Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-05-28

to other branches shall be so applied.
Sec. 8. The Bank of Ohio shall not furnish tC
any branch circulating notes to amount bearing
a greater proportion to the capital stock of said
branch actually paid in, and at the time remain
ing undiminished by losses withdrawal, than the
proportion hereinafter specified, that is to say
On the first hundred thousand dollars, or any lesser
amount of its capital, not more than twice the
amount of such capital On the second hundred
thousand dollars part thereof, not more than
once and three quarters the amount of such capi-
tai, over one hundred thousand. On the third
hundred thousand dollars, or part thereof, not
more than once and half the amount of such cap
ital, ov er two hundred thousand. On the fourth
| hundred thousand dollars, or part thereof, not
more than once and quarter the amount of such
capital, three hundred thousand and, on any
amount of capital over four hundred thousand dol
lars, not more than an amount equal to such CAPT
tai, over four hundred thousand Nor shall said
bank furnish to any branch circulating notes Of
any other denomination than of one dollar, two
dollars, three dollars, five dollars, ten dollars,
twenty dollars, fifty dollars and one hundred dol
lars each of the notes furnished to any branch,
not more than ten per cent. of the amount shall be
in notes of one dollar each not more than five
per cent in notes of two dollars each not more
than ten per cent. in notes of three dollars each
not more than twenty per cent. shall be in notes of
all denominations under five dollars; not more
1
der ten dollars.
Sec TO- If any branch of the Bank of Ohio
shall refuse to pay its notes of circulatOn any
| of them, in gold or silver coin, or the lawful cur
rency of the United States, which payment shall
be lawfully demanded at its banking house or Gus
tomary place of doing banking business, during
banking hours, such branch shall be deemed to
have committed an act of insolvency, and there
upon all its property, credits, securities, liens and
/ off tho Rapl 0f fnr fha uSnc md
ses declared in this act.
Sec IL. The Bank of Ohio, on receiving in
| formation that any branch has committed an act
of insolvency, shall forthwith appoint committee
of one or more of its directors, or others, VINO
| shall make immediate inquiry into the truth OF
such information and report tnereoh to tie oalih
and if the bank shall be satisfied from the report
of the committee that such branch has suspended
the paynents of its notes in gold and silver, it
shall forthwith appoint a suitable receiver or re-
ceiyers who shall take immediate 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 benefit of the
other branches of the Bank of Ohio, and the cred
itors of the failing branch and said Banl of Ohio
shall Immediately provide money and place the
same in such solvent branch or branches may
be most convenient for the purpose of redeeming
the notes of such failing 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 pub
lshed at Columbus.
Sec l2 Each solvent branch shall contribute,
in the ratio of the circulation to which it is entitled
to the sum necessary for rcdeemng the note of the
failing branch provided in the preceding section,
on the requisition 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. |
provided in the eleventh section, shall be required
to give bond in such sum and with such securities
as the Bank of Ohio, or Executive Committee,
shall Judge sufficient, and under the direction of
said bank shall proceed to settle up the affairs of
such branch, and convert its assets into money;
the money 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 insolv-
ent branch, and which may not have been prcvi
ously reimbursed from 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 falling branch.
Third-To the payment and discharge of all the
remaining liabilities of such branch and
Fourtll-The residue shall be divided between
the stockholders of the failing branch, in proper
ton to the stock by them respectively held.
Sec. Id. If any branch against which the Bank
of Ohio shall have instituted proceedings on ac
count of any supposed act of insolvency, as pre-
scribed by the eleventh section of this act, shall
deny having committed such an act of insolvency
such branch may apply to any court OF competent
jurisdiction for writ of injunction to said Bank Of
Ohio, to suspend all further proceedings against
such branch an nsolvent bank; and such court
after citing said Bank of Ohio to appear and 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 continues to redeem
in gold and silver coin, its notes of circulation,
shall make an order ehjoining the Bank of Ohio
from all further proceedings against such branch
on account of the supposed act Of insolvency on
which such proceedings instituted, and there
upon all the property aad assets of such branch
shall be restored to its directors
Sec Is. If the Bank of Ohio shall, in any case
fail to proceed in the manner prescribed in the
foregoing sections of this act in providing for the
payment of the outstanding notes of circulation,
and in closing the affairs of any branch that shall
have committed an oct of insolvency, the holder
of any of its notes of circulation, or other creditor
of such branch may, in case payment of such notes
of circulation other claim has beenrefused when
lawfully demanded, and remains unpaid, apply to
any court of competent jurisdiction for its writ,
commanding the Bank of Ohio so to proceed and
1
bank to appear and show cause why such writ
should not issue, and upon the finding of jury
that such act of insolvency has been committed,
to issue their writ commanding said bank forth
with to proceed in the manner 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
Sec. 16. That il any branch shall neglect or re-
fuse to comply with any order of the bank of Ohio,
requiring such branch to reduce its circulation or
other liabilities, or to provide larger amount of
specie or other means or to pay in its Stock 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 branches, said
bank, or any director thereof acting for said bank,
may apply to any judge of the supreme court or
court of common pleas, or any judge OF superior
court, Or to any Judge of any other court not nfe
rior to the court of common pleas, by petition, in
which the Bank of Ohio shall be made petitioner,
and the branch implicated defendant, setting forth
the substance of such order, or orders, and such
neglect REFUSAL the part of the branch, its Of
ficcrs or agents, to comply Herewith; and if the
president, vice president or any director 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 enjoin such branch, its
officers, agents, and all others in its employ, or
connected Herewith, from doing, or suffering, or
permitting to be done, any business whatever as
bank, and from intcrmedlng with, or in any man.
ner disposing of, the books, papers, money, chooses
in action, assets, property of the branch, until
the further order of the supreme court, or some
judge thereof. A petition, recitng the proceedings
had, shall be filed in the supreme court OF Column
bus, as soon as injunction is allowed.
Sec. II. Upon the allowance of such INDUCTION
tlo cacurities liens. and nss