Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1857-05-14
CARROLLTON CARROLL COUNTY OHO THURSDAY, NAY Il 1871

or customary place Of doing banking basi
neaA during usual banking hours. such braBch
shall Be deemed 70 have commit ed an ct Of 10
solVency, and tbereupoB all its property credits
securities, liens and assets Of every description
shall forthwith vest In and be The property ored-
is, securities liens and assets Of tie Bank Of
Ohio for The uses and purposes declared In thia
act.
Sec II. The Bank Of Ohio, on receiving To-
formation that any branch has committed an set
Of insolvency. shall forthwith appoint COMMITTEES
Of one or more Of its diFeciorS or Oshem. who
shall make immediate inqniry into ihe truth Of
such information and report thereon 10 the bank;
and ifthe bank shall be satisfied nom the report
Of The committee that such branch has suspended
the payment Of its notes in gold and silver, Il shall
forthwith appoint suitable receiver or receivers
who shall take immediate possession Of the books,
records, money, chooses in action, and property Of
such branch, Of every description, and bold the
same for the joint use and benefit Of tho other
branches Of the Bank Of Ohio, and the creditors
Of the failing branch; and said Bank Of Ohio shall
immediately provide morey and place the same
in such solvent branch or branches as may be
most convenient for the purpose Of redeemiRg the
notes Of such falling branch, aud shall give pubic
notice thereOfin some newspaper printed 10 the
place wheIe such failing branch is located. and al
so in some newspaper Of general circulation pub
lished at Columbus.
Sec. L. Each solvent branch shall contribute,
in the ratio Of the circulation TO which Il is entitled
to tho sum necessary for redeeming the notes of the
failing branch, as provided in the preceding sec
ton, on the requsition Of the Bank Of Ohio, and
may be remunerated for such contribution, from
the safety fund, as soon as money sufficient can be
raised from that fund, by sale or hypothecation
of the stock, funds or other securities belonging
thereto.
Sec, 49, The receiver or receivers appointed as
provided in the eleventh section shall be required
to give bond in such sum and with such securities
as the Bank Of Ohio for Executive Committee, shall
Judge sufficient, aud under the direction Of said
bank, shall proceed 10 settle up the affairs Of such
branch, and convert its assets into money; the mo-
ney so made shall be applied;
First To reimburse all moneys which shall
have been advanced by the several branches, for
the redemption Of the notes and bills Of the insol-
vent branch, and which may not have been previ-
ousIy reimbursed fpm the safety fund.-
Second-To reimburse all moneys advanced
from the safety fund, other than moneys derived
from that portion Of the safety fund furnished by
the failing branch.
Third TO the payment and discharge Of all
the remaining liabilities OF such branch; aud
Fourth-The residue shall be divided among
the stockholders of the failing branch, in pro-
portion to the stock BY them respectively held.
SEC. Ia. Ifany branch against which the Bank
of Ohio shall have insti tuted proceedings on &C.
count Of any supposed act Of insolvency, as pre-
scribed BY the eleventh section Of this act shall
deny having committed such act Of insolvency
such branch may apply to any court Of comre-
tent jurisdiction for writ Of injunction to said
Bank Of Ohio. to suspend all further proceedings
against such branch as an insolvent bank; and
such court, after citing said Bank Of Ohio to ap
pear aud show cause why such writ should not be
granted, and after the finding Of jury that such
branch has at all times continued, and still contin
ues to redeem in gold aud silver coin, its notes Of
circulation, shall make an order enjoiring the Bank
of Ohio from afurher proceedings against such
branch on account Of the supposed act Of insol
vency on which such procee lings were instituted,
and thereupOn all tue property and assets Of such
branch shall be restored To its directors.
SEC. Is. 1.-THE Bank Of Ohio shall. in any
case. Tail to proceed in the manner prescribed Ia
the foregoing sections of this act 10 providing for
the payment Of the outstanding notes of eircula-
ton, and in closing the affairs of any branch that
shall have committed an act of insolvency, the
holder of any Of its notes Of circulation, or other
creditor Of such branch may in ease Of payment
of such notes Of circulation or other claim has
been refused when lawfully demanded, and re-
mains unpaid, appIy.tO any court Of competent
jurisdiction for its writ, commanding the Bank Of
Ohio SO to prOceel; 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 jury that such act Of insol-
vency has been committed, to issue their writ COM
manding said bank forthwith to proceed in the
manner pointed out in the proceeding sections Of
this act to provide for the payment Of the ontstsn
ding notes Of such branch, close up It's sffars
and make application of It's assets.
SEC. l6' That if any branch shall neglect or
refuse to comply with any order Of the bank Of
Ohio. requiring such bralch to reduce lis circala'
ton or other liabilities. or to provide larger
amount Of specie 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 necessary 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 o.
the supreme court or court Of common pleas, Of
any Judge Of superior court. or to any judg'
Of any othe. court not inferior to the court o
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