The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1856-07-09

receiving information that any branch ha
| committed an act of insolvency, shall forth
, with appoint committee of one or NOR
Iofits directors, who shall make immediate
inquiry into the truth of such information
, and report thereon to the board, and
the board shall be satisfied from the re
I. port of the committee that such brancl
has suspended the payment of its note
in gold and silver, they shall forthwith
: appoint suitable receiver or receivers
who shall take immediate possession Of tn,
books, records, money, chooses in action
and property Of said branch of every dies
cription, and hold the same for the join
use and benefit of the other branches O
the Bank of Ohio. and the creditors of the
failing branch; and said Bank of Ohio shall
immediately provide money and place the
same in such solvent branch>or branches
as may be most convenient for the purpose
/ of redeeming the notes of such failing
branch, and shall give public notice there.
of in come newspaper printed in the place
where snch failing branch is located, and
also in some newspaper of general circu-
lation published at Columbus. -
SECTION 81 Each solvent branch
shall contribute, in the ratio of the circu-
ilation to which it is entitled, to the sum
necessary for redeening the notes of the
failing branch, as provided in the prece.
ding section, on the requisition of the
Bank of Ohio, and may be remunera /, d or
such contribution. from the safety fund,
as soon as money sufficient can be raised
from that fund, by sale hypothecation oil
the stock, funds, or other securities be-
longing thereto. a@#E
SEcTroN SO. The receiver or receivers
appointed as provided in the forty ninth
section, shall be required to give bond
in such sum aud with such securities as
the Bank of Ohio shall Judge sufficient,
and under the direction Of said bank, shall
proceed to settle up the affairs of such
branch, ard convert its assets into
money; the money SO made shall be ap-
piled:
First-To reimburse all moneys which
shall have been advanced by the several
branches for the redemption of the notes
aud bills of the insolveEt, branch, and
which may not have been previously reim-
bursed from the safety fund
ts.sSecond To reimburse ali moneys ad1-
vanced from the safety fund, other than
moneys derived from that portion of the
safety fund furnished by the failing
branch
| Third-To the payment and discharge
of all the remaining liabilities of each
branch; and. se I
Fourth---The residue shall be divided
among the stockholders of the failing
branch, in proportion to the stock by
them respectively held.
SECTION So. If any branch against
which the Bank of Ohio shall have institu-
| ted proceedings on account of any suppo-
sed act of insolvency, as prescribed by the
/ forty-ninth section of this act, shall deny
having committed such act Of insolvency,
such branch may apply to any court Of
competent jurisdiction for writ of injunc-
tion to said Bank of Ohio, to suspend all
further proceedings against such branch
as an insolvent bank; and such court, after
citing said Bank of Ohio to appear and
show cause why such writ should not be
granted, and after the finding of jury
! that such branch has at all times continued
and still continues to redeem, in gold
and silver coin, its notes of circulation
shall make an order cnioining the Bank OF
Chic from all further proceedings against
such branch on account of the supposed
act of Insolvency on which such proceed.
ings were instituted. and therenpon allthe
property and assets ofsueh branch shall
be restoreed to its directors.
/ SECTION 81. If the Bank of Ohio
shall IN any case, tail to proceed in the
manner prescribed in the foregoing sections
of this act, in providing for the payment Of
the outstanding notes Of circulation, aud in
CLOSING the affairs of any branch that shall
have committed an act Of insolvency, the
holder of any of its notes of circulation
or other creditor of such branch may, in
case payment of such notes of circulation
i or other claim has been refused when law.
fully demanded, and remains unpaid. apply
to any court of competent jurisdiction fol
Its writ commanding the Bank of Ohio sc
TO proceed; and it shall be the duty O
such court, after citing such bank to. ap.
pear and show cause why such writ shoult
not Issue, and upon the finding Of jur,
that such act of insolvency has been com
mitted, to issue their writ commanding
said bank to forthwith proceed in the man
ner pointed out in the preceding sections
of this act, to provide for the payment 0
the outstanding notes of such branch, clos,
up its affairs and make application Of it
Iassets. -
!, SECTION 55. That if any branch 0
the Bank of Ohio shall neglect or refus,
to comply with any order of the Bank Q
, Ohio. requiring such branch to reduce it
, circulation or other liabilities. or to pro
!, vide q larger amount Of specie or othe
!, means, or to pay in its stock, or to do, o
cease to do, any other matter. or thin,
which said bank may deem necessary fo
Il