The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1909-07-15
COPY LAWS WISCONSIN PASSED DURING SESSION OF 1909

make distribution Of the property of said
bank or banking corporation. as Is herein
provided in the case OF distribution By the
commissioners, except that the expenses
thereof shall be subject TO the direction and
control of the circuit court In case of
the death, removal, or refusal to act Of any
such agent or agents the stockholders on
the same notice. TO be given by the com
missioner upon proof of such death, re-
moval, or refusal to act being filed with
him. and by the same vote hereInbefore pro-
vided. may elect q successor. who shall have
the same powers and be subject to the same
liabilities and duties as the agent originally
elected
13 Dividends and unclaimed deposits re-
, naming unpaid in the hands Of the COM
missioner for six months after the order for
final distribution shall be by him deposited
In one or more state banks to the credit OF
the commissioner OF banking, In his name
of Office, in trust for the several depositors
with and creditors of the liquidated bank
or banking corporations from which they
were received entitled thereto The com.
missioner shall report to the governor an
nua.ly In his report the names of banks or
and liIuidated and the sums Of unclaimed
and unpaid deposits or dividends with re-
spects to each Of them respectively.
IA. The comm.ssioner may pay over the
moneys SO held by him to the persons re-
spectively entitled thereto, upon being fur
nished satisfactory evidence of their right
to the same. In cases Of doubt or conflict
Ing claims he yaGs ana an STa Of the
payment thereof. He may apply the Inter
est earned by the moneys so held by him
towards defraylng the expenses In the pay
ment and distribution Of such unclaimed
deposits or dividends to the deposltors and
creditors entitled to receive the same, and
he shall include. in his annual report to
the governor, q statement OF the amount Of
interest earned by such unclaimed divi-
dends.
Section g. Sections 202l and 2024--23
Of the statutes are amended TO read: Sec
tlon 2o21: Whenever the cor. commissioner OF OF
capital of any bank is impaired or reduced
below the amount required by law or the
articles Of incorporation, or below the
amount certified to the commissioner OF
banking as paid In. he shall have the power
to require such bank under his hand and
seal Of office to make good such impairment
the date Of such requisition In any case,
where the capital OF bank shall have be-
come impaired or reduced below the amount
required by law or the articles Of lrcorpora-
ton, the board Of directors OF such bank
shall have the power TO make pro rata
assessment upon all OF the stock OF said
bank to make good such deficiency. aud
may provide that the amount Of such de-
ficiency shall be due and payable at a time
to be fixed by such board OF directors, which
time shall be not less than ten days after
notice of said assessment and II any stock
holder shall fall or neglect to pay the
amount of the assessment against his stock
for ten days after the same shaii have be:
come so due and payable the directors OK
such bank may offer said stock for sale,
and sell the same at public sale upon ten
days notice to be given by posting copies
Of such notice OF sale in Ave public places
In the town, village. or city where such bank
is located Upon such sale. the purchaser
shall forthwith pay the amount OF the as
sessment against said stock. The amount
received from the sale OF said stock less the
cost and expenses OF such sale, shall be
pald to the original owner OF such stock.
Section %024---23 Whenever any officer
In charge of bank shall refuse to submit
the books. papers, aud concerns OF such
bank to the inspection OF the commissioner
of banking his deputy, or examiner ap.
pointer hereunder, or refuse to be examined
on oath touching the concerns of the bank,
the commissioner Of banking may inform
the attorney.gcneral whose duty 1t shall be
to institute an action to procure u
judgment dlssolvlng such corporation.
Section l. In order to carry out the pro-
visions of this act the commissioner OF bank
ing Is hereby authorized 10 commence and
maintain In his own name as commissioner
OF banking any and all actions necessary or
proper to enforce any Of the provisions OF
this act.
Section 5. This act shall take effect and
be in force from and after its passage and
publication.
Approved June IA. 1909.