The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-06-10

payable semi-annually in advance. Each
branch shall be entitled to receive the in
terest aceruing on the stocks or bonds in
which its portion Of the safety fund shall
have been invested; and in case of the
insolvency of any branch, the stocks and
bonds in which the money of such branchl
shall have been invested. as aforesaid, i'll
the proceeds of such stock and bonds
shall be sufficient to redeem its toutstand-
ing notes of. circulation, shall, as far as
practicable, be first converted into money
and applied to that purpose before any
part of the safety fund belonging to other
branches shall be SO applied.
SEC. g.. The Bank of Ohio shall not
furnish to any branch circulating notes to
an amount bearing a greater proportion to
the capital stock of said branch actually
paid in, and at the time remaining undi-
minished, by losses of withdrawal, than
the proportion hereinafter specified, that is
to say :: On the first hundred thousand
dollars, or any lesser. amount of slcapi-
tai, not more than twice the amount of
such capital. On the second hundred
thousand dollars or part. thereof, not more
than once and three quarters the amount
Of such capital, over one hundred thous-
and. On the. third hundred thousand
dollars, or part. thereof, not more than
once and a half the amount of such CAPT
tai, over two hundred thousand. On the
fourth hundred thousand dollars, or part
thereof, not more than once and q quarter
the amount of such capital, over three
hundred thousand dollars and, on-aay
amount of capital over four hundred thou
sand dollars, not more than an amount
equal to such capital, over four hundred
thousand. Nor shall said bank furnish to
any branch circulating notes of any other
denomination than of one dollar, two dol
lars; three dollars, five dollars, ten dollars,
twenty dollars, fifty dollars, and one hun
dred dollars each of the notes furnished
to any branch, not moro 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 denomina-
tions under five dollars; not more than ff-
under ten dollars.
Sec. 10. If any branch of the Bank of
Ohio shall refuse to pay its notes of cirou-
~lation, or any CT them, in gold or silver
coin, or the lawful currency of the United
States, on which payment shall be law
fully demanded at its banking house or
customary place of doing banking bust
ness, during usual banking hours, such
branch shall be deemed to have committed
an act Of insolvency, and thereupon all its
property, credits, securities, liens aud as
sets of every description shall forthwith
vest in 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 receiv-
ing Information that any branch has COM
mitted an act of insolvency, shall forth
with appoint q committee of one or more
of It's. directors, or others, who shall make
immediate inquiry into the truth of such
information and report thereon to the
bank and if the bank shall DC satisfied
from the report of the committee that
such branch has suspended the payment
of its notes in gold and silver, it shall
forthwith appoint q suitable receiver or
receivers, who shall take immediate pos
session 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 of the Bank of Ohio, and
the creditors of the falling 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 redee-
ming 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 some
newspaper of general circulation published
at Columbus.
Sec. II. Each solvent branch shall
contribute, in the ratio of circulation to
which it is entitled, to the sum necessary
for redeeming the notes of the failing
branch, as provided in the preceding sec
ton, on the requisition of the Bank of
Ohio and may be remunerated for such
contribution, from the safety fund, as soon
as money sufficient can be raised from
that fund, by a sale OF hypothecation of
the stock, fund, or other securities belong
ing thereto.
Sec. 10. The receiver or receivers ap-
pointed as provided in the eleventh section
shall be Repaired to give bond in such
sum GuU VIII SuCE 66CuTltlGS as luG Oduh
of Ohio, or Executive Committee, shall
judge sufieient, and under the direction
Of said bank, shall proceed to settle up
the affairs of such branch, and convert 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 tho insolVent branch, and
which may not have been previously re-
imburscd from the safety fund
Second-To reimburse all moneys adj
vaneed from the safety fund, other than
moneys derived from that portion of the
safety fund furnished by the failing
branch.
Third-To the payment and discharge of
all the remaining liabilities of such
branch and
Fourth-Tho residue shall be divided
among the stockholders of the failins
branch, in proportion to tho stock by
them respectively held
Sec. IA. If 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 a writ of in
junction to said Bank of Ohio, to suspend
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