Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1916-10-21

sistants-Appomtme The public eX-
amlner may, under his hand and official
seal appoint one or more examiners in
charge, as agent or agents to assist him
the duty OF liquidation and distribution;
the certifcte OF appointment to be filed
In the office of the public examiner, and
o certified copy in the office of the clerk
OF the circuit court for the county IN
which such bank or trust company is To-
Gated. The public examiner may from
time to time authorize a special examiner
to perform such duties connected with
such liquidation and distribution as he
may deem proper. The public examiner
may employ such counsel and procure
such expert assistance and advice as may
be necessary N the liquidation and dis
tributlon Of the assets of such bank or
trust company, and may retain such of
ficers or employees of such bank or trust
company as he may deem necessary. The
public examiner shall require from such
examiners In charge, special examiners,
counsel and assistants, such security for
the faithful discharge OF their duties, as
he may deem proper.
Sec l6. Compensation - Expenses
Payment and Accounting The COM
pensation of examiners in charge, spe-
ctal examiners, counsel, and other em-
ployes and assistants, and all expenses OF
supervision, liquidation and distribution,
shall be fixed by the public examiner
subject TO the approval of the circuit
court for the county in which such bank
or trust company is located, on notice to
such bank or trust company, and shall
be paid out Of the funds OF such bank
public examiner.
For each and every day that the affairs
such bank or trust company may, in the
discretion of the public examiner, require
the personal attention OF the public eN-
amner, his deputy, attorney or any eX-
aminer, the sum of five dollars per day
and all necessary expenses OF such officer
OF officers, shall be proper charge
against the assets of such bank or trust
company, and upon the order of the pub
lie examiner, shall be paid by the ex-
a m fV ~ arfpp ~ TGh In frnF
the assets thereof to the Department of
Banking and Finance and shall be de-
osited with the State Treasurer and cred
tied TO the Contingent Fund of said de-
partment; provided, that for each and ev-
cry day that the departments attorney is
actually and necessarily engaged in pre-
pairing for trial and the trial of cases for
any such institution, charge of twenty
dollars per day and all necessary expenses
OF such attorney. shall be proper charge
against the assets of such institution and
shall be paid and accounted for as herein
provided
Sec II, INVENTORY Upon taking pos
session Of the property and assets of
such bank or trust company, the public
examiner shall make an inventory OF the
assets Of such bank or trust company,
in duplicate, one to be filed in the office
OF the public examiner and one in the
office of the clerk of the circuit court for
the county in which such bank or trust
company is located. Such inventory to
consist of a list of all assets of the in
stitution, but the Bills Receivable shall
only be noted by number and amount as
appears on the Bills Receivable register
OF such institution
Sec SIS. Statement to Creditors
Within thirty days after the taking pos
session of any insOlVent bank or trust
company as herein provided the public
examiner shall make financial state
ment together with a brief statement set
ting forth the cause OF the insolvency
and any other information regarding the
impaired condition of said bank not set
forth in the financial statement, and shall
mail a copy of such statement to each
stoclSholder and known creditor Of such
Sec 19. Clains-Notice The public
examiner shall cause notice to be given
by advertisement in such newspapers pub
lished within the county in which such
bank or trust company Is located, he
may direct, weekly for ten consecutive
weeks, calling on all persons who have
claims against such bank or trust com
pany, to present the same to the public
examiner and make legal proof thereof
at place and within a time, not earlier
than the last day OF publication, to be
therein specified The public examiner
shall mail a similar notice 70 all persons
whose names appear as creditors upon
the books of the bank or trust company.
Any claim not presented within the time
fixed by such notice shall be forever bar
red; provided, however, that upon good
cause shown, the court, in its discretion,
may direct the payment of any dividend
or dividends heretofore declared and dis
tributed, or such proportion thereof as the
funds then in the hands of the public
examiner belonging to such institution ap-
plicable to the payment of dividends, will
permit; and, provided further, that if
such claim be for deposit duly made in
such bank or trust company, the court
may direct the public examiner to procure
the money as provided in Article of this
act and pay the same to the claimant.
II the public examiner doubts the JUS
reject the same and serve notice of such
rejection upon the claimant either by
mail or personally. An affidavit of the
service of such notice, which shall be
filed with the clerk of the circuit court
for the county in which such bank or
trust company is located. An action upon
a claim so rejected must be brought with
in three months after such service
Objections to any claim not rejected
by the public examiner, may be made by
any party interested by filing a copy OF
such objection with the public examiner
within thirty days after the date fixed In
the notice to creditors for the filing of
claims and such objections shall be, by
the public examiner, forthwith presented
to the circuit court Said court shall
thereupon issue its order directing the
place therein specified, why such claim
should not he rejected. II upon such
hearing II shall appear TO the satisfac-
tion of the court that the objections are
we'll founded, such claim shall by proper
order OF the court be rejected by the pub
lie examiner. II 1t appears to the court
that such objections are not well found
ed, the court shall by pre- per order di-
rect that such claims be paid in the
regular administration OF the affairs of
such institution, and the costs of the
proceedings shall be fixed by the court,
and upon motion by the owner of the
claim objected to, after six days notice,
judgment may be entered against the
person filing said objections and col
lected in the same manner as other judg-
ments.
Upon the expiration Of the time fixed
for the presentation OF claims the public
examiner shall make in duplicate, full
and complete list of the claims presented.
which have been rejected, and he shall
also make in duplicate a ful and COM
plete list Of all claims presented and al
lowed, other than claims of depositors.
and If any OF such claims are preferred
claims. he shall SO specify; one copy to
be filed i'm the office OF the public ex-
aminer and the other in the office of the
clerk of the circuit court for the county
in which such institution is located.
Sec 20 Dividends. AT any time after
the expire ton OF the date fixed for the
presentation Of claims the public exam
iner may, ont Of The funds remaining in
his hands after the payment of expe nses,
declare one or more dividends, and after
the expiration OF one year from the first
publication OF the notice TO creditors he
may declare final dividend. such divi-
dends 20 be paid to such persons. and in
such amounts. and upon such notice. as
may he directed by the circuit court for
the county in which such bank or trust
company IS located
sec 21 Observation-Disclosures De-
positsil Dividends and unclaimed de-
posits remaining unpaid In the hands OF
the pVhlic examiner for six months after
the order for final distribution shall be
by him deposited in one or more state
banks or trust COMPANIES. to the credit
Of the public examiner, In his name of
office. in trust for TIE several dcpositors
and creditors entitled thereto.
Sec. %. Payment of Claims. The
public examiner may pay over the
moneys so held by him - the persons
respectively entitled thereto, upon being
furnished satisfactory evidence OF their
right 10 the same, and in cases Of doubt
or conflicting claims. he may require an
order OF the circuit court authorizing and
directing the payment thereof He may
apply the interest earned by the moneys
SO held by him toward defraying expenses