The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1908-09-04

further proceeding with ITS business and
said court shall have jurisdiction In equity
Of such application. The court may ap.
point a receiver or receivers TO take pos.
session OF the property and effects OF such
corporation. subject 10 such directions as
may from time 10 time be prescribed by
the court. and the appointment os said
receiver or receivers shall vest in him
Or them all the right, title. and interest OF
such corporation In and 10 its property
and effects. and shall vacate and dissolve
all attachments or liens thereon. created
by or obtained In or pursuant 10 any suit
or proceeding At law or in equity against
said corporation which was begun within
four months before the appointment OF
said receiver or receivers. and such re-
ceiver or re SEWERS shall have all the pow
ers and be subject 10 all the duties con
ferred or imposed upon receivers by the
provisions OF sections twenty eight and
twenty-n of Chapter one hundred sew.
enty-seven OF the General Laws: Provid-
ed however that no officer OF any such
corporation shall be appointed sole receiv-
er thereof. nor shall more than one officer
OF such corporation be appointed as CO.
| receiver thereof IL any corporation sub
! Ject 10 the provisions OF this act appears
| to have exceeded its powers or failed 10
| comply with any provision OF law. the
bank commissioner may apply 20 the su.
perior court for the county in which said
corporation Is conducting its business. for
an injunction 70 restrain such corporation
| In whole or In part from further proceed
| ing with its business, and said court shall
have Jurisdiction In equity OF such appli-
cation
Sec Sc. when n receiver or receivers are
SO appointed. the president or treasurer
| OF the corporation shall make or cause 10
be made n schedule Of It's property. and
| shall make oath that said schedule sets
| forth all the property which the corpora
| tion owns or il entitled to- The treasurer
shall deliver said schedule TO the receiver
or receivers and "A copy thereof 10 the
| bank commissioner. who may at any time
examine under oath such treasurer board
| of directors or trustees. or other officers.
| to, determine whether all the property
| which the corporation owns or is entitled
| 10 has come into the hands OF the receiver
or receivers.
| Sec. 81. The bank commissioner shall at
| least twice In each year. and whenever ne
| considers IL expedient. examine the ac-
| counts and doings OF said receiver or re-
| ceivers. and shall carefully examine and
report upon all accounts and reports OF
| any receiver or receivers made TO the su-
| perior court and for such purposes shall
have free access TO the books and papers
| relating to the transactions OF such re-
| ceiver or receivers. whom he may exam
Inc under oath relative TO such transac-
| tions. IL in kis opinion any such receiver
| has violated his duty, he shall present the
facts to the superior court.
Sec IS. The bank commissioner shall an
| nually report TO the general assembly the
| condition OF all institutions examined by
| him, with such recommends as he
may deem proper.
| Sec. 80. Any bank or trust company or
gani,ed under the laws OF this state and
being In "a solvent condition may, subject
| 20 the approval OF the board OF bank in
| corporation, go into liquidation and be
| closed by a vote OF its stockholders own
Ing two-thirds OF It's capital stock. and
| any savings bank organized under the
| laws OF this state and being In a solvent
condition may, subject TO the approval OF
the board OF bank Incorporation. go into
| liquidation and be closed by "a vote OF
| two thirds OF it's corporators. For the
purpose OF closing up the affairs OF any
such bank savings bank. or trust compa-
| ny, the stockholders or directors or cor
/ porators thereof may appoint an agent.
other than the directors To close UP its
| business. with such power and authority
as they may impose by vote upon such
agent Whenever vote is taken 10 go
. into liquidation. IL shall be the duty OF the
board OF directors or trustees TO cause no.
tce Of this fact 10 be certified. under the
seal Of the corporation. by it's president.
/ cashier or treasurer, TO the bank commits
sioncr who shall submit the same TO the
! board OF bank Incorporation. The said
| board OF bank Incorporation. IL u ap-
|
certify 10 that effect upon the certihcat.
| setting forth the vote OF the corporation.
| and file the same with the bank commits
sioner The corporation shall then pub
| lish a notice setting forth the said vote
and n~ifyinR creditors TO present their
| claims against the corporation for pay
! ment which said notice shall be publish
| ed once each week for eight successive
| Vseks " a pewspspeT published In the
! city OF Providence. and also In a newspa-
/ per, IL any, published in the city or town
| In which the bank IN located During the
| period OF the liquidation OF said corpora
| ton II shall be subject I'm all respects 10
the same provisions provided In this act
| for the regulation OF such corporations IN
| the hands OF receivers Nothing In this
section shah be construed TO abridge the
| Jurisdiction OF the superior court sitting
| In equity over such corporation.
| Sec 20. Whenever the final dividend In
| liquidation shall be declared by any re-
ceiver or ofYicer or agent OF any bank
| savings bank, or trust company. now or
| hereafter in the hands OF a receiver or Of
| hcer or agent for purposes OF liquidation,
| and two years shall elapse from the time
| OF the commencement OF payment OF said
| dividend ~ shall be lawful for any such
| receiver or officer or agent at any time
| thereafter upon the allowance OF his ac-
count by the superior court, or In the case
Of voluntary liquidation upon such allow
| hnce Dy lHe corporation, ana upon Tl' or
der OF said court or corporation, az the
| case may be. 10 pay over all the funds of
such corporation remaining In his or their
| hands, whether arising from unclaimed
| dividends or otherwise. unto the general
treasurer OF this state, TO be deposited In
! the general treasury. and 20 deliver all the
remaining property of said corporation 20
said general treasurer, and upon his re-
, ceipt therefor. and upon such payment and
delivery. the powers, obligations. duties.
and liabilities OF such receiver or offiCer
or agent shall terminate.
Sec Il. All funds which have been paid
or shall be paid over by any receiver or
officer or agent OF any bank. savings bank,
or trust company unto the general treas
urer OF this state. under the provisions ~
section forty OF this act, and all funds
arising from any property delivered by
such receiver or officer or agent 20 the
said general treasurer under the provi.
siens of said section. shall be kept by the
general treasurer In special deposit and
the income arising therefrom may be ap-
Piled from time 20 time by the general
treasurer. In the payment of clerk hire
and Of such other expense a. may be
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