Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-11-02

their members, at the board meeting to
year as hereinafter provided, and shall
hold office for one year and until sue
cessors are elected and qualified, unless
sooner removed by the board.
All officers and employees having ac-
cess to or care of the funds and assets
of the bank. must furnish a surety COM
five thousand dollars t$5, 100000 which
must have the approval OF the public
examiner before it can be accepted; and
when the same shall have been accepted
by the board of directors of the bank or
trust company, it shall be filed with the
public examiner. No bond having been
provided for, may be altered, cancelled
or terminated, by any one, until after
thirty days written notice Of the inten-
ton SO to alter, cancel or terminate such
bond, shall have been served upon the
public examiner and no liability of any
bonding company which shall have ac-
shall! terminate within less than one year
after such bond shall have been can
celled.
Sec. 10. Directors Meetings-neports.l
The board of directors shall hold at least
two regular meetings each year and these
shall be held on the second Tuesday in
within such months, to be fixed by the
bylaws, and at such meetings a thorough
examination of the books, records. funds
made by the board, or by a committee of
the stockholders appointed by the board,
ana a report prepared giving in detail ali
items included In the assets of the bank
which they have reason to believe are
not of the value at which they are being
carried by the bank. and giving the value
Of each of such items as they may nave
determined. Such report shall be made
under oath and shall be recorded in the
inlnute book of the bank, and a duly eerti-
examiner within ten days.
Sec. ID. Must Report Dividends~-When
p DEC, q All diyyiesnds; unless paid
meeting Of he boar board Of Of d dSSt 9 10 a' be g
held on the second Tuesday in January.
or any day thereafter in that month as
annually, at meetings to be held in Janu-
airy and July as herein provided. A full
and complete record of the proceedings
hnd business of all such meetings shall
such record shall show the disposition of
profits in detail, by indicating all poor
or worthless items charged out and the
pensc charge out, the amount carried TO.
dhe surplus. II any, and the amount Of
f fhs declafed, and shall also indicate
naming. Within ten days after any
such meeting, the president or cashier
shall transmit to the public a
certified copy of such record.
Sec. IL Referring to By-Laws.1 Before
any bank or trust company shall be auth
1rlzed to commence business; the stock
and submit to the public examiner for
his approval suitable bylaws for the
goyernment of the institution. If the
public m approves of them, he
snail Tile the same in his office and
notify such institution of his approval
thereof, whereupon such bylaws shall
be adopted by the stockholders and spread
at length upon the minute book of the
bank as a part of the proceedings of the
meeting at which they are adopted. If
the PUBLIC examiner does not approve of
such bylaws, or any OF them, he shall
notify such institution of such fact and
ang ey-l law snd not aPppoXed shall not be
upon the adoption by the stockholders
OF such bylaws, they shall be trans
eribed into a book which shall be and
become a permanent record of such in
stitution and shall be known as the
Book of Bylaws"
Any amendments which may be made
from time to time shall be adopted, re-
corded, and filed in the same manner as
provided for original bylaws and all of
the same shall be subject to the approval
of the public examiner.
IN all cases where a banks bylaws
PROVIDE for meetings on dates, which con
a ailft w Snab sections btl75 IS H. n; ~ and d 10 of this
amended at the next regular annual meet
ing of the stockholders.
sh sHc' keep aS5 a s stock Book Book. wh ESsry shah hank ak
all times during the regular hours of
business be subject to the inspection Of
Such book shall show a full and correct
list of the names and addresses of all
stockholders in the bank and the number
of shares held by each.
A list of the owners of private banks
shall be kept in like manner. A refusal
by the officers of a bank to exhibit such
book to any person rightfully demanding
inspection thereof, shall subjuct such of
ficer to a fine of fifty dollars. In all ac-
tons, suits and proceedings such books
therein stated, A copy of such list as of
date June goth of each ever numbered
year, verified by oath Of the president
be transmitted to the public 'A exam saer
Sec: Is. Stockholders Right to Vote
to one vote. A stockholder may vote at
any meeting, of the stockholders by proxy.
bank may amend it's articles of incorpera-
ton in any manner not inconsistent with
the provisions Of law, at any time. by a
thirds of the capital stock, such vote to
be taken at a meeting called for that pur-
pose; Such amendment, certified by the
president and cashier, shall be recorded
and filed as required for articles of in
corporation. Unless the required surplus
will permit. no increase Of capital shall
been subscribed and actually paid In.
No reduction of capital shall be made to
a less amount than is required under the
valid or warrant the cancellation of stock
certificates or diminish the personal ma
bility of stockholders until such reduc-
ton has been approved by the public ex-
aminer. Such approval must be based
upon a finding by him that the security of
the existing creditors will not be sm-
Sec. 1S. Real Estate-How Acqufred-A
bank may purchase, acquire, hold and
convey real estate for the following pur-
poses only:
First. Such as shall be necessary for
the convenient transaction Of it's business,
including with its banking offices, other
apartments to rent as a source Of in
come.
Provided, however. that no bank shan
invest in a banking office, furniture and
fixtures, an amount greater than forty
herein provided, of such bank.
This limitation need not apply Ann5ne-
diately. to present holdings of banks now
doing business. but they shall reduce the
per cent annually until such values are
brought within this limit.
Second. Such as hall be conveyed to
It in satisfaction of debts previously con
tracted in the course OF its business: mo-
yided, however, that no bank shan invest
excess OF the amount Of such ndehfed