The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-11-02

days after the notice OF assessment shall
have been mailed.
III any stakeholder h fail or neglect
to pay the amount of the assessment
against his stock for ten lays after the
same shall nave become so due and pay
able, the directors of such bank or trust
company, or, upon their failure TO act.
tire public examiner may offer said stock
for sale. and sell the same at public sale
upon ten days notice TO be given by post
ing copies of such notice Of sale in fve
public places in the town, village or city
where such bank or trust company Is To-
| Gated. Upon such sale the purchaser
shall forthwith pay the amount OF the
assessment against said stock. The
amount received from the sale OF. such
stock, less the cost and expense OF such
sale. shall be paid to the original owner
of such stock.
II any bank or trust company refuse or
to make good such impairment OF It's
capital stock, the public examiner is
hereby authorized and empowered TO take
charge of its affairs and wind up its busi-
ness.
Sec. 10. Delinquent: Public Examiner
May Take Observation-Disclosures it'shall
appear to the public examiner that any
chapter is applicable has violated its
charter or any law of the state, or is
conducting it's business in an unsafe or
unauthorized manner. or II the capital
stock of any such bank or trust company
Is impaired, or IL any such bank or trust
company shall refuse to submit it's books,
papers and affairs to the inspection OF
any examiner, or IL n officer thereof
shall refuse to be examined upon oath
touching the affairs of any such bank or
trust company, or II any such bank or
trust shall suspend or refuse
TO make payment OF its obligations, or IL
from any examination or report provided
for by this statute, the public examiner
bank or trust company is in an unsound
or unsafe condition TO transact the bust-
ness for which Ii is organized, or that 1t
is unsafe and inexpedient for 1t to con-
tinue business, or IL any such bank or
trust company shall neglect or refuse TO
observe an order of the public examiner
specified in the preceding section, the
public may forthwith take pos
session of the property and business Of
u bank or trust company and retain
such possession until such bank or trust
company shall resume business. or its af-
fairs be finally liquidated, as herein pro-
vided.
Whenever any bank refuses or neglects
to deliver possession OF It's affairs, as
sets or property of whatever nature. to
the public examiner, or TO the person
ordered or appointed 10 take charge Of
such bank or trust company according
to the provisions Of this act, the public
examiner shall communicate the facts to
the attorney general, or to the states at
torney OF the county wherein such bank
or trust ompan Is located, who shall
hereupon cause an application to be made
to the circuit court or to any judge there
OF. having jurisdiction of the same, for
an order placing the public examiner, or
the person ordered or appointed by him
to take charge of such bank or trust COM
pany, in charge OF such bank or trust
company and its affairs and property;
providing. that II the Judge of the circuit
court having Jurisdiction Of the same,
shall be absent therefrom at the time
such application Is to be made, then, and
co rtai m ssse; grant any l such o or ere a sn9re the
petition and order of possession shall be
forthwith transmitted to the clerk Of the
circuit court Of the county in which such
Sec. IL. Injunction Proceedings
Whenever such bank. or trust company
Of whose property and business the pub
lie examiner has taken possession, as
aforesaid, deems itself aggrieved there
by 1t may, at any time within ten days
after such taking possession, apply to the
circuit court for the county In which
such bank or trust company is located
to entoin further proceedings; the said
court after citing the public examiner
to show cause why further proceedings
allegations and proofs OF the parties and
determining the facts, may upon the
merits dismiss such application or enjoin
the public examiner from further pro-
ceedings, and direct him to surrender
such business and property to such bank
or trust company.
company TO enjoin the public examiner
in the discharge of his duty hall be had
in the county where said bank or trust
company is located or in the supreme
Sec. IL. Notice-Effect OIL On taking
possession of the property and business
OF any such bank or trust company, the
public examiner shall forthwith give
notice of such fact by letter or telegram
to any and all banks or trust companies
holding or In possession OF any assets of
any bank or trust company. No bank or
trust ompany knowing of such taking
possession by the public examiner, or
notified as aforesaid, shall have a lien Or
| clearance thereafter made, or liability
| thereafter Incurred, against any of the
assets of the bank or trust company. OF
examiner shalt AVE taken possession as
aforesaid.
Sec. Is. Resume Business.l Such bank
or trust company may upon repayment
of any money advanced by the Depositors'
Guaranty Fund to such bank or trust COM
pany, with the consent OF the public ex-
amlner, resume business upon such con-
| ditions as may be approved by him.
Sec. IA. Observation-Disclosures
posit of Funds-Preference.1 Upon taxi
Ing possession Of the PROPERTY and busi-
public examiner is authorized 20 collect
| all moneys due to such bank or trust COM
pany. n to do such other acts as are
necessary to conserve It's assets and BUSH
| ness. and shall proceed to %liquidate the
! affairs thereof as provided in his act.
The public examiner shall collect all
debts due n claims belonging to it,
| and may upon order OF the circuit court,
after havina made application therefor,
sell or compound all bad or doubtful
debts, and on like order may sell all or
| any OF the real and personal property OF
| such bank or trust company on such
| terms as the court shall direct, provided,
all sales shall be made on competitive
bids after advertisement for ten day. in
the official papers in the county In
which the property IL located,
The moneys collected by the public ex-
aminer shall be, from time 10 time, de-
posted in or more state banks or
trust companies, and in case of the sus-
pension or insolvency OF the depository,
such deposits shall have preference over
all other deposits.
Sec. 10. Examiners In Charge-As-
sistants-Appointment.1 The public ex-
aminer may, under his hand and official
seal appoint one or more examiners in
charge, as agent or agents to assist him
n the duty of liquidation and distribution;
the certificte OF appointment to be filed
In the office OF the public examiner, and
q certified copy in the office OF the clerk
Of the circuit court for the county In
which such bank or trust onapa Is 10
Gated. The public examiner may from
time to time authorize a special examiner
such liquidation n distribution ~ he
may deem proper. The public examiner
may employ such ounse and procure
such expert assistance and advice as may
be necessary In the liquidation and dis
trsbution of the assets OF such bank or
trust company, and may retain such Of
ffcers or employees Of such ban or trust
company ~ he may deem necessary. The
public examiner b require from such