The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-10-08

mount 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 dol
lar, two dollars, three dollars Eve 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 am mount shall be in
notes Of one dollar each met more than five
per cent in notes of two dollars each. not
more than FIVE per cent. in notes OF three
dollars each not more than twenty percent
shall be in notes Of all denominations un
der five dollars; not more than fifty pei
cent. In notes Of all denominations under
ten dollars.
SEC TO- If anJ branch Of the banl
of Ohio shall refuse TO pay its notes o
circulation, or any Of them. in gold OIL
silver coin. or the lawful currency o TIKI
United States. on which payment shall bt
lawfully demanded at its banking house
or customary place of doing banking
blsinrss. during usual banking hours,
such bank shall be deemed TO have com
miLied an net Of insolvency, and thereup
on all its property, credits, securities, lien:
and assets of every description shall
forthwith vest in and be the property
icredts. securities. liens and assets Of tie
Bank of Ohio for The use and purposes
declared in this act
SEC. H. The Bank of Ohio, on re.
eeiving information that any branch has
committed an act OF Insolvency, shall
forthwith appoint committee OF one OF
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 be satisfied from the report OF com
mittee Il at such branch has suspended
the payne ut Of its notes in gold and sill
yer, it shall forthwith appoint suitable
II receiver or receivers, who shall take i'm
mediate possession Of the books, records
money, chooses in action, and prop, rty OF
such branch, of every description, and
hold the SANE for the joint use md bene
| fit Of the other branches of the Bank o.
Ohio, and the creditors of the failing
branch; and said Bank Of Ohio shall i'm
mediately provide money and place the
same in such solvent branch or br ranches
as may be most convenient for the pur-
pose oil redt eming he notes of such fail
ing branch, and shall give pubic notice
thereof in some n wspaper printed in the
place where such failing branch is loca
ted, and also in some newspaper Of gen
cral circulation published at Columbus.
SEC IL. Each solvent branch shal
contri5 ute, in the ratio of the circulation
10 which it enttlyd to the sum for re
dccming the notes of the failing branch
as provided in the preceding section, or
the rtquisiiion OF the Bank of Ohio, anc
may be renumerated for such contribu
tom, from The safety fund. as soon a,
money s. fIicient can be raised from tha
fund, by sale or hypothecation of ths
stock, funds, or other securities belong
ing thereto.
SEC. l3. The receiver or receiver!
appointed as provided in the eleventh
sectioa, shall be required to give bond il
such sum and with such securities as the
Bank Of Ohio or Executive Committee
shall Judge sufficient, and unter the di
rection OF said bank. shall proceed TO set
tie up tie affairs Of such branch, ant
convert lis assets into money; the money
so made shall be applied:
First-To reimburse all moneys which
shall have been. advanced by the severa
branches, for the redemption of the note!
and bills OF the Insolvcnt branch, anc
which may no; have been previously re
i'm bursed from the safety fund
/ Second-To reimburse all moneys ad
vanced from the safety fund, other thar
moneys derived fsom that portion Of The
safety fund furnished by the failing
branch.
Third-To the payment and discharg'
of all the remaining liabilities of sucl
branch; and
Fourlh--The residue shall be divides
among the stockholders Of the failing
branch,in proportion to the stock by then
respectively held.
SEC ID. If any branch against which
the Bank of Ohio shall have instituted
proceedings on account of any supposed
act Of insolvency. as prescribed by th'
having committed such act OF Insolvency
such branch may apply to any court o
com petent jurisdiction for writ ofinjunc
ton to said Bank of Ohio, to suspend ii
further proceedings against such brancl
as an insolvent bank; and such court, af
ter citing said Bank of Ohio to appea
and show cause why such writ should no
be granted, and after the finding of a ju
ry that such branch has at all times con
tinued to redeem, in gold and silver coin
its notes of circulation, shall make an or
) der enjoining the Bank OF Ohio from al
further proceedings against such brancI
] ON account of the supposed act of insolv
ency on which such proceedings agains
such branch on account Of the suppose
, act of insolvency On which such proceed
: ings were instituted, and lhereupon all th
: properly and assets OF such branch sha
be restored to its directors.
t Sec. s. If the Bunk of Ohio sha
] in any case, fail to proceed in the manne
. prescribed in the foregoing sections of thi
Y act in providing for the payment OF tn
: outstanding notes Of circulation, and
! closing the affairs of any branch ths
! shall have committed an act of insolyer
| cy, the holder Of any its notes in circr
u lation, or other creditor of such branc
E may, in case payment of such notes {
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