Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-10-08
NEW SERIES, VOL. I, NO Ali

payment of its notes in gold and silver, II shall
forthwith appoint suitable receiver or receivers,
WHO shall take immeciafe possession OF the books,
records, money. chooses in action, and property OF
such branch, OF every description. and hold the
same for the I1int use and benefit of the Other
branches of the Bank OF Ohio. and the creditors OF
the failing branch; nd said Bank o Ohio shall i'm
mediately provide money and place tho same IL
such solvent branch or ranches as may be mos
convenient for the purpose of redeeming the notes
of such faiir 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 to which il is enti-
tied, TO the necessary for redeeming the notes
OF the falling branch as provided in the preceding
section, on the requision of the Bank of Ohio, and
| may be remun Grated Tor such contribution. from
| the safety fund as soon as money sufficient can be
raised from that fund- by sale or hypothecauon
OF the stock, funds, or other securities belonging
thereto
SEC. l3 The receiver or receivers appointed as
provided in the eleventh section, shall be re:
quired to give bond in such sum and with
such Sc uriiies the Bank of Ohio, or Executive
Committee shall Judge sufficient, and under the
direction OF SAID bank. shall proceed 10 settle up
The affairs OF such branch, and convert Its assets
into money the money so made shall be applied.
First-to reimbu urse all moneys which shall have
redemption OF he notes and bills of the insoivent
branch, and which NAV not have been previously
reimbursed from lh safety fund.
Second-Io reimburse all moneys advanced rom
the safety fund other than moneys derived from
that portion of the safety fund furnished bv the
failing branch.
Third-Io the payment and discharge of all the
rema lining liabilities oil such branch; and
tourth-fhe residue shall be divided among the
stockholders of the FILLING branch, in proportion 10
the stock by them respectively held.
SIC. Ia. Ii any branch against which the Bank
OF Ohio shall nave instituted proceedings on ac-
count of any supposed actof insolvency, as pre-
scrIl"-d by the Eleventh section Of this act shall
deny having committed such act of insolvency,
such branch may apply 10 any court OF competent
jurisdiction for writ OF injunction TO said Bank
ot Oi", % suspend all further proceedings against
suct branch as an insolvent bank; AMI such court,
alter citing suid Bank Of Ohio 10 appear and show
cause why snch writ should not be granted, and
ate the hndlng OF jury that such branch has at
all times continued, and still continues 10 redeem.
Ia gold and silver coin, Its notes OF circulation,
shall make order enJoining the Bank Of Ohio
from all Further proceedings against such branch
on account OF the supposed act OF insolvency on
which such proceedings were Instituted, and
thereupnn all the property and assets of such
branch Shall be restored 10 its directors.
SIC Is. Ii the Bank OF Ohio shall, IN any case,
tail TO proceed in the manner prescribed in the
foregoing sections OF this ACT in providing for the
payment OF the outstanding notes o. circua ton
and in closing the affairs OF anv branch that shall
have committed an act insolvency, the holder of
any OF It's notes OF circulation other creditor of
such branch NAV, in paym mt OF such notes of
circulation or other claim has been refused when
lawfully demanded. and remains unpaid apply TO
any Court OF competent jurisdiction for its writ.
commanding the Bank of Ohio TO proceed and
1t shall be the duty OF such court fter citing such
bunk TO appear and show whv such writ
should not l-sue. and upon the finding of q jury
that such act oi insolvency has been committed 10
issue their VIII comm 1nilng said bank forthwith
70 proceed IN the manner pointed ont in the prece-
ding sections o; this act oprOvIde for the payment
OF the outstanding notes OF such branch, close up
It's aftIlrs. and make application OF its assets
SIC 10. That 1t any branch shall neglect or re-
iuse TO comply with any order OF the blnk of
OHIO. requiring su,h branch to reduce It's circula-
hon or other lIl0lIties, Or TO provide a larger
amount Vi species or 0lher means. 10 pay in
stock. or 10 do a. cease u d., any other mlIler,
or tning which sal blnk may deem necessary for
the Gu lty oi such branch, or any other branch,
or any her branch or braach-s, sud bank, ANY
director thereof, acting for said bank. may apply
tO any Judge uf the supreme court or court OF com
mon pleas. or any dye OF superior cJuIt, or TO
any Judge OF any other court not in ierlhr to the
court oi common pleas, by petition in which the
Bank of Ohio shall be made petitioner, and the
bTauca implicated defendant, setting t'rlh the SUB
stance Ut such order, orders, and such neIleco:
reiu sal, the part OF the branch, its officers or
agents. TO comply Herewith; and il the presi lent,
vice president or any director ol the bank, shall
make affidavit OF the truth OF the facts therein
stated II sha II be the duty oi such Judge to allow
an injunction. and 10 enl n such branch, It's otil-
GERS, agents, and all others in its employ, or
nected herewith, from doing, suffering, psr-
uniting II be done. any business whatever as
'ank, and from internedding with, or in any
manner disposing OF, she books, p1p-rs, money,
chooses in action assets or property of the branch
he tu fllr OrHp nj tIaS nr
some Judge thereof A petition, reciting tine pro-
ceedings had. shall be filled in the supreme court
at Columbus, as soon as injunction Il allowed.
SEC. II Upon the allowance OF such injunction
the property, credits securities liens, and assets,
oi every description, of such branch shall forthwith
vest In the Bank oil Ohio, who shall appoint
ceIVeT, y take possession OF the SAINT, provided
IL the eleventh lection oi this act. certificate
OF appointment OF such receiver by the lld5e, or
court "r clerk thereof, making the 81 ne, shalt be
sufficient authority to hin 10 take possession OF tGe
books, property. AMI rights every descriprion OF
such branch. and shall he full authority 10 the
heriti OF the county where the branch Is iOcateds
10 give such receiver fall possession oi such books
property and rights with the aid ni the county, II
required ami said bank and receiver sha Il be gov
erned by the provisions o. tnis act as provided in
cases OF suspensions; and upon the dissolution OF
such inunciion, or 'discontInuance of such SUIT
by the hnnk. all The rights and property OF such
branch sha II be restored TO and vest IN SAID branch
L
whenever they may deem it expedient, may estab-
sh an office in each or either OF the cities OF New
| York. Cincinnati and Cleveland, for the receipt
OF deposits and redemption OF the circulating notes
| OF the branches, upon such terms as they may
| from time to tine prescr ibe and also clearing
| house at Columbus. They may make all rules and
| regulations necessary to the good management OF
such offices and clearing house, require the several
branches 10 contribute to the captalo such offices
exceeding five per cent OF the stock paid IN by
4 IL
Il their collections and deposits with said Otces and
10 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
i in New York. in transacting business at thai
place, may take. reserve and receive such rate o
interest as is may be lawful by the laws of the
State of New York and no more.
II Sec. l9. The Bank OF Ohio, fter establishing
II its agency in New York, shall, when required by
the proper officers OF the State of Ohio, discharge
the duties OF trans ier agent of the SIre. and re
ceive and disburse foE the State all moneys neces
sary to be received and dsbursed in that city, il
the uayment OF the public debt and Interest thereon
without compensation or charge tor such servlce,S
until such moneys shall be actually paid outor suc
purpose or purposes g. said commissioners shall,
they deem necessary, take such good and sufficien
security as they may deem proper, to secure th'
repayment oil said MONEYS, which shall be taken il
the name of the State Ohio and deposited in tn
office oil the Auditor OF State.
BRANCH BANK.
! SEC. 20. Natural persons, not less in numbe
than five. may associate and form Branches OF tn
, Bank Of Ohio, for the purpose OF carrying on IN
d business OF banking, each at such place in thl
n State as shall be designated in the certihcat
hereinafter required to be made subject TO the cor
tnyencies restrictions, conditions and habiliue
! prescribed in this act
|, SIC 81. Persons associating to form bianc
i shall, under their hands and seals make certif
Il cate, which shall specify.
r First The name assumed by such branch, an
: by which it shall be known in its dealings,
r which name shall be included the uame OF Il
e city, village or town in which its banking oper;
); tions shall be carried on;
e Second-The amount of the capital stock OF sue
n branch and the numb-r Of shares into which ii
e same is divided;
3 Third-The name nnd place of residence an
n the number fshares held by each member Of Il
v company:
Is Fourth The time when such company sha
N have heen formed;
Which certificate shall b acknowledged befo
II a Justice of the peace or notary public and sha
Of be recorded by the recorder o. the county whe
l. such branch is TO be iablished in n book TO
II kept by him for that purpose, which shall at q