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

make distribution Of the property OF said
bank or banking corporation, as is herein
provided in the case or distribution by the
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 notice to be given by the COM
missioner upon proof of such death re-
rnoval or refusal TO act being filed With
him. and by the same vote hereinbefore pro
yded, NAV elect q successor, who shall Have
the same powers and be subject TO the same
liabilities and duties as the agent originally
elected.
10. Dividends and unclaimed deposits re-
maining unpaid In the hands Of the COM
missioner for six months after the order for
final distribution shall be By him deposited
in one or more state banks. 70 the credit Of
the commissioner Of banking, ia his name
OF office, in trust for the several depositors
with and creditors OF the liquidared bank
or banking corporations from which they
were received entitled thereto. The COM
missioner shall report to the governor an
nually in his report the names of banks or
banking corporations so taken possession of
and liquidated and the sums Of unclaimed
and unpaid deposits or dividends with re-
spects to each of them respectively.
IL The commissioner may pay over the
moneys 50 neld by him to the persons re-
spectively entitled thereto, upon being fur
nIshed satisfactory evidence of their right
to the same In cases of doubt or conflict
ing claims, he may require an order of the
circuit court authorizing and directing the
est earned by the moneys so held by him
towards defraying the expenses in the pay
Inent and distribution OF such unclaimed
deposits or dividends to the depositors and
creditors entitled to receive the same, and
he shall include. in his annual report to
the governor statement of the amount Of
Interest earned By such unclaimed divi-
bends.
Section 8. Sections 2021 and 2024-23
Of the statutes are amended to read: Sec
tion 2O21. Whenever the commissioner Of
Ill H11 tn tuisay1 n n
capital OF any bank is impaired or reduced
below the amount required by law or the
articles of Incorporated, or below the
amount certified TO the commissioner Of
banning as paid IN, he shall have rhe power
to require such bank under his hand and
sea! Of o6ce to make g92d such impairment lei
the date Of such requisltion. IN any case.
where the capital Of a bank shall have be
come impaired or reduced below the amount
required by law or the articles Of inccrpOra~
ton, the board Of directors OF such bank
shall have the power to make pro rata
assessment upon all Of the stock or said
may provide that the amount Of such de-
ficiency shall be due and payable at time
to be fixed by such board OF directors, which
time shall be not less than ten days after
notice of said assessment; and If any stock
holder shall fail or neglect TO pay the
amount OF the assessment against his stock
for ten days after the same shal! nave De
come 30 due and payable, the directors OF
such bank may offer said stock for sale,
and sell the same at public sale upon ten
days' notice to be given By posting copies
q such notice Of sale in ave public places 29
is located Upon such sale. the purchaser
shall forthwith pay the amount Of the as
sessment against said stock. The amount
received from the sale Of said stock, less the
cost and expenses OF such sale, shall be
paid to the original owner OF such stock.
Section 2024-23. Whenever any officer
IN charge of 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 it shall be
to Institute = an action to procure a
judgment dissovIng such corporation.
Section l. In order to carry out the pro-
visions of this act the commissioner OF bank
ing is hereby authorized to commence and
maintain IN his own name as commissioner
of banking any and all actions necessary or
proper to enforce any Of tha provisions OF
this act.
Section 5. This act shall take effect and
be IN force from and after Its passage and
publication.
Approved juno IA. 1909.