St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-05-07
l62.

thirty-three (33). Of the General Statutes OF
eighteen hundred and seventy eight (ls7sI
relating to banks and banking.
Be u enacted by the Legislature OF the State
sscrIos i. That section eighteen (s), Of
chapter thirty three (3S), General Statutes Of
be amended by adding thereto the following:
Any such association may 60 into liquidation
and be closed by the vote Of the shareholders
owning two-thlrds lss) OF Its stock and
taken, the board Of directors shall cause such
fact to be certified under seal Of the associa-
ton by its president or cashier to the super
intendent Of banks. and shall cause notice
ing up its affairs and that all claims against
1t are to DO presented for payment Such
publication shall be made Tor four ~ sue
cesSive weeks In q newspaper published IN
the city OF town In which the association is
located, II there be such newspaper, and II
there be none, then in some newspaper pub
Ished in the county in which the association
is located. Every such association In Hqul-
dation shall on the first day of January and
last day Of July In each year report the prog
ress of such liquidation to the superintend-
ent of banks in such form as he may require,
which reports shall be under oath or af6rma-
tion of the president vice president or cash.
Ter OF the association. and shall be attended
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 if the same were not in
LIQUIDATION. Whenever an association has
failed to pay the current demands OF It's de-
positora, or is otherwise in a condition OF in
solvency, it shall not he lawful for such asso-
citation OF any of its directors. officers, CLERKS
receive deposits. to discount or purchase any
| notes or bills, or in any other way, directly
| or indirectly, to prosecute the business OF
| banking: but nothing herein shall forbid an
association to receive and safely keep money
and other property belonging to il.
SEC. 2 That section thirty one (3l) OF
| chapter thirty three (33) 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 ir-
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 OF execution shall be
issued against an insolyent association or its
! property before final Judgment in any suit,
| action or proceeding In any state, county or
| municipal court, aud when such process shall
! have been issued it shall be Immediately
| quashed or dissolved upon proof that the a.
| ISOLATION was hbolvent ct the time OF the
! issue thereof. is,
upon demand OF the superintendent Of
| banks. institute proceedings for the dissolu-
| ton of such corporation, the appointment Of
| a receiver whenever the superintendent OF
| banks shall report to him, after due examina-
| ton that any association organized under
this act is insolyent, with detailed state
ment Of such examination show. = such in
| selvency, and the superintendent of banks
| may i'll 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
| SO In his stead, taking from such agent such
! bond and security as he may deem proper,
/ and 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