The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1889-05-09
1872.

eiEhteeh bundled ana sevsSt S eight dS7s},
y r relating =. tna Ito: to banks an ana banking.
Of Minnesota:
SECTION l. That section eighteen 1s). Of
chapter thirty: three (33). General Statut4s Of
eighteen nQndred and seventy. eight (1978),
Any aaaSf esfsY the
and'be closed by the vote Of The shareholders
owning two'thIrds ~ OF Its stock. aud
whenever z vot1 To- go Into liquidation IL
taken, the board Of directors shall cause such
fact TO pc Ct rtlhed under seal Of the 0ssooia-
ton by Its president or cashier to the super
lntendent OF banks and shall cause notice
to be published that the association is clos.
Ing up Its affairs and that all claims against
publication, shall be made for four ~ sue.
cesslve weeks in q newspaper published in
the city OF town in which the association IL
located, II there be such newspaper, and il
there be none. then In some newspaper pub
!1shed in the county in which the association
IS located. Every such association in liqui-
cation shall! on the first day of January and
last day OF July In each year report the prog
ent OF banks In such form as he may require,
which reports shall be under oath or affirma-
ton Of the president vice president or cash.
Ter OF the association, and shall be attended
6y the signatures Of at least. two (2) Of the
directors; and any such ASSOCIATION which
may be In liquidation may be proceeded
against by any creditors of the association in
the same manner as il the same were not in
Liquidation. Whenever an association has
failed to pay the current demands o. its de-
posltors. or is otherwise in condition of in
solvency, 1t shall not tie lawful for such asso-
citation or any of its directors, officers, clerks
or agents to pay out any Of its moneys, to
receive deposits. to discount Or purchase any
notes or bills, or in any other way, directly
or indirectly, to prosecute the business Of
association to receive and safely keep money
and other property belonging to it.
SEC. =. That section thirty one (31) OF
chapter thirty-three $50 be amended by add.
ing thereto the following;
All transfers and conversions Of the prop
erty or credits of any association and all acts
which prevent the application Of its assets to
the payment Of its lawful debts shall be ut.
terly void when made or done after an act of
Insolvency committed by such association or
IN contemplation Of insolvency and with in
tent to defeat the pro rata distribution of the
assets OF the association. or with intent to
give any creditor preference over others. No
attachment, injunction or execution shall be
issued against On 1nSOlvent association or its
property before final judgment in any suit,
municipal court, aud when such process shall
have been issued it shall be Immediately
quashed or dissolved upon proof that the as
soclation was insolrent at the time Of the
upon demand Of The superintendent Of
banks: institute proceedings for the dissolu.
ton OF such corporation, the appointment Of
receiver whenever the superintendent of
banks shall report to him, after due examina-
ton. that any association organized under
this act is lnsolvent, with a detailed state
ment OF such examination show such iu-
solvency, and the superintendent of banks
may in his discretion. pending the appoint.
ment of such receiver, take possession Of the
bank and its assets, and receive moneys due
the bank and shall schedule all such assets
and keep an accurate record of all moneys
paid to him, and may appoint an agent to do
so In his stead, taking from such agent such
bond and security as he may deem proper,
ana upon the appointment Of receiver, the
Superintendent Of banks shall turn over to
bank that may have come into his hands
while in possession Of such bank.
Provided, That the officers and directors OF
any bank that upon examination may be
found insolyent may make good any def
cheney that may exist in the assets OF the
bank. Upon showing that such deficiency has
been made good and the payment OF any
costs that may have been incurred, all pro.
SEC 4. That section forty seven (4O Of
said chapter thirty three (33) may be amend
ed by adding thereto the following:
The directors OF any association may de-
any portion thereof, but no dividend Shall
be made by any association while it con-
tinues its banking operations. to al amount
greater than its net profits then on hand,
after deducting all losses and bad debts
Whenever dividend is to be declared, the
officers and accountants of the association,
under the supervision Of the board Of direc-
tors, shall determine the net profits, and in
SO doing shall charge against its net profits
all losses and bad debts. All debts due to
any associations. on which interest is past
due and unpaid for period Of twelve l12)
months, unless the same are we'll secured or
in process of collection, shall be considered
bad debts within the meaning Of this section.
their meeting complete list Of all debts on
which the interest is past due and unpaid
for period Of twelve (12) months or more,
with brief statement as to the value of each
one and the character and value Of security,
if any.
SEC. 5. This act shall take effect and be in
force from and after its passage.
Approved April "a, 1889.