sioner shall have duly mailed a notice in writing, as provided in the foregoing section 11711, the contract of bailment or of deposit for hire, or lease of safe, vault or box, if any between the person duly notified and the corporation or private banker shall cease and determine upon the date for removal fixed in such notice, and the amount of the unearned rent or charges, if any, paid by such person shall become a debt of the corporation or banker to said person. (Laws 1915, p. 121.)

Sec. 11713. Liquidation and conservation of assets-compounding debts and compromising certain claims.-The commissioner is authorized, upon taking possession of the property and business of such corporation or private banker, to liquidate the affairs thereof and to do all acts and to make such expenditures as in his judgment are necessary to conserve its assets, and business. He shall proceed to collect the debts due. He may upon an order of the circuit court, sell or compound all bad or doubtful debts held by, and compromise claims against such corporation or banker, other than deposit claims, and, upon such terms as the court shall direct, may sell or otherwise dispose of all or any of the real and personal property of such corporation or banker. In case any of the real property so sold is located in a county or city other than the county or city in which the application to the court for leave to sell the same is made, the commissioner shall cause a certified copy of said order and the application therefor to be filed in the office of the recorder of the county or city in which such real property is located. (Laws 1915, p. 121.)

Sec. 11714. Deposit of moneys collected preference.The moneys collected by the commissioner shall be from time to time deposited in one or more state banks, savings banks or trust companies and, in case of the insolvency or voluntary or involuntary liquidation of the depositary, such deposits shall be entitled to priority of payment on an equality with any other priority given by this chapter. (Laws 1915, p, 121.)

Sec. 11715. Commissioner's power to sue, execute instruments, et cetera, for delinquents actions and proceedings preferred exemption from filing fees. For the purpose of executing any of the powers and performing any of the duties hereby conferred upon him, the commissioner may, in the name of the delinquent corporation or private banker, prosecute and defend any and all actions and legal proceedings. Any such action or proceeding, upon application of the commissioner, shall be entitled to the same preference to which an action or proceeding by or against a receiver appointed by the court is entitled in any court of the state. He may, in the name of the delinquent corporation or banker, execute, acknowledge and deliver any and all

deeds, assignments, bills of sale, releases, extensions, satisfactions and other instruments necessary and proper to effectuate any sale, lease or transfer of real or personal property or to carry into effect any power conferred or duty imposed upon him by this article or by order of the circuit court. Any instrument executed pursuant to the authority hereby given shall be as valid and effectual, for all purposes as though the same had been executed by the officers of the delinquent corporation by authority of its board of directors, or by the private banker personally. (Laws 1915, p. 121.)

Sec. 11716. Notice to creditors to make proof of claims.When the commissioner shall have taken possession of such corporation or private banker, and shall have determined to liquidate its affairs he shall notify all persons who may have claims against such corporations or banker to present the same to him and make proper proof thereof within four months from the date of said notice and at a place specified therein, and shall specify in said notice the last date for presenting said proofs. He shall cause said notice to be mailed to all persons whose names appear as creditors upon the books of the corporation or banker. He shall also cause said notice to be inserted weekly in such newspapers as he may direct for three consecutive months, the first insertion thereof to be published more than ninety days before the last day fixed in said notice for presenting proof of claims. After the date specified in such notice as the last date for presenting proofs of claims the commissioner shall have no power to accept any claim. (Laws 1915, p. 122.)

Sec. 11717. Commissioner to list claims duly presentedwhen and where filed. The commissioner shall make in duplicate a complete list of all claims duly presented, and shall specify therein the name of the claimant, the nature of the claim, and the amount thereof. Within ten days after the last date fixed in said notice to creditors to present and make proof of claims, the commissioner shall file one copy of said list in his office, and 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 private banker is located. (Laws 1915, p. 122.)

Sec. 11718. Objections to claims presented may be filed with commissioner within certain time procedure upon claim under objection. Within thirty days after the last date fixed in said notice to creditors to present and make proof of claims, objections to any claim duly presented may be made by any party interested, by filing with the commissioner such objections in writing, signed by the objector and duly verified. Unless the commissioner rejects any claim to which objections have been

duly filed with him, he shall, within thirty days after the time to file such objections has expired, apply to the circuit court or judge thereof in vacation, upon notice to the objector for an order directing the commissioner as to the disposition of said claim. The court or judge thereof in vacation, may thereupon dispose of said objections or may order a reference for that purpose. (Laws 1915, p. 122.)

Sec. 11719. Commissioner may accept or reject claims— list of claims accepted to be filed. The commissioner shall, not later than thirty days after the time has expired to file objections to claims duly presented, approve or reject every duly filed claim except claims as to which objections are still pending undetermined by the court or judge. Every claim approved by him, he shall endorse "approved" and file so endorsed in his office. If he doubts the justice or validity of any claim, he shall reject such claim and shall endorse the same "rejected" and file said claim so endorsed in his office. He shall cause notice of such rejection to be served upon the claimant either personally or by mail. The commissioner shall not determine priorities, in approving or rejecting claims; but approved claims shall be presented to the circuit court pursuant to section 11722 for determination as to their priority of payment. Within thirty days after the commissioner has approved or rejected all claims duly filed, he shall list all claims approved and all rejected by him and file one copy of said list in his office and one copy in the office of the recorder of the county or city in which the principal office of such corporation or private banker is located. (Laws 1915, p. 123.)

Sec. 11720. Effect of accepting claims statute of limitations for action upon claims not accepted-necessary allegations. -When the commissioner has approved a duly filed claim and has filed the same endorsed "approved" in his office, the claimant, unless such claim is entitled by law to priority of payment, shall be entitled to share ratably with other general creditors in the distribution of the assets of such corporation or private banker as such assets are distributed pursuant to section 11722. When the time within which the commissioner is required to approve or reject claims has expired and at any time within six months thereafter, a claimant whose claim has been duly filed and has not been approved by the commissioner may institute and maintain an action thereon against such corporation or banker. No action shall be maintained against such corporation or banker while the commissioner is in possession of its affairs and business unless brought within the period of limitation specified in this section. In all actions or proceedings instituted against such

corporation or banker while the commissioner is in possession of its property and business, the plaintiff shall be required to allege and prove that the claim upon which the action is instituted was duly filed and that sixty days have elapsed since the expiration of time for filing said claims and that said claim has not been approved. (Laws 1915, p. 123.)

Sec. 11721. Judgments recovered after commissioner takes possession shall not be liens.—A lien shall not attach to any of the property or assets of such corporation or private banker by reason of the entry of any judgment recovered against such corporation or banker after the commissioner has taken possession of its property and business and so long as such possession continues. (Laws 1915, p. 123.)

Sec. 11722. Dividends to creditors priorities disposition of unclaimed dividends.—At any time after the date fixed by the. commissioner for the presentation of claims, the circuit court may by order authorize the commissioner upon his application to declare out of the funds remaining in his hands after the payment of expenses, one or more dividends. Such order shall specify what claims, if any, are entitled to priority of payment, and shall direct the commissioner regarding the manner of payment of such prior claims. At any time after the expiration of eight months from said date fixed for the presentation of such claims, he may by like order declare a final dividend. Such dividends shall be paid to such persons, in such amounts, and upon such notice, as the circuit court in the county or city in which the principal. office of such corporation or private banker is located, may by order direct. Dividends remaining unclaimed or unpaid in the hands of the commissioner for six months after the order for final distribution, shall be deposited by him as provided in section 11691. (Laws 1915, p. 124.)

Sec. 11723.. Commissioner shall call stockholders meeting after creditors are paid in full-proceedings at such meeting.Whenever the commissioner shall have paid to each creditor of any stock corporation whose claim has been duly proved the full amount of such claim, and shall have made proper provision for claims in litigation and not finally determined, and shall have paid all the expenses of liquidation, he shall call a meeting of the stockholders of such corporation by causing notice of the time and place of such meeting to be published at least once a week for three successive weeks in one or more newspapers selected by him and published in the county or city where the principal office of such corporation is located. At such meeting, the stockholders shall determine whether the commissioner shall continue as liquidator to wind up the affairs of such corporation, or whether

the stockholders themselves shall elect an agent or agents for that purpose. In determining these matters, the stockholders shall vote by ballot in person or by proxy. Each share of stock shall be entitled to one vote and the vote of a majority of the issued stock shall be necessary to a determination. In case it is determined to continue the liquidation under the commissioner, he shall continue the liquidation of the affairs of such corporation and after paying the expenses thereof, shall distribute the proceeds among the stockholders in proportion to the several holdings of stock and in such manner and upon such notice as may be directed by order of the circuit court. Upon a petition by the commissioner showing that all the assets of such corporation have been duly distributed and that unclaimed sums have been duly deposited by him as provided in section 11691 and that more than one year has elapsed since the last required publication of notice to creditors to present their claims, and upon such notice as the court may prescribe, the circuit court may, on such terms as justice requires, make an order affirming such disposition of such unclaimed sums and declaring such corporation dissolved and the corporate existence thereof terminated. Upon the filing of a certified copy of such order in the office of the commissioner, the existence of such corporation shall cease and determine. In case the stockholders shall determine to appoint an agent or agents to continue such liquidation, they shall thereupon select by ballot such agent or agents. A majority of the stock present and voting in person or by proxy shall be necessary to determine such question. If such agent or agents shall be duly elected by the stockholders, the commissioner may require such agent or agents to execute and deliver to him a bond to the state, in such amount, with such sureties, and in in such form as shall be approved by him, conditioned upon the performance of all the duties of his or their trust; and thereupon the commissioner shall transfer and deliver to such agent or agents all the assets of such corporation then remaining in his hands. Upon such transfer and delivery, the commissioner shall be discharged from any and all further liability to such corporation and its creditors. Upon the transfer and delivery of said assets by the commissioner, he shall file a certified copy of the proceedings of said meeting in his office and cause a certified copy to be filed in the office of the recorder of the county or city in which the principal office of such corporation was located. No powers specially set out in its articles of association shall be exercised by such corporation after the commissioner has filed such certified copy in his office. (Laws 1915, p. 124.)

Sec. 11724. Commissioner may maintain action against directors, trustees, managers or officers for violation of their of