24 THE CUBA REVIE W 



When the Commission, through its investigations and reports, has evidence to the 

 effect that a bank is not fulfilling the provisions of this Law in detriment to its creditors 

 and depositors, it may take charge of the same and even suspend its payments. 



177. In the case of a corporation, the representatives of the Commission shall 

 consider the president of the same to be its representative, or any person who according 

 to its By-laws shall have said representation. In the case of any of the other classes 

 of commercial associations or private bankers which are included under this Title, 

 the manager of the former or the banker shall represent them, or they may appoint a 

 representative to do so. 



178. Through a rapid and simple procedure, which shall be contained in the 

 regulations which the Commission will frame for this purpose with the approval of 

 the Executive Power, the creditors shall appoint three representatives who shall act 

 in the name and representation of same before the National Banking Commission and 

 its representatives appointed for the bank; one of the representatives of the creditors 

 shall be appointed by depositors of any class, save those of savings accounts; another 

 by depositors of this kind, and the third by creditors other than those referred to in 

 article 19 of the Law of June 24, 1911, unless they also care to take part in said 

 appointment. 



The representatives of the Commission shall do everything in their power so that 

 the majority of each class of the aforementioned creditors shall make their appointments. 



During five days these representatives of the Commission shall open the registries 

 for candidates for representatives and the corresponding substitutes of the three class 

 of creditors. Within ten days following the expiration of said five days, the creditors 

 of each class shall appear with their pass books or with the documents that prove 

 their credits, at the offices that shall be opened for that purpose and shall, in writing, 

 state the name of the candidate they vote for. 



179. While the appointment of the representatives of the capital and of the 

 three classes of creditors is pending, the persons that represent the Commission shall 

 proceed to examine the books and accounts of the bank, in order to verify the inventory 

 of all of the properties and securities of the same and those which they have in their 

 charge, and they shall likewise verify the statement of assets and liabilities. For the 

 execution of all these acts the person that represents the bank shall present to them 

 at their offices all the books, inventories and statements in question and shall place 

 all the property, securities and cash on hand in their custody, and from that moment 

 the representation of the bank shall vest in the representatives of the Commission 

 who shall assume the character of receivers and managers under the government and 

 direction of the National Banking Commission. 



180. After the appointment of the representative of the capital, if there existed 

 no representation of the same, and of the representatives of the creditors, each one 

 of them so appointed shall have the representation of its respective class in all those 

 matters in which a collective representation may be necessary and the receivers shall 

 consult such matters with them. 



181. All the agreements and resolutions adopted by the representatives appointed 

 shall be written in a minute book which shall be kept with all the formalities required 

 in article Z2) of the Code of Commerce. A certified copy of each agreement or resolu- 

 tion contained in the minute book and certified by the receiver or receivers, shall 

 be forwarded to the President of the National Banking Commission immediately alter 

 the same has been adopted. The Regulations which are to be framed by the Com- 

 mission with the approval of the Executive for the better enforcement of the proceedings 

 set forth in the present title, shall determine the class of resolutions which should 

 be contained in the minute book and those for which the reasons should be explained 

 therein. 



From the day on which the receiver or receivers take charge of their office they 

 shall have the representation of the Commission, and of the management, direction, 



