Page:United States Statutes at Large Volume 27.djvu/373

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346 FIFTY SECOND CONGRESS. Sess. I. Ch. 360. 1892. 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 néiember shall! be declared the age? for Bvvd by ¤¤•r¤- the urpows hereinafter rovi , and w enever an of the s areh°|°"°' holdgrs of the association lshall, after the election of siich agent, have gxecuted and tiled a bond to the satisfactioiil oct'] the Comptitzollerfof the urrency conditioned for the payment an »`scharge in l o eac 2:: every claim that may thergafter be proivuefi and allowed by arid a com tent court and or the faith performance of al an '1‘¤r¤g¤=f¤r¤> ¤z¤¤¤ by singular theduties of suhh trust, the Comptroller and the receiver shall {°,?§§,$r md C""? thereupon transfer and deliver to such agent all the undivided or uncollected or other assets of such association then remaining in the hands or subject to the order and control of said Comptroller and said receiver, or either of them; and for this purpose said Comptroller and said receiver arc·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 liar bilities to such association, and to each and all the creditors and share- " D¤¢r <>f¤z¤¤¢- holders thereof. Upon receiving such deed, assignment, transfer, or , other instrument, 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 other lawful acts and things necessary to finally settle and distribute the assets and property in his hands, and may sell, compromise, or compound the debts d ne 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 ciircuit court a iull accountl otil all his . proceedings, receipts, and expen itures as such agent, w ic court shall, upon due notice, settle and adjust such accounts and discharge vom or executors. said agent and the sureties upon said bond. At such meeting, held as °°°° hereinbefore provided, administrators or executors of deceased shareholders may act and sign as the decedent might have done if living, and guardians of ilninors and trustees of other persfoliis may sg act and sign for their war or wards or cestui que trust. e procee s of the c£{¤—¤3\·¤¤<;¤ of we assets or property of any such association which may be undistributed ° °°°° °’ gt thztiing of sunk meeting or may be subsequently received shall be `stri ute as o ows: ° kP°¤=**·- f*‘Fi{·`st. To pay the expenses of the execution of the trust to the date o suc payment. wggpgggjzgnjzsg “Second. To repay any amount or amounts which have been paid in by mam. any shareholder or shareholders of such associatgon upon and by reason of any and all assessments ma e upon the stoc of such association by the order of the Comptroller of {the Cuérency in accordance with the provisions of the statutes of the nited tates; and B*1*¤°°· “Third. The balance ratably among such stockholders in proportion to the number of shares held and owned by each. Such distribution shall be made, from time to time, as the proceeds shall be received and as shall be deemed advisable by the said Comptroller or said agent." Approved, August 3, 1892.