Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1857-05-19

into money and applied to that pur-
pose before any part of the safety fund
belonging TO other branches shall be so
applied.
SEC. 0. The Bank of Ohio shall not fur
nish to any branch circulating notes to an
amount bearing n greater proportion to the
capital stock of said branch actually paid
in, and at the time remaining undiminish-
ed by losses or withdrawal, than the pro-
portion hereinafter specified, that is to say:
On the first hundred thousand dollars, or
any lesser amount of its capital, 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
ore hundred thousand On the third hun
dred thousand dollars or part thereof, not
more than once and half the amount of
such capital over two hundred thousand.
On the fourth hundred thousand dollars,
or part thereof, not more than once and
quarter the amount of such capital, over
three hundred thousand; and, on any
amount of capital over four hundred thous-
and dollars, not more than an amount equal
to such capital, over four hundred thous-
and dollars. Nor shall said bank furnish
to any branch circulating notes Of any
other denomination than of one dollar, two
dollars, three dollars, five dollars, ten dol
lars, twenty dollars, fifty dollars, and one
hundred dollars each; of the notes fur
nished to any 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 denominations under five
dollars; not more than fifty per cent. in
notes of all denominations under ten dol
lars.
SEC. 10. Ifany branch of the Bank of
Ohio shall refuse TO pay it's notes of cir
culation, or any of them. in gold or silver
coin or the lawful currency of the United
States, on which payment shall be lawfully
demanded at its banking house or custo-
mary place of doing banking business, dur
ing usual banking hours, such branch shall
be deemed to have committed an act of in
solvency, and thereupon all its property,
credits, securities, liens and assets of ev-
cry 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 bral,ch has com
mitted an act of insolvency, shall forthwith
appoint committee of one or more of its
directors, or others, who shall make imme-
diate inquiry into the truth of such infor-
nation and report thereon to the bank; and
! if the bank shall be satisfied from the re-
port of the committee that such bank 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 descrip-
, ton, and hold the same for 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 provide money and place
the same in such solvent branch or branch
es as may be most convenient for the pur-
pose of redeeming the notes of such falling
branch, and shall give public notice there
of in some newspaper printed in the place
where such failing branch is located, and
also in some newspaper of general circu-
lation published al Columbus.
SEC. 12. Each solvent bank shall con-
tribute, in the ratio of the circulation to
which it was entitled, to the sum neces-
essary for redeeming the notes of the fail
ing branch, as provided in the preceding
section on the requisition of the Bank OF
Ohio, and may be renumerated for such
contribution, from the safety fund, as soon
rs money sufficient can be raised from that
fund, by sale Or hypothecation Of the
stock, funds, or other securities belonging
thereto.
SEC. l3. The receiver or receivers ap-
pointed as provided in the eleventh sec
tion, 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 direction
Of said bank, shall proceed to settle up the
affairs of such branch. and convert it's as
sets 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 insovent branch, and
which may not have been previously reim-
bursed from the safety fund.
Second TO reimburse all moneys ad-
vanced 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-The residue shall be divided
among the stockholders of the falling
branch, in proportion to the stock by them
respectively held.
SEC, IA. If any branch against which
the Bank of Ohio shall have instituted pro-
ceedings on account ofany supposed act of
insolvency, as prescribed by the eleventh
section of this act, shall deny having com
mitted such act Of insolvency, such branch
may apply to any court of jurisdiction for