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NEWBERRY BANK RECEIVER Henry C. Holloway Elected To Handle Affairs Of Exchange Institution NEWBERRY. May meeting of the depositors of the Exchange Bank of held this afternoon, Henry Holloway attorney of elected receiver for the bank which was closed about month ago by the board of directors. State Bank Examiner Albert S. Fant Walter B. Wallace was secretary. Dr. S. J. Derrick nominated Mr Holloway. Chief Justice Eugene Blease offered resolution which it is estimated will result in ing to the depositors It provided that all be completely wound up by the within two years; that the receiver shall not pay the consent of the depositors to any attorney as fees for general services not exceeding two thousand dollars and attorney be appointed services shall not exceed one thousand dollars: that the depositors form permanent organization who shall elect and secretary and that the chairman appoint an advisory when they deem proper to call meetings of the depositors least every three months: That the chairman the depositors organization appoint committee of five depositors who shall consider, formulate and present to the depositors what the conceive to the best plan for the of the real estate owned by the bank; that the er may appoint bookkeeper not exceeding twelve months salary of $150 per month: that the receiver is not to receive on any real estate owned by the bank at the time its closing hereafter sold to the depositors not to be paid any on monies the bank examiner and his agent, Walter Wallace. turned to them. the receiver on received by him for the credit the exchange bank through other banks to whom the exchange was indebted Mr. Fant stated today "that the bank should be to pay the depositors, every penny
