The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1857-06-04


Immediate possession of the books, records, money
ehOsesn action. and property Of such branch Of eve
ry description, and'bVd the for the joint us
and benefit Of the other branches Of the Bank o
Ohio, and the creditors Of the failing branch anC
said Bank Of Ohio shall Immediately provide mOnel
aud place the same in such solvent branch o.
branches as may be most convenient for the purpose
Of redceming the notes Of such failing branch, aDC
shall give public notice thereof in some ncwspape
printed in the place where such falling branch is 10
Gated, and also in some newspaper Of general crcu
lation, published at Columbus.
SIC IL. Each 20 OVjnt braIci shall contribute, in
the ratio Of the circulation 0Ehch il was entitled t
the sum necessary for Tcdeeming the notes Of the
failing branch, provided in the preceding section
on the rcquisition Of the Bank Of Ohio and may b
remune rated fer such contribution, from the safty
fund, as soon money sufficient be raised from
that fund.- by a sale or hypOthecation Of tho stock
funds, or other securities belonging thereto.
SIC. IL. The receiver or receivers appointed a.
provided in the eleventh section. shall be required
to give bond in such sum and with such sccuritic.
as the Bank Of Ohio, or Executive Committee, shall
Judge sufficient aud under the direction Df said bark
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 re-
demptiOn Of the notes and bills Of the insolycn,
branch and which may not have been previously re.
mbursed 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 fail
ing branch.
Third-To the payment and discharge Of all the
remaining liabilities Of such branch; and
FOurth-The residue shall be divided among the
stockholders of the failing branch, in proportion to
the stock by them respectively held.
SIC. Ii. lfany branch against which the Bank
Of Ohio shall have instituted proceedings account
OF any supposed act of insolvency, as prescribed By
tho eleventh section of this act shall deny having
committed such act of insolvency, such branch may
apply to any court Of competent jurisdiction for a
writ Of junction to said Bank Of Ohio, to suspend
all further proceedings against sdch branch as an in
solvent 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
ofcirculation, shall make an order enoning theank
of Ohio from all further proceedings against such
branch on account of the supposed act Of insolvency
on which such proceedings we're Instituted, and
thereupon all the property and assets Of such branch
shall be restored to its directors.
SEQ 10. If the Bank of Ohio SHALL in any case,
faq to in the manner prescribed in the fore
going sections of this act, in providing for the pay
ment Of the outstanding notes of circulation and in
closing the affairs amy branch that shall have com
mlted an act ofinsolvcncy the holder of any OF its
notes of circulation other creditors of such branch
may in case payment Of such notes Of circulation or
other claim has been refused when lawfully de-
manded, and remains unpaid, apply to any court Of
competent jurisdiction for its writ comm .nding the
Bank of Ohio 50 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 up
on the finding Of jury that such act Of insolvency
has been committed to issue their writ commanding
said bank forthwith to proceed in the manner
pointed out in the preceding sections Of this act to
provide for the payment of outstanding notes Of
sucn branch, close up its Affairs and make applca-
tiOn of its assets.
SEC. l6. That if 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 tJ pay in It's stock or to do
or cease to do, any other NATTER or thing which said
bank may deem necessary for the security of such
branch or any other branch or branches said blnk,
or any dircctor thereof acting for said bank, may
apply to any judge Of the supreme court or court
or court of common pleas, OF any Judge OF superior
court or to any judge of any other court not inferior
to the court of common pleas, by petition in which
branch implicated defendant, setting forth the sub
stance of such order ORDERS and such NEGLECT
fusa on the part Of the branch Its officers agents,
TO comply herewith; and if the president, vice pres
dent or any director of the bank, shall make aii
dlvt Of the truth Of the facts therein stated it shall
be the duty of such judge to allow an injunction,
and to enjon such branch, its officers, agents, and
all others in its employ, or connected Herewith,
from doing, or suffering, or permitting to be done,
L.. ul.sE. L,,l ,rta
medding with, or in any manner disposing of, the
books, papers, money, chooses in action, assets, or
property of the branch until the further order of the
supreme court. some judge thereof. Ap,itiOn re-
citing the proceedings had, shall be filed in the sup
RENE court at Columbus, as soon as injunction is
allowed,
REQ. IL. Upon the allowance of such injunction,
Che property, credits securities. liens, AMI assets,
Of every description Of such branch, shall forthwith
vest in the Bank of Ohio, who shall appoint re-
ceyer to take possession Of the same; as provided
in the eleventh section of this act. certificate Of
appointment of such receiver y the Judge, or court
clerk thereof making tho same shall be sdficicnt
authority to him to take possession OF the books,
property, and rights of every descriptionyOf such
branch and shall be full authority 10 the sheriff Of
tho county, where the branch is located, to give
such receiver full possession of such books. prop
erty and rights with the aid of theseolEhySf re.
quiredj and said bank and recQygrsharb BE governed
by the provisions Of this acths provided in cases
of suspension and upon THO dSsolption Of such in
junction, or dscontnuanee Of such suit by the
bank, all the rights and property of such branch
shall be restored tn and vested in said branch
Sec 49, The directors Of the Bank of Ohio,
whenever they may deem texpedient, may establish
an Office in each or either of the cities of New York,
Cincinnati and Cleveland, for the receipt Of depos
its and redemption Of the circulation notes of the
branches upon such terms as they may from time to
time, prescribe and also clearing house at Column
bus. They may make al rules and regulations nee
essary to the good management of such Offices and
clearing house. require the several branchcSto CON
tribute to the capi.aiu such Offices, not exceedfH
five per cont. 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 equitaby The Office in New York, in
transactng business at that place. may take, reserve,
and receive such rate Of interest is or may be law
full by the laws of tho State Of New York, and no
MORE
Sec, 10. The Bank Of Ohio, after
establishing its agency in New York,
shall, when required by the proper Off
GERS Of the State of Ohio, discharge the
duties ofthe transfer sgent of the State,
and receive and d'sburse for the State
all moneys necessary TO be received
and disbntsed in that city, in the pay
ment of lhet-puGlic debt and interest
thereon, without compensation or charge
for such service, add' hDtiT such moneys
shall be actually paid cut forsueb pur.,
pose or purposes;dpd,sad com auea
shall y