The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1909-07-15

make distribution of the property of said
bank or banking corporation as Is herein
provided In the case OF distribution By. the
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
the same notice to be given by the COM
missioner upon proof Of such death re
moyal. or refusal to act being filed with
him, and by the same vote here!nbefore pro
vided, may elect a successor who shall have
the same powers and be subject TO the same
liabilities and duties as the agent originally
elected.
IS. Dividends and unclaimed deDostsgre-
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 liuuidated bank
or banking corporations from which they
missioner shall report to the governor an
nuaily in his report the names of banks or
banking corpora lions so taken possession OF
and nQuidated and the sums of unclaimed
and unpaid deposits or dividends with re-
spects to each of them respectively,
IA. The commissioner may pay over the
moneys SO held by him to the persons re-
spectively entitled thereto. upon being fur
to the same. In cases of doubt or conflict
ing claims, he may require an order of the
circuit court authorizing and directing the
payment thereof. He, may apply the Inter
est earned by the moneys SO held BIZ hira
towards defraying the expenses In the pay
ment and distribution Of such unclaimed
deposits or dividends to the depositors and
creditors entitled to receive the same, and
he shall include. in his annual report to
the governor, a statement Of the amount OF
interest earned BY such unclaimed diyi-
dends ss@g
Section g. Sections 2021 and 2024-23
NJ tho atafJ1tnS sampn6QN - rnQd. Spc-
ton 2021. Whenever the commissioner OF
banking shall become satisfied that the
capital Of any bank Is impaired or; reduced
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
OF deficiency : - - within sixty days after
the date Of such re1uisitlon. In any case,
where the capital Of a bank shall have be-
come impaired or reduced below the amount
required by law or the articles Of incorpora
tion, the board of directors, of such bank
shall have the power to make q pro rata
assessment upon al Of the stock Of said said
may provide that the amount Of such de-
fciency shall be due and payable at time
to be fixed by such board OF directors, which
time shall be not less than ten days after
holder shall fail Or neglect to pay the
amount Of the assessment against his stock
for ten Gays aILer the same snail n2Ye&De-
come so due and payable, the directors Of
such bank may offer said stock for sale,
and sell the same at public sale upon ten
days'4 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
paid to the original owner Of such stock.
Section 2O24--23. Whenever any officer
In charge of bank shall refuse to submit
the books papers, and concerns Of such
bank to the inspection CT 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 general whose duty it shall be
to institute - an action to procure a
Judgment dissolving such corporation. ~
Section 4. In order to carry out the pro-
visions Of this act the commissioner Of bank
ing is hereby authorized to commence and
maintain Ia his own name as commissioner
of banking my 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.