Page:United States Statutes at Large Volume 29.djvu/631

 FIFTY-FOURTH CONGRESS. Sess. II. Ch. 354. 1897. 60] thirty-six thereof, the Comptroller of the Currency shall have paid to each and every creditor of such association, not including shareholders who are creditors of such association, whose claim or claims as such creditor shall have been proved or allowed as therein prescribed, the full amount of such claims, and all expenses of the receivership and the redemption of the circulating notes of such association shall have been provided for by depositing lawful money of the United States with the Treasurer of the United States, the Comptroller of the Currency shall call a meeting of the shareholders of such association by giving notice thereof for thirty days in a newspaper published in the town, city, or county where the business of such association was carried on, or if no newspaper is there published, in the newspaper published nearest thereto. At such meeting the shareholders shall determine ,,,“",§,°1‘§§,{'§` §‘°°,,§‘_ whether the receiver shall be continued and shall wind up the aifairs of cefvcr pr ¤s¤¤t wind such association, or whether an agent shall be elected for that purpose, “’ mm" and in so determining the said shareholders shall vote by ballot, in person or by proxy, each share of stock entitlingthe holder to one vote, and the majority of the stock in value and number of shares shall be necessary to determine whether the said receiver shall be continued, or whether an agent shall be elected. In case such majority shall deter- ,,,$$§f{°‘“°“" by "’ mine that the said receiver shall be continued, the said receiver shall thereupon proceed with the execution of his trust, and shall sell, dispose oi, or otherwise collect the assets of the said association, and shall possess all the powers and authority, and be subject to all the duties and liabilities originally conferred or imposed upon him by his appoint- _ ment as such receiver, so far as the cme remain applicable. In case m°°"‘°" °f “g°“"‘ the said meeting shall, by the vote of a majority of the stock in value and number of shares, determine that an agent shall be elected, the said meeting shall thereupon proceed to elect an agent, voting by ballot, in person or by proxy, each share of stock entitling the holder to one vote, and the person who shall receive votes representing at least a majority of stock in value and number shall be declared the agent for the purposes hereinafter provided; and whenever any of the shareholders of the association shall, after the election of such agent, have _ executed and filed a bond to the satisfaction of the Comptroller of the ,,f,’;‘,{§',§}f}f,{.’,Q_“°““ °' Currency, conditioned for the payment and discharge in full of each and every claim that may thereafter be proved and allowed by and before a competent court, and for the faithful performance of all and sin- _ gular th_e duties of such trust, the Comptroller and the receiver shall ,gff,}f"""°'“‘°°‘*° thereupon transfer and deliver to such_agent all the undivided or uncol- ' lected or other assets of such association then remaining in the hands or subiect to the order and control of said Comptroller and said receiver, or either of them; and for this purpose said Comptroller and said receiver are hereby severally empowered and directed to execute any deed, assignment, transfer, or other instrument in writing that may be necessary and proper; and upon the execution and delivery of such instrument to the said agent the said Comptroller and the said receiver shall by virtue of this Act be discharged from any and all liabilities to such association and to each and all the creditors and shareholders thereof D t of t Upon receiving such deed, assignment, transfer, or other instrument " y °g°°’ the person elected such agent shall hold, control, and dispose of the assets and property of such association which he may receive under the terms hereof for the benefit of the shareholders of such association, and he may in his own name, or in the name of such association, sue and be sued and do all otherlawful acts and things necessary to finally settle and distribute the assets and property in his hands, and may sell, compromise, or compound the debts due to such association, with the consent and approval of the circuit or district court of the United States for the district where the business of such association was carried on, and shall at the conclusion of his trust render to such district or circuit court afull account of all his proceedings, receipts, and expenditures as such agent, which court shall, upon due notice, settle and adjust such accounts and discharge said agent and the sureties upon said bond.