The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-10-26

to the Treasurer OF the State Banking
Board. h shall file and preserve the
same.
Sec. IA. Proceeds of Assessments Re-
tanned in Banks-To Draw Interest
Whenever the State Banking Board shall
levy ar assessment against the capital
visions of this Act. for the Depositors'
Guaranty Fund, or whenever any sum
of money shall be due from any such
bank to said fund. either on account Of
sum shall be retained by such bank and
the amount thereof shall be entered in
its books as a deposit to the credit of the
State Banking Board and subject to its
call. Every such bank shall pay interest
at the rate Of two percentum per annum
for the benefit Of the Depositors' Guar
anty Fund upon all sums of money In It's
possession belonging to said fund md said
interest shall be computed on the last
days OF March, June, September and De-
cember for the preceding three months,
upon the average daily balances and such
interest shall at once be remitted by draft
to the treasurer of the State Banking
Board, and such bank h at the same
time mail a copy Of the remittance slip
to the public examiner showing that it
has made such remittance. Whenever an
amount shall be placed to the credit OF
the State Banking Board by any bank, as
herein provided, a deposit ticket shall be
made In duplicate and signed by the
cashier, one Of such tickets to be mailed
to the treasurer of the State Banking
1OdFu ana Ine OIleT 10 Jue pubic tAdll-
liner. which officers shall, respectively,
enter the amount in their books to the
credit OF such banks.
Sec. Is. The Treasurer and Secretary
Keep Books-Expenses Paid-How-The
Treasurer and Secretary of the State
Banking Board shall keep suitable books
which shall be duplicates in all respects,
in which they shall keep an accurate ac-
count Of the Depositors' Guaranty Fund
and the Secretary shall include a report
of the condition of said Fund and of the
transactions Of the State Banking Board
in his reports to the Governor. as public
a minute book in which he shall record
the proceedings of all meetings of the
State Banking Board, and the expense Of
all books, stationery, postage, and cler-
provisions of this Act shall be paid for
out of the Depositors' Guaranty Fund
through orders on the treasurer, signed
by the secretary, and the treasurer shall
make a proper record in his books Of
each order returned to him for payment;
Provided, that every such order shall
show for what purpose issued.
Sec. 16. Call on Banks-Made, How
Whenever 1t shall be necessary 20 draw
upon the Depositors' Guaranty Fund for
the purpose of ~reimbursing the depositors
of failed banks, the treasurer OF the State
Banking Board snail make a call upon
each and every bank having funds in its
possession TO the credit of the State
Banking Board, which call shall be in
proper rdtlO TO the amount neiu Dy edCH
bank. and shall not be In excess OF the
sum needed for the immediate purpose for
which II shall be called, nor shall a call
be made upon any bank for a greater
sum than is held in any such bank to the
credit of the State Banking Board. Upon
the receipt Of such call every bank sub
ject thereto shall within two days there
after remit by draft to the treasurer Of
the State Banking Board, the sun so called
and shall at the same time notify the pub
lie examiner that such remittance has
been made. If any such bank shall fail
for a period Of ten days to make such
Banking Board shall notify the public ex-
aminer OF such failure. The failure Of
any ban to comply with the provisions
of this Section shall subject such bank to
forced by the attorney general and shall
be covered into the Depositors' Guaranty
Fund.
Sec. II. Public Examiner Take Posses
Observation-Disclosures any bank or
ganized or existing under the laws Of this
state shall voluntarily place itself in the
hands of the public examiner or whenever
any judgment shall be rendered by a court
such bank insolvent, or when
ever its rights or franchise to conduct a
banking business under the laws Of this
state shall nave been adjudged to be fu"-
feited or whenever the public exam uer
shall become satisfied of the insolvency
of n such bank, he may, after duexex-
of its affairs, take possession
Of said bank and its assets and proceed
TO wind up its affairs and enforce the
personal liability of the stockholders, Of
ficers and directors.
Sec. Is. DepoSitors Paid In Full-In-
terest Limited to Contract Rate.-In the
event that the public examiner shall take
of any bank, which Is subject
to the provisions Of this Act, the deposit
ors OF said hank shall be paid in full and
the cash available, or that can be
Immediately available Of said bank,
is sufficient to discharge Its obligations
to deposltors, the State Banking Board
and from a special assessment, IL
as provided In Section five (5),
the amount necessary to make up the de-
f%iciency; Provided, that II a sufficient
amount is not available and cannot be
available within thirty days, the
State Banking Board shall issue Certi-
OF Indebtedness to all such unpaid
depositcrs TO- any amount so remaining
unpaid TO each such depositor, as pro-
in Section six (6) of this Act; Pro-
vided. further, that in all cases in which
shall be a contract rate of interest
between a depositor and any u failed
such depositor shall receive no
rate of interest than as provided
in such contract
Sec. 10. Public Examiner Take Charge
-Procedure.-The public examiner shall
take possession Of the books, accounts and
assests Of every description of such bank,
collect debts, dues and claims belonging
to II, and upon order of the circuit court,
or the Judge thereof. may sell or COM
pound all bad or doubtful debts, and on
like orders may sell all real estate or per-
property of such bank, upon such
terms as the court, or judge thereof, may
Ill ect and may. II necessary, pay the
debts of such bank. and enforce the ha-
Of stockholders. officers and di-
7~ectots: Provided. that bad or doubtful
debts as used in this Section shall not in
cfude the liability of stockholders, officers
or directors.
Sec. 20. Certificate Furnfshed-Bank
May Advertise, How-Penalty for Vio-
IN tion-The Public Examiner shah de-
liver to each bank that has complied with
the provisions OF this Act, a certificate,
stating that said bank has complied with
Of hank depositors. and that safety to its
depositors Is guaranteed by the Deposit
ors' Guaranty Fund of the Stat tie of South
Dakota Such certificates shall be con
s~pfcuously displayed In Its place Of busi-
ness and said bank may print or engrave
upon its stationery and may advertise in
any other legal manner that it's deposftors
ire protected by the Depositors' Guaranty
Of the State of South Dakota. but
&c bank shall be permitted to advertise Its
South Dakota and any bank, bank Of
fIcer or employee who shall advertise
to the provisions Of his Act,
shah be guilty of a misdemeanor and upon
conviction thereof shall be punished by a
fine OF not less than $500 90 or more thar
anty Fund. or by Imprisonment In the
county jail not exceeding six months or
by both such fine and Imprisonment in
the discretion Of the court. X
When. Duties of Public Examiner.-
the public examiner shah have taken
possession OF any bank which Is subject
to the provisions OF this Act, the stock