The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1909-04-30

CHAPTER 17S-S. F. NO. 453.
AN ACT to amend section 1918 Revised
- Laws 1905 relating to corporations;
State of Minnesota:
Section l. 297S-Unlawful Use of Ger
tain Words.-No individual, co-partner.
ings bank or safe deposit and trust COM
pany subject to and complying with all
the provisions of law relating to such
banks or safe deposit and trust compa-
MES, respectively, shall in any manner
display or make use Of any sign, symbol,
token. letter head, card, circular or adj
dicating that he, it, or they, are author
lied to transact the business which
savings bank, safe deposit or trust COM
pany usually does. or under said provision
are authorized to do: nor shall any such
use the words savings or TRUST or
safe, deposit" alone or in combination
in title or name or otherwise or in any
manner solicit business or make loans
or solicit or receive deposits or transact
business as savings bank or safe de-
post or trust company.
Except that a state bank regularly In
corporated and authorized to do BUSH
ness under the laws of this state may
establish end maintain a savings depart
ment under the supervision Of the pub
lie examiner, and may solicit and receive
deposits in said savings department and
Every individual, co-partnership or
corporation which shall violate any of
the provisions Of this section shall for
felt to the state the sum Of one hun
dred dollars for every day such violation
shall continue.
Sec. 2. This act shall take effect and
| be in force from and after its passage.
| Approved April Is. 1909. y
CHAPTER 179-S. B. NO. $50,
AN ACT providing for and regulating
| proceedings against and liquidation OF
DELINQUENT financial corporations and
bankers.
Be it enacted by the Legislature Of the
| State of Minnesota:
| Section !; The term bank" when.
ever used in this act shall mean and
include any and all financial corporations
as defined in section 1867 Revised Laws
1905, and all persons and partnerships
any Of the corporations mentioned in
said section.
Sec E Whenever i. i shall appear Ig, to
violated its charter, or any law Of the
state, or is conducting its business in
an unsafe or unauthorized manner. or
paired, or II any such bank or controll-
Ing officer thereof shall refuse to sub
NIT its books, papers and concerns to the
assistant by him thereunto duly au-
thorized, or II any officer of such bank
shall refuse to be examined upon oath
ton, or If any such bank shall suspend
payment Of its obligations, or furnish
reason for the public examiner conclud-
ing that such bank is in an unsound or
unsafe condition to transact the bust.
ness for which 1t was organized, or that
| 1t is unsafe and inexpedient for 1t to
shall neglect or refuse to observe a
proper order of the public examiner, the
public examiner may forthwith take pos.
session of the property and business OF
| nd nOSSeSSlOn
until such bank shah resume business
or it's affairs be finally Iquidated as
herein provided. On taking possession
Of the property and business Of any such
bank, the public examiner shall forth.
with give notice Of such fact to any and
all banks. associations and indivlduats
Of such. bank. No bank. association or
person knowing of such taking posses.
sion by the public examiner, or notified
as aforesaid, shall have lien or charge
for any payment, advance or clearance
thereafter made, or liability thereafter
incurred against any Of the assets OF
the public examiner shall have taken
possession as aforesaid. Such bank
may, with the consent OF the public ex-
ditions as may be approved by him:
Upon taking possession of the property
and business Of such bank the public
i moneys due to such bank and to do
such other acts as are necessary to con.
serve its assets and business, and snail
proceed to liauidate the affairs thereof.
II in his opinion such bank cannot safely
resume business as hereinafter provided.
Sec. 8. The public examiner shall COLI
all debts aIe and an the
the district court may sell or COMPOUND
all bad or doubtful debts. and on like
order may sell all the real ana per-
terms as the court shall direct and may.
If necessary to pay the. debts Of such
bank, enforce the individual liability OF
the stockholders. The public examiner
may under his hand appoint one or more
special deputy examiners as agents to as.
sist him In the duty OF liquidation ana
ment to be filed in the Office of the pub
lie examiner and a certified copy in the
office of the secretary OF state ana also
Of the clerk of the district court OF the
county in which the principal Office of
lsuch bank was located. The public ex-
aminer may from time to time authorize
any such special deputy examiner 70 per-
liquidation and distribution as the public
examiner may deem proper: The pubic
examiner may procure such expert as
sistants as may be necessary in the lie
ouidation and distribution Of the assets
of such bank and may retain such OF its
officers or employees as he may deem nee
the attorney general shall employ spe.-.
cial attorney to act as counsel in all
matters relating to the liquidation Of
|
be made according to the provisions OF
the statutes regulating the employment
by the attorney general OF special at.
torneys for state boards and officers, AND
the payment of such attorney shall be
from the proceeds of the assets or the
bank with whose liquidation he becomes
thereby connected. The public examiner
shall require from each special deputy
examiner such security for the faithful
discharge Of his duties as he may deem
proper The public examiner shall cause
notice to be given by advertisement In
such newspapers as he may direct, week.
Iy for three consecutive months calling
| on all persons who may have claims
against such bank to present the same TO
the public examiner, and make legal
proof thereof at place and within a
| time not earlier than one week after the
Hast day of publication, which time and
place shall be specified in said notice. The
public examiner shall mail similar no.
tice to all persons whose names appear
las creditors upon the books Of the bank
If the public examiner doubts the JUS
tice and validity Of any claim he may
i reject the same and serve notice or sucE
rejection upon the claimant, either re-
| mail or personally. An affidavit OF this
service of such notice made according to
law shall be filed with the public exam
iner An action upon a claim so reject
ed must be brought within six months
| after such service and the filing OF PROOF
! thereof Claims presented after the ex~
| piration of the time fixed in the notice
| to creditors shall he entitled =" share in
the distribution only to the extent Of the
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