The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1909-07-15

or the state, or Is conducting its business In
an unsafe or Unauthorized manner, or II the
capital of any such bank or banking cor
poration Is Impaired. II any such bank or
banking corporation shall refuse to submit
Its books. papers and concerns to the in
spect.on Of any examiner or If any officer
thereof shall refuse to be examined upon
oath touching the concerns Of any such
bank or banking corporation. or II any such
bank or banking corporation shall suspend
payment of its obligations or II from any
examination or report provided for by this
chapter the commissioner shall have reason
to conclude that such bank or banking cor
poration Is In an unsound or unsafe condi-
ton to transact the business for which it IL
organized. or that II Is unsafe and lnexpedi-
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 or
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 nnaliy liquidated as herein
! provided.
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 corpora lions holding or In
possession of any assets of such bank or
banking corporation. No bank or bankln :
corporation knowing Of such taking, posses
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 o..
banking corporation Of whose property and
business the commissioner shall have taken
possession as aforesaid Such bank or bank.
the commit ssoner, resume business upon
such conditions as may be approved by
him.
g. Upon taking possession OF the prop
erty and business of such bank or banking
/ corporation, the commissioner Is authorized
) to collect moneys due to such bank or bank
ing corporation, and do such other acts as
are necessary to conserve Its assets and
! business, and shall proceed to liquidate the
affairs thereof, as hereinafter provided The
/ commissioner shall collect all debts due and
claims belonging to 1t. 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 real and personal property
Of such bank or banking corporation on
: such terms as the court shall direct and
! may, II necessary TO pay the debts or snch
| corporation. enforce the individual liability
! OF the stockholders.
4. The commissioner may. under his hand
! and official seal appoint one or more special
deputy IS fhe ntS Of fFfn9 nears
! distribution. the certificate OF appointment
! 10 be filed In the Office Of the commissioner
| of banking: and certified copy IN the ONCE
| 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 special deputy com,
missioner to perform such duties connected
| with such liquidation and distribution as
| the commissioner may deem proper The
commissioner may employ such counsel ana
/ procure such expert assistance and advice
as may be necessary In the liquidation and
| distribution Of the assets Of such bank or
banking corporation, and may rethin sncn
OF the officers or employees OF such BANK or
banking corporation ms he may deem neces-
sarv The commissioner shall require from
special deputy commissioner and from
| full discharge Of their duties, as he may
deem proper
to be given by advertisement. Ia such news.
papers as he may direct, weekly for three
consecutive months. calling on all persons
who may have claims against such bank or
banking corporation, TO present the same
to the commissioner. and make legal proof
thereof at place and within a time not
earlier than the last day OF publication; TO
be therein specified. The commissioner shall
mall n similar notice to all persons whose
names appear as creditors upon the books
of the bank or banking corporation, II the
commissioner doubts the justice and validl-
ty of any claim, he may reject the same
and serve notice of such rejection upon the
claimant either by mall or personally An
affidavit of the service Of such notice, which
shall be prima facie evidence thereof. shall
be fled with the commissioner. An action
upon claim 50 rejected must be brought
Within SIX months after suc t,o,, service 81, ICE,
time fixed In the notice to creditors shall be
entitled 20 share IN the distribution only to
the extent of the assets In the hands OF the
q. Cpon taking possession or the prop
erty AMI assets of such bank or banking
corporation. The commissioners shall make
sn Inventory OF the assets Of such bank or
banking corporation. In duplicate. one to be
filed in the Office of the comInlss. er, ana
one In the Office Of the clerk Of eli 1t court
for the county In which such bank or bank
ing corporation Is located upon the -xplra.
ton OF the time fixed for the presentation
of claims, the comm issioner shall make IN
duplicate a full and complete list or the
claims presented, including and specifying
such claims as have been rejected by him,
one to be fled In the office Of the commits,
sioner, and one In the office OF the clerk or
circuit court for the county In which such
bank or banking corporation Is located,
Such inventory and list Of claims shall be
open at all reasonable times to inspection.
Z The compensation Of the special deputy
commissioners, counsel. and other employees
and assistants. and all expenses OF super
commissioner subject TO the approval OF the
circuit court for the county In which such
bank or banking corporation is located on
notice 10 such bank or banking corporation.
md shall upon the certificate Of the commits
sioner be paid ont OF the funds OF such bank
or banking corporation In the hands OF the
commissioner shall be from time to time de-
posted In one or more state banks. and. IN
case of the suspension or Insolvency OF the
depositnry. such deposits shall be preferred
before all other deposits.
8. At any time after the expiration OF the
date fixed for the presentation of claims,
the commissioner may out OF the funds re
manning in his 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
amounts. and upon such notice, as may be
directed by the circuit court for the county
In which such bank or banking corporation
IS located, Objections to any claim not re-
jected by the commissioner may be made by
any party interested by fling copy Of such
objections with the commissioner. who shall
present 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.
.. Whenever any such bank or banking
corporation Of whose property and business
the commissi Toner has taken possession, MS
aforesaid deems itself aggrieved 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 enloin
further proceedings and said court. after
citing the commissioner to show cause why
further proceedings should not be eujoined
and hearing the allegations and proofs or
the parties and determining the facts may,
upon the merits dismiss such application or
enjoin the commissioner from further pro-
ccedings, and direct him to surrender such
business and property to such bank or bank
Ing corporation.
10. Whenever the commissioner shall
creditor OF such bank or banking corpora
ton mot including stockholders), whose
claim or claims as such creditor or depositor
shall have been duly proved and allowed,
the full amount Of such claims. and shall
have made proper provision for unclaimed
and unpaid deposits or dividends, and shall
have paid all the expenses OF the liQuda-
ton the commissioner shall call q meeting
OF the stockholders Of such bank or banking
corporation by giving notice thereof for
thirty days In one OF more newspapers pub