The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-10-01

: any other denomination than of one do
) lar, two dollars, three dollars, five dollar
ten dollars, twenty dollars, fifty dollar
f and one hundred dollars each;of the not,
furnished to any branch, not more tha
ten per cent. of the amount shall be
notes of one dollar each mot more than fiy
per cent. in notes of two dollars each, M
more than five per cent. in notes of thre
Idollars each;no more than twenty percen
Ishallbe in notes of all denominations ur
der live dollars; not more than fifty pc
cent. IN notes of all denominat unde
ten dollars.
Sec. 10. IF any branch of the ban
iof Ohio shall refuse topay its notes
clrculatlon, or any of them, in gold Q
silver coin. or the lawful currency OF th
United States, on which payment shall b
lawfully demanded at its banking hous
or customary place of doing banking
business, during usual banking hours
such bank shall be.dee med to have com
mtted an act Of insolvency, and thereup
on all It's property, credits, securities, lien
and assets of every description shall
forthwith vest in and be the property
credits, securities, liens and assets of tic
Bank of Ohio for the use and purpose.
declared in this act. s-..,-...
SEC. II. The Bank of Ohio, on re.
ceiving information that any branch has
committed an act of insolvency, shall
forthwith appoint committee of one OF
more of its 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
mlttee Il at such branch has suspended
the PAYNE Mt Of its notes in gold and sill
yer, it Shall forthwith. appoint a suitable
a receiver or receivers, who shall take i'm
mediate possession 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 bene-
tit of the other branches of the Bank Of
Ohio, and the creditors of the failing
branch; and said Bank of Ohio shall i'm
provide money and place the
same in such solvent branch or branches
as may be most convenient for the pur-
pose of redeeming the notes of such fail.
ng branch, and shall give public notice
thereof in some newspa per printed in the
place where such failing branch is loca-
ed, and also in some paper of gen
eral circulation published at Columbus.
SEC. 10. Each solvent branch shall
contrib ute, in the ratio of the circulation
0 which itentitled, to the sum for re-
leeming the notes Of the failing branch,
IS provided in the preceding section, on
he requisitlon of the Bank of Ohio, and
nay be renumerated for such contribu
ion, from the safety fund. as soon as
money sufficient can be raised from that
und, by sale or hypothecation of the
tock, funds, OF other securities belong
ng thereto.
Sec. rs. The receiver or receivers
ppointed as provided in the eleventh |
eclio2, shall be required to give bond in
uch sum and with such securities as the
sank of Ohio or Executive Committee,
hall Judge sufficient, and under the d. |
ection of said bank. shall proceed to set
le up tie affairs of such branch, and
onFert lis assets into money; the money
O made shall be applied:
Flrst-To reimburse ali moneys which
hall hare been advanced by the several
for the redemption of the notes
nd bills of the insolvent branch, and
'hich may no: have been previously re-:
nbursed from the safety fund
Second-To reimburse all moneys ad-
anced from the safety fund, other than
,oneys derived fsom that portion of the
afety fund furnished by the failing
ranch.
Thlrd-To the payment and discharge
all the remaining liabilities of such
ranch; and f
Fourlh-The residue shall be divided
mong the stockholders of the failing
ranch,in proportion to the stock by them
espectively held.
SEC. IA. If any branch against which
le Bank of Ohio shall have instituted
rocecdings on account of any supposed
1t of insolvency, as prescribed by the
eventh section of this act, shall deny
aying committed such act Of insolvency =,
lch branch may apply to any court of ,
jurisdiction for a writ of iniunc
on to said Bank of Ohio, to suspend all
rther proceedings against such branch ,
) an insolvent bank; and such court, af-
r citing said Bank of Ohio to appear
I'd show cause why such writ should not
, granted, and after the finding of a ju-
: that such branch has at all times con-
nued to redeem, in gold and silver coin,
$ notes of circulation, shall make an or
sr enjoining the Bank of Ohio from all \
rther proceedings against such branch /
account Of the supposed act of insolv- t
lcy on which such proceedings against
lch branch on account of the supposed :
It of insolvency on which such proceed $
gs were instituted, and thereupon all the !
'operty and assets of such branch shall
!, restored to its directors. :
Sec. Is. Ii the Bank of Ohio shall !
any case, fail to proceed in the manner =
escrlbed In the foregoing sections ofthis +
t IN providing for the payment of the $
tstanding notes of circulation, and in
1sing the affairs Of any branch that 8
all have committed an act Jof insolven- {
:, the. holder of any olits notes in circu-
ion, or other creditor of such branch Il
ay, IN case payment of such notes of q
'culatlon or o'her claim has been re fus-
when lawfully demanded, and remains =
paid, apply to any court of competent
rlSdlctlon for its writ. comman,iino tho