Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1909-07-21

make distribution Of the property OF said
bank cor banking corporation, as Is herein
commissioner, except that the expenses
thereof shall be subject to the direction and
control of the circuit court In case or
the death, removal or refusal to act OF any
the same notice. to be given by the COM
missioner upon proof of such death, re.
him, and by the same vote hereinbefore pro
vided, may elect successor, who shall have
the same powers and be subject to the same
Liabilities and duties as the agent originally
elected.
10. Dividends and unclaimed deposits re-
naming unpaid in the hands of the COM
final distribution shall be by him deposited
in one Or more state banks, to the credit or
the commissioner of banking, in his name
of Office, in trust for the several depositors
or banking corporations from which they
were received entitled thereto. The COM
missioner shall report to the goTye hE an n
banking corporations so taken possession OF
and liquidated and the sums Of unclaimed
and unpaid deposits or dividends with re-
spects to each Of them respectively.
IA. The commissioner may pay over the
moneys SO held by him to the persons re-
spectiyely entitled thereto, upon being fur
nished satisfactory evidence of their right
to the same. In cases of doubt or conflict
ing claims he may require an order OF the
circuit court authorizing and directing the
est earned by the moneys so held by him
towards defraying the expenses in the pay
ment and distribution Of such unclaimed
deposits or dividends to the depositors and
creditors entitled to- receive the same, and
he shall include. in his annual report to
the governor, statement OF the amount OF
interest earned BY such Unclaimed olVl-
dends.
Section 8. Sections 2021 and 2o24-23
Of the statutes are amended to read: Sec,
ton 2021. Whenever the commissioner OF
all hnAn dnff
capital of any bank is impaired or reduced
below the amount required by law Or the
articles Of incorporation, or below the
banking as paid in. he shall have the power
to require such bank under his hand and
seal Ct cs to make gG9d s1ty dasn
the date Of such requisition. In any case,
where the capital of bank shall have be-
come impaired or reduced below sne amo nia
required by law or the articles OF lncorpora-
tion, the board Of directors OF such bank
shall have the power to make pro rafa
Assessment upon all Of the stock OF SAID
may provide that the amount or such de-
fciency shall be due and payable at time
to be fixed by such board OF directors, which
time shall be not less than ten days after
notice of said assessment; and II any stock
holder shall fail or neglect to pay the
amount of the assessment against his STOCK
for ten days after the same shall have be.
come so due and payable, the directors OF
such bank may offer said stock for SALE
and sell the same at public sale, upon ten
days notice to be given by posting copies
Of such notice of sale in five, public places
in the town, village, or city where such bank
is located. Upon such sale. the purchaser
| shall forthwith pay the amount OF the as.
sessment against said stock. The amount
received from the sale. Of said stock, less the
cost and expenses Of such sale. shall be
paid to the original owner of such stock
Section 2024-23. Whenever any officer
In charge of a bank shall refuse to submit
the books, papers. and concerns OF such
bank to the inspection of the commissioners
of banking, his deputy, OF examiner APP
pointer hereunder, or refuse to be examined
| on oath touching the concerns Of the bank,
! the commissioner of banking may inform
the attorney general whose duty 1t shall be
to institute an action to procure a
Judgment dissolving such corporation.
Section A. In order to carry out the pro-
| visions of this act the commissioner of bank
Ing is hereby authorized to commence and
maintain in his own name as commissioner
| of banking any and all actions necessary or
proper to enforce any OF the provisions or
this act.
Section g. This act shall take effect and
be in force from and after its passage and
publication.
Approved June II. 1909.