examiners, immediately to close said corporation or private bank, and take charge of all the property and effects thereof.

(3) Whenever any corporation or private banker subject to the provisions of this chapter so desires, it or he may place its or his affairs and assets under the control of the bank commissioner by posting a notice on its front door as follows: "This bank (or trust company) is in the hands of the bank commissioner." The posting of this notice or of a notice by the bank commissioner that he has taken possession of any such corporation or private bank shall be sufficient to place all its assets and property, of whatever nature, in the possession of the bank commissioner, and shall operate as a bar to any proceedings whatever whether in law or in equity, against any incorporated bank, private bank, or trust company, or its or their assets, and if any such action is begun, then all such proceedings shall be summarily dismissed and for naught held, upon the certificate of the bank commissioner being filed in such cause, showing that he has taken possession of the assets of such bank, banker, or trust company, and any court in which such proceedings are pending shall have no power, authority or jurisdiction to proceed further in any such cause, and any officer or other person having possession of any assets or property of any such bank, banker, or trust company, shall immediately deliver the possession of the same to the commissioner unless otherwise provided in this act: Provided, however, nothing herein shall in anywise prevent or prohibit any bank, banker or trust company from being garnished in any case. (Laws 1915, p. 116.)

See notes to preceding section.

Sec. 11701. Banks, trust companies, etc., prohibited from making assignment-duty when in failing condition. It shall be unlawful in this state for any corporation or private banker subject to the provisions of this chapter to make a voluntary general assignment of its business and affairs. In case it shall find itself to be in a failing condition, it shall immediately place itself in the hands of the bank commissioner. Any deed of voluntary general assignment executed by any such corporation or private banker, shall be null and void, and in case the officers or directors of any such institution shall endeavor to make any voluntary general assignment of its assets, the bank commissioner shall immediately take possession thereof and proceed, as provided in section 11702 and following. All transfers of the notes, bonds, bills of exchange, or other evidence of debt owing to any corporation or private banker, or of deposits to its credit; all assignments of mortgages, securities on real estate or of judgments or decrees in its favor; all deposits of money, bullion or other valuable thing

for its use, or for the use of any of its shareholders or creditors; and all payments of money to it, made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by this chapter, or with a view to the preference of one creditor to another, shall be utterly null and void. No attachment, injunction or execution shall be issued against such corporation or private banker, or its property, before final judgment in any suit, action or proceeding in any state, county or municipal court. (Laws 1915, p. 117.)

This section indicates a legislative purpose to prohibit insolvent banks from liquidating their business under the general law authorizing voluntary assignment for the benefit of creditors, but does not prohibit creditors and stockholders and others interested in its funds from making an assignment of its assets to a trust company for collection and distribution to liquidate its affairs and retire it from business. Citizens Trust Co. v. Tindle et al., 272 Mo. 681, 199 S. W. 1025.

Sec. 11702. Circumstances under which possession of commissioner may terminate.-When the commissioner shall have duly taken possession of such corporation or private banker, under any provision of this chapter, he may hold such possession until its affairs are finally liquidated by him, unless:

1. He shall have permitted such corporation or banker to resume business pursuant to the provisions of section 11705.

2. The commissioner shall have been directed by order of court to surrender such possession, pursuant to the provisions of section 11704.

3. The stockholders of such corporation, at a meeting called by the commissioner pursuant to the provisions of section 11723, shall have duly determined to appoint and shall have appointed, an agent or agents to continue the liquidation of such corporation, and such agent or agents shall have qualified to take possession of its remaining assets as provided in section 11723.

4.

The depositors and other creditors of such corporation or banker and the expenses of such liquidation shall have been paid in full. (Laws 1915, p. 117.)

Sec. 11703. Commissioner may report delinquencies to attorney-general to procure judgment of dissolution-reports presumptive evidence. Whenever the commissioner is entitled to take possession of any such corporation for any reason set forth in section 11700, he may report to the attorney-general and specify in such report the delinquencies of such corporation; and the attorney-general may institute an action to procure a judgment dissolving such corporation. Every such report and every report of a duly instituted examination of such corporation, when duly verified by the certificate and seal of the bank commissioner, shall be a presumptive evidence of the facts therein

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stated in any action or proceeding against such corporation instituted by the attorney-general. (Laws 1915, p. 118.)

Sec. 11704. Manner and time within which action of commissioner in taking possession may be tested. At any time. within ten days after the commissioner has taken possession of the property and business of any such corporation or banker, such corporation or banker may apply to the circuit court, or the judge thereof in vacation, in the judicial district in which the principal office of such corporation or banker is located, for an order requiring the commissioner to show cause why he should not be enjoined from continuing such possession. The court or the judge thereof in vacation, may, upon good cause shown, direct the commissioner to refrain from further proceedings and to surrender such possession. (Laws 1915, p. 118.)

Sec. 11705. Commissioner may permit resumption of business. The commissioner may, upon such conditions as may be approved by him, surrender possession for the purpose of permitting such corporation or banker to resume business. (Laws 1915, p. 118.)

Sec. 11706. Special deputies, assistants, counsel and other employes. The commissioner may, by certificate, under his hand and official seal, appoint one or more special deputy commissioners as agent or agents to assist him in liquidating the business and affairs of any corporation or private banker in his possession. The commissioner shall file such certificate in his t office and shall cause a certified copy thereof to be filed in the office of the recorder of the county or city in which the principal office of such corporation or banker is located. He may, from time to time, delegate such special deputy commissioner to perform such duties connected with such liquidation as he may deem proper. He may employ such expert assistants and counsel and may retain such of the officers or employes of such corporation or banker as he may deem necessary in the liquidation and distribution of the assets of such corporation or banker. He shall require such security as he may deem proper from his agents and assistants appointed pursuant to the provisions of this section. (Laws 1915, p. 118.)

Sec. 11707. Payment by commissioner of expenses of liquidation. The commissioner shall pay out of the funds in his hands, of such corporation or private banker all expenses of liquidation, subject to the approval of the circuit court in the county or city in which the principal office of such corporation or banker is located, and upon notice of the application for such approval to such corporation or banker. He shall, in like manner, fix and pay the compensation of special deputy commis

sioners, assistants, counsel and other employes appointed to assist him in such liquidation pursuant to the provisions of this article. But a special deputy who, as examiner acting under commission from the commissioner, has previously examined the books, papers and affairs of such corporation or banker, shall not receive compensation as such special deputy which exceeds by more than five dollars a day the per diem compensation received by him as examiner at the time of making such examination. (Laws 1915, p. 119.)

Sec. 11708. Procedure of commissioner to obtain possession of pleadings, et cetera, in actions against which attorney's liens are asserted. When the commissioner is in possession of the business and property of any such corporation or private banker, and attorney's liens are asserted by attorneys of such corporation or banker against any causes of action to which such corporation or banker is a party, or against pleadings or other papers in the possession of such attorneys relating to such causes of action, or if such liens are asserted against any evidences of title to any assets or against any of the assets of such corporation or banker, then in the possession of such attorneys, the commissioner may institute special proceedings and petition the court to fix and determine the amount of said liens. Such proceedings shall be instituted in the county or city in which the principal office of such corporation or banker is located. Upon application of the commissioner and upon notice to such attorneys to be prescribed by the court, the court may by order prior to final order in such proceeding direct such attorneys to deliver to the commissioner all property of such corporation or banker, against which such liens are asserted, together with such consents to substitution of attorneys as the court may direct, upon the commissioner furnishing security to such attorneys in the manner and to an amount to be fixed by the court. (Laws 1915, p. 119.)

Sec. 11709. On taking possession, commissioner shall notify those holding assets-effect of notification.-When the commissioner shall have taken possession of the property and business of any such corporation or private banker, he shall forthwith give notice of such fact to any and all banks, trust companies, associations and individuals holding any assets of such corporation or banker. No corporation, association or individual having notice or knowledge that the commissioner has taken possession of such corporation or banker, shall have a lien or charge against any of the assets of such corporation or banker for any payment, advance or clearance thereafter made, or liability thereafter incurred. (Laws 1915, p. 119.)

Sec. 11710. Inventory of assets and where filed. After the commissioner shall have taken possession of the property and business of such corporation or private banker, he shall make in duplicate an inventory of the assets of such corporation or banker. When the commissioner shall have decided that he will not permit the corporation or banker to resume business pursuant to the provisions of section 11705, he shall file one copy of such inventory in his office and shall cause one copy to be filed in the office of the recorder of the county or city in which the principal office of such corporation or banker is located. (Laws 1915, p. 120.)

Sec. 11711. Disposition by commissioner of property held by delinquent as bailee, or depositary for hire. The commissioner may, after he has taken possession of any such corporation or private banker, cause to be mailed to all persons claiming to be, or appearing upon the books of such corporation or banker to be, the owner or owners of any personal property theretofore left in the possession of such corporation or banker as bailee or depositary for hire, or the lessee of any safe, vault or box, a notice in writing in a securely closed, postpaid, registered letter directed to each of such persons at his postoffice address as recorded upon its books, or, if his name is not recorded in said books, at his last known postoffice address, notifying such person to remove all such personal property within a period stated in said notice, and not less than sixty days from the date thereof. If such property shall not have been removed within the time fixed by such notice, the commissioner may apply to the circuit court or judge thereof in vacation of the county or city in which such property is located for an order directing him as to the disposition of such property; and he may cause any safe, vault or box held by, or on the premises of, such corporation or banker to be hereafter opened in his presence or in the presence of one of the special deputy commissioners, and of a notary public, not an officer or in the employ of the corporation or banker or of the commissioner, and the contents, if any, to be sealed and distinctly marked by such notary public, with the name and address of the person in whose name such safe, vault or box stands upon the books of the corporation or banker, and a list and description of the property therein to be attached thereto. Such package so sealed and addressed together with the list and description of the property therein, may be kept by the commissioner in one of the general safes or boxes of the corporation or banker until delivered to the person whose name appears thereon or until otherwise. disposed of as directed by the court. (Laws 1915, p. 120.)

Sec. 11712. Effect of commissioner's notice to remove upon contract of bailment or of deposit for hire.-After the commis