New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-17
A BILL REGULATING RECEIvERsHIPs.

BILL REGULATING RECEIVERSHIPS.
ALBANY, May 16.-The Senate Judiciary Com
mitee has referred time time the various bills
passed by the Assembly and those introduced
in the Senate bearing upon the receiyershp sys-
tenn and the OF defunct companies 10 sub
committee consisting Of Messrs. H. A. Nelson, Els
worth and Thomas This subcommittee has determined
TO substitute in place of all the before it,
bin which will be introduced in the Senate tomorrow.
The leading 20 nts Of the bill are AS follows:
SECTION AL the property and estate, real and
sonal moneys credits claims and effects now vested in
any receiver OF any savings bank, trust company. loan
and trust company insurance company organized or
fpcorporated under the laws OF this State which
has become insovent which be in the custody or
under the control Of any receiver thereof hereby
transferred to vested in the Treasurer Of this state
who is hereby created receiver OF the same and OF such
corporaton and shall forthwith take possession thereof
And hereafter any such corporation shall become
,nsovent the Treasurer shall he such receiver The bus
ness office OF any such insoyent corporation and OF the
receiver thereof is hereby transferred to the office of the
Treasurer in the City OF Albany. The Treasurer before
entering upon his duties shall execute bond in the
penal sum OF S25 900 the faithful discharge Of his du
receiver which bond shall be approved by
| the Chief Judge Of the Court Of Appeals.
| SEC. 2.-Thc Treasurer receiver shall then
collect and reduce to money all the estate ate
the those entitled thereto according
to law within year after he becomes the re-
cever the affairs of any such insovent corporation
snail be settled For sufficient cause shown the
may extend the time for that purpose, not to exceed
SEC. 3.-In any action proceeding now pending
against or IN behalf any ins0lyent corporation.
or against OF in behalf of any receiver thereof motion
of the Aorney onersl the Court shall make an order
changing Title of such action substituting said Treas
for the corporation or Tor the person
named receiver. The Court may also on motion OF
the Attorney General order reference 10 asceI am ana
report the due to any attorney or referee for
S yses rendered. The ices Of the referees
| shall not exceed SO and expenses
reference Upon confirmation OF the report OF said
referee Court order The Treasurer As receiver 10
nav TO such attorney the amount found due
IRON any moneys OF such corporation, company
catio in Ills hands, and upon payment therefor
| pcrson now acting counsel or attorney for any re-
cciyer Of such insOlVent corporation shan IoIh"th
deliver to the AttorneyGenefa all papers and docu
uents relating TO the case,
SEC tine receiver Of every such insolyent com
p4ny shall deliver 70 the Treasurer as receiver al OF tne
securities effects which remain III MS hands with
documents and records relating TO the trust ana
shall execute all deeds requisite TO TN, tne
may direct And thereupon the accounts of every sgch
receiver shall be settled and ABUSED AS now provided
| than 2 per any Moneys which nave
| been or may be transferred to him by the super
lntendeut the insurance Department as now PROVIDED
by law, and the right to Tx comp nsao1 OF any snch
receiver vested in the superintendent Of he In
urance Department Is transferred to The State Treas
| urer and Attorney -GencIUL
a.SEC. 5.All actions or proceedings IN bthai OF or
acaiust any corporation, shall hereafter be
brougnt Instituted in the name OF or against toe Treas
uler as receiver thereof and the Acknowledgement snail
be- the counsel and attorney record Tor the Treasurer
AZ such receiver therein, aud also every such action
"H SEC p0U S.~fhe Treasurer as receiver Of any
such insolyent corporation shall be invested
| with ali tho rights and powers and
all the duties of receiver thereof aud the At
torney General shall perform the duties OF counsel and
attorney OF record III every actOD or proceeding no"
pending by against any hucn lnsONeht cOrpOrauon'
NeIcner the Treasurer the Attorney General sna
receive any cOmpensa Tor any service rendered or
duty imuosed by this act Lacn or these Olccb may
appoint an additional deputy at an annual salary
| OF $1,000 ana employ clerks assistants ..
Their compensation an1 All Other expenses incurred
by the Treasurer aud Attorney General sha be PAID out
| OF the assets OF the insOyeut corporations. .
| SEC 7 provides offices IN the new Capitol, If
necessary for the Treasurer aud Attorney General, as
| such officers
| SIC SIN any action brought in the of the
Treasurer receiver or by the Attorney under
| the provisions OF this act, and III any action now
| pending tho Count shall authorize or permit any
sOckhOdeT, creditor, deposition, pOcy nOlder
son Whatever intervene unless in tue OF any in
solvent savings bank trust company loan and trust
| company the superintendent OF the Bank
| Department OF, in case Of an insOlvant insurance
Company the nuperin OF the Insurance Depart
Inent shall lrst certified under the OF de-
partn.nt the jud sment OF such superintendent
| Inc interests Of tue cred itors any other
| interested parties Will be su6seryed by allow
| ing such Intervention; and in the
| Hnnrt snail authorize or permit any stakeholder
crrditor depo-or policy holder other person In
eryene he shall pay al the and expenses thereof
Sid M "A lIce snail DO made 10 MIN his attorney
or counsel for costs, fees, Endorsements services
| SIC 9-lhe treasurer, hs sucn Receiver shall forth
| win orposll al moneys tnat sndh into hands
in such bank banks IN the city ~ Albany as may be
dc.na ed 10 receive on deposit tine Money ofthe
Tue treasurer snail not oraw any Of said moneys except
ut,ou a cue.K made by MIN receiver 0I such corpora
Nm and counterseiied by the Attorney General; and
none OF such moneys shall paid by either OF said
banks on Of the Treasurer as sueh receiver,
! except such check
Treasurer as such receiver shall a reasonable times
he subec 10 the pectiOn and examination Of per
son interested therein IN. Treasurer and Attorney
General may refuse 10 permit snch inspection and ef-
ANIMATION whenever In tneIr judgment the Interests
| of all parties affected would DO preJudieed
SEC il-Any dividend to any person from the asseis