The Tiffin tribune. [volume] (Tiffin, Ohio) 1848-1859, 1857-05-22
TlFFIN, OHIO, FRIDAY, MAY p, 1857.

tv, credits. securities, liens aud assets
the bank ofOhio fortho uses ant purpo.
es declared IN this act.
SEo II The bank Of Ohio. on recci,
! ing information that any branch ha
comited an act Of insolvency, shall forth
with appoint a committee Of one or MOI
Of its diferlors. or others, who sha
make immodiato Inquiry into the trut
OF such information and report Thereon
to the bank; end ifthe bank shall be sat
isfed from the report OF the committe,
J that such hranoh has been suspended th,
payment Of itsnotes in gold and silver
it shall tugthwith appoint a Suitable re-
ceivor or receivers, who shall take immo
diute possession Of the books, records
money, chosen in actions, aud propert,
Of such branch, Of every description
and bold the same for the Joint use an,
benefit of the other branches ofthe Bank
Of Ohio, aud tho creditors Of the failing
brrnch, and said Bank Ohio shall immc
diately provide money and place th,
Same IN sucli solvent branch or branchc,
as may be most convenient for the pur.
pose of redoemiug the noets Of such fail
ing branch. aud shall give notice tharo-
lof in some newspaper printed in the
place where such failing branch is loca-
ted, and also in some newspaper of gon.
oral circulation published at Columbus.
SEC II. Each solvent branch shall
contribute, ia the ratio OF the circulation
to which it is entitled, to tho sum ncces.
sary for rcdeeming the notes of the fail
ing branch, as provided in the preceding
section, on the ieduisition of the Bank
Of Ohio, aud may he remuncrated for
such contributions, from the safety fund,
as sOon as mouey sufficient can be raised
from that fund, by u sale or hypothoca-
ton of tho stock, funds, or other seouri.
ties belonging thereto.
Sec. 10. Tho receiver or receivers ap-
pointed as provided in the eleventh sec.
ton, 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 Iii.
rec,i0n 81 said bank, shall proceed to set
tie up the affairs of such branch, and con.
vert its assets into money, the money SO
made shall be applied;
First--ro reimburse all moneys which
shall have been advanced by the several
branches, for the redemption of the notes
and the bills Of the insolveni branch, and
which may not have been previously re.
imbursed from the safety fund.
Second-To reimburse all moneys all
vanced from che safety fund, other than
moneys derived from that portion Of the
safety fund furnished by the failing
branch.
1hirl--To the payment and discharge
Of all the remaining liabilities Of such
branch; and
Fourth-The esiduo shall be divide
among the stockholders of tho failing
branch, in proportion to tho stock by
them respectively held.
Sec. IA, Ii any branch against whiol
the bank of Ohio shall have institute,
! proceedings on account og any suppose,
act Of insolvency, as prescribed by TIN
eleventh section of this act, shall deny
having committed such act of insolyen
cy, such branch may apply to any cour
of competent Jurisdiction for a writ o.
Injunction to said Bank of Ohio, TO sus,
pend all further procee ings against sucl
branch as an insolvent bank; and sucl
court. after citing said Bank of Ohio I,
appear and show cause why such wri
should not be granted, and after the find
ing Of jury that such branch has at al
times continued, and still continues t,
redeem, in gold or silver coin, its note
of circulation, shall make an order enioin
ing the Bank of Ohio from all furthe
proceedings against such branch on ac
count OF the supposed act of ihsolyenc,
on which such proceedings were institut
ell, aud thereupon all the property ani
assets of such branch shall be restored I,
It's directors.
Sec. 10. If the Bank Of Ohio shall. il
any case, fail to proceed in the manne
prescribed in the foregoing sections o
this act, in providing for the payment 0
the outstanding notes of circulation, an
in closing the affairs on any branch tina
; shall have committed an act Of insolven
{ cy, the holder of any of its notes of cir
culation, or other creditor OF such branc
| may, in case payment ol such notes G
circulation or other claim has been refus
Gu Wucu ldNiAilf tNiHauicus anu ltttNiu
2 UNPAID, apply to any court Of competen
/ jurisdiction for its writ, commanding III
T. Bank Of Ohio so to proceed; and it sha
@ be the duty Of such court. alter ctin
{ such bank to.appoar and show cause VIII
such writ should not issue. and upon tli
I finding orn jury that snch act Of inso!,
: ency has been cOmmitted to issue thei
y writ commanding said bank forthwith t
: proceed in the manner pointed ont in III
p preceding sections ofthis act, TO prov Z
T for the payment Of the outstanding note
Q ofsneh branch. close up Us affairs, an
2 make application Of its assets.
SEC l6 That il any branch shall ne,
lect or refuse TO comply with any ord
i Of the bank Of Ohio, requiring sue
a branch to rednce its circulation or 9th
= liabilities, or to provide larger amour
= Of specie or other means, or to pay in i
! stock, or to 10, any olher matter, or thin
e which said bank may deem necessary +,
a the security OF such branch, or any 9th
branch or branches, said bank or any d
IF rector thereof, acting for said bank, ma