True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-04-30

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ties. not exceeding seven per cent. per
annum, payable semi-annnally. Each
branch shall be entllled to receive the in.
terest accruing on the stocks or bonds in
which its portion Of the safety fund shall
have been invested, and in case Of the in.
sOlvency of any branch, the stocks and
bonds in which the money Of such branch
shall have been invested as aforesaid, If
the proceeds of such stock and bonds shall
be sufficient to redeem its outstanding
notes Of circulation, shall, as far as prac.
ticable, be first converted into money
and applied to lha. purpose before any
part Of the safety fund belonging to other
branches shall be so applied.
SECTION 4s. The stockholders col
lectively, of any branch shall at no time,
be liable to such branch, either as princi-
pal debtors or surelies, or both, to an
amount exceeding one-third part of the
capital stock of such branch, then actually
paid in, and remaining as capital stock |;
nor shall the directors, collectively, be so
liable to an amount exceeding one.third
part Of the stock actually paid in, stand
ing in their names, and Of which they are
collectively The bona 6de owners in their
own right.
SECTION 40. If any branch Of the
Bank of Ohio shall refuse to pay its notes
of circulation, or any Of them, in gold or
silver coin Of the lawful currency of the
United States, on which payment shall be
lawfully demanded a. its banking house
or customary place of doing banking busi-
ness, during usual banking hours, such
branch shall be deemed TO have commit.
ted an act Of insolvency, and thcrenpon
all its property, credits, securities, liens
and assets of every description shall forth
with vest in and be The property, credits
securities, liens and assets Of Ihe Bank OF
Ohio, for the uses and purposes declared
in this act.
SECTION 80. The Bank of Ohio, on
receiving information that any branch has
committed an &C, of insolvency, shall
forthwith appoint committee Of one OF
more Of it's directors, who shall make i'm
mediate inquiry into the truth Of such in.
formation and report thereon to the board
and If the board shall be satisfied from the
report of The committee that such branch
has suspended the payment Of its notes
in gold and silver, they shall forthwith
appoin. a suitable receiver or receivers
who shall take immediate possession oil
The books, records, money, chooses in &C.
lion, and property of said branch Of every
description, and hold the same for the
joint use and benefit of the other branch.
es Of the Bank Of Ohio, and the creditors
Of the failing branch; and said Bank ol
Ohio shall Immediately provide ''"""!
and place the same in such solvent brancl
or branches as may be most convenien
for the purpose of redeeming the notes o
such failing branch, and shall give pnbll
notice thereof in some newspaper printed
in the place where such failing branch il
located, and also in some newspaper o
general circulation published at Colum
bus.
SECTION 81. Each solvent brahcl
shall contribute, in the ratio Of the circu
lation to which it is entitled, 10 the sur
necessary for redeeming The notes of til
failing branch, as provided in the prece
ding section, on the requisition Of ,h
Bank Of Ohio, and may be remunerale
for such contribution, from the safet
: fund, as soon as money sufficient can b
raised from that fund, by Il sale or by
pothecation of the stock, funds, or olhe
securities belonging thereto.
SECTION 50. The receiver or recei,
ers appointed as provided in the forty
ninth section, shall be required to Civ
bond in such sum and with such secur
ties as the Bank Of Ohio shall judge su
! fcient, and under the direction of sal
bank, shall proceed to settle up the affai
e of such branch, and convert its assets il
D to money; the money SO made shall |
u applied:
' Frst-To reimburse all moneys whiC
II shall have been advanced by the sever
: branches for the redemption Of the not
n and bills Of the insolvent, branch, al
G which may not have been previously r
u timbursed from the safety fund.
u Second-TO reimburse all moneys a
10 vanced from the safety fund, other th
e moneys derived from ,ha, portion Of d
'e safety fund furnished by the. faili
III branch.
~ Third-To the payment and dischar
!" Of all the remaining Liabilities Of ca
v branch; and