The Bismarck Tribune Newspaper, December 19, 1921, Page 2

RECEIVERS CAN BE REMOVED, I OPINION GIVEN a on L. Young Cites. Laws For Guaranty ‘ Fund) Commis- sioner on Receiverships SOME REFUSE TO QUIT!: Power to remove receivers is lodged in the state examiner, according to an opinion furnished the Guaranty Fund Commission by C. L. Young, Bismarck attorney, engaged by the commission to investigate and report upon many legal matters connected with the ad- ministration of the affairs of closed banks. The matter will be brought directly before District Judge Pugh at Dickin- son Wednesday when the Guaranty Fund Commission, as intervener, will request Judge Pugh rescind his appointment of receivers, and the*case ot C. L. Merrick for the removal of the previously appointed receivers of banks in New England, Havelock and | y Amidon is up for hearing. In concluding hig opinion Mr. Young says: ? “In short, the examiner, upon his conclusion that a bank is insolvent, may take charge of it and wind up its affairs. Undoubtedly he may place a deputy examiner directly in charge, subject to his orders, or he may with the approval of the banking board. appoint a receiver to take possession ot the bank under his direction, but the receiver in such case is placed in ‘ge subject to’ the state examiner's orders and at all times is under his di- (a nn eT a ea errr rection. Primarily the duty of wind- H a of the bank and de- rmining the manner in which its ness shall bo liquidated rests upon , and the receivei when appointed becomes his agent ar instru- ment to liquidate the affairs of the bank us he y direct. In view of this relation » it is my opinion that the power of appointment. car- vies with it the power of removal.” Cite Federal Statu oung cites the fedey ng national ban} le power to appoint is akin to that given to the comptroller of the cur- rency by the national banking law.” troller of the currency, case of the insol ay appoint a receiver who, the direction of the comptrol- ll take po sion of the books, und of the defunct collect debts and claims belong- ing to it. The opinion was given in to a req by the commi: The comp! s in thus, 1 fused tu f . Young's ion is that th opin- xuminer has power to summa remove them. Some ot them 3 harged with having: wasted assets sed banks. In anoth pinion to the Guaranty Fund Commission, Mr. Young holds that a stockholder in an insolvent bank may not use his deposits in a unk to offset his liability to ment as a stockholder. bility imposed by section s a trust fund to which holders of such bank must con- tribute if the primary assets are in- adequate for the express purpose of meeting the contracts, debts and en- gagements of the bank. To permit him to offset with deposits would be to make him,a preferred creditor.” Don’t sell your turkeys until you have seen us. We can make you money. Northern Produce Co., Bismarck, N. D. ~ | prevention o _| limitation PARIS IS SCENE OF INTER-ALLIBD VETERANS MEET Hanford Macnidre Says Feder- ation To Do Much to Prevent Future Wars Paris, Dec. 19 n a message to the Inter-Allied Veterans’ Federation which opened its second annual con- terence her Hanford MacNid- er, ional Guinmender of’ the Amer- ican Legion, declared the federation ‘will be a st) ‘actor toward ‘the future war than any of armaments conference or any international agreements.” The federation is a union of vet- erans’ societies which are made up of men who fought in t armies and navies of seven of the Allied countries during the world war. Delegates a present from the United States, British Empire, includ dominions, Fra Rumania 3 message resented by William B. Follett, of Eugene, ‘Ore., former national vie commander of the Legion, and nan of the American delegation ot . Mr. Follett also extended an invitation on behalf of the American Legion to the federation to hold its next world meeting in New Orleans in October, 1922, in connection with the fourth national convention ‘of the American Legion, Commander MacNider's follows: message = ry “The American ‘Legion sends. you’ ‘greetings with the earnest hope that} be filled with great achievements for} the cause of all ex-service men, for! the countries for whith’ we fought and for the civilized’ world. “Our Union is. sealed and the: strength of our friendship and com-! radeship is a guarantee to the world of happier days oud a future pregnant’ with opportunities to bind even closer, the strongest ties men can have—) those of serving side by side in battle against the foes of civilization. “It is our belief that the time is near- | ly ripe for concerted action toward: the great ends to which we are) pledged in spirit. The Inter-Allied Veterans Federation composed of men ;and with constant thought of those who with open eyes and vivid memories ot those experiences which only can be gained upon the fleld of battle, will be a stronger factor toward the preven- | tion of future war than any limitation | of armaments conference or any in- ternational agreements. i ‘ “We pledge to. you—in memory of our comrades whg gid not come back, and with constant’ thought of those | are blind, maimed and broken must; live the war forever—that the people | eof the world shall have the opportu- e{nity to say that such things must; never came again, “We must build up our legions so; big and fine and strong, and tie them | s;into our national existences by such | firm bonds of service, that our great: nations: will stand behind the men | who offered their lives for the defense of liberty. That ig our first task. | “Our next task stands clearly be- | fore us, and for this great service to humanity, we pledge ourselves to.you , —our comrades of yesterday, today and tomorrow.” Dance ‘at. Baker’s Hall, every! Tuesday, Thursday and Satur- day nights. 10c a dance. Best | music in the state.’ { Look under the lid! 2G. US PRE OFF.” This trademark ‘and the trademarked word “Victrola” identify all our products. Look on the label! VICTOR TALKING MACHINE Co, Camden, N. Victor Talking Machine Co Commen N J Give the best - give a Victrola for Christmas HOOSE the. only instrument. which is rec ognized as the world’s standard. That is the Victrola—the permanently ‘satisfying instru- ment. Famous for its great artists, for its true- to-life tone, for its exclusive features, for quality which insures years of service—the one instru- ment specially made to play Victor Records. Be sure the instrument you buy is a Victrola— made by the Victor Talking Machine Company only. Insist upon seeing the Victor trademarks— the picture “His Master’s Voice” and the word | “Victrola.” » $25 to $1500. this meeting and-the year ahead may.' Godfrey Harries returned THIEVES LEAVE HOUSE iY E Now camera,’ making three. ex, Kensington, Eng., Dec, i ie found only his house awaiting him: home, he|and other articles had heen removed | from midair. 7 Special Oakland Guarantee ee 00. maplavcn Unt oat eenonye euget mas iniduniay easelyns vv ledletas Rae tones 10 Cine aig oe Hira wiley Mean gatnen aia Ui Niwaneite Foca Nami Hoang esieur aisiase Vaunny muses ove Ninna Bose Haman wovmie Heme eons to Mique mint (imac [un moe Aenean Horses bans Maat Macvinny ive Hiidee Maiu Bare’ iene Resear Hong iar forte Wasmne wom eg Gan Homan lle mally - Oakland Motor Car Company Counterstgned: fi (ocad oeacce These Oakland Features Make Possible The Special Guarantee _ The new and remarkable features embodied in the Oakland engine—features which have made possible the sweeping Oakland guarantee—are causing considerable comment throughout the automotive industry. Oakland’s special design and construction of cylinders, pistons and piston rings have supplied the much-sought-for means of eliminating an annoying trouble familiar to drivers of motor cars—“‘oil pumping”’. Za Just how fully Oakland engineers have solved this problem for motorists—particularly in these times of low grade fuels and oils—is best proven by the terms of the Oakland ‘15,000 mile written guarantee against ‘“‘oil pumping.” Read this unusual guarantee—when you come in.to inspect the five attractive models on exhibition. , Ss CORWIN MOTOR COMPANY ? Distributor. Bismarck, N. 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