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


and such court after citing the treasurer,
secretary, and auditor Of Slaie. 10 show
cause why further proceedings should NOT
be enjpiued. and after the finding Of jury
that such bank has not suspended the pay
meni OF I've notes when legally presented,
in gold and silver coin, shall make an order
anjoining said treasurer, auditor and secre-
tary Of State. and any receiver or receivers
appointed by them, from all further pro.
ceedings on account Of such supposed &C,
Of insolvency.
Sec. 72. II the original capital stock Of
any such independent bank shall In any
manner be diminished, or any portion there
Of be Withdrawn for any purpose what.
ever, while any debts or demands against
such bank remain unsaIisfed, no dividends
shall thereafter be made on the shares Of
The capilal stock Of such bank until the orig.
inal amour, Of the capital stock shall bere-
stored, 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remain so diminished or Withdrawn, it shall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 DEGREES, for closing the affairs Of such
bank, and dividing its effects among lis
creditors and shareholders, as in this act
provided.
Sec. IS. All fees for protesting the notes
issued by any such independent bank shplI
be paid BY the person procuring the protest
TO be made, and such bank shall 30 Liable
therefor but no part Of the stocks pledged BY
such bank 10 the treasurer shall be applied
TO the payment Of such fees; and all expen.
ses incurred in conducting The sale Of any
of such pledged stocks and advertisements
thereof, shall be paid out Of the proceeds Of
such sales.
Sec. IA. The stockholders, collectively,
Of any Independent, bank, shall at no time
be liable 10 such bank either as principal
debtors or sure,ies, or both, TO an amour,
greater than three 6(ths Of the amount Of
capital stock actually paid In and remaining
unaiminished, by losses or otherwise, nor
shall the directors be so liable, except 10
such amounts and in such manner as shall
be prescribed by the by laws Of such bank,
adopted by its stockholders 10 regulate such
liabiliuea, and Il shall be the duty of the au-
dior, treasurer and secretary OF State, or a
majority Of them, as often as once in each
year, to appoin. some suitable person, who
shall not be stockholder in any bank o!
this State, who shall have power 10 make a
thorough examination into all The affsirs Of
the bank which he may be appointed to ex.
anime, and in so doing 10 examine any Of
the officers and agents Of such bank on oath,
and such agent shall make detailed repor,
Of the condition OF such bank to the auditor
Of State; and the banks organized under
this act shall no, be subject 10 any other vis-
iiorial powers than such as are authorized
by this act, except such as are vested in the
several courts, Of law and chancery; and
every agent appointed, as in this section pro.
vided, shall receive for his services at the
rate Of four dollars for each day by him
employed in such examination, and four
dollars for every twenty-five miles he shall
necessarily travel In the performance Of his
duty, which shall be paid by the Treasurer
lof State, and refunded by the banks, as othel
expenses are refunded,
Sec. rs. Whenever any, Independent
bank, being desirous of diminishing ,h,
amount Of lis circulating notes, shall delive
10 the treasurer of State any portion Of sucl
notes tot less In amount al any one TIM
than five thousand dollars, 10 be destroyed
,he treasurer shall destroy the same as pre-
4 scribed in section sixty.,hree, and shall
,hreupon transfer and deliver TO such banl
10 an amount equal 10 the amour, Of notes
so delivered up; provided thai. The amour
Of such certificates, remaining with IN,
treasurer shall not thereby be reduced below
the amount of the capital stock Of sucl
bank al the lime paid in, nor In any cas-
below The sum OF one hundred thousand dol
lars, nor in value, estimating the same Q
their then current price in the city OF NeV
! York, below the amount Of circulaiin
notes, still retained by such bank; nor sha
The treasurer be required 10 transfer sue
certificates in fractional sums Of less tina
one thousand dollars; and whenever an,
such bank. being desrous Of relinquishin
! lis banking business, shall have paid al lea'
ninety per cent. Of the maximum amount {
a It's circulating notes. and shall have deli,
) cred the same 10 the treasurer Of state 10 b
destroyed and shall have provided means an
given security 10 the satisfaction Of tn
n treasurer, auditor and secretary Of stat
: for the redemption Of its outstanding note
Of circulation, a, the place where the offic
Of such bank was established, and shall hav
given notice thereof by advertisement, fC
, six consecutive months, in TWO newspaper
Of general circulaIiGn published at Colum
bus, and at least one published in the city
, town or village where the ofice Of such ban
is located; 1t shall be lawful fGt the trea'
urer Of state to re.lransfer and deliver
such bank all the certificates of funded SeI
previously pledged with him by such banI
and thereupon all the corporate powers Q
+ such bank, except such as shall be necessa
ry 10 close up its affairs shall cease.
!, Sec. 76. The act shall be submitted I
. The eleclors Of this state at the general elec
, ZION 10 be held on the second Tuesday Q
October next, for their approval or rejectio
| and each elecior may have written 0
i printed or partly written and partly printe
, upon his ,icke, the words "For the Ban
Charter" or "Against the Bank Charter
, ard the judges Of each election district, i
8 counting ouI the votes, shall set down i
T.. Il III L. l. IL