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

as that portion Of the safety fund furnished by
be failing branch.
T. Third To the payment and discharge of
ee the remaining liabilities of such branch;and
or Fourth-The residue shall be DIVIDED amol
lie the stock holders of the failing branch, in pr
Is Is portion to the stock by them respectively hel
- Sec. 81. If anv branch against which Il
:. Bank of Ohio shall have instituted proccedin,
J. on account OF any supposed act OF insolvenc
=, as prescribed by the forty ninth section of tn
$ act, shall deny having committed such act
Il insolvency, such branch may apply to an
e court of com ,,etent jurisdiction for writ
II injunction to said Bank Of Ohio, to suspend a
$ further proceedings against such branch as
+ insolvent bank; and such court, after ctin
= :, said Bank of Ohio to appear and show cause VIII
such writ should not be granted, and bitter tn
finding of jury that such branch has at a
. times continued, and still continues TO redeem
r in gold and silver coin, its notes of circulation
E shall make an order enjoining the Bank Of Obi
: from all further proceedings against such branc
on account Of the supposed act Of insolvency o
which such proceedings were instituted, an
! thereupon all the property and assets of sucl
, branch shall be restored to.its directors.
|, Sec. 81. Ifthe Bank of Ohio shall in any
case fail to proceed in the manner prescribed il
the foregoing sections of this act, in providin,
for the payment Of the outstanding notes o
circulation, and in closing the affairs of am
branch that shall have committed an act of in
solvency, the holder Of any ofits notes of circu
lation, or other creditor of such branch may, il
case of payment of such notes of circulation OF
other claim has been refused when lnwfully de-
manded, and remains unpaid, apply to any ceuf,
of competent jurisdiction for its writ command
ing the Bank Of Ohio SO to proceed; and it shall
be the duty of such court,aftercitng such bank
to appear 81 show cause WHY such writ should
not issue, and upon the finding ofa jury that
sush act OF insolvency has been committed, TO
issue their writ commanding said bank forth
with to proceed in the manner pointed out in
the preceding sections Of this act, to provide for
the payment of the outstanding notes of such
branch close up its affairs and make application
of its assets.
sec. S. That if fany branch of the Bank of
Ohio shall neglect or refuse to comply with any
order of the Bank ofOhio, requiring such branch
to reduce its circulation or other liabilities, or
to provide larger amount Of specie or other
means, or to do, or cease to, any other matter
or thing which sud bank may deem necessary
for the security of such branch, any other
branch or branches, said bank, or any director
thereof acting for said bank, may apply to any
Judge of the supreme court or court Of common
tpleas, or any judge ofa superior court, by pcti-
ton, in which the Bank of Ohio shall be made
petitioner, ,and the branch implicated defendant,
setting forth the substance Of such order or
orders, and such neglect or refusal on the part
of the branch, its officers agents, to comply
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 to allow an injunction,
and to enjoin such branch, its officers, agents,
and al others in its employ or connected there
with, from doing. or suffering, or permitting to
be done, any business whatever as bank ,and
from intermeddling with, or in any manner dis
posing of, the books, papers, moneys, chooses in
action, essets. or property of:hc branch, what
socvcr, until the further order of the supreme
court.o some Judge thereof. The petition shull
be flied in the supreme court at Columbus, as
soon as in JUNCTION is allowed
Sec 56. Upon the allowance Of such in
junction, the property. credits, securities liens
and assets of every description, of such brunch,
shall forthwith vest in the Pank of Ohio, who
shall appoint receiver to tako possession OF
the same as provided in the forty ninth section
Of this act. A certificate Of appointment Of
such receiver by the judge or court, or clerk,
tn hereof making the same, shall be Sufficient |
authority 10 him to Ike 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 locutrd, to !
give such receiver full possession of such books,
property and rights, with the aid Of the country,
if required; and said bank and receiver shall be
governed by the provisions OF this rct, as pro-
vided in cases ofsuspension;and upon the disso-
luton of such I'M JUNCTION, or 1t dscontinuunce
of such suit by the bank, all the rights and
property of such branch shull be restored to and
vest IN said branch.
Ser. 81 The directors of the Banks Of Chic,
Whenever they may deem it expedient, may
est, bisb N Office in each either Of the cities
of New York, Cincinnati and Cleveland, for
the recaipt of deposits and redemptioRof Of the
circulating notes Of the branches, upon such
terms as thoy may from time to time prescribe,
and ulso a clearing house at Columbus. They
may make oil rules 4 regulations necessary to
the good mana cement Of such offices and clear
ing house, require the several branches to con-
tribute to the capital Of such otfices not exceed
ing FIVE per cent of the stock paid in by each
branch, and compel the branches to make their
collections and deposits with said offices, and
to employ all such agents as may be necessary
The net profts of the Offices shall be divided
among the branches equitably. The office in
New York, in transacting its business at that
plnce. NAV take reserve, and receive such rate
of interest as is or may be lawful by the laws
of the state Of New York, and no more.
Sec. 5S Amy existing independent bank,
banking company or free bank created by the
laws of this state, and authorized to issue notes
for circulation, may, after the organic rtion OF
the Bank of Ohio, became branch OF the Bank
of Ohio, upon full compliance with aiithe requlsi
tions of this act necessary to create branch oil
such bank. The directors OF any such existing
bank, organizing as such branch under this act,
may do and perform all the acts required oil
stockholders to perfect such organizations; and
after the full organization OF any such existing
bank as a brunch 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 ofits affairs in the man
uer provided in this charter; Provided, that
nothing in this section contained shall be so
construed as to require the Rank OF Ohio to
admit any such independent or Tree bank to
become branch OF the Bank OF Ohio, unless
the directors Of the Bank of Ohio shall be salts
fed that the admission of such bank will not
jeopardize the interests of the public, or Of the
Bank Of Ohio.
| See. So The Bank Of Ohio, after establish |
inc its agcncy iu New York, shall, as bonus !
for this charter, in addition to the taxes 10 be |
assessed under the twenty filth section of this
net, when required by the proper officers OF the
State Of Ohio, discharge the duties of transfer
agent of the State and receive and disburse Tor
the State all moneys necessary to be received
and disbursed in that city in the payment OF
the public debt and interest thereon without
any other compensation or charge for such ser
vice.
IN RELATION TO INDEPENDENT BANKS.
Sec, 6O. Each company that shall have elcc
ted to carry on its business as an independent
bank and shall have complied with the re-
auirements of this act preliminary TO the COM
m sncemcnt of banking business, shall, before
itshall commence such business and before 1t
sh II be held to have acquired corporate pow
ers, deposit with and transfer tn the treasurer
of State, certificates OF the funded debt OF tins
State, of the United States, OF the State Of Mas
sachusctts, Indiana, Illinois, Kentucky, Penn
sylvauia, Maryland, New York or Michigan
one.half of which shall be in the certificates OF
the United States and of this State, an amount
at least equal to the amount OF its capital stock
at such time paid in; and from time to time; as
an additional instalment or portion Tits cnpi-
tai stock shall be paid in additional certificates
of the funded debt above specified, ut least
equal in amount to the amount Of such add.
tinnal pa ments of capital stock shall, within
thirty days after such payment, be deposited
with and transferred to the treasurer OF state;
but no such certificate Of funded debts shall be
. tn .Nrt rt,