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shall any bank or individual banker purchase, buy in or take up, directly or indirectly, its or his circulating notes at an amount less than what purports to be due thereon at any other place or in any other manner than is directed in or by this chapter.

(Former section 74; R. S., 1536; L. 1882, ch. 409, §§ 98-100.)

§ 94. Distribution of funds of insolvent banks. The superintend ent shall make a final distribution of the funds in his hands arising from the sale of securities deposited with him by banks and individual bankers, which have failed or may hereafter fail to redeem their circulating notes. At the expiration of six years after the first sale made by the superintendent of such securities, he shall issue a final notice to the holders of the circulating notes issued by such bank or banker requiring the presentation thereof within six months after the date of the notice, and any of such notes which shall not be presented within the time thus specified shall cease to be a charge or claim upon the funds of such bank or banker remaining in the hands of the superintendent. Any such notes which shall be presented within the period above limited shall be received and paid by the superintendent at the same rate which shall have been paid on like notes previously presented, and if all the notes of any bank or individual banker so presented shall have been redeemed at their par value, he shall pay to such bank or banker, the residue of such funds remaining in his hands belonging thereto. If such notes shall not have been redeemed at par, then the holder shall be entitled to a certificate showing the balance, if any, due thereon.

(Former section 75; R. S., 1536; L. 1882, ch. 409, § 101.)

§ 95. Distribution of residue. At the expiration of the notice. required by the preceding section, the superintendent shall ascertain the amount of the residue of the fund remaining in his hands belonging to the creditors of such bank or banker and after deducting therefrom the expenses justly chargeable thereon, he shall make a pro rata distribution of the residue upon the outstanding certificates given for the balance due to the holders of the circulating notes of such bank or individual banker, which shall have been redeemed in part, and he shall issue a notice to the holder of such certificates stating the rate or amount payable thereon, and requiring them to

present the same within six months after the date of such notice. Any certificate not presented within that time shall cease to be a charge or claim upon the residuary fund in the hands of the superintendent. After making the final distribution herein directed, if any portion of such fund shall remain unclaimed, it shall be deposited in the treasury and applied towards paying the ordinary expenses of the banking department.

(Former section 76; R. S., 1537; L. 1882, ch. 409, §§ 102-104.)

896. Publication of notices. The notices required to be given by this chapter to the creditors of an insolvent bank or banker shall be published at least six weeks in one or more newspapers which the superintendent shall deem best calculated to inform such creditors, and the cost of such publication shall be defrayed out of the fund to which such notice shall refer.

(Former section 77; R. S., 1537; L. 1882, ch. 409, § 105.)

97. Redemption of notes held by banks and individual bankers. Any bank or individual banker receiving in the couse of its business the circulating notes issued by any other bank or individual banker, may present such notes for redemption and payment in the manner and upon the terms herein provided, either to the lawful redeeming agent or at the counters of the banks or individual bankers issuing them; but every such bank or individual banker so presenting such notes for redemption, shall present all of such notes on hand at the time of such presentation either to the lawful agent or at the counters of the banks or individual bankers issuing them for redemption and payment in the manner provided by law as often at least as once in each successive week, when more than the sum of ten thousand dollars of such notes are held by the bank or bankers presenting them for

payment.

Any such bank or individual banker holding such circulating notes who shall elect to present the same for redemption and payment at the counters of the bank or individual bankers issuing them, shall cause written or printed notice of such election, attested by the signature of the president or cashier of the bank or banker holding them, under seal, that all of such notes on hand at the time will be presented duly sealed at the counter of the bank or banker issuing

them, as often at least as once in each successive week when more than the sum of ten thousand dollars is held by such bank or banker, to be redeemed and paid in the manner required by law. When such notice shall have been given and received, such notes shall thereafter be presented at such counters and not elsewhere for redemption and payment, unless a further notice of ten days shall be given in the same manner that such notes will thereafter be presented for redemption and payment to the lawful redeeming agent of the bank or individual banker issuing them within the times and upon the terms prescribed by law. Any bank or individual banker may redeem, present, hold, pledge or exchange the circulating notes of any other bank or banker in the manner, within the times and upon such terms conformable to the provisions of law as may have been agreed

upon.

Every bank or individual banker who shall knowingly and wilfully neglect or refuse to comply with any provision of this section shall forfeit and pay to the people of the state the sum of one thousand dollars.

(Former section 78; R. S., 1537, 1538; L. 1882, ch. 409, §§ 106-108.)

98. Banks closing business. - Any bank, or its receiver, trustees or legal representatives, and any individual banker or his assignee, administrator, personal representative or successor, may give notice to the superintendent of the intention of such bank or individual banker to close the business of banking, and thereupon such bank or individual banker shall be entitled to deposit with the superintendent, and he may receive a deposit of, money equal to the amount of the outstanding circulation at the time of such deposit to be placed by him in some bank in the city of Albany, in good credit, upon the receipt of which the superintendent may return and retransfer to such bank or individual banker all securities in his hands theretofore deposited with him for the redemption of circulating notes by such bank or individual banker. Upon the receipt of such deposit the superintendent shall immediately cause to be published in the state paper and in at least one newspaper in the county where such bank or banker shall have been located or doing business at least once a week for six months, a notice that the notes of such bank or banker will be redeemed by him at par at the bank where such deposit is

made, and that all the outstanding circulating notes of such bank or banker must be so presented for redemption within six years from the date of such notice, and that all notes which shall not be thus presented for redemption and payment within the time specified in such notice shall cease to be a charge upon the fund in the hands of the superintendent for that purpose.

After the expiration of such notice the superintendent may surrender to such bank or banker, and such bank or banker, or any receiver, assignee, trustee or legal representative thereof, shall be entitled to reveive from the superintendent, all the money remaining in his hands after such redemption, except so much thereof as may be necessary to pay the reasonable expenses chargeable against such bank or banker, including the payment for the publication of such notices.

All circulating notes of such bank or banker which shall not have been presented for payment within the period prescribed in such notice shall, at the expiration thereof, cease to be a lien or charge upon the property of such bank or banker in the hands of any such receiver, assignee, trustee or legal representative, and all liability of such receiver, assignee, trustee, bank or banker, for or on account of any circulating notes which shall not have been presented within such time shall cease.

Any such trustee, receiver, assignee, bank or banker may, after the full payment of all the circulating notes issued by them respectively which shall have been presented within the time required by such notice, and of all other lawful claims and demands against such bank or banker, divide the remaining property of the bank or banker among the stockholders thereof, their personal representatives or assigns, according to their respective shares or interest therein.

If the bank so designated shall at any time fail or refuse to redeem such notes at par when presented, they shall be protested as required by this chapter, and the superintendent shall thereupon, in the manner required in this chapter for the redemption of circulating notes, provide for the redemption of such notes.

(Former section 79; R. S., 1538, 1539; L. 1882, ch. 409, §§ 109, 110.)

$99. Proceedings on closing bank. The stockholders of a bank may at any time direct that it be closed for the purpose of winding

up its affairs. Such directon may be given at a stockholder's meeting by a two-thirds vote of its stock after written notice by mail to each stockholder of record, at his last known place of residence, which notice shall contain a statement of the purpose for which such meeting is called. A copy of the proceedings of the stockholders' meeting duly certified by the president and cashier of the bank must be filed in the banking department. The supreme court shall thereupon in a proper case after due notice to the superintendent of banks, make an order declaring the business of said bank closed, and prescribing the notice to be given to creditors to present their claims to the bank for payment. Upon the granting of said order, said bank shall cease to do a banking business, but may wind up its affairs, pay its debts and distribute its assets among its stockholders. Upon a petition of the bank showing that all its debts and obligations are discharged, and on notice to the attorney-general and superintendent of banks, and such further notice as the court prescribes, the court may on such terms as justice requires, make an order declaring the said bank dissolved, and the corporate existence thereof terminated. On filing a certified copy of said order in the banking department, said bank shall cease to exist as a corporation.

(Former section 79a; L. 1900, ch. 567.)

See General Corporation Law, §§ 170-195.

100. Proportionate amount of securities to be returned when notes are destroyed. On the return to the superintendent and the destruction by him of any of the notes of any bank or individual banker making a deposit as herein required, such bank or individual banker, or its legal representatives, shall be entitled to receive from him a proportionate amount of the securities so deposited. At the expiration of six years from the date of the notice given by the superintend ent for the redemption of the circulating notes of banks closing business, such notes shall cease to be a lien upon the securities so deposited, and the same shall be surrendered to the lawful claimant therefor.

(Former section 80; R. S., 1539; L. 1882, ch. 409, § 111.)

The superintend

§ 101. Deposit of cash for redemption of notes. ent may receive from any bank or banker a deposit of cash, pursuant

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