River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1909-07-15

cable has violated It's charter or any law
of the state, or is conducting its business In
an unsafe or unauthorized manner, or II the
capital of any such bank or banking cor
banking CORPORATION shall refuse to submit
its books, papers. and concerns to the IN
spection of any examiner or II any ofncer
thereof shall refuse to be examined upon
oath touching the concerns of any such
bank or banking corporation, or II any sucn
bank or banking corporation snail suspend
payment of Its obligations Or IL 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 wnicn IL ls
organized, or that 1t is unsafe and inexpedl-
ent for 1t to continue business, or II any
such bank or banking corporation snail
neglect or refuse to observe an order OF the
commissioner, specified in section 202l OF
the statutes, the commissioner may forthwith
take possession of the property and business
Of such bank or banking corporation, ana
retain such possession until such bank or
banking corporation shall resume business,
or It's affairs be finally Iiquidated as herein
provided a..au,o !, +ho nronsr+v
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 corporations hoiding OF Ia
banking corporation. No bank or banking
corporation knowing of such taking. posses
aforesaid, shall have a lien or charge for
any payrnent advance or clearance there
after made, or liability thereafter incurred,
against any of the assets Of the bank or
banking corporation OF whose property ana
business the commissioner shall have taken
possession as aforesaid. Such bank or bank
Ing corporation may, with the consent OF
the commissioner, resume business upon
such conditions as may be approved py
him.
erty and business Of such bank or banking
corporation, the commissioners is authorized
Ing corporation, and do such other acts as
are necessary to conserve It's assets and
business, and shall proceed to liquidate the
CO shall collect ali 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 ana
may, If necessary to pay the debts or sucn
corporation enforce the Individual liability
of the stockholders.
4. The commissioners may, under MS nan0
and official seal, appoint one or more speclal
deputy commissioners, as agent or agents,
to assist him in the duty of liquidation and
distribution, the certificate OF appointimenr
to 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 a special deputy com,
missioner to perform such duties connected
the commissioner may deem proper. Inc
commissioner may employ such counsei ana
procure such expert assistance ana adv,cS
as may be necessary in the liquidation and
distribution of the assets of such bank or
banking corporation, and may retain sucn
of the officers or employees OF sncn panK OF
banking corporation as he may deem neces-
sary. The commissioner snail require from
q special deputy commissioner and from
such assistants such security for the faith
ful discharge of their duties, as ne may
deem proper. -
to be given by advertisement In sucn news
papers as he may direct, weekly for three
consecutive months, calling on all persons
who may have claims against such bank or
to the commissioner, and make legal proof
thereof at place and within g. time, not
earlier than the last day OF pubtcadloni ,a e
mail similar notice to all persons whose
names appear as creditors upon the BOOKS
Of the bank or banking co 1psica ond 1ald
ty of any claim, he may reject the same
and serve notice Of such rejection upon the
afidaTit of the service Of such notice. which
shall be prima facie evidence thereon, snalI
be filed with the commissioner: An acton ssa
within six months after such service.
Claims presented after the expiration OF Ihe
time fixed in the notice to creditors shall Pc
entitled to share In the distribution only to
| the extent of the assets In the hanos OF tne
commissioner equitably applicable thereto.
erty and assets of such bank or banking
corporation, the commissioner shaii make
an inventory of the assets OF such bank or
6ii 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 BANK
ton Of the time fixed for the. presentation
Of claims, the commissioner shall make IN
duplicate full and complete list OF Ine
claims presented, including and specirying
| 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 cierK ,, OF
| bank or banking corporation IS locatea.
| Such inventory and list of claims shall De
| open at all reasonable times to inspection.
I. The compensation of the special deputy
| commissioners, counsel, and other employees
and assistants. and all expenses OF super Der
vision and Iiuuidation shall be fixed by the
| commissioner subject to the approval or the
| circuit court for the county In which such
| bank or banking corporation is located. on
| notice TO such bank or banking corporation.
| and shall upon the certihcate or the commIs-
| sioner be paid out of the funds or such DanK
| or banking corporation IN tne nanus Oh t tho
| commissioners shall be from time to time de-
| posted In one or more state banks, and, In
danositary such deposits shall be preferred
before all other deposits.
| & At any time after the expiration of the
] date fixed for the presentation OF claims
| the commissioner may out Of the funds re.
| naming in his hands after the payment OF
exnenses declare one or more dividends, and
after the expiration OF one year from the
| first publication of notice to creditors, ne
| NAV declare 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-
| tected by the commissioner may De mace Dy
! any party interested by filing a copy OF such
! objections with the commissioner, VINO 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
| 8. Whenever any such bank or banking
| corporation. of whose property and business
| the commissioner has taken possession, as
| aforesaid deems itself aggrieved thereby, 1t
\ NAV at any time within ten days after
| such taking possession, apply TO the circuit
| court for the county in which sucn Dank
/ or banking corporation Is located TO enJoln
/ further proceedings: and said court, a1ter
| citing the commissioner to show cause why
| further proceedings should not be en1o1ned
| and hearing the allegations and proofs or
/ the parties and determining the facts may,
unorl the merits dismiss such application or
4 eIlioin the commissioner from further pro-
| ceedin1s. and direct him to surrender sucn
1 business and property to such bank OF Dank-
1 ing corporation.
| 10 Whenever the commissioners shall
| have paid to each and every depositor and
| ton (not including stockholders), whose
claim or claims as such creditor or oepositor
| shali have been duly proved and allowed,
/ She full amount OF such claims, ana snail
| have made proper provision for unclaimed
and unpaid deposits or dividends and shall
1 tion fhe commissioner shall call a meeting
1 ~ Fho stockholders of such bank or banking