The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1857-10-02

of circulation, shall. as far as practicable,
be first converted into money, and APP
piled to that purpose before any part Of
the safety fund belonging TO other branches
shall be so applied.
SEC. o. The Bank of Ohio shall not
furnish to any branch circulating notes 10
an amount bearing a greater proportion TO
the capital stock Of said branch, actually
paid in, and at the time remaining uudi.
miuished by losses or withdrawal. than
the proportion hereinafter specified. that
is 10 say: On the FIRST buudred thousand
dollars. or any lesser amount Of It's CAPT
iaI, not more than twice the amount OF
such capital. On the second hundred
thousand dollars or part thereof, not
moie than once and three quarters the
amount of such capital, over one hundred
thousand. On the third hundred thou.
sand dollars, or part thereof not more
.nau once and half the amount OF sucL
capital, over Two hundred thousand. On
lhe fourth hundred thousand dollars. or
part thereof, not more than once and q
quarter the amount Of such capital, over
ihree hundred thousand and, on any
amount Of capital over four hundred
thousand dollars, not more than an
amount equal to such capital, over four
hundred thousand. Nor shall said bank
furnish to any branch circulating notes oi
any other denomination than Of one dollar,
two dollars, three dollars, five dollars, ten
dollars. twenty dollars. fifty dollars, and
one hundred dollars each; Of the notes
furnished to any branch, not more than
ten per cent, Of the amount shall be in
notes Of one dollar each; not more than
i've per cent, in notes OF two dollars each /,
not more than ten per ceht in uoles oi
three dollars each; not more than twenty
per cent shall be in notes OF all denomi'
nations under FIVE dollars; not more than
Gfly per cent, in notes Of oil denomina'
tions under ten dollars.
SEC. 10. If any branch Of the Bank oi
Ohio shall refuse 10 pay lis notes Of circu'
lation, or any of them, in gold or silver
coin, or the lawful currency OF the United
States, Oh which payment shall be law.
fully demanded at its banking house or
customary place Of doing banking busi
ness, during usual banking houls, such
branch shall be deemed TO have committed
an act Of insolvency, and thereupon all lie
property, credits. securities. liens and as
sets Of every description shall forthwith
vest in and be the property, credits, .ecun
ties, liens and assets Of the Bank of Ohio,
for the uses and purposes declared IN this
act.
SEC. II. The Bank Of Ohio, on re-
ceving Information that any branch has
committed an &C, Of insolvency, shall
forthwith appoint committee OF one OF
more Of its directors, or others, who shall
make immediate inquiry into the truth o.
such nation, and report hereon tC
The bank ssa i he beBs s sHa be tssshss sshs
such branch has suspended the payment
Of its notes IN gold and silver, it shall
forthwith appoint suitable receiver OF
receivers, who shall take immediate pos
session Of the books, records, money.
chooses 10 action, and property oi such
branch, Of every description, AMI hold the
same for the j1int use and bench! OF the
other branches OF the Bank of Ohio, md
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 convenient for the purpose Of re-
deeminr the notes of such failing branch;
and shall give public notice thereof in
some newspaper printed in the place
where such falling branch is located, and
also in some newspaper Of general circu
lation printed at Columbus.
SEC. IL. Each solvent branch shall con-
tributein the ratio OF the circulation tow hich
it is entitled, to the sum necessary ior re-
deemlng the notes OF the falling branch, as
provided in the preceding section on the
| reQuislton of the Bank OF OHIO, and
| m ay be Iemunerated for such contribution,
| from the safety fund. as soon as money suf-
| .ficient can be raised from that innd, by
| sale or hypothecation Of the stock, or
| other securities belonging thereto.
| SEc. 49, The receiver or receivers ap'
| pointed, as provided in the eleventh section,
| Shall be required TO give bond in such sum,
| and with such securities as the Bauk OF Ono,
or Executive Committee, Shall Judge SUI,
fcient, and under the direction OF said
| bank, shall proceed to settle up the affairs
| of such branch, ana convert ITS assets INTO
money; the money 50 made shall be ap'
! Piled
First-To reimburse all moneys which
shall have been advanced by the several
branches, for the redemption Of the notes
and bills of the inSOlyent branch, aud which
may not have been previously reimbursed
from the safety fund.
| Second-To reimburse all moneys ad-
vanced from the safety fund, otter than
moneys derived from that portion OF the
safety fund furnished by the failing branch.
Third-Te the payment and discharge Of
of all the remaining liabilities OF such
| branchi and
Fourth-The residue shall be divided
among the stockholders OF the failing branch
in proportion to the stock by them resPec'
lively held.
Sac. IA. II any branch against which
the Bank Of Ohio shall have instituted pro.
ceedings on account OF any supposed act Of
insolvency, as prescribed by the eleventh
sectien of this act, shall deny having COM
| mitted such act of insolvency, such branch
may apply to any court of competent jurls-
diction for writ of injunction to said Bank
of Ohio, TO suspend all further proceedings
| against su CHI branch as an insolvenl bank;
and such court, after 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 b:anch has at all
| times continued, and, and still continues
to redeem, in gold and silver coin, its notes
of circulation, shall make an order enjoin-
ing the Bank Of Ohio from all further pro.
ceeding, against such branch on Account OF
the supposed act OF insolvency on which
such pfoceedinss were instituted, and there
upon all the property and assets Of such
branch shall be restored 70 its directors.
Sec. lb. If the Bank Of Ohio shall, in any
case, fail to proceed in the manner prescr.-
bed in the foregoing sections Of this act, in
providing for the payment Of the outstand-
!, ing notes Of circulation, and in closing the
the affairs OF any. branch that shall have
nonatni fied an ~ Of inualuencu- iha hnIder