The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1905-05-30
HOW DAVIS MET FAILURE
(ContInue ! trom Page onel

other legal proceedings, and in view
of the advantages to be derived there
from moving to us and the other de.
positors, creditors and stockholders
of the Canton State bank, we hereby
assent to the liquidation of the busl-
ness and affairs of said bank, as fol-
lows:
IA trustee shall be selected by
the depositors and creditors of said
bank, who shall have representation
to and in the amount Of their several
deposits and claims, and may be pres
ent at the meeting to so elect such
trustee in person, or by agent; a sec
ond trustee, to be associated with
the first, shall be selected by the
stockholders of said bank, and in the
meeting to select such second trustee,
which shall be determined by the
majority of stock voted, the holders
thereof may be present in person, or
by proxy: and should said trustee be
unable to agree on any question or
questions which falls within their
trust of duties, then they shall be
siven power to select a third, who,
acting as an umpire in any given case
or cases shall determine such ques.
ton or questions, and the decisions
of any two of such three trustees shall
be decisive of all such questions.
Said trustees shall serve until said
trust is closed unless sooner remov-
ed by the Joint vote of the majority of
said creditors and stockholders, or
unless a successor or successors be re-
CURED in case of disability to serve
resignation or death; and in any such
case or cases their successor or sue.
cessors shall be selected by said stock.
holders and creditors in the manner
above mentioned.
2.-Said trustees upon being so sc.
lected shall give bond to the presi.
dent Of said bank for the benefit of
all parties concerned and interested,
with good and sufficient sureties, to
be approved by the directors of said
bank in the sum of one hundred thou.
sand dollars ($100,000.00) each, con.
ditioned for the faithful performance
Of their several duties.
"3-Upon the qualification of said
trustees as above mentioned, all of
the property, both real and personal,
of said bank shall be conveyed and
vested in said trustees, their success
ors and assigns, by proper convey
ance, duly executed by said bank, for
the purposes mentioned herein, which
said conveyance or conveyances shall
generally empower said trustees, their
successors and assigns, to have, own,
manage and control all said real and
personal property, TO sell and dispose
of the same to operate the business
connected Herewith, to liquidate the
affairs of said bank, and generally,
&c convert all said property into mon
ey, and to distribute the same to said
depositors and creditors as they shall
be legally entitled thereto, and said
conveyance shall more particularly
and in detail set forth the powers and
duties of said trustees, their success
sors and assigns, in written instru.
ments to be drafted by them and to
their approval, which shall be oblig-
atory when delivered to and accepted
by them.
"4.-Before the election of said trus-
tees, as above provided for, due notice
of such election or elections shall be
given by letter or letters to each such
depositor, creditor and stockholder,
and in so doing such letters shall be
posted or mailed in the postoffice at
Canton, Ohio, directed to such per-
sons, for at least three t3) days prior
to such election or elections.
"5.-Said depositOrs and creditors
shall not be considered in signing this
agreement to assign or release their
claims or any portion thereof, and
shall continue to have full control of
all such claims, save in this, that said
trustees shall have the powers afore.
said relative to the liquidation of said
business.
"6.-This writing when executed
shall be delivered to said directors
until said trustees shall be so select
ed and qualified, and then to them,
and shall constitute the basis of the
and trust relation shall
be considered as made and existing
"7.-Each and all of the depositors
creditors and stockholders of said
bank shall have voice equal to the
amount of their respective deposits,
claims and capital stock in determin-
ing the questions and matters afore-
said.
in witness whereof, have hereun.
to set my hand, this 9th day of May,
A. .. 1905"
AGAINST CANTON BANK.
New York, May 28.-Deputy Sher.