The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1909-07-29


poration Is impaired, or if any such bank or
banking corporation shall refuse to submit
it's books, papers. and concerns to the in
spection Of any examiner, or if any officer
thereof shall refuse to be examined upon
oath touching the concerns of any such
bank or banking corporation, or if any such
bank or banking corporation shall suspend
payment of its obligations, or if from any
examination or report provided for by this
chapter the commissioner shall have reason
to conclude that such bank or banking cor
poratiOn Is in an unsound or unsafe condi-
tion to transact the business for which 1t Is
organized. or that it is unsafe and ineXped1-
ent for it to continue business. or If any
such bank or banking corporation shall
neglect or refuse to observe an order OF the
commissioner, specified in section 2O2l OF
the statutes, the commissioners may forthwith
take possession Of the property and business
Of such bank or banking corporation, ana
retain such possession until such bank or
banking corporation shall resume business,
or its affairs be finally liquidated as herein
provided.
2. On taking possession Of the property
and business OF any such bank or banking
corporation. the commissioner shall forth
with give notice Of such fact to any and all
banks or banking corporations holding or IN
possession of any assets OF such bank or
corporation knowing Of such taking posses
sion by the commissioner. or notified as
aforesaid, shalt have lien or charge for
a after p made, or liability thereafter incurred,
against any Of the assets Of the bank or
banking corporation Of whose property and
business the commissioner shall have taken
possession as aforesaid Such bank or bank.
Ing corporation may, with the consent OF
the commissioner, resume business upon
such conditions as may be approved py
8. Upon taking possession of the prop
erty and business of such bank or banking
corporation the commissioner Is authorized
to collect moneys due to such bank or bank
ing corporation, and do such other acts as
are. necessary to-. conserve its assets ana
commissioner shall collect all debts due and
claims belonging to 1t, and upon the order
fas erc Sonbtu eb as snd ike
nay sell all the real and personal property
Of such bank or banking corporation on
such as the csurt shall de direet s anS
CORPORATION enforce the individual liability
Of the stockholders. .
4. The commissioners may, under his mana n1
and official SEAL appoint one or more speclal
deputy commissioners, as agent or agents,
to assist him in the duty of liquidation and
distribution, the certificate of appointment
TO be fled in the office Of the commissioner
of banking. and certified copy in the ONCE
Of the clerk of circuit court for the county
In which such bank or banking corporation
Is located. The commissioner may from
time to time authorize special deputy com.
missioner to perform such duties connected
with such liquidation and distribution as
the commissioner may. deem proper Inc
commissioner may employ such counsel and
procure such expert assistance and advice
as may be necessary in the liquidation ana
distribution of the assets OF such DanR OF
banking corporation, and may retain sucn
of the officers or employees of such bank or
banking corporation as he may. deem neces-
sary The commissioner shall 'Eequire from
a Special deputy commissioners and from
such assistants such security for the raltn-
full discharge of their duties, as he may
S. The commissioner shall cause notice
to be given by advertisement. In such news
papers as he may direct, weekly for three
who may have claims against such bank or
banking corporation. to present, the same
to the commissioner. and make legal PROOF
earlier than the last day Of publication, to
be therein specified. The commissioner shalI
mail similar notice to all persons whose
of the bank or banking corporation. If the
commissioner doubts the justice and valldl-
ty Of any claim, he may reject the same
claimant either by mall or personally. Al
affidavit Of the service Of such notice. which
shall be prima facie evidence thereon, shali
upon claim so rejected must be brought
within six months after such service.
Claims presented after the expiration or the
time fixed in the notice to creditors shall be
entitled to share in the distribution only to
the extent Of the assets in the hands or the
commissioner equitably applicable thereto
6. Upon taking possession or the prop
CORPORATION. the commissioner shall make
an Inventory of the assets OF such bank or
banking corporation IN dupcate one 70 sn o
one In the Office Of the clerk or circuit court
for the county in which such bank or bank
ing corporation Is located; upon the explra-
ton Of the time fixed for the presentation
of claims, the commissioner snail make IN
duplicate full and complete list OF the
claims presented. including ana speclrying
one to be filed In the office OF the commls.
sioner, and one In the Office Of the clerk OF
circuit court for the county IN WHICH nos snsn
Such inventory and list of claims shait De
open at all reasonable times to inspection
Z. The compensation of the special deputy
commissioners, counsel. and other employees
and assistants. and all expenses OF super
vision and liquidation. shall be fixed by the
commissioner subject to the approval OF tHe
bank or banking corporation Is located, on
notice to such bank or banking corporation.
and shall upon the certibcate OF the commls-
sioner be paid out of the funds Of such bank
or banking corporation In the hands OF the
commissioner. The moneys collected by the
commissioner shall be from time to time de-
posited in one or more state banks, and. In
case Of the suspension or insolvency or the
depositary such deposits shall be preferred
before all other deposits.
g. At any time after the expiration Of the
date fixed for the presentation Of claims,
the commissioner may out OF the FUNDS re-
naming in his hands after the payment OF
expenses
after the expiration of one year from the
first publication Of notice to creditors, he
may declare a finaldividend, such dividends
to be paid to such persons and In such
amounts. and upon such notice, as may be
directed by the circuit court for the county
in which such bank or banking corporation
is located. Objections to any claim not re-
iected by the commissioner may be made by
any party interested by filing copy OF such
objections with the commissioner, who shall
present the same to the circuit court at the
time Of the next application to declare
dividend. The court may make proper pro
vision for improved or unclaimed deposits
8. Whenever any such bank or banking
corporation of whose property and business
the commissioner has taken possession. as
aforesaid, deems itself aggrieved thereby: 1t
such taking possession. apply to the circuit
court for. the county in which snch bank
or banking corporation Is located to en1oln
further proceedings; and said court. after
citing the commissioner to show cause why
further proceedings should not be enjoined
and hearing the allegations and proofs OF
the parties and determining the facts may,
upon the merits dismiss such application or
enjoin the commissioners from further pro-
ceedings, and direct him to surrender such
business and property to such bank or bank
ing corporation.
10. Whenever the commissioner shall
have paid to each and every deposit0r and
creditor Of such bank or banking corpora
ton (not including stockholders), whose
claim or claims as such creditor or depOsitor
shall have been duly proved and allowed,
the full amount Of such Claims and shall
have made proper provision for unclaimed
and unpaid deposits or dividends. and shall
have paid all the. expenses, Of the liqulda-
ton. the commissioner shall call q meeting
of the stockholders Of such bank or banking
corporation by giving notice thereof for
thirty days In one or more newspapers pub
banking corporation is located. AT such
meeting the stockholders shall determine