacnritias halnnuinu m ,ha,ato