with the national bank examiner, if possible, that their visits shall be simultaneous: Provided, that in In first year of the first year of the operation of this act only one operation of this act, but examination of each bank, savings bank, and trust company need be made. At such visits he shall have free access to the vaults, books, papers, and assets, and shall thoroughly inspect and examine the affairs of said corporation to ascertain its condition, its ability to fulfill its obligations, and whether it has complied with the provisions of law. The commissioner shall preserve a full record of such examinations, including a statement of the condition of each of said corporations. Such records and information contained in reports of banks, savshall not open ings banks, and trust companies, under the super Record of examinations to be kept, and to inspection, except to whom. Penalty for im parting information other vision of the commissioner, other than information required by law to be filed, shall be open only to the inspection of the commissioner, his deputy and assistants, and such other officers of the state as may have occasion and authority to inspect them in the performance of their duties. The imparting of such information by the commissioner, other than accordthan according ing to the provisions of this section, shall be sufficient cause for his removal, and any such deputy, assistant, or officer who, except in the discharge of his official duty, shall impart any such information, shall be liable to a fine of not exceeding one thousand dollars, and any such deputy or assistant shall also be removed from his said office or employment by said commissioner. to provisions of this section. Bank commissioner may summon directors, etc., and examine SEC. 33. The bank commissioner may summon the directors, trustees, officers, or agents of any them relative bank, savings bank, or trust company, and such other witnesses as he thinks proper, and examine them relative to the affairs, transactions, and condition of the corporation, and for that purpose may to affairs of corporation. fusing to ap administer oaths. Whoever, without justifiable Penalty for recause, refuses to appear and testify when so required, pear and testior obstructs the commissioner, or his deputy, in the quest. performance of his duty, shall be punished by a fine of not exceeding one thousand dollars or by imprisonment for not more than one year; and in case any person shall refuse to furnish any information requested by the commissioner, or his deputy, under the authority of any section of this act, the commissioner may apply to the superior court, and said court shall cause such person to come before it and shall thereupon inquire into the facts set forth in such application, and may commit such person to jail until he shall comply with such request. If, in the opinion of the bank commissioner, such corporation or its officers or trustees have violated any law relative to such corporations, he shall forthwith report such violation to the attorney general, who may, in behalf of the state, institute a prosecution or other appropriate proceedings for such violation. SEC. 34. Upon the written application under Commissioner, oath to the bank commissioner by depositors of any corporation subject to the provisions of this act, representing five per centum of the deposits, as shown by the last published return of said corporation, or upon the written application to the bank commissioner of persons holding twenty-five per centum of the outstanding capital stock of such corporation, or upon the written application to the bank commissioner of at least one-third in number of the board of directors or trustees of such corporation, setting forth their interest and the reasons for making an examination, and requesting him to examine such corporation, he shall forthwith, if in his opinion such reasons are sufficient therefor, make upon written application of certain per- to examine corporation, same. In case any corporation subject to this act appears to what action is be insolvent, to be taken. be appointed. or cause to be made a full investigation of its affairs in the manner provided by this act. SEC. 35. If upon examination any corporation subject to the provisions of this act appears to be insolvent, or its condition such as to render the continuance of its business hazardous to the public or to those having funds in its custody, the bank commissioner, with the approval and consent in writing of at least one other member of the board of bank incorporation, shall immediately take possession of said corporation and its assets, and said commissioner may apply to the superior court for the county in which said corporation is conducting its business, for the appointment of a receiver or receivers thereof and for an injunction to restrain such corporation in whole or in part from further proceeding with its business, and said court shall have jurisdiction in equity of such application. Receiver may The court may appoint a receiver or receivers to take possession of the property and effects of such corporation, subject to such directions as may from time to time be prescribed by the court, and the appointment of said receiver or receivers shall vest in him or them all the right, title, and interest of such corporation in and to its property and effects, and shall vacate and dissolve all attachments or liens thereon, created by or obtained in or pursuant to any suit or proceeding at law or in equity against said corporation which was begun within four months before the appointment of said receiver or receivers, and such receiver or receivers shall have all the powers and be subject to all the duties conferred or imposed upon receivers by the provisions of sections twenty-eight and twenty-nine of Chapter one hundred seventy-seven of the General Laws: Provided, however, that no officer of any such corporation shall from acting as ceiver. be appointed sole receiver thereof, nor shall more Who barred than one officer of such corporation be appointed as sole or co-reco-receiver thereof. If any corporation subject to the provisions of this act appears to have exceeded its powers or failed to comply with any provision of law, the bank commissioner may apply to the superior court for the county in which said corporation is conducting its business, for an injunction to restrain such corporation in whole or in part from further proceeding with its business, and said court shall have jurisdiction in equity of such application. ties of. SEC. 36. When a receiver or receivers are so Receivers, duappointed, the president or treasurer of the corporation shall make or cause to be made a schedule of its property, and shall make oath that said schedule sets forth all the property which the corporation owns or is entitled to. The treasurer shall deliver said schedule to the receiver or receivers and a copy thereof to the bank commissioner, who may at any time examine under oath such treasurer, board of directors, or trustees, or other officers, to determine whether all the property which the corporation owns or is entitled to has come into the hands of the receiver or receivers. SEC. 37. The bank commissioner shall at least twice in each year, and whenever he considers it expedient, examine the accounts and doings of said receiver or receivers, and shall carefully examine and report upon all accounts and reports of any receiver or receivers made to the superior court, and for such purposes shall have free access to the books and papers relating to the transactions of such receiver or receivers, whom he may examine under oath relative to such transactions. If in his opinion any such receiver has violated his duty, he shall present the facts to the superior court. Commissioner counts of re to examine ac ceivers at least twice in each year. Commissioner to report an nually to gen SEC. 38. The bank commissioner shall annually eral assembly. report to the general assembly the condition of all institutions examined by him, with such recommendations as he may deem proper. Bank or trust company may, under certain conditions, go into liquidation and be closed be taken. SEC. 39. Any bank or trust company organized under the laws of this state and being in a solvent condition may, subject to the approval of the board of bank incorporation, go into liquidation and be closed by a vote of its stockholders owning twothirds of its capital stock, and any savings bank organized under the laws of this state and being in a solvent condition may, subject to the approval of the board of bank incorporation, go into liquidation and be closed by a vote of two-thirds of its corporators. For the purpose of closing up the affairs of What action to any such bank, savings bank, or trust company, the stockholders or directors or corporators thereof may appoint an agent, other than the directors, to close up its business, with such power and authority as they may impose by vote upon such agent. Whenever a vote is taken to go into liquidation, it shall be the duty of the board of directors or trustees to cause notice of this fact to be certified, under the seal of the corporation, by its president, cashier, or treasurer, to the bank commissioner, who shall submit the same to the board of bank incorporation. The said board of bank incorporation, if it approves of the act of the corporation, shall certify to that effect upon the certificate setting forth the vote of the corporation, and file the same with the bank commissioner. The corporation shall then publish a notice setting forth the said vote and notifying creditors to present their claims against the corporation for payment, which said notice shall be published once each week for eight successive weeks in a newspaper published in the city of Providence, and |