Der Sonntagsbote. (Milwaukee, Wis.) 1906-1912, 1909-07-11


cable has violated its charter or any law
% the state, OF Is conducting its business IN
an unsafe Or unauthorized manner, or II the
capital OF any such hank or banking cor
poraEion Is Impaired, or 4 any such bank or
eanktnf corporation shall refuse TO submit
us BOOKS, papers. and concerns TO the in
spection OF any examiner. or II any Officer
thereof shall refuse to be examined upoa
ealA touching the concerns Of any such
bank or banking corporation, or II any such
uanA OF banking corporation shall suspend
payment OF its obligations. or IL from any
sSAIlAat.o1 or report provided for by this
chHPter fae commissioner shall have reason
70 conclude rh1t such bank or banking cor
poratlon Is n an unsOund or unsafe conSi-
ton 10 transact the business for which II Is
organized. or that il is unsafe and inexpedi-
ent Tor Il To continue business. or II any
sucn oank 1r banking corporation shall
mcgee or refuse 10 observe an order of the
commissioner, specified Ia s.sfion 202l Of
ne statutes, the commissioner may forthwith
take possession OF the property business
81 such banA or banking corporation. and
retain such possession until such bank or
banking corporation shall resume business,
provided.
2. On taking possession OF the property
ana 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 corporations holding or in
possession Of any assets Of such bank or
banking corporation No bank or banking
corporation knowing Of such taking posses
sion by the commissioner. or notified "a
aforesaid, shall have a lien or charge for
any payment. advance, or clearance there
after made. or liability thereafter Incurred.
against any OF the assets OF the bank or
banking corporation OF whose properly and
business the commissioner shall have taken
possession as aforesaid. Such bank or sank-
ing corporation may. with the consent Of
the commissioner. resume business upon
him.
s. 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 70 conserve It's assets and
business, and shall proceed TO liQnsdate the
Affairs thereof, as hereinafter provided. The
commissioner shall collect all debts due aud
claims belonging to X. and upon the order
OF the circuit court may sell or compound
all bad or doubtful debts, and on like CIDER
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 Of such
corporation, enforce the individual liability
OF the stockholders.
4. The comm ssioner may. under his hand
ana ofaeia, seal. appoint one or more special
deputy commissioners. as agent or agents,
to assist him IN the duty OF liquidation aud
distribution, the certificate Of appointment
to De- fled in the Office OF the commissioner
Of banking and q certified copy In the Office
OF the clerk OF circuit court Tor the county
In which such bank Or banking corporation
Is located. The commissioner may from
time to time authorize a special deputy conf
missioner TO perform such duties connected
with such liquidation aud distribution -
the commissioner may deem proper. The
commissioner may employ such counsel aud
procure such expert assistance and advice
~ may be necessary In the liquidation and
distribution of the assets OF such bank or
banking corporation, snd may retain such
of the officers or employees OF such bank or
banking corporation as be may deem necee-
say. The commissioner shall require from
a special depaty commissioner and from
such assistants such security Tor h faith
1ui discharge OF their duties, as ne may
&. The commissioner shall cause notice
to be given By advertisement. In such news-
papers as he may direct. weekly Tor three
consecutive months. calling on all persons
who may have claims against such bank or
banking corporation. to present the same
10 the commissioner. and make legal proof
thereof &C a place and within a time. not
earlier than the last day OF publication. 70
be therein specified. The commissioners shall
mail & similar notice 20 all persons whose
Of the bank or banking corporation II the
commissioner doubts the Justice and validi-
and serve notice Of such rejection upon the
claimant either by mail or personally. An
aihdaylt Of the service Of such notice. which
shall be prima facie evidence thereof. ahell
upon a claim so rejected must De brought
Within six mouths after such service.
time fixed In the notice 70 creditors shall be
entitled 70 share in the distribution only 70
the extent OF the assets a. the hands OF tue
commissioner euultahiy applicable thereto.
g.. Upon taking possession OF the prop
erty and assets OF such bank or banking
corporation. the commissioner shan make
an Inventory OF the assets q sucn eanb Or
banking corporation. IN duplicate. one 70 be
nled IN the Office Of the commissioner, and
one In the Office Of the clerk Of circuit court
for the county In which such bank or banE-
ing corporation Is located upon the expira-
ton Of the time fixed for the presentation
Of claims, the commissioner shall make IN
duplicate q full and complete lst 81 the
claims presented, Including and specifying
such claims az have been rejected by him,
one TO be fled IN the Office Of the commits.
s%ioner, and one In the Office q the clerk q
circuit court for the county in which such
iank 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
aud assistants, end all expenses OF super
vision ard liquidation. shall be nNed. by. the
cOmmlssi0ner subject TO the approval of the
circuit court for the county Ia which Huch
bank or banking corporation IL located. on
notice 10 such bank or banking corporation.
and shall upon the certificate OF the commits
sionef be paid out of the funds OF such bank
or banking corporation In the hands OF the
commissioner. The moneys collected by tue
posted In one OF more state banks, and, In
case Of the suspension, or insolvency OF the
deposttary, such deposits shall be preferred
before all other deposita.
s.. At any time after the expiration Of the
date fixed for the presentation OF claims,
the commissioner may out OF the funds re-
naming IA his hands after the payment OF
expenses declare one or more dividends, and
after the expiration Of one year from the
drst publication Of notice to creditors, he
may declare a final dividend. such dividenda
20 be paid 70 such persons, and In such
amounts. and upon such notice. as may be
directed by the circuit court for the county
Ia which such bank or banking corporation
Is located. Objections 70 any claim not re
jected BY the commissioner may be made by
any party Interested By fling a copy Of such
objections with the commissioner, who shall
tine Of the next application to declare a
dividend The court mas make proper pro
vision for improved or unclaimed deposits.
Q. Whenever any such bank or banking
corporation, OF whose property and business
the Commissioner has taken possession. as
aforesaid. deems Itself aggrieyed thereby. It
may, at any time within ten days after
such taxing possession, apply to the circuit
court for the county IN which such bank
or banking corporation IL located 10 entoin
further proceedings and said court. after
citing the commissioner 20 show cause WHY
further proceeding " should not be enioiued
and hearing the allegations and proofs OF
the parties and determining the facts may.
upon the merits dismiss such application or
eni0in the commissioner from further pro-
recdings, and direct him TO surrender such
business and property TO such bank or bank
ing corporation.
10. Whenever the commissioner shall
have paid 70 each and every depOsitor and
creditor Of such bank or banking corpora
ton mot including stockh0ldersl, whose
claim or claims as such creditor or depoeitur
shall have been duly proved and allowed.
the fuii amount Of such claims. and shall
have made proper provision for uncia imed