Omaha daily bee., 1909-03-24

OF the opinion that its stockholders have
complied with the law, that the banks
paired and all advances, IL any, made from
the depositors' guaranty fund, with inter-
est, fully paid its reserve restored or suf-
permitted again to reopen for business;
whereupon said state Banking board is
authorized to issue written, permission for
ner as permission to do business is granted
after the Incorporation thereof, and there
upon sad bank may be reopened to 90
granted under this act. The directors OF
every banking corporation transacting
business under the provisions Of this act
shall have power and authority to levy and
collect assessments on the stock of the
banking corporation for the purpose OF re-
banking corporation. or to repair and re-
store any deficiency that may occur by
reason OF the impairment of the capital
stock Of said bank.
Time for Filing Names.
Sec. 81. As soon as a receiver, appointed
under this act. has qualified. which shall be
within ten days after his appointment, the
court in which such proceedins are pending,
or a Judge thereof, shall make an order
fixing the time for filing claims against
the corporation whose property is under
such receivership, which shall not be more
than sixty days from the date OF such or
der, and notice thereof shall be given forth
with, by posting a copy Of such order on
the front door OF the bank and by publ
cation thereof In some newspaper published
in the county, to be designated by the
court or judge making such order, for at
least three successive weeks prior to the
date thus fixed.
Sec. 50. The claims Of depositors, for de-
poslts, and claims of holders OF exchange,
shall have priority over all other claims,
except federal, state, county and municipal
taxes, and subject to such taxes. shall at
the time of the closing of a bank be a first
Hen on all the assets OF the banking cor
p%oration from which they are due and thus
under receivership. including the liability
OF stockholders and, upon proof thereof,
they shall be paid Immediately out Of the
available cash in the hands of the receiver.
II the cash in the hands Of the receiver,
available. for such purpose, be insufficient
to pay the claims of depositors. the court
in which the receivership IL pending, or a
judge thereof, shall determine the amount
required to supply the deficiency and cause
the same to be certified to the State Bank
ing board. which shall thereupon draw
against the depositor guaranty fund In
the amount required to supply such de-
ficiency, and shall forthwith transmit the
same to the receiver. to be applied on the
said claims Of deposltors; provided, how
ever, that no part OF the depositors' guar
anty fund shall be used to supply the de-
ficiency that may accrue by the failure OF
any bank now transactlng business. which
bank has not filed the report provided for
In section Is. receive the certificate pro-
vided for in section IA, and paid the first
assessment provided for in section IS.
Drafts on Guaranty Fund.
Such drafts against the depositors' guar
AMY Auilb Sldll W BIOIdltu us nearly as
may be among the several solvent banks
wherein the same is so as aforesaid kept
and maintained. In accordance with the
spectlvely.
Sec. SO. To the extent of the amount paid
from said guaranty fund to satisfy the
claims OF creditors the State Banking board
for the use and benefit Of said fund shall
be subrogated to all the right of the cred
Of such bank. and the same shall be en-
forced and collected by the receiver ac-
cordingly, and when collected shall he
placed in said fund and deposited by the
State Banking board In the solvent banks
subject to the provisions Of the depositors'
guaranty fund, proportionate as to the sew
against each of said banks.
Sec. "a. The court in which such pro-
/ ceedings are pending. or a judge thereof,
shall make such other and further orders
and enter such Judgments as may be neces-
%ttTrsafgio1nr Of ffr Such re rec tdSeTs a rO5Pe = a 9nsf ans
equitable distribution of the assets of such
banking corporation among It's creditors and
all others entitled to participate therein,
subject to the provisions of this act.
Sec. So. Any bank examiner, when or
dered by the State Banking board, or any
receiver appointed under the provisions
hereof. for the purpose of winding up the
affairs Of the bank, shall have authority to
order of appointment shall relate, and retain
the possession of such bank, its moneys,
rights, credits and property of every de-
scripton, as against any mesne or final
process issued by any court against SUCH
bank the property of which has been thus
taken by such examiner or receiver, and
until such time as all of the liabilities of
such bank have been fully paid and dis
charged, and any attachment lien against
such property, acquired within thirty days
next preceding the taking of such posses
sion by such examiner or receiver as afore-
SAID shall be thereby released and dis
bank examiner shall so hold possession
such bank shall pay to the state treasurer,
for account Of the general fund, a fee Of
! ten dollars tk10l and for zach aud yvarN
day a receiver shall so hold possession such
bank shall. pay such receiver as fun COM
than 81 nor more than $40. as may be fixed
by the State Banking board, and in each
case IN addition to said amount. the neces-
Appeals to Court.
Sec. So. Whenever any bank refuses or
neglects to deliver possession of its af-
fairs, assets or property of whatever ma
ture, TO the State Banking board, or to the
person ordered or appointed to take charge
Of such bank according to the provisions
Of this act, the State Banking board shall
communicate the facts to the attorney
general, or to the county attorney of the
county wherein such bank is located, who
shall t~hereupon cause an application to be
made to the district court or to any judge
thereof, having jurisdiction of the same.
for an order placing such board, or the
person ordered or appointed by it
to take charge of such bank and
that If the judge Of the district court
having Jurisdiction of the same, shall be
absent therefrom at the time such applica-
ton is to be made, then, and In that case,
4 any Judge OF the supreme court may grant
such order, but the petition and order of
possession shall be forthwith transmitted
to the clerk of the district court of the
county in which such bank Is located.
Sec. 81. Every receiver of a bank ap-
pointed under the provisions OF this act,
shall. Immediately upon taking possession
OF such bank, proceed to collect all debts,
assets and claims belonging to such bank,
and upon order of the district court or
judge thereof. may sell or compound all
bad or doubtful debts, and on like order
may sell all the real and personal property
Of such bank upon such terms rs the court
or Judge thereof may direct, and may, If
necessary, enforce the liabilities OF stock
holders, officers and directors TO such
= bank, provided, that bad or doubtful debts,
as used In this section shall not include the
liability OF stockholders, officers or direc-
tors, and whenever any such receiver shall
have paid in full all OF the liabilities Of
such bank, including any liability to the
deposltor's guaranty fund as herein pro-
vided, the funds and assets remaining in
his hands, II any. shall be paid and de-
livered to the party or parties entitled
thereto.
Reports of Receivers.
Sec. 5S. Every receiver appointed under
the provisions of this act, shall make to
the State Banking board not less than one
report monthly according to such form as
may be prescribed and which shall be veri-