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

holders or any other person shall have
sustained III consequence Of such vio-
lation
II shall not be, lawful Cor any bank
to loan To lis president or 10 any Of IT,
vice presidents. or It's salaried officers
or employees or 10 corporations AMI
firms controlled by them, or in the
management OF which any Of them are
att!vc,y engaged until an application
lor such loan shall have been first APP
proTed, both as To security and
amount, by the board Of directors.
Section H. Banks or banking asso.
Citations may be organized under the
provisions OF this Act Ia all cities,
towns, and villages with minimum
capital stock, according to the popu-
ation of such cities, towns ana vii.
lagos, MS follows:
In all cities, towns and villages OF
not exceeding five thousand inhab-
unts, OF twenty-five thousand dollars,
In oil cities, towns and villages of
over i've thousand inhabitants AMI
less than ten thous, nd inhabitants, of
nfty thousand dollars. In all cities,
towns and villages of ten thousand
inhabitants aha less than nifty thou
thousand dollars. In all cities and
towns Of fifty thousand inhabitants or
more. OF two hundred thousand dot.
lars.
Should the capital stock OF any
bank organized under this Act become
! impaired the Auditor shall give
notice to the president to have the i'm.
palrment made good by assessment OF
the stockholders or a reduction of the
capital stock of such bank. If the re-
duction should not bring the capital
below the provisions Of this section;
and II the capital stock OF said bank
shall remain impaired for thirty days
after notice by the Auditor, he shall
have the power, and 1t Is hereby made
his duty to enter suit against each
stakeholder In the name OF the People
Of the state of Illinois, for the u.s.
Of said bank, for his or her pro rata
proportion of such Impairment and
when collected shall pay over the
amount thereof to said bank; and the
Judgment in Stlth case shall be for
the amount claimed. with all costs
and reasonable attorneys fees. which |
fees shall be fixed by the court; or
if It 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 organized under this Act are
such that the impairment of the capl
tai stock cannot be made good or that
the business OF any such bank ls be-
ing conducted III an Illegal tfraudu-
lent or unsafe niHlIiIcr, he may, in his
discretion, without having. taken the
steps provided m this section 10 make
good the impaired capital stock,
through the Attorney General, file a
bill in the circuit court of the coun.
Is, in which SAID bank is located. in
the name Of the People of the state
of Illinois against said bank md Its
stockholders for the dissolution Of the
corporation and for an injunction aud |
for the appointment Of Il receiver for
the winding up OF the affairs OF the
bank And said court upon presenr
tation of said Bin and npon being
made satisfied that the capital stock
VI said bank has become impaired to
such an extent that II cannot be- made
good, or that such bank is being con
lucted in IN Illegal, fraudulent or un.
~. ,,i.,, la..4 /
Dolnt "a competent and dis!nterested
lerspn as such .creirer, and shall de
rrnine ana Xix HIS bonds and shall
prescribe his duties And said cause
shall proceed as other cases In equity
And no bill shall he fled nor proceed
ngs commenced in any court Tor TIL
dissolution or for the winding up of
he affairs or for the appointment Of
receiver for any such banking cor
,Orati0n on the ground of Insolvency
n Impairment of the capital stock Of
uch banking corporation, or upon the
round that sth bank is being con
ucred in an Illegal, fraudulent or un-
afe manner, except 10 the name and
" the authority Of the Auditor Of
'ubliu Accounts, represented by the
attorney General When II shall be
scertained. la the course Of the AL.
at the estate. of bank
D tile hands OF a receiver. that the as I
cts of the bank are insufficient TO
ischarge the entire liability Of such +
ank 90 It's creditors. and when the d
mount of such deficiency is deter 4,
lined the court may, la its discretion, I
ircct the receiver to proceed to en- I
lrcr the liability OF the stockholders
. creditors provided Ia section q OF
is Act and when ~ directed. such
,ccIver shall have the power and it
lall he his auty, TO take such action.
y suit OF otherwise. as the court may
ireCt 20 enforce such liability for the
enett ~ tile creditors and 10 dlsburse y
"redltJr> the amounts collected
iercon ln the same manner as dis d.
grSeine~ & NJ" made 10 creditors OF /,
10 assets or the bank
Such receiver shall fle with the :
udltor copy OF ea,4i report which 81
: makes 30 the court appointing him.
order that the said Auditor may f,
I'VE az his command complete rec n
u oi az Sta;r Institutions whose %
IsIness has been 81 !iquidsted Ii