1. Whenever any bank suspends payment a curator, as mentioned in section 117 of the Bank Act, shall be appointed to supervise the affairs of such bank. Such appointment shall be made in writing by the president of the association or by the person who, during a vacancy in the office, or in the absence of the president, may be acting as president of the association.

2. If a curator so appointed dies, or resigns, another curator may be appointed in his stead in the manner aforesaid.

3. The executive council may, by resolution, at any time remove a curator from office and appoint another curator in his stead.

4. A curator so appointed shall have all the powers, and subject to the provisions of article number 24, shall perform all the duties imposed upon him by the Bank Act; he shall also furnish all such returns and reports, and give all such information touching the affairs of the suspended bank as the president of the association or the executive council may require of him from time to time.