The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-11-02

''"AN, "AAN oman vac anu DIt5tTNe llt
same.
Sec. IA. Proceeds Of Assessments Re-
tained In Banks-To Draw interest
Whenever the State Banking Board snail
levy an assessment against the capital
stock Of the banks subject to the pro-
Visions OF this Act, for the DepositJrs'
of money shall be due from any s4a.
bank 20 said fund, either on account Of
assessment or increased deposits, such
sum shall be retained by such bank and
its books as a deposit To the credit Of the
state banking Board and subject 10 is
call Every such bank shall pay interest
AZ the rate OF Two percentum per auHuTa
Tor the benefit Of the DepOsitOrs' Guar
anty Fund upon all sums o. money i'm it's
possession belonging 10 said fund and said
Interest shall be computed on the last
lays or March, June, September and Dee
cemDer FOR the preceding three nor tbs,
upon the average daily balances and such
interest flal at once be RENTED BY draft
70 the treasurer OF the State Ranking
Board, ana such bank shall at the sine
time mail a copy of the remittance Zip
TO the public examiner showing thai Il
mas made such remittance. Whenevcr an
AMOUNT shall be placed TO the credit Of
the state Banking Board by any bank. as
herein provided, a deposit ticket shal. he
made in duplicate and signed by the
cashier, one Of such tickets 10 be mailed
TO the treasurer OF the State Bautiug
board ana the other to the public exam
iner' which officers shall. respectively,
enter the amount in their books to he
credit of such banks.
Sec. rs. The Treasurer and Secrotarv
Keep Books-EXpenses Paid-How- The
Treasurer and Secretary of the state
Banking Board shall keep suitable books
winch SHAH be duplicates in all respects,
in which they shall keep an ]accurat, ac-
count OF the bepOsitors' Guaranty Fund
and the Secretary shall include a report
OF the condition Of said Fund and Of the
transactions Of the state Banking F.1r1
IN bis reports to the Governor, as public
! examiner. ne secretary shall Hlg1 E.au
a minute book In which he shall record
the PROCEEDINGS Of all meetings Of t.,
state Banking Board, and the eXpeus, 4
an books, stationery, postage, ana ..Dr-
teal help necessary In carving ont t..
provisions OF this Net shall be pail f.r
out OF the poUoslt1rs' Guaranty Fr.I
through orders on the trea surcr, Si.tuI
by the secretary, and the treasurer au
make a proper record in his books "a,
Gach order returned to him for paymor.
Provided, that every such order shall
show for what purpose issued.
Sec l6. can on kauts-Nade, How
Whenever IT shall he necessary to drew
upon the Dcpositors' Guaranty Fund for
the purpose Of rcimbursing the depostlo.r
OF i1iled banks, the treasurer Of the STATE"
Banking Board shall make a call upon
each ana every bank having funds IN it's
possession 70 the credit Of the State
Banking Board, which caIl sha be Son
proper ratio to the amount held by cI.g
bank. and shall not he I'm excess OF the
sum needed for the immediat e purpose for
which II sfSll be called, nor shall % call
be made upon any bank for a greater
sum than IS holl I'm any such bank f. the
credit OF the state Banking Board. Upon
the receipt Of such call every bank SUBJ
jcct thereto shall within two DAYS there
after remit by draft to the treasurer of
the state Banking Board. the sum 800 called
and shall IT the same time notify the ple-
lie examiner that such remittance has
been made. II any such bank shall fail
for a period OF ten DAYS TO make such
remittance the treasurer Of the State
Banking Board shall notify the public e>-
amtner OF such failure. The failure Of
any bank t. comply with the provisions
4 fine Of $500. 90 which fine shall be en-
forced by the attorney general and shall
be covered into the Depositors' Guaranty
Fund.
Soc. II. Public Examiner Take Posses
slon-When-WheneVer any bank or
ganized or existing under the laws Of this
state shall voluntarily place itself I'm the
hands Of the public examiner or whenever
any judgment shall be rendered by a court
OF competent jurisdiction, adiudGing and
decreeing such bank insolvent, or when
ever its rights or franchise to conduct a
banking business under the laws of this
state shall have been adjndged to be for
feited or whenever the public examiner
shall become satisfied Of the insolvency
OF any such bank, he may, after due eX-
amina ton OF its affairs, take possession
Of said bank and its assets and proceed
to wind no it's affairs and enforce the
personal liability of the stockholders, Of
flcers and directors.
sec 10. D'pOSltOTS fald IN tull-ln-
terest Limited to Contract Rate.-In the
event that the public examiner shall take
possession of any bank, which is subject
to the provisions of this Act, the deposit
ors OF said bank shall he paid I'm full and
when the cash available, or that can be
made immedia tely available OF said bank,
IS sufficient to discharge its obligations
to depositors, the State Banking Board
shall draw from the Depositors' Guaranty
Fund and from a special assessment, If
required, as provided in Section five 90,
fhn - mount VAnnaHaPy 3 - Il SEQ ia l. |
~ficiency; Provided, that II a sufficient
amount is not available and cannot be
made available within thirty days. the
State Banking Board shall issue Certi-
ficates of Indebtedness to all such unpaid
depositors To-: any amount so remaining
unpaid to each such depositor, as pro-
vided in Section six CO. of this Act; Pro-
vided, further, that in all cases in which
there shall be n contract rate Of interest
between a depositor and any such failed
hank. such dcpositor shall receive no
higher rate of interest than as provided
in such contract.
Sec. 10. Public Examiner Take Charge
Procedure The public examiner shall
take possession OF the books. accounts and
assests Of every description of such bank,
collect debts, dues and claims belonging
to 1t. and upon order OF the circuit court,
or the Judge thereof. may sell or COM
pound all bad or doubtful debts. and on
like orders may sell all real estate or per-
sonal property Of such hank, unon such
terms as the court, or judge thereof. may
direct, and may, II necessary. pay the
debts OF such bank. and enforce the la
Of stockholders, officers and di-
Provided, that bad or doubtful
debts as used in this Section shall not in
the liability Of stockholders, officers
or directors.
Sec, 20. Certificate Furnished-Rank
May Advertise. How-Peualtv for Nio-
tion-The Public Examiner shall de-
liver to each bank that has compiled with
the provisions OF this Act, a certificate,
that said bank has complied with
he laws or this state for the protection
" ba nix depositors, and that safety TO its
is guaranteed by the DepOSit-
Guaranty Fund of the State Ut South
Dakota. Such certificates shall be con- /
displayed in Its place of bust
ness and said bank may print or engrave
Ipon its stationery and may advertise in
my other legal manner that It's depositors
IRE protected by the Depositors' Guaranty
of the State of South Dakota, but
10 bank shall be permitted to advertise it's
deposits as guaranteed by the State OF
south Dakota and any bank, bank Of
icer or employee who shall advertise
contrary to the provisions Of this Act,
;hall be guilty of a misdemeanor and upon
thereof shall be punished by a
inc OF not less than $500. 90 or more than
90 to he paid 10 the Depositors' Guar
lnty Fund, or by Imprisonment in the
county jail not exceeding six months or
~ both such fine and Imprisonment in
he discretion of the court.
Sec. 81. Insolvent Bank Nav Omen.
When Duties Of Public Exou;,ar