The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1856-05-21

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stored, either by contribution of the
shareholders, or out of the profits of the
business of such bank; and in case any
dividend shall be made while the capital
t stock shall remain thus diminished or
y Withdrawn, it shall be the duty of any
court having competent jurisdiction, to
g issue the necessary orders and DEGREES,
e for closing the affairs of such bank, and
dividing its effects among its creditors
aud shareholders, as in this act pro-
vided.
SECTION 70. All fees for protesting
the notes issued by any such i~ndepend.
, ent bank shall be paid by the person
procuring the protest to be made, and
such bank shall be liable thereof, but
no part of the stocks pledged by such
bank to tho treasurer, shall be applied
to the payment of such fees; and all
expenses incurred in conducting the sale
of any such pledged stocks and adver-
tisements thereof, shall be paid out of
the proceeds of such sale.
Section ~. The stockholders, col
leetively, of any independent hank, shall
at no time be liable 10 such bank either
MS principal debtors or securities, or both,
to amount greater han three ffths of
the amount of capital stock actually paid
in and remaining undiminished, by loss
es or otherwise, nor shall the directors
be so liable, except 10 such amount and
in such manner ns shall be prescribed
by tho laws of such bank, adopted BY
it's stockholders to regulate such liabili.
tics, and it shall BIO the duty OF tho at
ditor treasurer aud secretary of State, or
u majority of tccm, as often rs once in
each year, to appoint some suitable per-
son, who shall not be a stakeholder in
any hank of this State, who shall have
power to wake n thorough examination
into all the affairs of the bank which he
may DO appointed to examine, and in so
doing to examine any of the officers and
agents OF such bank on oath, and such
agent shall make a detail report of the
condition OF such bank to the Auditor
of State and the banks organized under
this act shall not be subject to any 9TH
er visitorial powers thar such as are au-
thorized by this act, except such as are
vested in the several courts, of law and
chancery; and every agent appointed,
as in this section provided, shall receive
for his services at the rate of four dol
lars for each day by him employed in
such examination and four dollars for
every twenty-five miles he shall necessa-
rily travel in the performance of his du-
ty, which shall be paid by the Treasurer
of State, and refunded by the banks. as
other expens es arc refunded.
SECTION 70. Whenever any indepcn-
dent bauk being DESTROYS of diminishing
the amount of its circulating notes, shall
dol;vor ~ tho t-oov-rar of cfofo opy mr.
ton of such notes not less in amount at
any Que time than five thousand dollars,
to be destroyed the treasurer shall de-
stroy the same as presaribed in section
sixty-three, aud shall thereupon trans
fer and deliver to such bank certificates
of funded debt deposited with him by
such bank to an amount equal to the
amount of notes, so delivered up pro-
vided that the amount of such certificates,
remaining with tho treasurer shall not
thereby be reduced below the amount Of
the capital stock Of such bank at the
time paid in, nor in any case below the
sum Of one hUndred thousand dollars,
Eor in value, estimating the same at their
then current price in the city cf New
York, below the amount of circulating
notes, still retained by such bank nor
shall the treasure r be required to trans
fer such certificates in Irrational sums
of less han one thousand dollars; end
whenever any such bank, being DESTROYS
of relinquishig its banking business, shall
have paid at least ninety per cent, of the
meximum amount of its circulating
notes, and shall have delivered the same
tie the treasurer of state to. be destroyed
and shall have provided means and Civ
en- security TO the satisfaction of the
treasurer, secretary aud auditor of state,
for the redemption of its outstanding
notes of circulation, at the place where
the Office of such bank was established
and shall have given notice thereof by
advertisement, for six consecutive
months, in two newspapers of general
circulation published at Columbus, and
at least enc published in the city, iowa
or village where the Office of such bank
is located; it shall be lawful for the
treasurer of state to re-transfer and de-
liver to such bank all the certificates to
funded debt previously pledged with him
by such bank, and thereupon all the cor
porate powers of such bank except such
IS shall DC necessary to close up its af-
fairs, shall cease.
SEcTIoN rs. Thfs act shall be sub
mitted to the electors of this state at
the general election to be held on the
second Tuesday of October next, for
their approval or rejcction-and each e.
lector may hare written or printed or
partly written and partly printed upon
his ticket the words "For the Bank
Charter'or, Against the Bank Char
teri" and the judges of cncblelcction dis
trict, in counting out the votes, shall
set down in seperato columns, in Tie
poll books, the Totcs given "For the
Bank Charter" and certify the number
of votes given for, and against the
Charter, as they are required to certify
to the number of votes given for candi-
dates.
SECTION II. It shall Be the duty of
the persons opening the poll hsoks in
each county, to make a separate abstract
of votes given for, and against the
charter, including a statement showing
the number of votes cast, which were
neither given for or against the charter.
And the Clerk Of tho court of common
pleas of each county, shall Immediately i
after such abstract is made, make q GER {
tilted copy thereof, under the seal O. cue
court, and forward the same by mail to
the Governor, at Columbus, marked on
the outside abstract Of votes for, aud
. gainst. Bank Charter given in
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