Echo de l'ouest. [volume] (Minneapolis, Minn.) 1883-1929, 1909-04-30

in title or name or otherwise or in any
manner solicit business or make loans
or solicit or receive deposits or transact
business as a savings bank or safe de-
posit or trust company.
Except that a state bank regularly In
corporated n authorized to do bus1-
ness under the laws Of this state may
establish and maintain a savings depart"
ment under the SUPERVISION OF the pup.
deposits in said savings department and
advertise the same. as such.
Every Individual, co-partnership OF :
the provisions Of his section shall for
felt to the state the sum Of one hun"
dred dollars for every day such violation
Sec. 2. This act shall take effect and
be in force from and after its passage.
Approved April 10. 1909. .
CHAPTER 1875. F. NO. $50.
AN ACT. providing for and regulating
delinquent financial corporations and
Be il. enacted by the Legislature of the
Section i. The term bank when.
ever used in this act shall mean and
include any and all financial corporations
az defined IN section 1887 Revised ar Lhms
engaged In any business conducted by
any Of the corporations mentioned In
said. SECTION.
the public examiner that any bank has
violated its charter, or any law OF the
state, or is conducting its business IN IN
that the capital Of any such bank Is I'M
paired, or If any such bank or controll-F
Ing officer thereof shall refuse to sub
inspection Of the public examiner, or any
assistant by him thereunto duly au-
thorized, or If any officer Of such bank
shall refuse to be examined upon oath
4o,,obi1o tho oorcnrnS of such COrDOra-
payment poui Of u its Obligations; or furnish
reason for the public examiner eone1ud l..
unsafe condition to transact the busi.
ness for which it was organized, or that
It is unsafe afa md i ne r ann s1 1ef b bank *
proper order Of the public examiner, the
public examiner may forthwith axe pos.
such bank and retain such possession
until such bank shall resume business
or it's affairs be finally %nqu naaeeas,o as
of aef the pppo ope1fyo and If business ness of any such
bank. the public examiner shall forth:
with give notice Of such fact to any, and
Sa,d3 banks s, a 5n posaaegion an Of amy any'v assets
Of such bank. No bank. association or
person knowing Of such taking posses.
sion by the Public s56I1 b exana u 1ien or or n 'eharge
for any payment advance or clearance
thereafter made, or liability thereafter
Incurred against aims ! any nyon OF the and aI busines 81
p Tns psieno s as aforesaid sid Such bank
may. with the consent OF the PUBIC PUBL oe eR-
dmlms5' as lsSq may 'f be approved by him:
Upon taking possession of the property
and business of such bank the p9 5
moneys due to such bank and to do
such other acts as are necessary to con;
serve its assets and business: and shan
proceed &c 6 ED to nD,n 7I%a@id saeh f BANK a1 cannot tn safely
resume business as hereinafter pro,yid ae9.
Sec. 8. The public examiner snail col
|lect all debts due and all CLAIMS ann o pdl1ng 81
the district court may sell or compound
all bad or doubtful debts. and on like
order may sell all 1 the real real a am 1 pesn
terms as the court shall direct and may.
If necessary to pay the debts Of uch
bank, enforce the individual Liability OF OF
may under his hand appoint n or moro
special deputy examiners as agents TO as
sist him in the duty of liquidation and
ment to be filed in the Office. Of the pub
lie examiner and a certified copy In the
office of the secretary OF state and aiso
of the clerk Of the &c dis nr11cin eour office He '' Of
such bank was located. Inc punllc sSo
aminer may from time to time authorize
any such special deputy exam1ne I 10 per- pei,
form such duties connected with such
liquidation and distribution as the pubic
examiner may deem proper; The puollc
examiner may procure such expert as
%ouidation and distribution Of the assets
Of such bank and may retain such OF ITS
officers or employees as he may deem nee
the attorney general shall employ a spe;,,
matters nj relating to the liauidation Of
be made according to the provisions OF
the statutes regulating the employment
by the attorney general Of special at,
torneys for state boards boar af ana e11'e shau ah be-
from the proceeds Of the assets of the
bank with whose liquidation ne becomes noes
thereby connected: The Pupils nac;a e1a dannfy
Examiner such security for the faithful
discharge Of his duties as he may deem
proper. The public examiner shal cause s.
such newspapers as he may direct, week
ly for three consecutive months, calling
on all persons who may nave c,alH rs
the public examiner, and make legal
proof thereof at a place and within a
time not earlier than one ,. week t aIder a tng
place shall be specified in said notice. The
ppubUc examiner shall mail a similar mo-
lice to all persons. whose names appear
If the public examiner doubts the Jus
tice and validity Of any claim he may
reject the same and serve notice OF SUCH
reiection upon the claimant. either by
mail or personally. An affidavit OF the
service Of such notice made according to
law shall be filed with the public exam
Led must be brought within six months
after such service and the filing Of proof
thereof. Claims presented after the ex~
%piration Of the time fixed in the notlce
n creditors shall HI enti+,ea =" share IN
the distribution only to the extent OF the
assets in the hands Of the public exam-
liner equitably- applicable thereto. Upon
sets Of such bank the public examtner
shall make an inventory Of the assets OF
such bank in duplicate. one to be hied IN
the office of the public examiner and one
in the office Of the clerk OF the district
court of the county in which the prtnci-
nal office Of such bank was located.
Upon the expiration Of the time liked for
the presentation of claims, the public ex-
aminer shall make in duplicate a COM
Guiding and specifying such claims as
have been rejected by him, one such list
to be filed in his Office and one IN the
office Of said clerk Of the district court;
Such Inventory and list OF claims shaA
be open at all reasonable time to 1nspec,,
ton. The compensation Of the spec1al
deputy examiners and the other empl ,
except legal counsel, and all expenses OF
s11neryision and liquidation shall be hxed
by the public examiner. subject to me
approval OF the district court OF the
county in which each such bank IS locat-
ed after notice fixing the time and place
when the public examiner viii near an9
tx the amount OF all such expenses, and
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