Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1909-08-13

make distribution of the property OF said
bank or 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 OF
the death. removal, or refusal to act OF any
such agent or agents, the stockholders. on
the same norfce to be given by the COM
missioner upon proof of such death. re
him, and by the same vote nereinbefore pro-
vided. may elect q successor. who shall have
the same powers and be subject to the same
Liabilities and duties as the agent originally
elected.
13. 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 OF
the commissioner of banking, in his name
of Office, in trust for the several depositors
with and creditors OF the uQuldated bank
or banking corporations from which they
were received entitled thereto. The COM
nually In his report the names of banks or
banking corporations so taken possession of
and liQuidated and the sums Of unclaimed
spects to each Of them respectively
II. The commissioner may pay over the
moneys SO held by him to the persons re-
speetiyely entitled thereto, upon being fnr-
to the same. In cases OF doubt or connict-
ing claims, he may require an order OF the
circuit court authorizing and directing tae
payment thereof. He may apply the inter
est earned by the moneys 80 held by hin
towards defray1ng the expenses In the pay
ment and distribution Of such unclaimed
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 d1Yl-
dends =ss" II ~ ~
Section 8. Sections 2O21 and 2O24--23
Of the statutes are amended to read: sec.
tion .2o2f.. Whenever the commissioner OF
hall
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 bis hand and
seal e s to make xs 89d s atJ de1s tr
the date Of such requisition. In any case,
where the capital Of bank shall have ee.
come impaired or reduced below me amount o
ton, the board of directors OF such bank
shall have the power to make pre- rata
assessment upon al o. the sfoeE OF sag and
may provide that the amount or sucn oe-
fciency shall be due and payable at time
to be fixed By such board OF directors, Wnlca
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.
such bank may offer saia stock for sale,
and sell the same at pu0nc SAFE UPON zen
days notice to be given by posting copies
Of such notice. Of sale in i've public places
in the town, village, or city where such bank
is located; Upon such sale. the purchaser
shalt forthwith pay the amount OF the as.
sessment against said stock: The amount
received from the sale of said stock Less the he
paid to the original owner of such stock.
Section 2o24-23. Whenever any officer
in charge of q 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 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 4. In order to carry out the pro
visions of this act the commissioners of bank
ing is hereby authorized to commence and
maintain in his own name as commissioner
Of banking any and all actions necessary OF
proper to enforce any Of the provisions OF
this act.
Section s. This act shall take effect and
be in force from and after its passage and
publication.
Approved June IA, 1909.