The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-05-14

cIases. on which payment shall be lawful.
y denADded al its banking houss. or
customary place Of doing banking busi.
usss daring Usual banking hours. such
kianeh shall be deemed 10 have commit.
I'd N act Of insolvency. and lhtrsupon
Ell its property. credits. seeutiiies. liens.
! and assets fsvefy description shall forth.
sith yes, 10 and Be the property. credits.
Securities. lena and assets Of the Bank Of
Ohio for the uses and purposes declared
On this act.
Sac. IL. The Bank Of Ohio. on re.
= ooiving Information that any branch has
committed an act OF insolvency, shall
forthwith appoint q committee of one or
more Of ils directors. or others, Who shall
make immediate inquiry into the truth Of
such Information and report thereon 10
The bank and Il the bank shall be salts.
fel from the report Of the committee that
such branch has suspended the payment
of its notes in gold and silver, il shall
forth With appoint suitable receiver or
receivers. who shsh take immediate pos.
session Of The books. records. moneys.
chooses iu action, and property Of such
brsneb. Of ever description. and hold the
came Tor the joint use and benefit Of the
other branches OF the Bank of Ohio, and
the creditors of the failing branch; and
said Bank Of Ohio shall Immediately pro.
vide money and place the same in such
solvent branch or branches as may be
most eOevesient for the purpose OF re.
dseming the notes of such failing branch,
and shRll give public notice thereof in
some newspaper printed in the place where
such fsiing branch is located. and also in
some newspaper of general circulation
published in Columbus.
SEC IL. Each solvent branch shall
contribute, in he ratio Of the circulation
to which it is entitled. to the sum neces.
sary for redeeming the noes of the fall
ing branch. as provided in the preceding
section, on the requisition OF the Bank of
Ohio. and may be remunersted for such
contribution. from the safety fund. as'soon
as money sufficient can be raised from that
fund, by sale or hypotheCstion OF the
stock, funds, or other securities belonging
thereto.
SEC. IS. The receiver or receivers sp.
pointed as provided in the eleventh sec.
zion. shall be required to give bond in
such sum and with such securities as the
Bank of Ohio, or Executive Committee,
shall judge sufficient. and under the d.
Tection of said bank, shall proceed to set
tie up the affairs Of such branch. and con-
vert its assets into money; the money SO
made shall be applied;
First--To reimburse all moneys which
shall have been advanced by the several
branches, for the redemption Of the notes
and bills Of the insolvent branch, and
which may not have been previously ie-
imbuFsed from the safety fund.
TEecond--To reimburse all moneys sd-
vanced from the safety fund, other than
moneys derived from that portion Of the
safety fund furnished by the falling
branch.
aThird--To The payment and discharge
Of oil the remaining liabilities Of such
branch; and
Fourth-Tbe residue shall be divided
among the. stockholders of the faiing
branch. in proportion to the stock by them
respectively held.
SEC IA. II any branch against which
the Bank Of Ohio shall have instituted
proceedings on account OF any supposed
act OF insolvency, as prescribed by the
eleventh section of this act. shall deny
having committed such act Of insolvency,
such branch may apply to any court of
competent jurisdiction for writ of injunc-
ton to said Bank Of Ohio, 10 suspend all
further proceedings against such branch
"a an iEsolvent bank; and such court, af
ter citing said Bank Of Ohio TO appear
and show cause why such writ should
not be granted. and after the finding of a
Jury that such branch has at all times
continued, and still continues to redeem.
in gold and silver coin. its notes OF circu.
laiion. shall make an order enjoiping the
Bank of Ohio from all further proceedings
against such branch on account of the
supposed act Of insolvency on which such
proceedings were instituted, and there.
upon all the property and assets of such
branch shall be restored to its directors,
SIC Is. II tie Bank Of Ohio shall.
in any case. fail to proceed in the manner
prescribed in the foregoing sections Of
this set, in providing for The payment of
the outstanding notes Of circulation, and
iu closisg the affairs Of any branch that
shall Rave committed an act OF insolvency,
the holder of any Of its notes OF circula-
ton. or other creditor OF such branch may,
in case payment Of such notes of circula-
ton or other claim has been refused when
lawfully demanded, and remains unpaid,
apply TO any court OF COMPETENT urisdic-
ilon Tor iis writ, commanding The Bank OF
Ohio so TO proceed; and it shall be tie
dusy Of such court, after citing such bank
to appear and show cause why such writ
should not issue, and upon the finding Of
a Jury that such act Of insolvency has been
committed, 10 issue their writ command.
ing said bank forthwith to proceed in the
manDer pointed out in the preceding sec.
tions Of this act. 10 provide for the pay
mens of che outstanding notes OF such
branch, and close up its affairs, and make
epplieation OF its assets.
SIC. rs. That ii any branch shall ne.
gect or refuse 10 comply with any order
Of The Bank Of Ohio, requiring such branch
10 reduce its circulation or other liabilities,
or TO provide larger amount of specie or
other means, or to pay iu its stock, or to
dc, or cssse 10 do. aoy other matter or
thing. which said bank may deem neces.
saTy for the security Of such branch, or
any other branch or branches, said bank,
or any director thereof, acting for said
bank. may apply to any judge of the SUI
pEeEse coust or court Of common pleas, or
sny Judge Of s.superior court, or to any
Judge Of aRy, otlleFcourt not inferior TO
the court Of common pleas, by petition. in
rzhich he. Hank Of Ohm shall be made