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papers or documents in his possession as may be required by such commissioner.

Sec. 9. If the commissioners, upon any examination, or from any report made to them or to the shareholders, shall find that any association, corporation or society licensed by them, is violating the provisions of its charter or of the laws of this state provided for its government, or is conducting its business in an unsafe or unauthorized manner, they may, by an order, addressed to the association, corporation or society so offending, direct a discontinuance of such violations or unsafe practices and a conformity with all the requirements of law; and if such association, corporation or society shall refuse or neglect to comply with such order within the time specified therein; or if it shall appear to the commissioners, in their opinion, that any such association, corporation or society is in an unsafe condition, or is conducting its business in an unsafe manner, such as to render its further proceeding hazardous to the public or to those having funds in its custody, they shall notify the attorneygeneral of such facts and furnish him with a statement showing its condition, as the same may have been found to exist; at the same time they shall notify the officers of such association, corporation or society of the fact of such report having been made and direct them to cease the transaction of any new business, and to hold all moneys, securities and property intact, pending the action of the attorneygeneral on such report. The attorney-general shall thereupon apply to the superior court, of the county in which such association, corporation or society has its principal place of business, to issue an injunction restraining it, in whole or in part, from further proceeding with its business until a hearing can be had. Such court may, in such application, issue such injunction, and after a full hearing, may dissolve or modify it, or make it perpetual, and may make such orders and decrees according to the course of proceedings in equity, to restrain or prohibit the further prosecution of business by such association, corporation or society, as may be needful in the premises; and may appoint one or more receivers to take possession of its property and effects, subject to such directions as may from time to time be prescribed by the court; or it may, by its decree, order and direct that, in lieu of the appointment of a receiver, the business and atfairs be liquidated by a board of trustees equal in number to the board of directors, to be elected by the shareholders, at a meeting thereof, to be called for such purpose and held

within two weeks from and after the first Monday succeeding the date of such order and decree; such meeting to be called and held on the order of the commissioners, one of whom shall be present and preside until such election shall be had; whereupon he shall report the result to the proper court, and thereupon the term of office of the existing board of directors and of all the officers shall cease and determine. Such board of trustees, when so elected, shall at once assume office and have possession and control of all the property and assets for the purpose of liquidation; and such liquidation shall be conducted by such board under the supervision of the commissioners, who shall have full power to limit the time within which it shall be accomplished, and to limit the number of employees and the salaries and expenses that shall be allowed and paid. The issuance of an injunction, in the manner herein provided, shall operate to dissolve or stay any and all attachments or executions initiated or levied within thirty days next preceding the date of notification of the attorney-general by the commissioners; and, pending the process of liquidation as ordered by the court, no attachment or execution shall be levied, nor lien created, upon any of the property of such association, corporation or society.

Sec. 10. Whenever a receiver or receivers are appointed, or trustees elected in lieu thereof, the commissioners shall require the president and secretary of such association, corporation or society to, and such officers shall, make a schedule of ali Its property and make oath that such schedule sets forth all the property which such association, corpora tion or society owns or is entitled to, and deliver said schedule and possession of the property to the receivers or to the trustees, and a copy of such schedule to the commissioners, who may at any time examine under oath such president and secretary, or other officers, to determine whether or not all the property which such association, corporation or society owns, or is entitled to, has been transferred to such receivers or trustees.

Sec. 11. The commissioners shall, at least once in each year and as much oftener as they may deem expedient, examine the accounts and doings of receivers or trustees, and shall carefully examine and report on all accounts and reports made to the proper court, and, for the purposes of this section, shall have full and free access to all the books, accounts and vouchers relating to any such liquidation.

Sec. 12. Upon the certificate, under oath, of any ten or more officers, trustees, creditors, shareholders or depositors

of any such association, corporation or society, setting forth their interest and the reason for the making of such examination, directed to the commissioners, and requesting them so to do, they shall forthwith make a full investigation of its affairs, in the manner provided.

Sec. 13. If either of the commissioners, having knowledge of the insolvent condition, or of any violation of law or unsafe practice of any such association, corporation or society under their supervision, such as renders, in their opinion, the conduct of its business hazardous to its shareholders, creditors or depositors, shall fail to take the proper action required by this act, or shall refuse or neglect to perform the official duties pertaining to his office, then upon conviction thereof the office of such commissioner shall be declared vacant by the governor, and a successor be appointed to fill the unexpired term.

Sec. 14. To meet the salaries and expenses provided for by this act, the commissioners shall require every association, corporation or society licensed by them or coming under their supervision to pay in advance, to them, and prior to the issuance of any license, its pro rata amount of all such salaries and expenses, and it is hereby made the duty of every such association, corporation or society to pay the same; such pro rata shall be fixed and determined by the proportion which its assets bear to the aggregate assets of all such associations, corporations, or societies, receiving licenses, as shown by the last reports of such corporations, associations, or societies to the commissioners. On or before the thirtieth day of December, in each year, the commissioners shall notify each of such associations, corporations or societies, through the United States mail, of the amount assessed and levied against it and that the same must be paid within twenty days thereafter; and should payment not be made to them within said twenty days, they shall then assess and collect a penalty, in addition thereto, of ten per cent per day for each day that such payment may be delayed or withheld; provided, however, that in the levy and collection of such assessment, no such association, corporation or society shall be assessed for, nor be permitted to pay less than ten dollars per annum, and any such association hereafter formed in this state, shall be required to pay not less than one dollar per month for the unexpired term ending December thirty-first, succeeding application; and in like manner any such association organized outside this state shall be required to pay not less than

three dollars per month, for such unexpired term, for its first license.

Sec. 15. It shall be the duty of the commissioners to require every such association, corporation or society coming under their supervision, to procure from them, prior to the transaction of any business, a certificate of authority or license to transact business in this state; and it is hereby made the duty of every such association, corporation or 80ciety to comply with such requirement. To procure such license, there must be filed with and approved by the commissioners, a certified copy of its articles of incorporation, constitution and by-laws and all subsequent amendments thereto, accompanied by the license fee herein provided for; and after the expiration of the term for which a license may have been granted to it, no such association, corporation or society shall be permitted to continue to transact business without first procuring a renewal of such license on the terms provided in this act, and any such association, corporation or society violating the provisions hereof shall be subject to a penalty of ten per cent per day of the amount of the license fee required to be paid under section fifteen of this act, in addition thereto, for each day during the continuance of such offense. The commissioners are authorized and empowered to revoke the license of any such association, corporation or society under their supervision, the solvency whereof may have become imperiled by losses or irregularities; and immediately upon the revoking of any such license they shall report the facts to the attorneygeneral, who shall thereupon take such proceedings as are provided in section nine of this act.

Sec. 16. The commissioners shall require every association, corporation or society licensed by them, and including associations in liquidation, within thirty days after the close of its annual fiscal term to make a report to them in writing, verified by the oath of its president and secretary, showing accurately its financial condition at the close of such term; such report shall also include all the receipts and disbursements and income and expenses for the term, together with such statistical and other information as may be deemed essential; all and every of such reports shall be in such form as the commissioners may prescribe, and upon blanks to be by them furnished therefor. Every such association, corporation or society is hereby required to make and file all such reports within the time specified herein, and for failure or neglect so to do shall be subject to a pen

alty of ten dollars per day for each and every day the same shall be delayed or withheld.

Sec. 17. The collection of all moneys assessed, as herein provided, for the payment of salaries and annual expenses, or forfeitable as fines for failure to make payments of assessments, procure licenses, or make and file reports as herein specified, and due from any such association, corporation or society coming within the provisions of this act, or imposed as a penalty for violation of any order or summons, may be enforced by the commissioners, by action instituted in any court of competent jurisdiction; and all moneys collected or received by the commissioners under this act, shall be deposited with the state treasurer, to be credited to a fund to be known and designated as the "building and loan inspection fund"; which said fund shall only be used in defraying the salaries and expenses provided for by this act.

Sec. 18. This act shall not be construed as affecting the terms of office of the commissioners appointed under and by virtue of an act entitled "An act creating a board of commissioners of the building and loan associations and prescribing their duties and powers," approved March twentythird, eighteen hundred and ninety-three, and acts amendatory thereof, and such commissioners are hereby created the building and loan commissioners for the unexpired terms for which they were appointed, and they and their secretary are hereby vested with all the powers and duties, and are entitled to all the emoluments herein provided for; and they and their successors in office, as the building and loan commissioners herein provided for, shall succeed to all the rights, privileges and benefits, and to the control and possession of all records, property and funds in the possession of or enjoyed by the board of commissioners of the building and loan associations appointed under and by virtue of said act of March twenty-third, eighteen hundred and ninety-three. Sec. 19. All acts and parts of acts, including an act entitled "An act creating a board of commissioners of the building and loan associations and prescribing their duties and powers," approved March twenty-third, eighteen hundred and ninety-three, and all acts amendatory thereof, are hereoy repealed.

Sec. 20. This act shall take effect and be in force from and after its passage.

ACT 430.

Creating a board of commissioners of building and loan associations and prescribing their powers and duties. [Stats. 1893, p. 229.]

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