The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-11-02
lays after the notice OF assessment shall

10 pay the amount Of the assessment
against his stock for ten days after the
same shall have become so due ana pay
able, the directors Of such bank or trust
company, or, upon their failure to act
the public may offer sad STOCK
for sale, and sell the same at public sale
upon ten days notice to be given by post
ing copies OF such notice OF sale IN I'VE
public places in the town village or Guy
where such bank or trust company is 10
Gated, Upon such sale the purchaser
shah forthwith pay the amount OF the
assessment against SAID stock me
amount received from the sale Of such
stock, less the cost and expense OF Such
sale, shall bee paid to The original owner
Df such stock.
II any bank or trust company refuse or
fan for thirty days otter written notice
TO make good such impairment Of it's
capital stock, the public examiner IS
hereby authorized and empowered to take
charge Of It's affairs and wind up IT'S buSl-
ness.
Sec. 10. Delinquent: Public Examiner
May Take observation-disclosures It shall
appear 70 the public examiner that any
bank or trust company 10 which this
chapter Is applicable has violated It's
charter or any law of the state, or lS
conducting it's business In an unsafe or
Unauthorized manner, or If the capital
stock OF any such bank or trust company
Is impaired, or If any such bank or trust
company shall refuse to submit it's books,
papers and affairs to the inspection or
any examiner, or II any OTtiCer 'htfcOi
shall refuse TO be examined upon oath
touching the affairs 81 any such bank or
trust company, or II any such bank or
| trust company shall suspend or refuse
10 make payment Of It's Obligations, or II
from any examination or report provided
for by this statute, the pubic examiner
! shall have reason to conclude that such
bauk or trust company Is in an unSOund
or unsafe condition to transact the bust
ness for which 1t is organized, or that II
is unsafe and ineNpedicnt for 1t to con-
iuue business, or II any such bank or
trust company shall neglect or refuse to
observe an order OF the public examiner
specified i'm the preceding section, the
public examiner may forthwith take pos
session Of the property and business OF
such bank or trust company and retain
such possession until such bank or trust
company shall resume business, or It's ar
fairs be finally IiquidatcJ, as herein pro-
vidcd.
Whenever any bank refuses or n~cglecta
to deliver possession Of it's affairs, as
sets or property Of whatever nature, 10
the public examiner, or to the person
ordered or appointed TO take charge Of
such bank or trust company according
to the provisions OF this act, the public
Xaminc shall communicate the facts TO
the attorney general, or to the states at
torney of the county wherein such bank
or trust company Is located, VINO Shall
h%ereupon cause ar application TO be made
to the circuit court or to any Judge there
of. having jurisdiction of the same, for
an order placing the public examiner. or
the person ordered or appointed by him
to take charge of such bank or trust COM
pany, In charge of such bank or trust
company and it's affairs and property;
providing, that II the judge Of the circuit
court having jurisdiction of the same,
shall be absent therefrom at the time
such application Is to be made, then, and
in that case, any judge OF the supreme
court may grant such order, and the
petition and order OF possession shall be
forthwith transmitted to the clerk of the
circuit court OF tho county in which such
bank is located.
Sec. II. Injunction Proceedlngs.l
Whenever such bank or trust company
OF whose property and business the pub
aforesaid, deems itself aEgrieved there
by 1t may, at any time within ten days
after such taking possession, apply to. the
circuit court for the county In which
such bank or trust company is located
to enJoin further proceedings; the said
court after citing the public examiner
to show cause why further proceedings
should not be enjoined and hearing the
allegations and proofs of the parties and
determining the facts, may upon the
merits dismiss such application or enJOln
the public examiner from further pro-
ceedings. and direct him to surrender
such business and property TO such bank
or trust company.
All proceedings by any bank or trust
company to entoin the public examiner
In the discharge OF his duty shall be had
in the county where said bank or trust
company is located or in the supreme
court OF the state.
Sec. ~. N~otice-Effect Of. On taking
possession of the property and business
OF any such bank or trust company, the
public examiner shall forthwith give
notice OF such fact by letter or telegram
to any and all banks or trust companies
holding or in possession OF any assets of
any bank or trust company. No bank or
trust company knowing OF such taking
possession by the public examiner, or
notified as aforesaid, shall have a lien or
charge for any payment, advance, or
clearance thereafter made, or liability
thereafter incurred, against any of the
assets OF the bank or trust company. OF
whose property and business the public
examiner shall have taken possession as
aforesaid.
Sec. IS. Resume Business.1 Such bank
or trust company may upon repa ymSnt
OF any money advanced by the Depositors'
Guaranty Fund to such bank or trust COM
pany, with the consent OF the public ex-
amlner, resume business upon such con-
ditions az may be approved by him.
Sec. IA. Observation-Disclosures
post OF Funds-Preference.1 Upon taxi
ing possession OF the property and bust
ness OF such bank or trust company, the
public Is authorized to collect
all moneys due to such bank or trust COM
pany. and TO do such other acts as are
necessary to conserve Its assets and BUSH
ness. and shall proceed to liquidate the
affairs thereof rs provided In this act.
The public examiner shall collect all
debts due and claims belonging TO ii,
and may upon order of the circuit court,
after having made application therefor.
sell or compound all bad or doubtful
| DEBTS, ana on ike OfUer may sell all or
any OF the real and personal property Of
such bank or trust company on such
terms as the court shall direct, provided,
all sales shall he made on competitive
bids after advertisement for ten days In
the official papers in the county In
which the property Is located.
The moneys collected by the public ex-
aminer shall be, from time to time, de-
posted in one or more state banks or
trust companies, and in case OF the sus-
pension or insolvency OF the depository,
such deposits shall have preference over
all other deposits,
Sec. Is. Examiners In Charge-As-
sistants-Appointment.1 The public ex-
aminer may, under his hand and official
seal appoint one or more examiners in
charge. as agent or agents to assist him
n the duty of liquidation and distribution;
the certificte Of appointment to be filed
In the office Of the public examiner, and
a certified copy in the office of the clerk
Of the circuit court for the county In
which such bank or trust company is To-
Gated. The public examiner may from
time to time authorize a special examiner
to perform such duties connected with
such liquidation and distribution az he
may deem proper. The public examiner
may employ such counsel and procure
such expert assistance and advice as may
be necessary IN the liquidation and dis
tribution of the assets Of such bank or
trust company, and may retain such Of
ficers or employees Of such bank or trust
~