Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1909-07-21


of the state, OF is conducting its business in
an unsafe or unauthorized manner, or II the
capital of any such bank Or banking cor
poration is Impaired or ii any such bank or
banking corporation shall refuse to submit
its books, papers. and concerns to the IN
speetion of any examiner or if any officer
thereof shall refuse to be examined upon
oath touching the concerns OF any such
| bank or banking corporation, or IL any such
bank or banking corporation snaii su suspend
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 condf-
| ton to transact the business. for which 1t is
| organized. or that it is unsafe and inexpedi-
| emit for 1t to continue business, or IL any
| such bank or banking corporation shall
| 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, and
| retain such possession until such bank or
I or its affairs be finally lfquidated 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 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
aforesaid, shall have lien or charge for
| any payment, advance, or clearance there
| after made, or liability thereafter incurred,
sgaHng az and
| business the commissioner shall have taken
| possession as aforesaid. Such bank or bank.
| the commissioner, resume business upon
such conditions as may be approved Dy
him.
8. Upon taking possession of the prop
| e,-ty and business of such bank or banking
| corporation, The commissioner Is authorized
| to collect moneys due to such bank or bank
| -, 49,, do Inh or nr
| are necesss " to conserve its assets and
| business, a.d shall proceed to liquidate the
affairs thereof, as hereinafter provided. inc
| commissioner shall collect all debts due and
| claims belonging to It, and upon the ORDER
! of the circuit court may sell or compound
| all bad OF 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
| corporation. enforce the individual liability
! of the stockholders.
A. The commissioner may, under his hand
| and official seal, appoint one or more special
| deputy commissioners as agent or agents,
| to assist him in the duty of liquidation and
distribution, the certificate of appointment
| of banking. and certified copy in the office
| 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 special deputy com
! missioner to perform such duties connected
with such liquidation and distribution ,,; as
| commissioner may employ such counsei ana
| procure such expert assistance and advice
| as may be necessary in the liquidation and
distribution of the assets of such bank or
| banking corporation, and may retain such
| Of the officers or employees of such bank or
| banking corporation as he may deem neces-
| sary The commissioner shall Esquire from
| a special deputy commissioner and from
such assistants such security for the faith
| full discharge of their duties, as ne may
deem proper.
| 5. The commissioner shall cause notice
to be given by advertisement In sueh news
| papers as he may direct, weekly FOR three
| consecutive months, calling on all persons
who may have claims against such bank or
banking corporation to present ,o the same same
| thereof at place and within time, not
| earlier than the last day Of publication, 70
| be therein specified The commissioner shali
mail a similar notice to all persons whose
| names appear as creditors upon the BOOKS
of the bank or. banking corporation. II the
commissioner doubts the justice and Valiol-
ty of any claim, he may reject the same
| and serve notice of such rejection upon the
| claimant either by mail or personally. Al
affidavit of the service of such notice, when
shall be prima facie evidence thereon. SHAH
| be filed with the commissioner. An action
upon claim so rejected must De prougnt
| 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 equitably applicable thereto.
| g. Upon taking possession OF the prop
|
corporation. the commissioner shall make
an inventory Of the assets of such bank or
banking corporation, in duplicate. one TO De
filed in the office OF the r M circit court
for the county In which such bank or bank
ing corporation is located; upon the eapi.ra-
| tion of the time fixed for the presentation
! of claims. the commissioner shall make In
| duplicate a full and complete list Of the
Slams cb claims as have been rejected by him
| one TO be fled in the office of the commits.
sioner, and one in the office OF the clerk OF
circuit court for the county In when s tni
| hank or banking corporation Is located
| Such inventory and list of claims shall be
open at all reasonable times to inspection.
The OF an fne etber
and assistants, and all expenses of super
vision and liquidation, shall be ixed by the
circuit court for the county In which such
| bank or banking corporation Is locateo,, on
! notice to such bank or banking corporation.
! and shall upon the certificate OF the comfnls-
| sioner be paid out of the funds Of such bank
or banking corporation In the hands OF the
! commissioner The moneys collected Dy tne
| commissioner shall be from time 10 tims ue-
nosited in one or more state banks, and. In
| case of the Suspension or insolvency OF tne
! deDositary such deposits snan De prelerfeo
| 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 Iunos re-
nxnenses declare one or more dividends, and
| after the expiration OF one year from tne
| first publication Of notice to creoitors, ne
| may declare final dividend, such DIVIDENDS
| TO be paid to such persons, and In such
| amounts. and upon such notice, as may pc
directed by the circuit court for the county county
| in which such bank or banking corporation
| is located. Objections to any claim not re-
| iected by the commissioner may be mace py
| any party interested by ming copy OF sucn
! obiections 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.
o Whenever any such bank or banking
| corporation of whose property and business
| the commissioner has taken possession, as
! NAV. at any time within ten days after
| such taking possession. apply to the circuit
| court for the county In when such DaHh
or banking corporation Is located 70 enloin
fnrfher proceedings and said court after
| citing the commissioners to snow cause why
! further proceedings should not pc en1olneu
| and hearing the allegations and proofs OF
the narties and determining the facrs may,
upon the merits dismiss such app cation or
| enioin the commissioner from furrner pro
ceedings, and direct him to SURRENDER suen
| business and property to such bank or bank
ing corporation.
10. Whenever the commissioner snail
have paid to each and every depositor ana
creditor of such bank or banking corpora
ton mot including stockholdersl; whose
claim or claims as such creditor or deRosltor
| shall have been duly proved and allowed;
have made proper provision for unclaimed
and unpaid deposits or dividends ana snHi
have paid all the expenses OF the nqu ls
| tion the commissioner shall call meeting
| of the stockholders of such bank or banking
corporation by giving notice Thereon TOT
! thirty days in one or more newspapers pun
! iished in the county where such bank or
hanlinc corporation is located. AT sucn
meeting the stockholders snail determine
whether the commissioner shall De contlnu .s
as liou!dator and shall wind up the aHalrs
| - snoh hank or banking corporation, or