Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1916-10-21

vidual members of any partnership do
ing banking business in this state, shall
be permitted to attach, or seize under
any writ of attachment or execution or
TO hold liable for such individual indebt-
eduess any OF the assets of the bank un-
iii all the depositors and creditors OF such
bank have been fully paid
Sec. 25. Public Examiner to Cali
Meeting of Stockholders, When.l When
ever the public examiner shall have paid
TO each and every depostor and creditor
of such bank or trust company tnot in
cluding stockholdersl, whose claim or
claims as such depositor or creditor have
been duly proved and allowed, the fun
amount of such claims, and shall have
made proper provision for unclaimed and
unpaid deposits or dividends, and shall
have paid all the expenses OF the liquida
tion, the public examiner shall call a
meeting of the stockholders of SUCH bank
or trust company by giving notice there
OF for thirty days in one or more news
papers published in the county where
such bank or trust company is located.
At such meeting, the stockholders snail
determine whether the public examiner
shall be continued as liQudator and snail
company, or whether an agent or agents
shall be elected for that purpose, and in
so determining the said stockholders shall
vote by ballot, in person or by proxy,
each share of stock emitting the holder
TO one vote, and the majority Of the stock
present and voting shall be necessary in
the determination
Sec 26 Liquidation Contnued-Pro-
cedure.l In case II is determined to con-
tinue the liquidation under the public
examiner he shall complete the liqu.da-
ton of the affairs OF such bank or trust
company, and after paying the expenses
thereof shah distribute the proceeds
among the stockholders in proportion to
the several holdings OF stock in such man-
ner and upon such notice as may be di-
rected by the circuit court In case IL is
determined TO appoint an agent or agents
to hquidate, the stockholders shah there
upon select such agent or agents by bal
voting. in person or by proxy, being
necessary to a choice. Such agent or
agents shall execute and file with the
public examiner a bond to the stockhOld-
ers of such institution in such amount,
with such securities, and in such form
rs shall be approved by the public eX-
aminer, conditioned for the faithful per-
lOrmance of all duties of his or their
trust, and thereupon the public examn-
er shall transfer and deliver to such agent
or agents all the undivided or uncollccted
or other assets OF such bank or trust com
pany in his hands, and upon such trans
fer and delivery, the public examiner
shall be discharged from any and all fur
ther liability to such bank or trust com
pany and it's or their creditors.
Sec. 81. Assets-Distribution of Prop
erty.l Such agent or agents shall con-
vert the assets coming into his or their
possession into cash and shall account for
said bank or trust company, as is herein
provided in case OF distribution by the
pubic examiner, except that the expenses
thereof shall be subject to the direction
and control of the circuit court. In case
of death, removal, or refusal to act of
any agent or agents, the stockholders, on
the same notice. to be given by the pub
lie examiner upon proof OF such death,
removal, or refusal to act being filed
with him, and by the same vote as here
inbefore provided, may elect successor,
who shall have the same powers and be
subjected to the same liabilities and
duties as the agent originally elected.
Sec. 2S. Attorney General--Duty Of ]
All suits and proceedings arising out of
the provisions Of this act in which the
state or any of it's officers or agents shall
be parties, shall be conducted under the
direction and supervision of the attorney
general
of all records and papers in the office Of
the public examiner. certified by him and
authenticated by his seal OF office. shall
be evidence in all cases equally and of
like effect as the original
Sec. 80. Fees for Certified Copies.
Whenever any certified copy or copies of
any records or papers filed in the office
of the public examiner shall be lawfully
required to be furnished by him, the pub
lie examiner shall be entitled to a fee Of
ten cents for each folio for making such
copy or copies and fifty cents for each
certificate. All such fees shall be paid
treasury 10 the credit of the Contingent
Fund of the public examiner.
See 81 Department = Contingent
Fund. All fines collected and all fees
received by this department for regular
or special examinations of banks or trust
companies or for taking charge of in
solvent banks or trust companies. shall
be reported i'm detail to the State Treas
urer by the public examiner, and all funds
so received shall be by him deposited
monthly. with the State Treasurer to the
- III Ia
partment, which is hereby created
This Contingent Fund shall be held
always for the use of this department and
any balance remaining in this fund at the
end OF any fiscal year shall not revert to
the general fund OF the state.
Any balance remaining In this fund at
any time shall be available for the use
OF the department for the payment OF
penses, the same as though appropriated
for such purposes.
Sec 80. Commission or Brokerage Fees
a Misdemeanor. Any public examiner
or deputy public examiner soliciting or
receiving any commission or brokerage
fees in the sale of any bank or bank
stock shall be deemed guilty. OF q mis-
demeanor, and snail forfeit his office.
Sec 33. Public Examiner TO Make Re-
port On or before the thirtieth day Of
October of every even numbered year,
TO the governor of the state, covering the
biennial period ending the thirtieth day
of June preceding, which report shall be
published.
Such report shall contain a statement
OF the condition OF every bank and trust
company from which reports have been
received, giving a tabulated statement of
all resources and liabilities OF each bank
or trust company.
Such report shall also show the last
statement of any bank or trust company
whose business has been closed during
the period, and the amount paid to the
NJ n nd a ha nj IxC
or trust companies also list OF banks
and trust companies organized and dis
continued during the period Such re-
port shall also give the names OF the di
rectors Of each bank and trust company,
as last reported, together with list of
the stockholders with their postoffice
addresses and the amount Of stock held
by each.
The public examiner shall also report
the names and compensation of all per-
sons employed in his department and the
partment of Banking and Finance during
the period The public examiner shall
also report the names of banks or trust
companies taken possession OF and liquid
ated and the same of unclaimed and un-
paid deposits or dividendo with respect to
each of them respectively and he shall
include statement Of the amount OF in
terest earned by such unclaimed divi-
dends.
Article 2.
Section l. Defining Banks and Bank
ing | For the purposes of this act every
corporation, association, firm or indi-
vidual in South Dakota whose business,
In whole or in part, consists of the TAX
ing of deposits or buying and selling ex-
change shall be held to be and is hereby
declared to be a bank, ard as thus de-
fined such individual member of such
corporation, association or firm Except
as to national bauks) shall be subject TO
the provisions of this act.
Where reference herein Is made to
bank. trust companies or the business
of banks or trust companies In any man
ner, the same shall be construed as ap-
plying TO any such corporation, associa-
tion firm or individual so engaged in
business as herein defined, ard the pro-
visions OF this act shall far as may be
q pplicable thereto, extend 10 and govern
all corporations existing and doing busi-
ness under the provisions of Chapter 255
OF the Sessions Laws Of 1911 and as con-
templated under the provisions of Section
y Al said ghantAr. amppnme ptS