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

Of one year from the first publication Of
notice to creditors he may declare a final
dividend, such dividends to be paid to
such persons and in such amounts and
upon such notice as may be directed by
the said district court. Objections to
any claim not rejected by the public ex-
aminer may be made by any party in
terested by filine a copy Of such objec,
tons with the public examiner. who shall
present the same to the district court at
clare a dividend. The court nay make
proper provision for %unapproved or un-
claimed deposits. Whenever any such
bank of whose property and business the
aforesaid, deerps itself aggrieved thereby
it may at any time within ten days after
such taking possession apply TO the as
trict court of the county in which such
bank is located to enjoin further proceed
ings. and said court after citing the pub
lie examiner to show cause why ilrtheI
proceedings should not be en1o1 .s>1. anu
hearing the allegations and proc IS or .ne
parties and determining the fscts, nay
upon the merits. dismiss such annitca-
ton or enioin tho public Namlner from
surrender such business and property to
such hank Whenever the public exam
finer shall have raid each and every de.
position. and creditnr OF such ha AZ! n;,n '" or
claims as such creditor or depositor shal
have been duly approved and allowed. the
full amount Of such claims, and shal1
have made prorer provision for unclaimed
and unraid deposits or dividends and
shall have paid all the expenses o. the
liouidat'on. the public examiner shall call
corporation by giving notice thereof for
ten days by publishing such notice IN
one or more newspapers OF the county
where the hank IS located; a At nnen n
whether the ruh1'c examiner shall he
continued as liOuidator and shall wind NJ
the "~airs Of such bank. or whether an
agent or agents shall he elected for that
purpose. and in so determining the said
stockholders shall vote " ballot. In per-
son or hv proxy. each share OF STOCK en-
majority Of the stock she'll be nocessary
to a determination. In case 1t is deter
mined to continue the. liquidation under
the the ' ruhl3e e1a m fhr , fe rha Of s r"1hp cer-
poration, and after paving the eSnenses
thereof shall distribute the proceeds
among the stockh9lders in proportion TT s,,t to
directed by the district court. In case
it is determined to appoint an agent or
shall thereupon select such agent, or
agents by ballot. a majority of the stock
present and voting. IN IN . p ernsce or s, og
agent or agents shall e-"cute and Ale
with the public examiner a bond to the
State Of Minnesota in such amount. with
SOCn SuTeCleS ana III SuCl 1o'I 80 oilnA
be approved by the nuhlic examiner. con-
ditioned for the faithful performance Of
all the duties Of his or their trust, and
thereupon the public examiner shall
agents all the undivided or uncolected or
other assets Of such corporation then re-
naming in his hands. and upon such
transfer m;nds land and de del G;scy. the said 9ram pu anT a exl
all further liability to such hank and Its
creditors. Such agent or agents shall
convert the assets coming into his or
count for and make distribution of the
property of such. bank as is herein pro-
vided in the case Of distribution by the
public examiner, except that the expenses
thereof shall be subject to the direction
and control Of the said district court. In
case Of the death. removal or refusal to
act of any such agent or agents, the
stockholders on the same notice as that
after which they were elected and IN the
same way, may elect a successor who
shall a the same powers and be sub
ject to the same liabilities and duties as
on unclaimed deposits remaining, unpaid
in the hands of the public examiner for
six months after the order for final dis
tribut!on shall be BY him deposited IN
panies to the credit Of the public. exam
liner as such. in trust for the several de-
positors with and creditors Of he liqui-
dated bank from which they were re-
ceived and to whom they belonged. The
public examiner shall report s~emi-annual-
w in his public renort the names of banks
SO taken possession of and liquidated and
the sums Of unclaimed. and unpaid de-
posits or dividends with respect to each
Of them respectively: and also a brief
statement Of the nrincina1 facts as to
each such liquidation. The public ex-
mime may nay over the moneys so held
BY him to the persons respectively en-
titled thereto upon being. furnished sat
same. In cases Of doubt or conflicting
claims he may require, an order Of the
the payment Of such claims. he may
apply the interest earned bv the moneys
30 held by him towards defraying the
expenses incident to the payment and
distribution Of such unclaimed deposits
or dividends to the depositors and cred
itors entitled to receive the same. and he
shall include in his said public renort a
statement Of the amount of interest
earned by such unclaimed deposits and
Sec. 1. This act shall take effect and
be in force from and after It's passage.
Approved April 10. 1909.