Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1909-07-14

poration Is Impaired, or II any such bank or
banking corporation shall refuse TO submit
Its books, papers and concerns TO the In
! spectton of any examiner. or II any officer
thereof shall refuse TO be examisled upon
oath touching the concerns Of any such
1 bank or banking corporation, or II 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
Joration Is in an unsound or unsafe condi-
ton to transact the business for which 1t 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 Its affairs be Hnally 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
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,
against any of the assets OF the bank or
banking corporation of whose property and
business the commissioner shah 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.
3, Upon taking possession of the prop
erty and business Of such bank or banking
corporation, the commissioner is authorized
20 collect moneys due TO such bank or bank
( ms corporation, ana 90 such other acts as
| are necessary TO conserve its assets and
business, and shall proceed TO ltquidste the
affairs thereof, as hereinafter provided. The
tel hall al1 all Inc nd
claims belonging to II. and upon the order
of the circuit court may sell or compound
| all bad or doubtful debts, and ON like order
may sell all the reFi ans personal property
of such bank or banking corporation on
i such terms as the court shall direct; and
may, If necessary to pay tne debts q such
corporation. enforce the individual liability
of the stockholders.
4 The commissioner may, under his hand
and official seal. appoint one or more special
| deputy commissioners as agent or agents,
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 certihed-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
| time to time authorize a special deputy com
missioner TO perform such duties connected
! the commissioner may deem proper. The
commissioner may employ such counsel and
| procure such expert assistance and advice
as NAV be necessary In the liquidation and
distribution of the assets of such bank OF
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
Il special deputy commissioner and from
such assistants such security for the faith
full discharge of their duties, as he may
deem proper.
to be given by advertisement, In such news
papers as he may direct. weekly for three
consecutive months. - Ing ON all persons
who may have claims against such bank or
TO the commissioner, and make legal proof
thereof at q place and within a time, not
earlier than the last day of publication, to
be therein specified The commissioner shall
mail a similar notice 70 all persons whose
names appear as creditors upon the books
of the bank or banking corpoi alton. II the
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 An
affidavit of the service of such notice, which
shall be prima facie evidence thereof, shall
| be filed with the commissioner, An action
upon a 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 equitaby applicable thereto.
6. Upon taking possession of the prop
| erty and assets of such bank or banking
| corporation the commissioner shall make
| an inventory of the assets OF such bank or
banking corporation, in duplicate. one to be
| one IN the Office of the clerk OF circuit court
! for the county in which such bank or bank
| ing corporation is located: upon the expira-
| ton of the time fixed for the presentation
of claims, the commissioner shall make In
duplicate O full and complete list of the
claims presented including and specifying
snch claims as have been rejected by him,
one TO be filed 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
omen at all reasonable times to inspection.
T. 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
commissioned 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.
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 st tie banks, and, In
case of the suspension @ insolvency Of the
depositary, such deposits shall be preferred
before all other depos'.s IS.
g. At any time after the expiration of the
date fixed for the presentation or claims
the commissioner may out Of the funds re,
naming in bis 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 a final dividend. such dividends
to be paid TO such persons, and in such
an UNITS and upon such notice, as may be
directed by the circuit court for the county
in which such bank banking corporation
is located. Objections to any claim not re-
jected by the commissioner may be made by
any party interested by filing copy OF such
objections with the commissioner, who shall
pPesent the same to the circuit court at the
time of the next application to declare a
dividend. The court may make proper pro
vision for improved or unclaimed deposits.
o. Whenever any such bank or banking
corporation Of whose property and business
the commissioner has taken possession, as
aforesaid, deems itself aggrieyed thereby, II
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 proc tings and said court, after
citing the &C missioner 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
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 depositor and
creditor of such bank or banking corpora
tion mot including stockholders), whose
claim or claims as such creditor or depositor
the full amount Of such claims. and shall
have made proper provision for unclaimed
ald unpaid deposits or dividends and shall
Lave paid all the expenses Of the iiquida-
Ron the commissioner shall call meeting
4 the stockholders OF such bank or banking
corporation by giving notice thereof for
thirty days In one or more newspapers pub
shed in the county where such bank or
Nanking corporation Is located. At such
~ Getting the stockholders shall determine