Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1856-09-11


state treasury; Provided. that ii any of the cir
culating notes of such failing bank shall no. be
presented for redemption at the state treasury
until after the term of Two wears from the date
of the first publication of the notice 10 the hol
| ders of such notes to present the same at the
stale treasury, the treasurer may pay ratGbly to
the holders Of the notes previously presented. If
such notes shall not have been previously paid
in full. whatever the proceeds OF such sale re-
naming in his hands may be needed TO fully
discharge such noies 50 presented Provided
That sales Of stock under this section and section
! seventy shall not be made more rapidly than
may be necessary 80 provide funds ior-the re-
! dempiicn ci the no;es nl such bank, IS ihey may
! lie. presented Tor redemption.
! See. I0 The TreaStirer OF state may, If he
shall deem that the Interests Of the note holders
OF any solyen. bank viii be best promoted fhcrc-
by. with the advice OF the auditor and secretary
of state, hypothecate or SELL at private sale, any
of tie stoel:s transferred to and deposited with
him by such bank TO any ether independent
bank or TO any individual person or firm, and
receive therefor either money or the circulating
notes of such failing bank; provided that no
such stock shall he sold by private sale at less
than the par value thereof. nor at less than its
selling price al the New York stock exchange
at the date OF the las, received information; nor
! shall any sEch stock be sold on credit.
| See. Al. ca receiving notes that any such
independent bank shall have committed an act
or insolvency. rs hereinbefore defined. the treas
urer OF stale, the secretary Of state, and the al
dItor OF state. or majority of them, shall ap-
point special agent. who shall Immediately
proceed 20 ascertain whether such bank hrs re-
| fused 10 pay its notes in gold and silver coin
when lawfully demanded, and report TO the said
treasure, secretary and auditor, the facts SO as
certained, and if frcm the report made, said
tre;lsurers secretary and auditor. q minority OF
them, shall be satisfied thai such bank has sIIs-
1 pended the Taymen. OF lis circulating notes.
when lawfully demanded. in geld and silver
coin. they shall forthwith appoint n receiver or
receivers, and require him or them such bond
| and security Is they shall deem proper, who
shall proceed tc take possession ofthe books. rec
ords and assets ofevery description ofsueh bank.
collect all debts, dues, and other claims belong
| ing TO such bank. settle. and. with tie approba-
ton of IN agent TO be appointed by the stock
holders for the protection of their interests, COM
pound for all bad and doubtful debts; sell all
| the real and personal properly Of said bank, and
TO paw over all moneys SO made 10 tie treasurer
of STATE. and the treasurer Of State shall cause
notice 20 Pc given by advertisement published
III one or mere newspapers published In the
city OF Columbus. and also in one or more news
papers in general circulation in the county
where the Office of such insoyent bank shall be
situated; for six consecutive months, ealing on
all persons who may have claims against slch
bank. to make legal proof thereof; and afer the
end of one wear from the first publication of such
notice, the treasurer, after full provision shall
have been made for redeeming the circulating
ncles Of such bank, shall make 4 ratable divi
dend Of the moneys so paid over to him by such
receiver or receivers, inclusive Of moneys re-
eeived by him on sales Of stock transferred to
and deposited with him by such bank all
such claims as may have been so proved; and.
from time TO time. as the proceeds of the assets
of said bank shall be paid over TO him. the sid
treasurer shall make further dividends, Is lfore
said. on all caims previo, sly proved, and the
remainder. ifany, shall be paid over 70 the stock
holders of the bank or their legal representa-
tives, in proportion the stock by them severally
held; provided, however, that if any indepen-
dent Bank, against which proceedings have
been instituted as prescribed in this section, on
account of any supposed act of insolvency, shall
deny having committed such act such bank
may apply 10 any court of competent Jurisdc-
ten TO enicy further proceedings in the prcmi-
ses; and such court, after citing the treasurer.
secretary and auditor of state. TO show cause
why further proceedings should not be enjoined
az d after the finding of a jury that such bank
has not suspended the payment of lis notes,
when legally presented, in gold and silver com,
shall makean order enjoining said treasurer, au-
ditor and secretary of state, and any receiver or
receivers. appointed by them, from all further
proceedings on account Of such supposed insol-
yency. 10 ....-.. Us ....-..
See. r. If the original capital stock -ofany
such Independent bank shall in auy manner be
diminished, or any point thereof be Withdrawn
for any purpose whatever, while any debts or
such bank remaining unsliis-
fled. no dividends shall hereafter be made on
the shares OF the capital stock of such bank until
the original amount of the capital stock shall
be restored, either by contribution of the share
holders, or out of the profits of the business of
such bank; and-in case any dividend shall be
made while the capital stock shall remain so
diminished or Withdrawn, it shall be the duty
of any court having competent jurisdiction to
issue the necessary orders and decrecs for clos
ing the affairs of such bank, and dividing its
effects among its creditors and shareholders, as
in this act provided.
See. 73. All fees fer protesting the notes is
sued by any such Independent bank shall be
paid bv the person procuring the protest to be
made, and such bank shall be liable therefor.
but no part of the stocks pledged by such bank
TO the treasurer snail be applied TO The payment
of such fees; and all expenses incurred In COLI
ducting the sale of any of such pledged stocks
and advertisements thereof, shall be paid out of
the proceeds of such sales.
See. "A. The stockholders, collectively, of
any independent bank. shall at no time be IL
able to such bank, either as principal debtors
or sureties, or both. TO an amount greater than
three-tiffhs Of the amount of capital stock ac-
tually paid in and remaining undiminished, by
lcsses or otherwise, nor shall the directors be so
liable, except to such amount and in such man.
ner rs shall be prescribed by the bylaws of
such bank, adopted by its stockholders TO regu-
late such liabilities, and it shall be the duty Of
the auditor, treasurer and secretary of state, or
q maiority OF them, rs often as once in each
year, 10 appoint such suitable person. who shalr
not be 4 stakeholder in any bank of this state,
who shall have power TO make thorough ex-
animation into all the affairs of the bank which
he may be appointed TO examine, and in so de-
ing. 10 examine any Of the officers and agents of
such bank on oath, and such agent shall make
n detailed report of the condition of such bank
TO the auditor of state; and the banks organi-
zed under this act shall not be subject to any
ether visitorial power than such rs are author
lied by this ACT, except such as are visited in
the several courts of law and chancery; and ev-
cry agent appointed, as in this section provided
shall receive for Hs services at the rate of four
dollars for each day by him employed in such
examination. and four dollars fer each twenty
five miles he shall necessarily travel in the per-
tormance of his duty, which shall be paid by
the treasurer of state, and refunded by the banks
rs other expenses are refunded. -..,.sr,
See. IS. Whenever any independent bank,
being desirous of diminishing the amount of its
notes, shall deliver to the treasurer
ofstate any portion of such notes not less in
amount at any ole time than five ihonsaud dol /
Lars, TO be destroyed, the treasurer shall destroy I
he same as prescribed in section sixty-three.
sixty y-tiyel and shall thereqpon. transfer and
ieliver 70 such bank, ceriifeases- of fuffticr-
eb!'lcro.iiTed with him by such .I'ahi to an +
amount equal TO the amount Of no!es 50 deliver
I'll rp: provided that the amount of certificates