Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1909-07-08

| cable has violated its charter or any law
! of the state, or is conducting its business ID
! an unsafe or unauthorized manner, or II the
! capital OF any such bank or banking cor
! por9tion Is impaired, or If any such bank or
{ banking corporation shall refuse to submit
! its books, papers. and concerns to the ID
| Epection Of any examiner, or II any ofhcer
| thereof shall refuse to be examined upon
! oath touching the concerns of any such
| bank or banking corporation, or II any suca
! bank or banking corporation shall suspend
! payment Of its obligations, or If 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 70 tran sact the business for which 1t is
| organized, or that IL is unsafe and inexpedi-
| emit for Il 70 continue business, or If any
| such bank or banking corporation shall
| neglect refuse 10 observe an order OF the
| commissioner, specified in section 2o2l 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 It's affairs be finally liquidated as herein
/ provided.
2 on taking possession Of the property
and business Of any such bank or banking
corporation, the commissioner shall forth
! with give notice Of such fact to any and Gil
| possession Of any assets OF such pank or
banking corporation No bank or ban LIdI
sion By the commissioner or notified as
aforesaid, shall have lien or charge 1or
any payment, advance, or clearance tnere-
after nata, or liability thereafter incurred,
against eny of the assets Of the bank or
banking corporation of whose property ana
business the commissioner shall have taken
/ Ing corporation may, with the consent OF
the commissioner, resume business upon
such conditions as may be approved oy
/ him.
g. Upon taking possession Of the prop
erty and business of such bank or pankLhg
corporation, the commissioner Is authorlzed
TO collect moneys due to such bank or bank
! ing corporation, and do sucn other acts az
are necessary TO conserve It's assets and
business, and shall proceed to iiquidate the
affairs thereof, as herelnafteF provided. me
commissioner shall collect all debts due and
claims belonging to it. and upon the order
Of the circuit court may sell or compound
ell 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 81 sucn
corporation. enforce the Individual liability
4. The commissioner may, under hds hand
and Official seal, appoint one or more specla4
deputy commissioners, as agent or agents,
to assist him in the duty of liquidation and
distribution the certificate Of appointment
to be fled in the Office of the commissioner
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 g special deputy com
missioner to perform such duties connected
with such liquidation and distribution az
| the commissioner may, deem proper me
commissioner may employ such counsel ana
procure such expert assistance and ADVICE
as may be necessary in the LIQUIDATION ana
! distribution of the assets or Sucn DanE OF
banking corpO -ation, and may retain such
o. the officers or employees or sucn banK OF
banking corporation as he may Deem neces-
sarv The commissioner shall require from
u gpecial deputy commissioner ana from
such assistants such security for the falth-
ful discharge Of their duties, az he may
- The commissioner shall cause notice
to be given by advertisement. In such news"
Dapars IS he may direct, weekly for chre6
consecutive months, calling on ell persons
VINO may have claims against such Dank OF
banking corporation. to present the same
TO the commissioner, and make legal PROOF
thereof at a place and within time, not
earlier than the last Gay OF publcauon, 20
be therein specified. The commissioner shaH
mail q similar notice to all persons whose
names appear creditors upon the BOOKS
of the bank or banking corporation. II the
commissioner doubts the justice and YaItdl-
| ty Of any claim, he may reject the same
and serve notice Of such rejection upon the
claimant either by mail or personally. An
affidavit If the service OF such notice, when
shall be prlma facie evidence Thereon, shaIl
be filed with the commissioner. An action
upon q claim go rejected must De proughP
within six months after such service,
Claims presented after the expiration or the
time fixed in the notice to creditors shall be
entitled to share in the distribution only TO
the extent Of the assets in the hands of the
commissioner equtably applicable thereto.
g. Upon taking possession OF the prop
erty and assets OF such papK or 9ahhInB
corporation, the commissioners snau rnaEe
an Inventory Of the assets OF Buch bank or
banking corporation, In duplicate one 20 DC
hled in the office OF the commissioners, en4
one in the Office of the clerk Of circuit court
for the county in which such bank or bank
ing corporation is located upon the eXplra-
ton Of the time fixed for the presentation
Of claims, the commissioner shat! make IA
duplicate full and complete list OF the
claims presented including and speclrying
such claims as have been rejected by MIN,
one to be filed In the office OF the commits.
sioner and one in the office OF the CLERK or
circuit court for the county in which such
Such inventory and list Of claims shall Do
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
vision and liquidation, shall be liked by the
commissioner subject to the approval OF Ine
bank or banking corporation iB located, on
notice to such bank or banking corporation,
and shall upon the certificate of the connls-
sioner be paid out Of the funds OF such banF
or banking corporation In the hands or rhe
commissioner. The moneys coLecteo Dy me i
commissioner shall be from time to time de-
posted In one or more state banks, ana IN
case of the suspension or insolvency OF the
deposttary, such deposits Bhau ne preLerEeu
before sill other deposits
g. 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 or
| expenses declare one or more dividends, ana
after the expiration Of one year from the
first publication Of notice TO creditors, he
may declare a final dividend, such dividends
to De paid to such persons; ana IN such
amounts, and upon such notice, as may pc
directed by the circuit court for the county
IN which such bank or banking corporation
! Is located Objections to any claim not re
| iected by the commissioner may be made Oy
| any party interested by filing q copy Of such
objections with the commissioner, who snail
| present the same to the circuit court at the
! time OF the next application TO declare
| dividend. The court may make proper pro
/ vision for improved or unclaimed deposits.
O. Whenever any such bank or banking
corporation of whose property and business
! the commissioner has taken possession, as
! aforesaid, deems Itself aggrleVed thereby. 1t
| 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 enJoln
| further proceedings; and said court, after
citing the commissioner to show cause why
further proceedings should not be eDJoined
| and hearing the allegations and proofs OF
| the parties and determining the facts may,
| uDon the merits dismiss such application or
| en1Oin the commissioner from further pro-
| ceedings, and direct him 10 surrender such
| business and property TO sucn pank OF DanA-
| ing corporation.
| 10 Whenever the commissioner shall
| have paid TO each and every depositor and
| creditor Of such bank or banking corpora
! ton (not including stockholders), whose
! claim or claims as such creditor or deposlror
| 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 uquiaa-
| ton the commissioner shall call g meeting
| of the stockholders Of such bank or banking
| corporation By giving notice Thereon Tor
thirty DAYS in one or more newspapers pub
| lished in the county where such bank or