Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-10-01
D THOBURN EDITOR & PROPRIETOR.
NEW SERIES, VOL. |, NO 4O.I

CO mmittee that such branch has suspended the
payment of its notes in gold and silver, it shall
forthwith appoint suitable receiver or receivers,
WHO shall take imme6iaie possession OF the books.
records, money, chooses in action, and property OF
such branch, ot every description. and hold the
same for the Iolnt use and beneft OF the other
branches Of the Bank of Ohio, and the creditors OF
the failing branch nd said Bank OF Ohio shall I'M
mediately provide money and place the same N
such solvent branch OF branches as may be mos
convenient tor the purpose OF redeemlng the notes
OF such fall branch and shall give public notice
thereof in some newspaper printed in the place
where such failing branch is located, and also in
some newspaper OF general circulation published al
Columbus.
SEC l2 Each solvent branch shall contribute
in the ratio of the REGULATION which it is enti
lied, the sum necessary for redeeming the note:
OF the failing branch. provided in the preceding
RI section, on the requision of the Bank of Ohio and
may be remun Grated tor such contribution from
the safety fund. soon money sufficient can be
raised from that fund, by a sale or hypohecation
OF the stock, funds. or other securities belonging
thereto
SIC l3. The receiver or receivers appointed a:
provided in the eleventh section, shall be re
4 quired TO give bond in such sum and with
such se~uriIies as the Bank of Ohio, or Executive
Committee shall Judge sufficient, and lundrr tae
direction OF sand bank, sball Uroceed Co settle up
the affairs of such branch, and convert its asset:
INTO money the money so made shall be ap he'd.
been advanced by the Sc veral branches, Tor tne
redemption Of he notes and bills OF the insolven
branch. and which NAV not have been previously
reimbursed from tn safety fund.
Second-To reimburse all moneys advanced rom
| the safety fund other than moneys derived from
that portion of the safety fund furnished by the
| faiung branch.
| Third-To the payment and discharge OF all the
remaining liabilities ol such branch; and
Fourth-The residue shall be divided among the
stockholders of the FILLING branch, in proportion
the stock by them respectively held.
| SIC. IL. II any branch against which the Bank
OF ONO shall nave Instituted proceedings on ac-
count OF any supposed actOf insolvency, pre-
scril'd by the eleventh section OF this act, shall
deny having committed such act of insolvency.
such branch may apply TO any court OF competent
jurisdiction Tor writ OF injunction 10 said Bank
ot Ohi o suspend ali further proceedings against
sue branch lnSolvent bank; and such court,
alter citing said Bank OF Ohio 10 appear and show
cause why such viii should not be granted, and
after the finding OF jury that such branch has AT
all times continued, and still continues 10 redeem.
Iii gol and silver coin, its notes of circulation,
shah NAL Ike an order enJoiniHg the Rank Of Ohio
ifom all further proceedings against such branch
on account OF the supposed act OF insolvency on
which such proceedings were instituted, and
thereupun all The property and assets of such
branch shall be restored 10 It's directors.
SEC 10. If the Bank oi Ohio shall. IN any case.
! fail 10 proceed i'll the manner prescribed in the
I
payment OF the outstanding notes Of circulation.
and IN losing the affairs OF anv branch That shall
have committed an act OF insolvency, the holder OF
any OF Its notes OF circulation, other creditor oi
such branch may, in case payment otsucl notes o.
circulation or other claim has been re fused when
| lawfully demanded, and remains unpaid, apply 10
any Court OF competent jurisdiction tor its wit.
commanding the Bank of ONO 10 proceed; and
Vt shall be the duty OF Suci court, fter citing
/ bank 10 appear ana siI1w cause sucn wit
J Sun T.lt
tIai such act insO yeacy has been committed, 10
Issue lhslf VII comm min: sad bank iorihwitn
10 proceed III lie manner pointed out in the pr-ce
ding sections D; this act, Ot troyile Tor the payment
OF tue Outstanding notes Stscil branch, close I'd
lis All iirs, anu make application Otits assets.
SEC 10. ihat ii any branch shall neglect re-
| fuse 10 comply with any order 0i the bank of
Ohlo, requiring such branch 10 reduce lis cifcuia-
u1n or other lla1IIles, Or To provide larger
amount OF species or Oier means, to pay in
IissocA, or 10 do or cease - d. any Other ttter
or tn g which sIid bank may deem necessary tor
the security uf sIich branch, or any other branch,
or any other branch Or branches, s1Ii bank, any
director thereof, actlng tor said bank, may apply
10 any Judge Of the supreme court court OF com
mon pleas. or any judge OF superior court, or to
| any Judge OF any other court not interior - The
court oi common pleas, by petition III which the
! Bank OF ONO shall be made petitioner, and the
branch implicated defendant, sstIlng f0rIn tile sub
stance Ut such order, orders and such neglectoT
refusal, the part O the branch, its officers or
agents, 10 comply therewltn and il the president,
vice president or any director oil the bank, shall
| make affidavit OF the truth OF the facts therein
Stated, IL snail be the duty ol SUCH judge TO allow
an injunction, and 10 EN- in such branch, its 9TH
GERS agents, and all otneIs in its employ, con-
nected herewith, from doing, or suffering p;T-
1 mIttllg - be done, any business whl ievsr as a
2ank, and from intermeddng with, or in any
manner disposlng OF, the books, papers, money,
chooses action, assets property Of the brunch,
u.Itl the further orupr Dt nr
| some Judge thereof A petition recitiaI ihe pro-
i ceedlngs had. shall be filed in the supreme court
al Columbus, as soon as injunction Is allowed.
4 SEC. IL Upon the allowance 0! such INJUNCTION
the property, credits securities liens, and assets,
OF every description, OF such branci, snail forthwith
vest IN the Bank OF OhiO, who shall appoint Il
cever 10 take possession OF the SAM, provided
IN the eleventh section OF this act A certificate
OF appointment of such receiver DY the Judge,
court nr clerk thereof IN king the sa me, shall De
sufficient authority ID hin take poss ssSol OF the
books, property, an rights OF every description, Of
such branch, and shall be fuil authority 10 The
sheriff oil the county. where the branch Is located,
give such receiver full possession of such books
property and rights with the AID OF the county II
required; AMI said bank and receiver Sha IL be gov
erned by the provisions D; this act, provided In
cases OF suspensions; and upon the dissolution oil
such InJuncilDn, or a 'dlscontInuance OF such sui
1 by The hank all The lights and property of such
branch sha be Restored 10 ami vesI IN SAID branch
SEC Is. The directors OF the Bunk OF Ohio
whenever they may deem il expedient, may estab-
iish Office in each either Uf the cities OF New
\ fork, Cincinnati and Cleveland, for the receipt
OF deposits and redemption OF the circulating notes
oi the branches, upon such terms as they may
from time 10 tine, prescr i5e and also clearing
2 house at Columbus. They may make all rules nc
1 regulations necessary to the good management OF
such Offices and clearing house, require the seyera
branches 10 contribute to the capltalo such offices
not exceeding five per cent OF the stock paid by
; each brunch, ami compel the branches to maxi
their collections and deposits with said Offices and
TO employ all such officers and agents as may bt
Necessary. The profits OF said offices shall bt
T divided among the branches equlIably. The offcs
b in New York. in transacting business at tina
place, may tlke, reserve and receive such rate o
interest as is or may be lawful by the laws tn,
/ State of New York and no more.
SIC 49, The Bank OF Ohio, a fter establishing
i It's agency in New York, shall, when required by
1 the proper officers oi the State of Ohio discharge
the duties OF trans fer agent OF the Sta lie, and
ceve and disburse to- the StaIe all moneys neces
sary be received and disbursed IN that city, il
the uayment of the public debt and interest thereon
Without compensation or charge for such service, &
uni such moneys shall be actually paid ouior sucI
0 purpose purposes; & said commissioners shall,
g they deem necessary, take SUCH good and suihcen
d security as they may deem proper, TO secure tn
z repayment said mOnevs which shall be taken il
e the name OF The State Ohio, and deposited in tn
n office OF the Auditor of State.
! BRANCH BANK.
d SEC. %. Natural persons, not less in numbe
n than five. may associate and form Branches OF tn
/. Bank of Ohio, for the purpose OF carrying on tn
d business OF banking, each at such place in thi
n State as shall be designated in the certificat
hereinafter required TO be made subject to the con
a tingencies restrictions, conditions and iabiIie
n prescribed in this act.
SEC. 81. Persons aSsociating to form branc
# SHALL under their hands and seals zmake certf
II cate, which shall specify
.r First The name assumed by such branch, an
r. by which it shall be known in its dealings il
,r which shall be included the uame OF III
q city, village town in which its banking opera
: tions shall be carried on;
e SecOnd-The amount Of the capital stock of sue
N branch and the number of shares into which I'll
70 same is divided;
ss ThiTd-The name and place of residence an
IN the number O fshares held by each member Of III
tv company:
rs Fourth The time when such company sha
in have heen formed;
Which certificate shall b, acknowledged befor
III justice OF the peace or notary public, and sha
of be recorded by the recorder o the county wheI
l. such branch Is to be iablished, in book to