The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1909-07-15

OF the state, or is conducting It's business in
an unsafe or unauthorized manner, or If the
capital of any such bank or banking cor
poration Is Impaired, or If any such bank or
banking corporation shall refuse to submit
its 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-
ton to transact the business for which it is
organized. or that it is unsafe and inexpedi-
ent for 1t to continue business, or II any
such bank or banking corporation shall
neglect or refuse to observe an order of the
commissioner, specified in section 2021 Of
the statutes, the commissioner may forthwith
take possession of the property and business
Of such bank or banking corporation, and
retain such possession until such bank or
banking corporation shall resume business,
or It's 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 corpora items holding or In
possession OF any assets OF such bank or
banking corporation No bank or banking
corporation knowing Of such taking posses
sion by the commissioner, or notified as
aforesaid, shall have lien or charge for
any payment advance, or clearance there
after made, or liability thereafter incurred,
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 by
him. $50
8. Upon taking possession Of the prop
erty and business OF such bank or banking
mi &C OYrnr ic ~ hnp ri rod
! to collect moneys due to such bank or bank
ing corporation, and do such other acts as
are necessary to conserve Its assets and
business, and shall proceed to liquidate the
affairs thereof, as hereinafter provided. The
commissioner shall collect all debts due and
claims belonging to 1t. and upon the order
all bad or doubtful debts. and on like order
may sell all the real and PERSONAL property
Of such bank or banking corporation on
; such terms as the court shall direct: and
corporation, enforce the Individual liability
of the stockholders.
A. The commissioner may. under his hand
and official seal. appoint one Or more special
to assist him in the duty Of liquidation and
distribution, the certificate Of appointment
to be filed In the office Of the commissioner
of banking. and certified copy in the office
of the clerk of circuit court for the county
In which such bank or banking corporation
Is located. The commissioner may from
missioner to perform such duties connected
with such liquidation and distribution as
the commissioner may deem proper Ine
commissioner may employ such counsel and
procure such expert assistance and advice
as may be necessary in the liquidation and
distribution Of the assets OF such bank or
banking corporation, and may retain SUCH
of the officers or employees Of such bank or
banking corporation as he may deem neces-
sary The commissioner shall require from
special deputy commissioners and from
such assistants such security for the faith
full discharge OF their duties, as ne may
deem proper.
s. The commissioner shall cause notice
to be given by advertisement. in such news.
consecutive months, calling on all persons
who may have claims against such bank or
banking corporation, to present the same
to the commissioner, and make legal PROOF
thereof at place and within time, not
earlier than the last day Of publication, TO
be therein specified. The commissioner shall
mail a similar notice to all persons whose
names appear as creditors upon the books
commissioner doubts the justice and validi-
ty Of any claim. he may reject the same
and serve notice Of such rejection upon the
claimant either by mail or personally AZ
affidavit of the service of such notice, which
shall be prima facie evidence thereof. shall
be filed with the commissioner. An action
| upon claim so rejected must be brought
within six months after such service.
! Claims presented after the expiration of 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 OF the
commissioner eQuitably applicable thereto.
6. Upon taking possession OF the prop
erty and assets of such bank or banking
corporation, the commissioners shall make
an Inventory of the assets Of such bank or
banking corporation, in duplicate. one to be
filed In the Office of the commissioners, and
for the county in which such bank or bank
ing corporation is located; upon the expira-
tIon Of the time fixed for the, presentation
Of claims, the commissioner shall make IN
dupiicate a full and complete list Of the
claims presented. including and specifying
such claims as have been rejected by him,
one to be hled in the office Of the commits.
sioner, and one In the office Of the clerk Of
circuit court for the county. In which such
bank or banking corporation Is located.
Such inventory and list Of claims shall be-
open at all reasonable times to inspection.
e. 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
circuit court for the county In which such
bank or banking corporation Is located. on
notice to such bank or banking corporation.
| and shall upon the certificate of the commits
| 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-
! posted In one or more state banks. and. in
Z! case Of the suspension or insolvency OF the
depositary, such deposits shall be preferred
| before all other deposits
| s.. At any time after the expiration Of the
| date fixed for the presentation Of claims,
| the commissioners may out OF the funds re-
| naming in his hands after the payment of
| expenses declare one or more dividends, and
after the expiration Of one year from the
first publication Of notice to creditors, he
may declare q final dividend, such dividends
to be paid to such persons, and In such
amounts and upon such notice, as may be
hv
| In which such bank or banking corporation
| is located. Objections to any claim not re-
| jected by the commissioners may be made by
any party interested by fling a 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.
g. Whenever any such bank or banking
| corporation Of whose property and business
| the commissioner has taken possession, as
| aforesaid deems itself aggrieved thereby. 1t
| may at any time within ten days after
| such taking possession, apply. to the. circuit
| court for the county In which such bank
| or banking corporation Is located to enjoin
! 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 commissioner from further pro-
| ceedings. and direct him to surrender such
| business aud property TO 6ucn Dank or bank
| Ing corporation.
| TO- Whenever the commissioner shall
| have paid to each and every depositor and
| creditor of such bank or banking corpora
| ton (not including stoekholdersl, whose
| claim or claims as such creditor or depositor
| shall have been duly proved and allowed,
! the full amount Of such claims. and shall
| and unpaid deposits or dividends. and shall
| have paid all the expenses of the liquida-
| ton the commissioner shall call meeting
! OF the stockholders OF such bank or banking
| corporation by giving notice thereof for
| thirty DAYS In one or more newspapers pub