St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1909-05-07

oiAS IA " AAAA ASN
or solicit or receive deposits or transact
business as q savings bank or safe de-
post or trust company.
Except that q state bank regularly In.
corporated and authorized to do bus1-
ness under the laws Of this state may,
establish and maintain a savings depart.
tic examiner, and may solicit and receive
deposits in said savings department and
advertise the same as such.
Every individual, co-partnership or
corporation which shall violate any. OF
the provisions of this section shall for
felt to the state the sum Of one hun
shall continue.
Sec. 2. This act shall take effect and
be in force from and after its passage.
Approved April 13, 1909. 4,
CHAPTER 179-s. F. NO. $50.
AN ACT providing for and regulating
proceedings against and liquidation Of
delinquent financial corporations and
bankers
Be it enacted by the Legislature of the
State of Minnesota:
Section /. The term bank" when-
ever used in his act shall mean and'
as defined in section 1867 Revised Laws
1905, and all persons and partnerships
engaged in any business conducted by
any Of the corporations mentioned IN
Sa Sec. sos T. Whenever it shall appear to
the. public examiner that any bank has
violated it's charter, or any law Of the
an unsafe or unauthorized manner, or
that the capital of any such bank is i'm
paired, or If any such bank or CONTROL.
NIT it's books, papers and concerns to the
inspection Of the public examiner, or any
assistant by him thereunto duly au-
shall refuse to be- examined upon oath
ton, or if any such. bank shall suspend
reason for the public examiner conclud-
ing that such bank is in an unsound or
unsafe condition to transact the busi.
ness for which it was organized, or that
continue business, or If any such bank
shall neglect or refuse to observe q
proper order Of the PUBLIC examiner. the
session of the property and business OF
such bank and retain such possession
until such bank shall resume business
herein provided. On taking possession
of the property and business Of any such
bank. the public examiner shall forth.
all banks, associations and individuals
holding or in possession of any assets
Of such bank. No bank, association or
sion by the public examiner, or notified
as aforesaid. shah nave a lien or charge
for any payment, adyance or clearance
incurred against any Of the assets Of
the bank Of whose property and business
the public examiner shall have taken
may, With the consent Of the public ex-
aminer, resume business upon such con-
ditions as may be approved by him.
Upon taking possession :, OF IT. the 81 pro 29,h,iy
examiner is authorized to collect
moneys due to such bank and to do
such other acts as are necessary to con,
serve its assets and business, and shalt
proceed to liquidate the affairs thereof.
If in his opinion such bank cannot safely
resume business as hereinafter proyided.
lect all debts due and all claims belong.
ing to such bank, and upon the order OF
the district court may sell or compound
all bad or doubtful debts. and on IKE
sonal property Of such bank on such
terms as the court shall direct and may.
If necessary to pay the debts Of such
the stockholders. The public examiner
may under his land appoint one or more
special deputy examiners as agents to as.
sist hin in the duty oayy+,e OF tqu oa aonoi hao
ment to be filed in the office OF the pup
lie examiner and a certified copy In the
office of the secretary Of state and a 1so
such bank was located. The public ex-
aminer may from time to time authorize
any such special deputy examiner to per-
form such duties connected with such
liquidation and distribution as the public
examiner gay deem proper: The public
~sistants as may be necessary in the IL
quotation and distribution Of the assets
Of such bank and may retain such Of its
e e]ft1esys ar and am apog his is r re msy IN See Wri aSs;;
the attorney general shall employ q spe,
cial attorney to act as counsel in al!
\ matters ason re h a t u to }cn the nna 1%iqq1da6ion aba Il
be made according to the provisions Of
the statutes regulating the employment
by the attorney general OF special at,
the payment Of such attorney shall be
from the proceeds Of the assets Of the
bank with whose liqTidation he becomes %
shall require from each special deputy
examiner such security for the faithful
discharge of his duties as he may deem
notice to be given by advertisement in
such newspapers as he max direct, week.
ly for three consecutive months, calling
against such bank to present the same to
the public examiner, and make legal
proof thereof at a place and within a
time not earlier than one week after the
last day of publication. which time and
place shall be specified in said NOTICE. The
public examiner shall mail a similar no.
as creditors upon the books of the bank.
# the public examiner doubts the JUS
tice and validity of any claim he may
reject the saline dllu ecI'e uOI1Ce ~ SuClA
mail or personally. An AFFIDAVIT Of the
service of such notice made according to
law shall be filed with the public exam
liner. An action upon a claim so reject
ed must be brought within six months
thereof shert f.0' Claims presented after the K
~piration of the time fixed in the notice
to creditors shall he enti+,~a - share in
the distribution only to the extent Of the
assets in the hands of the public exam
liner equitably applicable thereto. Upon
taking possession Of the property and as
shall make an inventory Of the assets Of
such bank in duplicate, one to be filed in
the office Of the public and one
in the office Of the clerk of the district
court of the county in which the princi-
nal Office Of such bank was located.
Upon the expiration Of, the time fixed for
the presentation of claims. the public ex-
aminer shall make in duplicate a COM
plete list Of the claims presented, In
GLIDING and specifying such claims as
have been rejected nv him, one such list
Office Of said clerk Of the district court;
Such inventory and list Of claims shall
be open at all reasonable time to inspec-
ton. The compensation of the special
DEPUTY examiners and the other emnloyes
and assistants Of the public examiner,
supervision and liquidation shall be fixed
by the public examiner. subject to the
approval Of the district court Of the
county in which each such bank Is locat-
ed. after notice fixing the time and place
when he public examiner will hear and
the amount so fixed n the compensa-
ton Of legal counsel as fixed by the at
torney general. shall he paid upon the
certificates Of the public examiner and