The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-06-10

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mains. unpaid, apply to apy court Of com
potent Jurisdiction for Its writ, command
ing the Bank of Ohio SO to proceed; and
it shall be the duty of such court, after
citing such bank to appear and show cause
why, such writ should not. issue, and
upon the finding Of a jury that such
act of insolyencyhas been com
mitted, to issue their writ command
ing said bank forthwith to- pro-
coed in the manncr pointed out in the
preceding sections Of this act, to provide
for the payment of the outstanding notes
of such branch, close up its affairs, and
make application Of its assets. 2@p2 Heaa
Sec. l6. That if any branch shall
neglect or refusegto comply with any or
der of the Bank of Ohio, requiring such
branch to reduce its circulation or liabili-
ties, or to provide a larger amount of spe-
Gle or other means, or to pay in its stock,
or to do, or cease to do, any other matter,
or thing which said bank may deem nee
essary for the security of such branch, or
any other branch or branches, said bank,
or any director thereof, acting for said
bank, may apply to any judge Of the su-
preme court or court of common pleas, or
judge of a superior court, or to any Judge
OF. any other court not inferior to the
court Of common pleas, by petition, in
which the Bank of Ohio shall be made
petitioner, and the branch implicated de-
fendant, setting forth the substance of
such order, or orders, and such neglect or
refusal, on the part of the branch, its Off
GERS or agents. to comply heEeRithland
if the president, vice president or any d.
rector Of the bank, shall make affidavit of
the truth of the facts therein stated, it
shall be the duty of such judge to allow
an injunction, and to epjoin such branch,
It's officers, agents, and all Others in its
employ, or connected Herewith, from do
ing, or suffering, or permitting t" be
done, any business whatever as a bank,
and from i~nterme1dling with, or in any
manner disPosing of, the books, papers,
money, chooses in action, assets, or proper
ty of the branch, until the further order
of the supreme court, or some judge there
of. A petition, reelting the proceedings
had, shall be fledin the supreme u at
Columbus, asfsoon as injunction is allow
ed. 800
Sec, II. Upon the allowance of such
Injunction, the property, credits, %securi-
ties, liens, and assets, of every descrip-
ton, of such branch, shall forthwith vest
in the Bank of Ohio, who shall appoint a
receiver, to take possession of the same,
as provided in the eleventh section of this
act. A certificate of appointment of such
receiver, BY the judge, or court, or .clel K
thereof, making the same, shall be suff.
cient authority to him to take possession
of the books, property, and rights of eve,
ry description, of such branch, aud shall
be full authority to the sheriff of the
county, where the branch is located tt
give such receiver full possession of such
books, property and rights, with the ait
of the county, if required aud said banl
and receiver shall be governed by the
provisions of this act, as provided in cas-
es of suspension and upon the dissolu
ton of such injunction, or a d~iscontinu.
ance of such suit by the bank, all the
rights and property of such branch shall
be restored to and vested in said branch
SEC. Is. The directors of the Bank OF
Ohio, whenever they may deem it expedi
ent, may establish an Office in each or eli
ther of the cities of New York, Cincin.
natl and Cleveland, for the receipt of de.
posits and redemption of the circulating
notes of the branches, upon such terms as
they may, from time to time, prescribe,
aud also a clearing house at Columbus
They may make all rules and regulations
necessary to the good management OF
such offices and clearing house, re Iuire the
several branches to contribute to the cap
ital of such offices, not ezeeeding five per
cent. of the stock paid in by each branch,
and compel the branches to make their
collections and deposits with said Offices
and to employ all such officers and agents
as may be necessary. The net profits OF
said Offices shall be divided among the
branches equitably. The Office in New
York, in transacting business at thai
place, may take, reserve and receive such
rate of interest as is'or may be lawful BY
the State of New York, and no more.
.e TO BE CONTINUED: ..qHa8