The Virginia enterprise., 1909-04-30

pOSll or trust company. }4 s$S #@S6Es 81 :
fcorporated and authorized to do bust.
ness under the laws of this state may
establish and maintain q savings depart
lic examiner. and may solicit and receive !;
deposits in said savings department and,
advertise the same as such. KS
corporation which shall violate any Of
the provisions OF this section shall for.
| felt to the state the sum of one hum
dred dollars for every day such violation
Sec. e. This act shall take effect and
be In force from; and after its passage. Il
Approved April 13. 1903. ~ u
CHAPTER 179-S. F. NO. $50.
AN ACT providing for and regulating
proceedings against and liquidation Of
delinquent financial corporations and :
stats "a by the Legislature Of tho
Section !; The term ''bank' when:
ever used, in this act shall mean and
as defined IN section 1867 Revised Laws
1905, and all persons and partnerships
engaged in any business conducted by
any OF the corporations mentioned in
Sec. :: Whenever it shall appear to
the public examiner that any bank has
e Or s IS t tho s
an unsafe or unauthorized manner, or
that the capital Of any such bank is i'm
paired or If any such III bank or control.
INIT it's books. papers and concerns to the
inspection OF the public examiner, or any
assistant by him thereunto duly ar.
shall refuse to be examined upon oath
touching the concerns Of such corpora.
ton or If any such bank shall sSspsnS
reason for the public examiner conclude
ing that such bank is in an unsound or
unsafe condition to transact the bust.
1t is unsafe and inexpedient for 1t to
continue business, or Iii any such bank
shall neglect or refuse to. observe .
pupIic e9aminer 1a @ ma may p@ forthwith take poss
session of the property and business Of
such bank and retain such possession
Or ' its % affairs 6 be e'f finally. iiauidated a.
herein provided. On taking possession
of the property and business Of any such
bank the public examiner ,n :. - shall t fortn tn
all banks, associations and individuals
holding or in possession Of any assets
such bank Nc bank tana or
as aforesaid, shall have lien or charge
for any payment advance ,. or esas1,ce clearance
incurred against any Of the assets Of
the bank of whose property and business
the public examiner o shah H. have I've taken ss,,
l
may, with the consent Of the public ex-'
aminer, resume business upon such con-
ditions as may be approved by him.
and ni' business ] Of such bank the public
moneys moneys due to such bank and to do
other M as ana are ynS 10 na
proceed to liquidate the affairs thereof.
II in his opinion such bank cannot safely
resume business as hereinafter proyided.
ing to such bank. and upon the order Of
district soust may gefs f or and Rs
sonal property Of such bank on such
terms as tho court shall direct and may,
bank. enforce the individual liability Of
the stockholders. The public examiner
may under his hand appoint one or more
sist shi him 'R in the duty Of liquidation ana,
distribution. the certificate Of appoint-
ment to be filed in the Office Of the pub
once Of Of the secretary 81 state and also
Of the clerk of the district court Of the
county IN which the principal Office OF
such bank was located. The public ex-:
any such special deputy examiner to per-
form such duties connected with such
liquidation and distribution as tho public
examiner may procure such expert as,
sistants as may be necessary in the Ii
quotation and distribution Of the. the assets ~
officers or employees as he may deem nee:
essary, and upon his request in writing
the attorney general shall employ 9 spe:
matters Hai as'0iaS reistine TO- to the
each such bank. which appointment shall
be made according to the provisions OF
by the attorney general Of special at.
torneys for state boards and officers, and
the payment Of such attorney shall be
bank with whose liquidation he becomes
thereby connected. The public examiner
shall require from each special deputy
examiner such security Tor the faithful @
proper. The public examiner shall cause
notice to be given by advertisement in
such n newspapers AS ne may ts d'ress ,e wneR-
against such bank to present the same t9
tae theeof IT aee eed and Ttns
time not earlier than one week after the
last day Of publication, which time and
place shall be- specified in said notice notice; The
tice to all persons whose names appear
If the public examiner doubts the JUS
reject the same and serve notice Of such
mail. OF personally; An affidavit Of the
|
law shall be filed with the public exam-
liner. An action upon claim 80 reject
ed must be brought within six monthe
after such service and the fling Of proof:
thereof. Claims presented after tho sx-
to creditors shall he enti+'~7 - share In
the distribution only to the extent Of the
assets in the hands Of the public EXAM
liner equitably applicable thereto Upon
taking possession Of the property and as.
shall make an inventory Of the assets Of
such bank in duplicate, one to be filed In
the Office Of the public examiner and one
in the Office Of the clerk Of the district.
raj ONCE Of. such bank was located.
Upon the expiration Of the time fixed for
the presentation Of claims. the public ex-
aminer: shall make in duplicate a COM
plete list Of the claims presented, In
have been rejected bv him. one such list
to. be filed in his Office and one In tho
Office Of said clerk Of the district court:
Such inventory and list OF claims shall
be open at all reasonable time t to tnspss;; g:s;
deputy examiners and the other employees
and assistants Of the public examiner,
except legal counsel. and all expenses Of
supervision end sliauidation shall be fixed
i by the public examiner subject to thO
/ approval Of the district court Of the
county in which each such bank is 1ocat-
ed. after notice fixing the time and place
when the public examiner. will hear ana
| fix the amount Of all such expenses, ana
ton Of legal counsel % fixed By the at
i tornev 9eneral. shall be paid upon the
j certificates of the public examiner and
the attorney general respectively. out Of
the funds of sueh bank "a the hands e
llected BY the public examiner shall be
i from time to timo deposit ed in one or