Does the Commissioner of Banks have complied with all provisions of the Statutory Power to liquidate a bank?

The commissioner of banks has, at least in form, complied with all these provisions of the statute. On May 20, 1933, he took possession of the bank after the bank was closed for business by the directors who, by formal resolution, placed its assets under his control for liquidation. He filed the required notice of possession on May 22. The bank might then have opposed his action, if for any reason it was invalid. When it failed to do so, the action of the commissioner became conclusive upon the bank and all its stockholders. In such case it has been frequently held that the representation which a stockholder has by virtue of his membership in the corporation is all that he is entitled to. Bernheimer v. Converse, supra, 206 U.S. 516, at page 532, 27 S.Ct. 755, 760, 51 L.Ed. 1163. It must be remembered, however, that though no stockholder can thereafter, in another proceeding, collaterally attack the right of the commissioner of banks to liquidate the bank for the reasons stated in the notice, yet these reasons do not include insolvency of the bank, and liquidation of the bank would be in accordance with the statutory powers of the commissioner even if the bank was not insolvent.