The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-10-01

: uch branch And SO. from time 10 time as any
branch may, by the paying in of all additional u
mount on It's capital stock, or by not having re-
ceived the amount of notes for circulation 10 which
II was previously entitled, receive an addltionsl
amount OF notes far circulation, such branch shall
dePosIt with the bank ten per cent. on the amount
OF notes SO received; and the stocks and money so
deposited shall be denomlnaled the safety fund.-
and shall be invested herein after prescribed, and
held by the bank the properly of .snit branch in
trust Tor the bench OF the several branches OF the
bank Ot Ohio, and as und for the redemption OF
the notes Of circulation Of any one or more of sad
branches tllat may Ia to redeem It's notes TO be ap,
piled to that purpose in the manner prescribed by
this act,
SEC g. All money so deposited or pail to the
bank on account OF the safety fund by any branch,
shall be under the direction OF said bank, invested
by such branch either in stocks OF the State or OF
the United states, or III bonds secured by mortga
ges ON unencumbered real estate situated IN the
county where such branch is located, in adlGin-
ing counties, of at least twice the value in each
case OF the amount secured thereby, exclusive "a
buildings or other fixtures subject TO be destroyed
by fire, floods other accidental occurrences, or OF
timber, mines or minerals subject to waste; which
bond shall be made payable on demand 10 the bank
of Ohio, and shall bear such rate o interest shall
agreed on by the parties not exceeding six per cen
per annum, payable se,n-aRnually in ADVANCE
Each branch shall be entitled TO receive the interest
accrulng on the stOcks or bones in which its portion
OF the safety fund shall have been invested alor
said if the proceeds OF such stock and bonds shall
be sufficient TO redeem Its outstanding notes of cir
culailon, SHALL as tar as practicable, be converted
into money and applied to that purpose before any
part OF the safety fund belon ging to other branches
shall be SO applied
SEC. g. The bank of Ohio shall not furnish to anv
branch circulating notes to an amount bearing
greater proportion the capital stock OF said branch
actoally paid i'll, and at the time rem1ining undlmi
nished by losses or withdrawal, than the proportion
hereinafter specifed that is to say On the sthun
dred thousand dollars, or any lesser amount of its
capital, not more than twice the amount of such ca
pital On the second hundred thousand dollars or
part thereof, not more than and three quarters
the amount of such capital, over one hundred thous
and. On the third hundred thuusand dollars, or part
thereof, not more than once and 4 half the amount
OF such capital, over two hundred thousand GA the
fourth hundred thoIsln dollars, part thereof not
more than cnce and quarter the amount Of such
capital, over hree hundred thousand and, on any
amount OF capital ovur tour hundred thousand dol
lars not more thap an ar0unt Ct ua to such capital
over four hundred thousand. Nor shall said bank
furnish 10 any branch circulating of any other
denomination than of one dollar two dollars, three
dollars, five doll"rs ten liars, twenty dollars, fifty
dollars, and one hundred dollars each; OF the notes
nrmshedtp any branch, not more than ten per cent.
OF the s2onnt shall be in notes OF one dollar each;
not more than hVe per celt in notes OF two dolal
each; not more than ten per cent in Of thr ee
do lcrs each; not than twenty per cent shall
be i'll notes fall denominations under five dollars;
not more than fifty per cent. in notes Of all denomi
nation under ten dollars
SEC %. II any branch of the Bank of Ohio ehalI
refuse pay its notes ot circulation any Of them
in gold or silver coin, or the lawful currency OF the
United States, on which payment shall be lawfully
denaneed at It's banking house or customary plac
OF doing banking business during usual bank n
hours, such branch shall be deemed to have commit
ted an act vi insolvency and til reup0n all its prop
ery, credits securities, liens and assets of the Dunh
ct Ohio Tor the uses ard purposes declared in thl.
at
SEC, II. The bark of Ohic, on receiving infor-
niaticn that ally branch has committed al act o in
solvency, shalt forthwith appoint conmItte o
one or more of its directors, or Others, who sha
make Immediate inquiry into the trdth oi such in
to nation and report thereon to the bank; md ii til,
bank shall be satisfied from the report of the CON
m:tee that such branch has suspended the paymen
o its notes in gold and silver, il shall forthwith h ap
point suitable receiver or receivers who shat
/ take Immediate Possession OF the books, records
moneys, Ghosts in action, and property of suci
branch, OF everv description, and hold the same 10
the joint use and benefit OF the other branches of thu
bank OF ONO, and the creditors OF the falling branC
and said b"nk OF Ohio shall Immediately PROV d
d, money, and place the same in sICh solvent branci
or branche2 may be most convenient for the pur
pose OF redeemipg the notes OF such Iaihhg brrncI
and shall give public lNlIce thereof, in some news
paper OF general circulation published Columbus
i SEC u. Each solvent branch shall contribute
in the ratio OF the circulation 10 which tits eltlei
to the necessary for redeeming the notes OF tht
failing branch, provided in the eceding section
On the rern;siti,n df the bank of tShin AMI nav h.
rnnu,nsrated tr such contrihuIion irnn, tho s,Et,
fund, as soon as money sufficient eau be raiset
from thgt fund. by a sale or hypothecaLon OF the
! stock funds or other securities belonging thereto
Sec. 13. The receiver Or receivers appointed a,
provided in the eleventh section shall he renIira,
In rive hond in such sum nd with such secnrifia
as the bank of Ohio or executive committee, snul
Judge sufficient, and or the direction OF sal
bank, shall proceed to sctte up the affairs of sucl
| ey 90 made shall he anoIipc.
| LIrsr- no reimburse nil mon.vs which shoI
have been advanced by the several branches. fn
tha r.demntinp oi the notes and hills of The inso
wo,i Lronch ond which NAV mar have baan urayi
,,,5I,, ra;n,h,-sad from, ~ sof,Iv F,nl
! Scond 'Po re,nnburse nil morevs advanced from
the soIcv iund other than moneys derived from tha
nnrtinn If Ihe safety fund urnishad by the tailin
Pa"ob
| trtirI IT,, ,bo M oy,nent md disrboroe ot nil th,
1 =, ,rni,,i,g l;.hiTiies of such branch. and
| Innr,h > rhn ,asidue sh au he divided. om,nq III,
stock holders ot The (nilng branch in pyoportJn t
! tho IL bv 'tI,aam resnectIyelv held
/ g. IA /, INV hr,nnh ngoiI, ct which ,ha Rank n
Db;i eb, bove ns,ituted nrnceedin ings on nccount q
onv sl,nnosed act OF insolvency as prescribed by t
oIsvnnih secton nj this net snail dpny having com
.u' o ~ innnvSncy smch hran"h ov m
@ ~, ,nv conr, nj ro,oneleni inris tictlon ,or WI
ptS;; bI.,;; In .fd Lunt of Ohio tn eusnend aI
g. G,LJr ny ot;, =; ,;r-t seh hr,ncb ne nm in
i, nv, hont. ,nd eucb cnur, oEtar CITING said RonL
i oJD 10 t,,I nnear and show cause WIN such wrj
should no he Granted and aiter the 6ndur of it,r,
hat s,n hronch h,s NJ Mt nil times ronlioued mn
,i,t ,n,innos tn redrem in qnid and silver coin il
nn tts Of c;Tcnatn1 shall make mn order eni iniu
rho Rank ot Jhin from nil further proceedinrs rnin
sch hrnnch on account of The supposed act OF nsol
vancv " mn which sucn nroceedins, were Instituted
md ;berann,n oli The nrIporly and assets of sucf
hrnncS sbai, he restored TO its directions
Sr, Il If the Bank Of Ohio shall, in auy case fai
IN nocael in The manner prescribed in the f1repan
ect,oUs Of this net, in providing for the payment !
~ ,ts,ondin, nnres ~ cIrcuIniinn nnd i1 cL1sn,
,h tairs Of a9v branch thnt shall hnv conrmitte
an ar nf nsoyenog The holder of any OF its not es
imitation or n,her creditor OF such branch NAV il
VI oI Ell otas az circulation nr Hth