The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-11-02

shall not b construed as q part Of the
surplus. a#
| Tenth. The amendatory art adds to
section 10 the provision that ii SHALL
not be lawful for any bank to loan
10 its president or to any VI its vice
! presidents or to Its salared officers or
employees, or to corporations or firms
controlled by them or In the manage
ment OF which any OF them are active
ly engaged, until an application for
such loan shall have Eeen FIRST ap-
proved both as to security ana amount
b. the board OF directors
Eleventh. Said amendatory act
strikes out the provision IN section II
| that the Auditor OF Public Accounts
may In his discretion file bin In the
| Circuit Court OF the county in VIII ell
said bank Ia located in the name uf
| the People OF the State Of Illinois
against said bank and its stockholders
for the appointment OF a receiver for
! winding up OF the AFFAIRS OF said bank.
/ and inserts In lieu thereof the pro-
vision that IL 1t appears from the
reports made to the Auditor under
this act or from any examination
\ made by or on behalf OF the Auditor
that the conditions of any bank or
ganized under tliis act are such that
the impairment OF the capital sto k
can not he made good or that the
business % any such bank IL being
conducted in an Illegal. fraudulent OF
unsafe manner. the Auditor may in
his discretion, without entering suit
against each st6rkh0ldpr In the name
OF the People OF rte State of Illinois
for the use OF said bank for his or her
pro rata proportion OF such assess.
ment, through the Attorney General,
file bin In the Circuit Court Of the
county in which such bank Is located
in the name OF the People of the State
Of Illinois against said bank and It's
stockholders for the dissolution OF the
corporation and for an injunction and
for the appointment OF receiver for
winding up the affairs OF the bank.
And said court upon presentation OF
said bin and upon being satisfied that
the capital stock OF said bank has be-
come impaired to such an extent that
II cannot be made good, or that such
bank is being conducted in an Illegal.
fraudulent or unsafe manner. shah inn
medlately appoint Id competent and
disnterested pNrso;f as such receiver
ana hall determine aud Tx mis- bonds
and shall prescribe his duties
rwelfth.-Said. amendatory act adds
TO section II the provision tlat
no bill shall he filed nor proceedings
commenced IN any court for TIE dis
s0lttiun Or for tile winding UP or the
affairs or for the appointment Of a re-
ceiver for any such banking. corpora
tion on the grounds " insolvency Or
impairment of the capital stock of
such banking corporation 6r on the
ground that sudh bank Is being CON
Quoted In an Illegal fraudngpnt or nm
safe manner, EXCEPT In the sname anil
b. the authority OF the Auditor OF
Public Accounts. represented vs. The
Attorney General.
Thirteenth. Said amendatory act
further adds TO section II the pro-
vision that when Il shall be ascer-
tanned Ia The cals'se OF the admins
traton of tie estate OF a bank In the
bands Of a receiver that the assets OF
the bank are insufficient 70 discharge
the entire liability of such bank TO Its
creditors and VIXEN the amount OF
such deficiency determined. the
court iiay In its discretion direct the
'ecelver tn proceed To enforce the fla
ll,ty Of the stockholders to creditors
provided IN section o Of this act; ana
when so directed sich receiver shall
ave the poNei, ami II shah be HIS
iuty, 10 take sr4h artion by suit or
otherwise as The court may direct to
,nforte such liability for the benefit
II the creditors and TO disburse to
'rpdItors the amounts collected there
VA III the same tnannpr ny dtsburse-
nents are made to creditors OF the as
ets OF said bank
Fourteenth. Said amendatory act
urther adds 10 section IL the pro-
.ision that such receiver shall Tile with
he Auditor e3py- OF each report
Which be makes to the court appoint
as hla'. IN order that said Auditor
nay have AT his command compete
ecord Of an SLATE institutions whose
BUSINESS has beeh 50 llquldated
Fifteenth. said aniendatory act
urtief adds to section II the pro
islon that at any time whenever
majority ia number and amount OF the
re,litors of such bank or association.
tier any such receiver shall have
eeu appointed shall petition the
oart for the appointment Of any per
Oh nominated 10y them as receiver.
Who Is It reputable person ami elector
{ tie county Ia which surh bank or
Ssociati1u IS ,eated II shall be- the
my Of the court 10 make such APP
and all the rights and
utrs ~ his predecessors shall ut once
evolve upon Suth appontee
SINt-eafh said amendatory act, In
-der 70 become operative must r.
i've majority ~ al the VOTES cast
the election to b. held November 8.
H. lguS
JAMES A. ROSE.