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29. Insolvent banks. Remedy in chancery by injunction and appointment of receiver.

Whenever any bank shall become insolvent, or shall suspend its ordinary business for want of funds to carry on the same, the attorney-general or any creditor or stockholder may by petition or bill of complaint setting forth the facts and circumstances of the case apply to the court of chancery for a writ of injunction and the appointment of a receiver or receivers or trustees, and the court being satisfied by affidavit or otherwise of the sufficiency of said application, and of the truth of the allegations contained in the petition or bill, and upon such notice, if any, as the court by order may direct, may proceed in a summary way to hear the affidavits, proofs and allegations which may be offered on behalf of the parties, and if upon such inquiry it shall appear to the court that the bank has become insolvent and is not about to resume its business in a short time thereafter, with safety to the public and advantage to the stockholders, it may issue an injunction to restrain the bank and its officers and agents from exercising any of its privileges or franchises and from collecting or receiving any debts, or paying out, selling, assigning or transferring any of its estate, moneys, funds, lands, tenements or effects, except to a receiver appointed by the court, until the court shall otherwise order.

30. Court may appoint receivers. Powers of receivers.

The court of chancery, at the time of ordering said injunction, or at any time afterwards may appoint a receiver or receivers or trustees for the creditors and stockholders of the bank, with full power and authority to demand, sue for, collect, receive and take into their possession all the goods and

chattels, rights and credits, money and effects, lands and tenements, books, papers, choses in action, bills, notes and property of every description of the bank, and to institute suits at law or in equity for the recovery of any estate, property, damages or demands existing in favor of the bank, and in his or their discretion to compound and settle with any debtor or creditor of the bank, or with persons having possession of its property or in any way responsible at law or in equity to the bank at the time of its insolvency or suspension of business, or afterwards, upon such terms and in such manner as he or they shall deem just and beneficial to the bank, and in case of mutual dealings between the bank and any person to allow just set-offs in favor of such person in all cases in which the same ought to be allowed according to law and equity; a debtor who shall have in good faith paid his debt to the bank without notice of its insolvency or suspension of business, shall not be liable therefor, and the receiver or receivers or trustees shall have power to sell, convey and assign all the said estate, rights and interests, and shall hold and dispose of the proceeds thereof under the direction of the court of chancery; the word, "receiver," as used in this act shall be construed to include receivers and trustees appointed as provided in this act.

31. Fees.

On filing any certificate or other paper relative to banks in the department of banking and insurance, the following fees and taxes shall be paid to the commissioner of banking and insurance for the use of the state: for certificate of incorporation, twenty cents for each thousand dollars of the total amount of the capital stock authorized, but in no case less than twenty five dollars; for certificate of increase

of capital stock, twenty cents for each thousand dollars of the total increase authorized, but in no case less than twenty dollars; for certificate of extension or renewal of corporate existence of any bank, the same as required by this act for the original certificate of incorporation; for certificate of dissolution of bank, change of name, or for amended certificates of incorporation (other than those authorizing increase of capital stock), twenty dollars, and for all certificates not hereby provided for five dollars; every bank shall also pay to the commissioner of banking and insurance, for the use of the state, for filing the reports required by this act an annual fee of twenty dollars, and in addition thereto each bank shall defray the expenses incurred by the commissioner in making any examination of its affairs as hereinbefore provided for, and the said commissioner may maintain an action in the name of the state against such bank, for the recovery of such expenses, in any court of competent jurisdiction.

32. Annual reports to legislature.

The commissioner of banking and insurance shall make annual report to the legislature, which shall embrace a statement of proceedings taken under this act, of new banks organized, and a summary of the reports of every bank.

33. Surrender of franchise.

Whenever any bank shall determine by its board of directors, with the consent of three-fourths of its stockholders in interest, to discontinue its business and settle its affairs, it shall be lawful · for such board of directors to file with the commissioner of banking and insurance of this state a certificate in writing, signed and acknowl

edged by such stockholders, expressing said consent, and likewise the certificate of said board of directors under the corporate seal, setting forth such intention, and that they thereby surrender to the state their corporate privileges and powers; and thereupon said corporation shall be deemed and taken to be dissolved, except for the purpose of distributing its assets, and otherwise settling its affairs; but such bank shall, nevertheless, be continued a body corporate for the term of three years after the time of such surrender, for the purpose of prosecuting and defending suits by or against it, and closing its concerns, but not for any other business or purpose whatever; and the said board of directors shall act as trustees for that purpose, subject to the orders of the court of chancery on application of any creditor or stockholder, and subject to removal or any action by said court.

34. Bank stock. How taxed.

Every person shall be assessed in the township or ward where he resides for all shares of the stock of any national bank in this state or of any bank organized under the laws of this state owned by him. or in his possession or control as trustee, guardian, executor or administrator; and in case said owner, trustee, guardian, executor or administrator shall be a non-resident of this state, then and in that case such bank shall be assessed in the township or ward where said bank has its principal place of business, to the amount of such shares so owned or held by non-residents as aforesaid in the manner now provided by statute in the case of other corporations, and except as aforesaid the property, real and personal, of such banks shall not be subject to assessment or tax.

35. Application of this act.

The provisions of this act shall be applicable to, and the word "bank," when used in this act, shall be construed to include all corporations, other than trust companies and savings banks, heretofore organized under the laws of this state, whether by special charter or otherwise, and authorized to carry on the business of banking in the state of New Jersey, and as well, all corporations hereafter organized under this act.

36. Repealer. Existing banks. Vested rights not impaired.

The powers and privileges conferred and imposed upon any bank, banking company or domestic corporation authorized to do a banking business, other than a trust company or a savings bank, existing and doing business under the laws of this state, are hereby abridged, enlarged or modified, as each particular case may require, to conform to the provisions of this act and to such amendments as may be made hereto; but nothing in this act shall be construed to affect the legality of investments heretofore made, or of transactions heretofore had, pursuant to any provisions of law in force when such investments were made or such transactions had, and nothing herein contained shall be deemed to impair the rights, privileges and powers of any corporation heretofore organized contained in its charter or certificate of incorporation, and vested rights acquired under the acts hereinafter repealed and actually existing and enjoyed shall not be divested or disturbed, but no special provision relating to taxation or immunity or exemption therefrom contained in any special charter shall be revived or continued by anything

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