The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1856-05-29
FconTITurp rRoM rIasr rAor.l

tcoNTIEUEp FROM fIHsT rAsEsl
shsn ~ pa ID oFsrie The soekhOldersof ne bank or
~ Issn ssversiy held; pTcsdsd Eo Ssysr that fsny
Independent bank, against which proceedings have
been tnItuiedas prescribed 10 this sections on ae
eoant Of any supposed Of finsolveheyi shan deny
hAgine eommilled such act. such bank may apply 20
any coust OF eOmpetsn; urisdction 70 eloln urther
pr0eeedngs 10 che premises; and such A.er e.
ting the trrasufe secretary, and sudlar OL slate 70
sheN cause why further proceedings should not be
ouloined and amer the 1nding ofa Jury that such bank
has not Suspended the payment Of Us notes when le
aaly presented gald aud silver coin, shall make an
order enoinlng said treasurer, Puditor and secretary
OF State aud any receiver receivers appointed b
them. fronal further proceedings on account OF such
supposed act Of Insolvency.
SEcrIoa 20. 1.-THE original capital stock ofany such
Independent bank shai In any manner be dimin!shed,
or any portion theroofbe ithdrawn far any purpose
Whaiev sr, while any debts or demands againa. seuh
bank remain unsatiscd, dividends shall thereafter
be made on the shares of the capital stock OF such
bank until the original amount ohe canal stock shail
be restored either by contribution ofhe shareholders,
out Of Che profits Of the business OF such oanE and
On case any dividend shall be made while the capital
eloct shall remain 90 diminished or withdrawn, It
shall the duty Of any court having competent Jurs
dicton, to Issue necessary orders aud deerees for
closing the Affairs Of such bank and dividing is elects
among is creditors and shareholders, as in this Act
provided.
by any Independent bank shall be paid oy the person
procuring the protest 10 be made and such bank shall
be liable therefor but part Of the stOeks pledged
by such bank 10 the treasr shall be applied TO the
payment Of such fees; and all expenses Incurred In
conducting the sale OF any OF such pledged stocks
aud advertisements thereof, shall be paid out oih
proceeds OF such sales
SEcrIoN "a. The stockholders, collectively, OF any
Independent bank, shall at time be liable TO sueh
bank either principal debtors suretes or 6Ota TO
an amount greater than three-6fhs OF The amount
Of capital stock actually paid in and remaining nndl
miBished by losses otherwise, nor shall the diree
ors be iablo, except 20 such alaount and in suc
manner as shall be prescribed by the by laws OF sues
liabilities, snd Il shall be the duty OF the audttor trea-
surer and secretary of the State majority ofthem,
a. often once In each year. to appoint some suIta
BILE person, who shall not be tsockhodcr In any
bank OF this State who shall have power to make
thorough examination to all the affairs OF The BANK
which he may be appointed to examine, and III 50 DO
ing 10 exsminc any of the officers and agents Of the
bank OATH and such agent shall make detailed re-
port OF the condition of such bank TO the Auditor OF
State and the banks organized under this act shall
rot be subject to any other vstoria powers than such
authorized by this act except such as are vested
In the several courts, OF law and chancery, ana every
agent appointed, in this section provided, shall
receive fer his services at the rate OF four dollars for
each day BIZ him employed in such examination, and
four dollars for every twenty-five miles he shall ne
cessariy travel In the performance Of his duty which
sha paid by the Treasurer Of State, aud refunded
BY the banks, as other expenses are refunded.
: SECTION 75. Whenever any independent bank be-
log desrous Of diminishing the amount OF Its cireula
ting notes shall deliver to the treasurer OF state any
portion Of such notes not less in amountat any ono
lime than FIVE thousand dollars, to be destroyed the
treasurer shall destroy the prescribed in sec
tion slxtythre and shall thereupOn transfer ara De-
liver TO such bank certificates OF funded debts depo
sted with him by such bank to an amount OF notes,
90 delivered up; provided that the amount OF such
certificates, remaining with the treasurer shall not be
thereby reduced below the amount Of capital stock OF
tuch bank ut the time paid in, n any case below
the sum of one hundred thousand dollars. nor in val
estimating the at their then current price In
the city of Now York, below tho amount OF cireula-
ling notes, still retained by such bank nor shall the
treasurer be required to transfer such certificates in
fractional Of less than thousand dollars; ana
whenever any such bank being desirous OF rehqulsh-
ing its banking business shall have paid at least nine
~ per cent, ofthe maximum amo mt of the circua-
ting notes, and shall have delivered the same to the
treasurer Of State to be destroyed and shall have pro
vfdSd mean and given security TO the satisfaction OF
the treasurer secretary and auditor of State, Tor the
redemption Ofis outstanding notes of circulation, al
the place where the Office OF such bank was establish
ed and shall have given notice thereof by advertise
ept, for six consecutive months in two newspapers
ofgoneral circulation publ she'd at Columbus, and AT
least published in the city town or village wh.re
the ofee of such bank is located; it shall be lawful
for the treasurer of State to retrahser and deliver 10
such bank all the certificates offunded debt previously
pledged with him by such bank and thereupon all the
corporate powers of such bank except such as shall
be necessary to close up its affsrs, shall cease
SECTION Is. This act shall be submit I'd TO the elec
tors OF this State at the general election to be held on
the second Tuesday Of October next their appro-
val or rcjeetion-and each eector may have writtIn
printed or partly written and partly priHted pp-
on his ticket the words 'For the Bank Charter" or
Against the Bank Charter;' aud the judges ef each
election district in counting out the votes, sha set
down in separate columns in the poll books, the votes
given "For the Bank Charter" and the votes given
'tAPainst the Bank Charor,'' and certify the num-
Der ofvotes given for, and against, the Charter, as
they are required to certify to the number OF votes
given for candidates.
SECTION II. 1t shall be the duty OF the persons
opening the poll books in each comfy, to make sep
arate abstract Of votes given for and the char
Ter, including a statement showing the number OF
votes cast which were neither given for or against
the charter And the clerk of the court of COM
mon pleas Of each county, shall, Immediately after
oho In
underth seal Of the court and forward the same by
mail to the Governor, at Columbus, marked on the
outside abstTaet votes for and against Bank Char
ter, given in - county, .
SECTION 70. II shall be the duty Of the Governor,
after said election practicable; with the aid
ofthe auditor secretary Of State, to open and ab-
stract all said ret lrns and the governor shall imme
diate1y thereafter. by proclamation In some newspa.
per published at Columbus, setforth the number oi
votes given for the charter, the number Of votes Civ
against the charter and thaSumber Of votes given
which neither for, against, the eharter and
IL majority Of all the votes given were for the char
ter shall further state therein that said charter has
been approved by the people, and has thereby become
iaw but IL majority ofall the votes given shall not
be for the charter he shall state, and that the char
ssr has, for thtt reason, failed to become a law.
SEGTIoS 10. This act shall take effect and be In
force from and after the second Tuesday Ia October
next II the same shall be approved by majority OF
the electors voting that day, andn otherwise.
N. II. VAN WORRIES,
Speaker Of the House Of Reprssentatiuss.
LESTERTAYL0R,
President Of the Senate pro TEN.
Aprilll, 1856.
AUDIToR's oFsIcE, RAvENSA. |
PoRTAaE County o., May 90, 1855
Thereby certify that the foregoing is true copy
: THos W. BROWNING.