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

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v liver special deposits; provided, how
k ever, that if satisfactory proof be pro
duced to such notary public that the pay
ment of any such Tote or notes is re,
n strained or delayed by order of any court
of competent jurisdiction, such notary
public shall not protest the same. Where
the holder of such notes shall cause more
e than one to be protested on the same
e day, he shall not receive pay for moro
: than one such protest.
SECTION 60. Tn case any such indie
E pendent bank shall fail to pay and re-
, deem its circulating notes on demand
: in gold or silver coin, as specified in the
proceeding section of this act, the treas
urer of state shall, within thirty days
after he shall have notice Of such failure,
cause the stocks pledged by such bank, or
so much thereof as may be necessary to
redeem the outstanding circulating notes
of such bank to be sold either at the stock
exchange, in the city of NV York, after
giving notice OF such sale to such bank,
and also advertising the time and place
of sale, with n pertinent description of
the stocks to be offered for sale in two
or more newspapers Published IN the city
of New York for not less thar ten con-
seeutivo days before the day Of sale, or
at the State Treasury in the city Of %.
lumbus, giving notice to said bank, and
also advertising in ono or moro ncwspa-
pcrs published in the city Of Columbus,
aud ouo or moro newspapers in general
circulation in the county wheSe the Of.
fee of such failing bank is situated,
which advertisements shall contain the
-.. ....-l I.,.,
when sales are to be made in the city Of
New York, aud out of TIE proceeds of
such sale the trersurcr shall pay in u
ratable proportion the circulating notes
of such bank, Of which duo notice shall
DO given, calling upon the holders of
such notes to present them for such pay
mcut at the State Treasury; Provided,
that if any of the circulating notes of
such failing bank shall mot be presented
for redemption at the State Treasury
until after two years from the date of
the first publication of the notice to the
holders of such notes to present the same
at the State Treasury, the treasurer may
pay ratably to the holders of tho notes
previously presented, if such notes shall
not have been previously paid in full,
whatever of the proceeds of such sale re-
manning in his hands may be needed
to fully discharge such notes so present
ed. Provided; that sales of stock under
this section and section 10 SHAH not BE
made moro rapidly than may be neces-
sary to provide funds for tnc redemption
of the notes of such bank, as they may
be presented for redemption.
SECTION 20. The treasurer OF State
may if be shall deem THAT the interests
of the note holders of any iusolveut bank
VII be best promoted thereby, with the
advice OF tns, auditor aud secretary of
state, by hyHhthccate or So, OF private
sale, any of 5hc stocks transferred TO and
deposited with him by such bank, to any
other independent bank, or to any indi-
vidual person or firm, and receive there
for either money or the circulting notes
of such falling bank; provided that no
such stock shall be sold at private sale
at less than the par value thereof. nor
at less than its selling price at the New
York stock exchange at the date of the
last received information, nor shall any
such stock be sold on credit.
SECTION II. On receiving notice
that any such independents bank shall
have committed an act of insolvency, as
hereinbefore defined, the treasurer of
State, the secretary Of State, and the
auditor of State, or a majority of them,
shall appoint a 81 ecial agent, who shall
Immediately proceed to ascertain wheth-
er such bank has refused to pay its notes
in gold or silver ccin when Ia fully de-
manded, and report to the said treasurer,
secretary and auditor, the facts so as
certained, and if from the report SO
made, said treasurer, secretary and au-
ditor, or a majority of them, shall be
satisfied that such bank has suspended
the payment of its circulating notes,
when lawfully demanded, in gold and
silver coin, they shall forthwith appoint
a receiver or receivers and require of
him or them such bond and security as
they shall deem proper, who shall pro-
ceed to take possession Of the books, re-
cords, and assets of every description of
such bank, collect all debts, dues and
ether claims belonging to such bank
settle, and, with the appreciation of an
agent to be appointed BY the stockhold-
ers for the protection of their Interests,
compound for all bad and doubtful debts;
sell all the real aa3 personal property
Of said bank, and to pay over all moneys
SO maze to the treasurer of state, and
the treasurer of state shall cause notice
to be given By advertisement in one or
moro newspapers published in the city
of Columbus, and also in one or more
newspapers in general circulation in the
county where the Office of such iusolYent
bank shall be situated, for six consecu-
tive months, calling on all persons who
may have claims against such bank, to
make legal proof thereof; and after the
end CT one year from the first publica-
ton of such notice, the treasurer, after
full provision shall nave been made for
redeening the circulating notes of such
bank, shall make a ratablc dividend of
the moneys SO paid over to him by such
receiver or receivers, inclusive of moneys
received by him on sales of stocks, trans
ferred and deposited with him by such
bank on 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 said treas
urcr shall mako further dividends, as
aforesaid, or all claims previously proved
and the remainder, if anything, shall be
paid over to the stockholders of the
bank or their legal representatives, in
m~c.nortion TO the stock by them sever
ally hsId provided however, that if
any independent bank, against which
proceedings nave Dgv1 Instituted as .nre- !
scribcd in this section m on-ount of