The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1856-05-21
9abs of 0biu.
PUBLISHED BY AUTHORITY.
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ASONCeetSCN
Section SIS. That if any branch c
the Bank of Ohio shall neglect or refus
TO comply with any order of the Bank
Ohio, requiring such branch to reduc
. its circulation or other liabilities, or t
provide . larger amount of specie or 9th
or means, or to pay in its stock, or to dc
any other matter, or thing which salt
bank may deem necessary for the securi
4y of such branch, or any other braucl
or branches, said bank or any director
thereof, acting for said bank, may apply
to any judge of the supreme court o
common pleas, or any judge ofa supreme
court, by petition, in which the Bank o.
Ohio shall be made petitioner, and thu
branch implicated defendant, setting
forth the substance of such order, or or
-ders and such neglect, or refusal, on the
part of the branch, its officers or agents,
TO comply Herewith and if the presi'
dent, vice president or any director OF
the bank, shall make affidavit of the
truth of the facts therein stated, it shall
be the duty Of such judge to allow an in
junction, and to eDjoin such branch, its
officers, agents, and all others in its en-
ploy or connected Herewith, from doing,
or suffering, OF permitting to be done,
any business whatever IS q bank, and
from intermeddling with or in any man
ner disposiDg Of, tho books, papers, mon
-ey chooses In action assets or property Of
fthe branch, whatever, until the further
order of the supreme court, or some
Judge thereof. Thu petition shall be
-6led in the supreme court at Columbus,
as soon as injunction is allowed.
SKcr:oA Sc. Upon the allowance of
suSa injunction, the property, credits, Sc
cnrities lilies and assets, ofevery descrip-
eiop. of such branch shall forthwith vest
in the Bank Of Ohio, who shall appoint a
receiver, to take possession Of the same,
AZ proYided in the 49th section of this
act. A certificate of appointment of
such receiver, blythe judge, or court, or
clerk thereof, making the same, shall be
SUFFICIENT authority to him to take pos
session of the books, property, and rights
of every description, o. sucn branch, and
shall be full authority TO the sheriff of
the county where the branch is located,
. forgive such receiver full possession OF
= such books, property and rights with the
aid of the county, if required; and said
: baak.end receiver shall be governed by
t the provisions of this act, as provided il
cases of suspension; and upon the disco
/. luton of such injunction, or a discontln-
suance of such suit by the bank, all the
LTights and property of such branch shall
be restored to and vest in said branch
SEcTIoN 81. The directors of the
Bank of Ohio whenever they may deem
il expedient, may establish an Office In
each or either Of the cities of New-York,
Cincinnati and Cleveland, for the receipt
.,of deposits and redemption of the circu-
lating notes of the branches upon such
terms as they may, from time to time
prescribe, and also a@clearing house at
Columbus. They may make ali rules
and regulations necessary to the good
, management of such Office, and clearing
houses; require the several branches
ITO contribute to the capitol of suca
officers, not exceeding five per cent
of the stock paid in by each branch,
and compel the branches to make their
collections and deposits with said Of
fees, and to employ all such agents as
may be necessary. The net profits of
Z the Offices shall be divided among the
branches equitably. The Office in New
York, in t~ransacting its business at that
place, may take, reserve, and receive
such rate of interest as Is or may be law
. full by the laws of the State of New York.
land no more.
SECTION So. Any existing indepen-
dent bank, banking company or free
bank created by the laws of this State,
unauthorized to issue notes for c~iFcula-
ton may, after the organization OF the
i Rank fsOhio become a branch of the
Bank of Ohio, nnen fnIi compliance with
all the requisitiaps of this act necessary
to create a branch of such bank. The
directors of any such existing bank or
eanizing as such branch under this act,
may do and perform all the acts required
of stockholders to perfect such organizes
ltion; and after full organization of any
such existing bank as a branch of the
Bank of Ohio, such original corporation
shall be held to be dissolved, except for
the purpose of collecting its assets and
Sfhe hnal settlement of its affairs in the
provided in its charter; ProVi-
.dsd, that nothing in this section contain
ed shsll be SO constructed as to require
the Bank of Ohio to admit any such in
dependent or free bank TO become 4
branch of the Bank of Ohio unless the
directors Of the Bank of Ohio shall be
satisfied that the admission a6such bank
will not jeopardise the interests of the
public, or of the Bank of Ohio.
SECTION so. The Bank of Ohio, after
establishing its agency in New York,
shall, as a bonus for his. charter, in ad-
dition to the taxes to be assessed under
the tw~enty-ffth section of this act, when
required by the proper officers of the
State of Ohio, discharge the duties of
transfer agent of the State and receive
and disburse for the State all moneys
necessary to be received and disbursed
an that city in the paymcn: of the pub
He debt and interest thereon without
any other compensation or charge for
such service.
IN RELATION. TO INDEPPEN.
DENT BANKS.
Section go. Each company that shall
have elected to carry on its business as
IN Independent. bank, and shall have
eoaplied with the requirements of this
act, preliminary to the commencement
Of banking business. shall, before it shall
commence such business, and before It
shall be held to have acquired corporate
powers deposit with and transfer to the
treasurer of the State certificates of the
funded debt Of this State, of the United
States, of the State of Massachusetts,,
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