Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1916-11-01

as provided for In this act shall not apply
bills re-discounted. nor to bills payable.
nor to money borrowed from its cor
respondents or others. Each guaranteed
p%ositors' Guaranty Fun Commission at
the date OF each January statement as
h~ereinbefore provided. the amount of
money it has on deposit not eligible to
guaranty under the provisions Of this act,
and in assessing such bank this amount
shall be deducted from the total deposits.
Sec. 4: Interest on Deposits-No bank
act shall pay interest on deposits. direct
y OF indirectly. at a greater rate than
fvs n per cent sSs2 per annum:
bank violating the provisions of this Sec
tlon, directly or indirectly, shall be deemed
guilty of a felony and On conviction there
than one hundred dollars or more than
tive hundred dollars. or by imprisonment
IN the state penitentiary for a term of not
Years, or both. in the discretion of the
court.
Sec. s.. Averaged Annual Statement
commencing business and receiving de-
posts less than twelve months prior to
the date when the statement referred to
and filed shall show the average daily de-
posits for hat portion of the said annual
neriod during which it has been engaged
IN business and receiving deposits.
Any person making oath to any OF the
statements herein required, knowing the
same to be false. shall be deemed guilty
not less than three hundred dollars nor
more than one thousand dollars. or by
Imprisonment in the state penitentiary for
a term of not less than one year nor more
than five years, or both, in the discretion
Of the court.
Sec. s. Voluntary Liquidation or
Change 10 National Bank-lf any bank
desires to go into voluntary liquidation or
change to a national bank before the as
sessments provided for in the last section
become due and payable. the provisions
of this act shall not release said bank
from the paynlent of any assessments
then due from it to the Dspositors' Guar
Sec. 2. New Banks-Any bank organ
lzed subsequent to January LIST, 1916, Shall
pay into the Depositors' Guaranty Fund
an amount equal to four per cent of it's
capital stock. when such bank opens for
business, which amount shall constitute a
credit flId. subject to adjustment on the
posts, as shown by the first annual state
article.
The Depositors' Guaranty Fund Com
mission is authorized and empowered to
make such an adjustment of the rates of
assessment to be paid by any bank which
Client to January LIST. 1916, and shall re-
quire such bank to contribute to the De-
posltors' Guaranty Fund. a just and equit-
h Fs,nd sum- INV and the Depositors' Guaranty
ments of such bank so that the first two
assessments, together with the credit fund
y H !, our o q per cent OF the capital stock paid
shall at least equal one per cent of the
average daily deposits of said bank as
snGwa by by the first annual statement re-
IIoVlded. however. that said four per
cent VIII not be required of new banks
lornea by the reorganization or CONSOLE
dation of banks that have previously com
pied with the terms of this act with ref
efs enc TO the paymen Of assessments.
sec. 8. Notice of Assessments-Dis-
Dosltlon-PaNabie on mand- soon as
sald assessments are respectively levied.
me banks against which the same are
levied shall be notified of the amount of
such assessment levied against them re-
spectlVeiy. by the secretary of the De-
posltors' Guaranty Fund Commission and
sa,d banks ,;an Ks shall thereupon set apart. keep
ana maintain in their said banks the
amount thus levied against them, and the
amounts thus levied, kept and maintained
shad be and constitute what shall be
Fund. PAYABLE to the Depositols' Guar
amy Fund Commission on demand, for
'' se uses g ana purposes provided.
sallure to Credit-Whenever any bank
a ne due notice from the secretary OF
ne Depositors' Guaranty Fund Commits
rs books to the Depositors' Guaranty
fuhd any assessment as herein provided.
Tor "a PERIOD OF ten days. such bank shall
-. fSiAoiN VI Z Ill UOllarS Der
day for each day it SO refuses or fails to
pay over or credit to such Depositors'
n nah,;a y np1nd . such assessment: and the
after take possession of the affairs of
aereln provided for making Anal DISPOSE
ton OF insolvent banks.
sec. ~: Depositors' Guaranty Fund
tllst Observation-Disclosures any
the nr ao,nE BUSINESS a9 ts,l in this state under
payment or become insolvent. the amount
OF money standing to the credit of the De-
po ,sh : RS d, Guaranty ,hsa,nt Fund on deposit in
assets Of such institution; save and ex-
cept funds deposited in such institution
Q the public examiner and belonging to
the estate of any insolvent institution,
which shall have preference over ali other
claims as provided in Section 13 of Ar
bank doing business under the provisions
OF this act suspends or becomes insoi-
vent, the public examiner shall forthwith
sary to pay the unsecured depositors in
! full. and cause the same to be certified
nj she Dep whicS Ssh GHmaranty Fund Com
against the. Depositors' Guaranty FUND
on deposit in the several banks. in the
amount thus certified and the Treasurer
of said commission shall Immediately
transmit the amount to the public ex.
deposits due such depositors:
tfoviue9e however. that II there should
not be sufficient funds in the Depositors'
Guaranty Fund to pay said claims. then
the Depositors' Guaranty Fund Commis.
sion shall issue q certificate Of Indebted
ness: negotiahle in form; against the De-
such bank, drawing interest at the rate
of FIVE per cent per annun. which said
due and payable on the first day Of March
next succeeding the date Of issue thereof
and shall be paid out Of the first money
accruing to the Depositors' C,,aronty
Fund.