Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-10-26
to the public examiner Immediately fol-

to the public examiner Immediately fol-
TO Bank-Erect-No transfer Of stock OF
any bank formed under this act h be
yald as against the bank 50 long as
liable, either as principal, debtor, surety,
or otherwise, to the association for any
debts which shall be due and unpaid: nor
est. or profits be paid on. such shares. so
long as such liabilities continue; but all
such dividends, interests and profits, shall
the discharge Of such liabilities: and no
stock shall be transferred upon the books
Of the bank without the consent OF a ma
tered holder is indebted to the bank
Sec. 4s. Deposits by Minors and IN
married Females-Trust Deposits-When-
ever any deposits shall be made in any
bank by and in the name Of any minor.
or female, being or thereafter becoming
a married woman, the same shall be held
for the exclusive right and benefit of such
minor or female, and free from the con-
except creditors, and shall be paid with
my interest due thereon, to the person in
whose name the deposit shall have been
made, and the receipt of such minor or
female shall be a sufficient release or
discharge for such deposit to the bank.
Whenever any deposit shall be made by
other or further notice of the existence
and terms of a legal and valid trust shall
have been given In writing to such bank,
In the event of the death of the trustee,
the same or any part thereof. and any in
terest due thereon, may be paid to the
person for whom said deposit was made.
Sec. 49,; Receiving Deposits When In
solvent-1f any banker, or any president.
alrector, manager, cashier, or other Of
itcer, or agent, clerk or eInploye Of any
sank, bank or banking institution, doing
sent to the reception of any deposit of
money, or other valuable thing, in such
bank, or if any such banker, officer or
agent shall create or assent to the crea-
tlon of any debt or Indebtedness by such
banker, bank or banking institution, in
CONSIDERATION or by reason Of which in
debtedness any other valuable property
shall be received by such banker or into
such bank or banking institution, or with
holds the proceeds of any collection made
from the person entitled to receive remit,
lance or paymen therefor, after he shall
nave had knowledge of the fact that such
banking institution is II solvent, he shall
1pon conviction thereof be punished by a
fine not less than one thousand dollars nor
more than five thousand dollars, or by
Imprisonment in the state penitentiary for
a term of not less than two nor more
Imprisonment in the discretion Of the
court.
Sec. so. When Insolvent-A bank shall
be deemed to be insolvent when the actual
cash market value of its assets is insult
fcient to pay it's liabilities, or when it is
unable to meet the demands of its credi-
eois ~ the usual ana customary manner,
or when it shall fail to make good its
reserve as required by law, or when the
stockholders upon notice from the public
examiner shall fail to make good an i'm
pairment in the capital thereof.
Sec. 81. Unlawful B~anking-lt shall be
unlawful for any individual. firm or cor
poration to advertise, publish or other
the banking business, without first hav-
ns obtained authority from the public
examiner as herein provided. Any sucf
Individual or member of any such firm
or officer of any such corporation, so of,
Tending shall be deemed guilty of a mis-.
dsmeanor and upon conviction thereo
shall be punished by a fine of not les.
than three hundred dollars nor more THAI
one thousand dollars in the discretion o
the court.
Sec. SO. Officers Removed-Any office,
of the bank found by the public examin.
er to be dishonest, reckless, incompetent
or dilatory, shall be removed from Office
nX the board of directors of the bank o
der OF the public examiner.
Sec. SO. Public Extminer May MAX,
lt!lies-How-The public examiner by an,
18th the approval of the governor ane
g, attorney general, shall have power t,
Lake such rules and regulations for tn
governnent OF the banks of this state a
may IN his judgment seem wise and ex
pedient: provided, that no such rules o
regulations shall in any way conflict witt
Eany Of the laws made for the control O
Y such banks.
Sec, 81 All Banks Subject TO Provi
SONS OF Act-The provisions of this &C
Ishall extend to and govern all banks ex
md all banks that may hereafter engag
n the business. All the powers, privi
/, leges, duties and restrictions conferre'
, d 1na imposed upon any bank existing an
state, are hereby abridged, enlarged O
. modl1ed as each particular case may re
this act. y
Section 1. Guaranty Fund-Assessmen
: For me purpose OF providing a De
ton of depositors in banks. every banl
engaged in the business Of banking unde
: he laws of this State, shall be subjec
o assessment to be levied, kept. col
ected and applied as hereinafter pro
Sec: 2. Examination of Banks-Ap
} proval or Liquidation-It shall be the dut,
IF the public examiner of this state t
,xamine every state and private BAN
Ioing business in this state, within ST
months from the passage and approval O
evied upon any bank by the Depositors
2 iuaranty Fund Commission until its con
RS Guaranty Fund Commission. Ever
'ank whose condition has not been an
owed by the Depositors' Guaranty Fun
5 complied with conditions imposed by sal
Depositors' Guaranty Fund Commissio,
+; oy January l.. 1916, shall Immediately b
iquidated as herein provided in this &C
or the liquidation of insolvent banks.
r Sec. 3. Filing Statements-Assess
ments-On the first day of January, 1916
and on the first day of January Of eacl
: year thereafter every bank engaged Il
he business of banking in this state shal
make and file with the Depositors' Guar
l anty Fund Commission, a statement Il
writing, verified by the oath of its presi
3 dent. vice-president or cashier. shown,
I the average daily deposits in its han
! for the preceding twelve months.
On the first day of the month next suc
} ,eeding the date fixed for the making an,
] ling OF such statement, the Depositors
!, EGuaranty Fund Commission shall lev
easements against the assets of each q
5 said banks as follows:
! On the first day of February, 1916. one
fourth OF one per cent on the averaa
daily deposits as how by the first state
ment OF u average daily deposits re
: aufred to be made and filed by the nrsvi
t sions of this section.
, On the first day of February of eas1
and every year thereafter, one-fourth 8
I. one per cent Of the average daily dc
! posits as shown by the statements RI
r !uired to be made and filed on the frs
3 day of January in each year, until tn
} otal amount of money in the Guarant,
und reaches one and one-half per cen
~ the average daily deposits.
Due and legal notice OF such asseco~a,