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

make distribution Of the property Of said
bank or banking corporation. as is herein
provided in the case OF distribution by the
f f6rs a eHIeP INA, y, H. 'ae expenses
control of the circuit court. In case Of
the death. removal. or refusal 10 act q any
such agent OF. agents; the stockholders. on
the same notice. to be given by the com
missioner upon proof OF such death, re-
moyal, or refusal TO act being died with
him. and by the same vote hereinhefore pro
vided, may elect a successor. who shall have
the same powers and be subject to the same
liabilities and duties as the agent originally
elected.
Is Dividends and unclaimed deposits re-
naming unpaid In the hands of the com
missioner for six months after the order for
inal distribution shall be by him deposited
in one or more state banks. TO the credit of
the commissioner Of barking, IN his name
Of office, in trust for the several depostors
with and creditors of the liquidated hank
or banking corporations from which they
were received entitled thereto The com
missioner shall report TO the governor an
nually in his report the names OF banks or
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 persc;is re-
spectively entitled thereto. upon being fur
nished satisfactory evidence OF their right
to the same. In cases of doubt conflict
ing claims. he may require an order OF the
circuit court authorizing and directing the
payment thereof. He may apply the Inter
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 th1 depositOrs and
creditors entitled TO receive the same, and
he shall include. in his annual report to
the governor a statement of the amount of
interest earned by such unclaimed divi-
dends.
Section g. Sections 2O21 aud 2024-23
Of the statutes are amended to read Sec
tion 2O21. Whenever the commissioner Of
banking shall become satisfied that the
capital of any bank is impaired or reduced
below the amount required by law or the
articles of Incorporation, or below the
amount certified TO the commissioner OF
banking as paid in, he shall have the power
to require such bank under his hand and
seal of office to make good such impairment
or deficiency within sixty days after
the date Of such requisitlon. In any case
where the capital of bank shall have be-
come impaired or reduced below the amount
required by law or the articles Of lncorpora-
ton, the board of directors of such bank
shall have the power TO make a pro rata
assessment upon ali of the stock Of said
bank to make good such deficiency, and
may provide that the amount of such de-
hciency 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 If 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
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 he
paid to the original owner of such stock
SecttonA2o24-23 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 commissioner
of banking, his deputy, or examiner ap-
pointer hereunder, or refuse 10 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 4. In order to carry out the pro-
visions of this act the commissioner of 0ank-
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 of
this act.
Section g. This act shall take effect and
be in force from and after its passage and
publication.
Approved June IA. 1909.