The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-09-10

SSCouu-IO IelmDufse ali moneys ad'
: vanced from the safety fund, other than mo.
i neys derived from that portion of the safety
q fund furnished by the failing branch.
4 Third-To the payment and discharge oI
r all the remaining liabilities of such branch;
!. and
n Fourth--The residue shall be divided
= among the stockholders of the failing branch
in proportion 10 the stock by them respective.
t ly held.
SEC. IA. Ifany branch against which the
Bnnk of Ohio shall have instituted proceed.
ings on account of any supposed act of in.
; solvency, as prescribed by the eleventh sec.
ton of this act, shall deny having commit.
; ted such 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 as an insolvent bank; and such
: court, after citing said Bank of Ohio 70 ap.
pear and show cause why such writ should
not be granted, and after tho finding of a
} Jury that such branch has at all times con.
tnucd, and still continues TO redeem, in gold
and silver coin, its notes OF circulation, shall
make an order enjoining the Bank of Ohio
from all further proceedings against such
branch on account OF the supposed act of in.
solvency on which such proceedings were
instituted, and thereupon all the property
and 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 pre-.
scfibed in the foregoing sections OF this act,
in providing fer the payment of the outstand-
ing notes of circulation, and in closing the
affairs of any branch that shall have commit
ted an act OF insolvency, the holder of anv of
its notes Of circulation, or other creditors of
such branch may in case payment of such
notes Of circulation or ether claim has been
refused when lawfully demanded, and remains
unpaid, apply to any court Of competent us
isdction for its writ, commanding the Bank of
| Ohio so 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 upon the finding ofa 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 the outstanding
notes of such brunch, close up its affairs,
and make application Of its assets.
SEC. IT, That if any branch. shall ne-
glcct or refuse to comply with any order of
the bank Of Chic, requiring such branch to
reduce its circulation or other liabilities: or
to provide larger amount of specie or 9th
er 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 secu.
rity of such branch, Oh any other branch or
branches, said bank, or any director thereof,
acting for said bank, may apply to any Judge
of tho supreme court Or court Of common
pleas, or any judge of Superior court,
Or 10 any judge of any other court not info
rior to the court Of common pleas, by poti.
ton, in which the Bank of Ohio shall be
made petitioner, and the branch implicated
defe!d dant, setting forth the substance of
such order, or orders, and such neglect or
refusal, on the part of Tie branch, its officers
or agents, to comply Herewith; and if the
president, vice president or any director of
the bank, shall make 0ilidGvit 0 the truth Of
the facts therein stated, it shall be the duty
OF such judge to allow all Injunction, and to
enioin such branch, its officers, agents, and
all others in its employ, or connected there
with, from doing, or suffering, or permitting
to be done, any business whatever as bank,
and from intermeddling with, or in any man
ner dlsposing OF, the books, papers, money,
choses in action, assets, or property of the
branch, until the further order of the supreme
court, or some Judge thereof. A petition,
reciting the proceedings had, shall be filed
in the supreme court at Columbus, as soon
as injun Ction is allowed.
Sec. II. Upon the allowance of such in {
inn tim n prOnnrtv rrn1ite cnonritias EapS
and assets, of every description, of such
branch, shall forthwith vest IN the Bank of
Ohio, who shall appoint receiver, to take ,
possession of the same, as provided in the /,
eleventh section of this act A certificate :
of appointment Of such receiver, by the Judge, =
or court, or clerk thereof, making the same, y
shall be sufficient authority to him to take !
possession of the books, property, and rights -.
Of every description, Of such branch, and
shall be full authority to the sheriff of the
county where the branch is located, to give
such receiver full possession of such books,
property and rights, with the aid of the coun- :
ty, if required; and said bank and receiver ,
shall te governed by the provisions of this
act, as provided in cases OF suspension; and !
upon the dissolution of such Injunction, or
Of such suit by the bank, all
the rights and property of such branch shal {
be restored to and vest in said branch.
SEC. IS. The directors of the Bank OF
Ohio, when they may deem it expedient,. ..
may establish an office in each or either of
The cities of New York, Cincinnati and Cleve. :
land, for the receipt of deposits and redemp- :
ion of the circulating notes of the branches,
Upon such terms as they may, from time
% time prescribe. and also clearing s
house at Columbus. They may make all rules q
and regulations necessary to the good man. .
lgement of such Offices and clearing house, b
equire the several branches to contribute to S
he capital of such Offices, not exceeding five $
'er cent Of the stock paid in by each branch, g
md compel the branches to make their col $
ections and deposits with said Offices and d
0 employ all such officers and agents as may Il
'e necessary. The net profits Of said Offices "
hall be divided among the branches equitas Is
'ly. The office in New York, in transact il
ng business at that place, may take, reserve s.
nd receive such rate of interest as is or may d
e lawful by the laws OF the State OF New Q
( (ork, and no more. c
SEC. 10. The Bank of Ohio, after estab.
ishing its agency in New York, shall, when ri
equired by the proper officers of the State y
# Ohio, discharge the duties of transfer ri
gent Of the State, and receive and disburse q
or the State all moneys necessary to be re- a
eived and disbursed in that city, in the pay h
nent of the public debt and interest thereon, q
Without compensation or charge for such ser. o
iCe, aud until such moneys shall be actual ),