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

NelIng Sectlonsof this act, tue treasurer
of state shlll, within thirty days after he
shal have received notice of such failure.
cnise the stocks pledged by sncl bank, Or
80 mach thereof as may be necessary to
- redeem thesen sstauding circulating notes
Of such bank to. besDld either at the stock
exchange, in tEsescity of New York, after
giving notice of such sale to such bank,
and also adyertising the time and place of
,Fts sale, with pertinent description of the /
80 stocks to be offered for sale, in two or more
newspapers pablshetl'in the city of New
i ork, for not less than ten consecutive
days before the day of sale, or at the State
Treasufy ia the city of Columbus, giving
notice to said bank, and also advertising
insone or more newspapers in the city of I
.Counibns, and one ermore newspapers in
- - general circulation in the county where
,.lfasthe, ,offiee of such failing bank is situated,
which advertisements shall contain the !
-. same particulars as are required herein
80 where sales are to sbe made in the city of
sisa1 New York.; and out Of the proceeds of
such sale the treasurer shall pay in ra-
= s table proportion the circulating notes OF
A. such bank, Of whichsdue notice shall be
4 given, calling upon the holders of such
s5f notes to present them for such payment at
the State Treasury; Provided, that if any
sssss Of the circulating notes Of such failing
- hank shall netbe presented for redemption
- at the State Treasury until after the term
- Of two years from the date of the first
publication of notice to the holders of
-,ss such notes TO present the same at the State
fssw Treasury, the treasurer may payratably to
ssathe holders of the notes previously pre-
sented, if such notes shall not have been
previously paid in full, whatever of the
proceeds of such sale remaining in his
hands may be needed to fully discharge
kzsueh notes sopresented- Provided, that
kSsales Nof stock under this section aud sec
lion 20 shall not be made more rapidly
than may be necessary to provide funds
for the redemption of the notes of such
bank, as they may be presented Tor re-
demptions
SEcT1oN 10. The treasurer of State
may. if he shall deem that the interests
- Of the note holders of any insovent bank
viii be best promoted thereby, with the
nTs advice of tae auditor and secretary of state,
$50 hypotiecate or sell, at private sale, any
of the stocks transferred to and deposited
with himsby such bank to any other inde-
pendent bank, or to any individual person
<or firm, and receive therefor either money
or the circulating notes of such failing
bank; provided, that no such stock shall
be sold by private sale at less than the
par valuc thereof nor at less than its sell
ing price at the New York stock exchange
at the date of the last received informa-
ton, nor shall any such stock be sold on
= credit.
SEcrIoN Z L. On receiving notice that
- e. any such Independent bank shall have
e<s committed an act of Insolvency, as here
-ia4fnbefor6 defined the treasurer of State,
&x the Secretary Of State, aud the auditor
Of State, or majority of them shall ap-
- point q special agent, who shall immedi-
kssa aie!y proceed to ascertain whether such
= bank has refused to pay its notes in gold
and silver coin when lawfully demanded,
and report to the said treasurer, secretary
~ and auditor, the facts so aseertaineG, and
.sas if from the report so made, said treasurer,
3, secretary and auditor, or q majority of
them, shall be satisfied that such bank has
rsuspeuded the payment of its circulating
Esssnotes, when lawfully demanded, in gold
md silver coin, they shall forthwith ap-
ss.i p3int. q receiver or receivers, and require
.eissof him them suchbond and security as
80 they shall deem proper. who shall Iro-
ceed to take possession of the books, re-
cords, and assets of every description OF
= such bank, collect all debts, dues, and
as.aother claims belonging to such bank; set
So tie, and, with the approgation Of an agen,
TO be appointed by the stockholders for
1.-the protection of their interests, compound
- sfor all bad and doubtful debts; sell all the
: - real and personal property of said bank
and to pay over all moneys SO made to the
treasurer of State, and the treasurer o.
State shall cause notice to be given 10y
.sss advertisement luz one or more newspapers
- published in the city of Colunlbu ard
- 'afso in one or more newspa aperssin genera
: circulation in the county where she ofies
TrSof such insolvent bank shah be Situated
- for; six consecutive months, calling on al
persons who lnay have claims against sucl
bank, to make legal proof thereof, and
after the end of one year from the frs
publication of such notice, the treasurer
after full provision shall have been mad
sfor redeemings the circulating notes o
such bank, shall mako aratable dividenf
OF the moneys SO paid over TO him, b.
such receiver or receivers, inclusive Q
moneys receiyedsb sby hinifoils sales Of sstocl
transferred to end deposited with him b,
siths bank. on al such claims as may nav
- been so proved; and, from time to time, a
- s the proceeds of the! assets of said. banl
- shall be paid over,to him, the said treasure
shall make furtherdiyidentis, as aforesaid
On all claims previously proved and tn
-. remaindef, If anything, sfalisbe Tnid,oYe
tosthe stockholders of the bank orIthei
legal representatives in proportion to tn
sock Thy Them sc yera1Iy held: proTideG