The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1857-09-30

tAOuSduu uOIliTS, uOL more LudI
an amount equal to such capital, over foul
hundred thousand. Nor shall said bank fur.
nish to any branch circulating notes of a.y
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
4 branch, not, more than ten per cent. of the
amount shall be in notes Of one dollar each;
not more than five per cent. in notes Of two
dollars each; not more than ten per cent. in
notes of three dollars each not more than
twenty per cent. shall be in notes of all denom-
nations under five dollars; not more than fifty
per cent. in notes of all denominations under
item dollars. stetii' fiHdt - :
SEC. 10. If any branch of the Bank of Ohio
shall refuse to pay its notes of circulation, OF
any OF them, in gold or silver coin, or the law
full currency of the United States, on which
payment shall be lawfully demanded at its
banking house or customary place of doing
banking business, during usual banking hours,
such bank shall be deemed to have committed
] an act of insolvency, and thereupon alIits prop
erty, credits, securities liens and assets of every
description shall forthwith vest I'M and be the
property, credits, securities, liens and assets
of the Bank of Ohio for the uses and purposes
declared in this act.
SEC. IL. The Bank of Ohio, on receiving in
formation that any branch has committed an
act of insolvency, shall forthwith appoint a
COMMITTEES of one or more of its directors, or
| others, who shall make immediate inquiry into
| the truth of such information and report there
on to the bank; and If the bank shall be salts
fed from the report of the committee that such
branch has suspended the payment of its notes
in gold and silver, it shall forthwith appoint
| a suitable receiver or receivers. who shall take
Immediate possession of the books, records.
money, chooses in action, and property of such
branch, of every description, and hold the
| same for the joint use and benefit of the other
branches ofthe Bank of Ohio, and the creditors
| of the failing branch; and said Bank of Ohio
shall Immediately provide money and place
the same in such solvent branch or branches
as may be most convenient for the purpose of
redeeming the notes Of such failing branch,
and shall give public notice thereof in some
newspaper printed in the place where such
| failing branch is located, and also in somenews-
paper of general circulation published at Co.
lumbus s'i' t5'tN 's'si 80 -
+ SEC. 12. Each solvent branch shall contrib
ute in the ratio Of the circulation to which it is
| entitled, to the. sum necessary for redeeming
the notes of the failing branch, as provided in
the preceding section, on the requisition Of the
Bank of Ohio, and may be remunerated for
| such contribution from the safety fund, az
soon as money sufficient can be raised from that
| fund, by sale or hypothecation of the stocks
funds, or, other securities belonging thereto.
i SEC. 13. The receiver or receivers appointed
| as provided in the eleventh section,s shall be
required to give bond in such sum and with
such securities as the Bank of Ohio, or Execu-
tive Committee, shall Judge sufficient, and un-
der the direction of said bank shall proceed to
settle up the affairs Of such branch, and con-
vert its assets into money, the money 50 made
shall be applied sas5s.r,. vas -, iaSs
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, reimbursed from the safety
fund. tJ..
r Seoond-to reimburse all moneys advanced
/ from the safety fund.- other than moneys de.
rived from that portion of the safety fund fur.
| nished by the failing branch vf9s .sy.99x5 >
Third-Te the payment and discharge ,o
all the remaining Liabilities of such branch
4 and =" s'iN tt2Hz Hp 81 tii9A Al'
j Fourth-The residue shall be divided amons
the stockholders of the failing branch, in pro.
portion to the stock by them respectively
4 held.
j. SEC IA. II any branch against which the
Bank of Ohio shall have Instituted proceed
go as .su;,.es ~ suppSoO a,", VI n,.oi
senSy, ny, - % pe ~, = w e,eseaM, sec'lol
~ ". s ~ ,ass,sana ~ s @ ss, s hasS S0'so suel
~ y. .o ny, o.s .Sn .t.ea... ay appy :
any .oul. ol yulisuo.lon Ior WIT WIT
,in!unc''on W saiuN DanN slonio, 70. suspend
aiF Ior:ner proeeeeings against secn sDrancl
ias An lnsolsenti Dank; ana sucAi court, afsel
cltlng sa,o pans q onlo 70 appear ana SHOW
cause why sucn writ should not DO granted
and after the finding of jury that such braiicI
mas :, a 'ies sc a ana sun continues
circulation, shah make an order enioinins III,
Bank of Ohio from all further proceeding.
against such 'branoh on account Of the sup
:, posed 40. OF insolvency on which such pro
the nreTor,v ana ssss.s ~ snob hrsmah shs, g
), be restored to it's directors. tfs''l ~
i SEC. 15.i If the Bank Of Ohio shall, in an.
case, fail to proceed in, the manner presoribe'
n n;d;ms Sns '1rees ,or Of ms aa.. pro
) notes of circulation, and in closing the affair
) Of any branch that shall have committed an ac
insolvency, the holder ofany oflts notes Of cir
es sucn na.sa Of may
or other @ G claim has been refused when lawful,
: demanded, and remains unpaid, apply to an.
court of competent jurisdiction for its writ