12 THE CUBA REVIEW 
shall be deemed to be in a condition of suspension of payments for all the purposes 
and ends of this act whenever they shall come under the cases defined in articles 870 
and 871 of the Code of Commerce as amended by the law of June 24, 1911. 
Within 48 hours of their being in such a condition, their directors, managers, or 
administrators shall submit to the commission a statement setting forth the causes 
which compel them to request of the commission that they be considered in the con- 
dition of suspension of payments. 
Persons who shall be in the situation defined by the first paragraph of article 
876 of the Code of Commerce and any creditor having an obligation evidenced by a 
title of credit of any bank and showing that the bank has ceased in the ordinary pay- 
ment of its obligations, or who may have an obligation due to him from a bank, evi- 
denced by a title of credit, which may be due and collectible in whole or in part, 
pursuant to the law of liquidation of the moratorium granted by decree of October 10, 
1920, of the executive power, may also request in writing of the commission that the 
bank in default be deemed to:be in a condition of suspension of payments for all the 
purposes and ends of this act. 
Articles VI, VII, VIII, IX, and X deal with examination of the petitioner’s claims 
against the bank; the designation of representatives, respectively, of the creditors of 
the hank and of the owners of the bank; the examination of the books of the bank; 
the taking charge by the board, for the commission, of the control of the bank and of 
its reorganization or liquidation; and the composition and methods of procedure of 
the board. 
FURTHER PROVISIONS OF THE ACT 
Further provisions of the act are: 
Arr, XI. Resolutions on all questions decided by the board relating to coneurrent 
and preferred creditors, to propositions for reorganization or liquidation of the bank, 
and to amounts to be paid to the creditors of any class, shall not be final until after 
10 days from the notification of the interested parties. * * * 
Only in regard to resolutions referred to in this article may any interested party 
have judicial recourse, the which shall be to the Civil Chamber of the Supreme Court 
by petition in writing signed by a lawyer accompanied by a certified copy of the reso- 
lution which the board shall issue to the interested parties within the 24 hours following 
the application therefor, As soon as said chamber shall receive such petition, it shall 
make it known to the board in the most speedy manner in order that it may suspend 
enforcement of the resolution and within 10 days the chamber shall decide what it 
may deem just. Against this decision no other recourse may be had than a petition 
for rehearing. When the said chamber shall have rendered a final decision in the 
matter, it shall notify the board by means of a certified copy of the same and said 
board shall carry out the decision of said chamber. Within the period fixed for its 
decision, the chamber may hear the board in writing. 
All matters submitted to the chamber shall be decided by it according to. the 
provisions of law in force, and in the absence of such provisions, according to custom, 
to the general principles of law, or to commercial usages, so that in no case shall it 
fail to decide what may be submitted to it for decision. 
Arr. XII. From the moment that the commission declares the state of suspension 
of payments according to the provisions of this act, no creditor can initiate any 
executory process or exercise any special action, excepting the creditors who may 
have mortgages or pledges to the extent of recovery out of the properties mortgaged 
or pledged. 
Proceedings that may be pending, except as otherwise provided in this act, may be 
continued, but executory proceedings shall be suspended at the stage of enforcing the 
judgment and ordinary actions at the stage of execution of judgment. 
All pending actions, and all proceedings thereunder, instituted at any time prior 
to the taking effect of this act, by any bank comprehended in the first article of this 
act or by the creditors of said banks against them, under the provisions of the bank- 
ruptey laws contained in the Code of Commerce and in the Ley de Enjuiciamiento 
Civil, or of the law of suspension of payments of June 24, 1911, shall not be exercised 
or continued from the time of the taking effect of this act, but shall cease from the 
moment of the taking effect of this act, and said bank shall immediately become sub- 
ject to the commission established by the same and shall be liquidated or reorganized 
———— ee 
See 
a 
