Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1909-08-13

| cable has violated its charter or any law
! of the state, or 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 if any such bank or
! banking corporation shall refuse TO submit
| Its books, papers. and concerns to the ne. IN
! Spection of any examiner, or II any otncef
| thereof shall refuse to be examined upon
| oath touching the concerns of any such
| pank or banking corporation, or II any sued
| bank or banking corporation shall suspend
] payment OF its obligations, or II from any
/ examination or report provided for by TINS
| 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
| ent for it to continue business, or II any
| such bank banking corporation shall
Commissioner, specified in section 2o21 Of
! the statutes. the commissioners may forthwith
! take possession of the property and business
| of such bank or banking corporation, ana
! retain such possession until such bank or
| banking corporation shall resume business,
| or its affairs be finally liquidated as herein
| provided
2. On taking possession Of the property
! and business Of any such bank or banking
! corporation, the commissioners 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 pank OF
| banking corporation. No bank or banking
| sion by the commissioner. or notified as
| aforesaid shall have lien or charge for
after made, or liability thereafter incurred,
| against any Of the assets Of the bank or
| banking corporation Of whose property ana
| business the commissioner shall have taken
| possession as aforesaid. Such bank or BANK.
| Ing corporation may, with the consent OF
| the commissioner, resume business upon
such conditions as may be approved Dy
8. Upon taking possession of the prop
| erty and business Of such bank or oanklng
! corporation, the commissioner is authorized
| to collect moneys due to such bank or bang
| ing corporation, and do such other acts as
to s aada
commissioner shall collect all debts due and
Of the Circuit hrf1 Court may sell or compound
all bad or 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 ana
| may, If necessary to pay the debts OF sncn
| corporation. enforce the Individual naoai1ty
4. The commissioner may, under his hand
and official seal, appoint one OF more special
to assist him in the duty of liquidation and
distribution. the certificate OF appointment
to be fled in the office of the commissioner
of banking; and certified copy in the once tt,
in which such bank or banking corporation
is located. The commissioner may from
time to time authorize a special deputy COM
missioner to perform such duties connected
with such liquidation and distribution as
the commissioner may deem proper Inc
commissioner may employ such counsel ana
procure such expert assistance and advice
as may be necessary in the liquidation ana
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 acquire from
a special deputy commissioner and from
such assistants such security for the faith
full discharge of their duties, as he may
5. The commissioner shall cause notice
to be given by advertisement. in such news
papers as he may direct, weekly for three
who may have claims against such bank or
banking corporation. to present the same
to the commissioner, and make legal PROOF
thereof at a place and within time. not
earlier than the last day Of publication, to
be therein specified The commissioner shall
mail similar notce to an the BOOKS
of the bank or banking corporation II the
commissioner doubts the Justice and yalldl-
and serve notice, of such rejection upon the
claimant either by mail or personally. Al
affidavit Of the service Of such notice. wnlcn
shall be prima facte evidence Thereon, snail
be fled with the commissioner. An action
upon a claim so rejected must be brought
within six months after such service.
time fixed in the notice to creditors shall be
entitled to share in the distribution only. to
Commissioner equltably applicable thereto.
G. Upon taking possession Of the prop
erty and assets of such BANK or panKlng
corporation, the commissioner SHAH make
an inventory of the assets Of such bank or
banking corporation, In duplicate. one to De
filed In the office Of the commissioners, ana
one in the Office of the clerk of circuit court
for the county in which such bank or bank
ing corporation is located; upon the explra-
ton Of the time fixed for the npp1 na IN
duplicate a full and complete lst Of .ne
claims presented including and Specifying
such claims as have been rejected by him,
one to be filed in the office Of the commits.
sioner, and one in the office of the clerk or
circuit court for the county in which such
such inventory and list Of claims shall be
open at all reasonable times to Inspection.
T. The compensation of the special deputy
commissioners, counsel; and other employees
and assistants, and all expenses OF super
vision and liquidation. shall be fixed by the
subject TO rne n hch o. such
bank or banking corporation is locateu, On
notice to such bank or banking corporation.
and shall upon the certihe f OF Sn eco han
or banking corporation in the hands OF the
commissioner, The moneys collected by the
commissioner shall be from time to time de-
nosited in one or more state banks, and, In
case of the suspension. or insolvency OF tne
depostary. such deposits shall De preferred
before all other deposits.
g. At any time after the expiration OF the
date fixed for the presentation OF ca1ms'
the commissioner may out OF the FUNDS re.
naming in his hands after the payment OF
EXPENSES declare one or more dividends, and
after the expiration Of one year from rom the he
NAV declare final dividend, such dividends
to be paid to such persons; and d IN n,o suf 6a
directed by the circuit court for the county
In which such bank or banking corporation
is located, Objections to any claim not re-
iected by the commissioner may be made by
any party interested by filing copy OF such
DIRECTIONS with the commissioner, who shall
present the same to the circuit court at the
time of the next application to declare
dividend. The court may make proper pro-
Q Vision for improved or unclaimed deposits.
cornoration Of whose property and business
the commissioner has taken Pc possession as IS
may. at any time within, ten days after
such taking possession, apply to the circuit 1,1
or banking corporation is located to enjoin
further proceedings; and said court, after
ciring the commissioner to show cause why
further proceedings should not be enjoined
and hearing the allegations and proofs OF
upon the merits dismiss such application or
enioin the commissioner from further pro-
oaSdinnS and direct him to surrender such