Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-10-26
No.. 8.
RELATING TO BANKING AND
FINANCE.

RELATING TO BANKING AND
FINANCE.
AN ACT Entitled. An Act Providing for
the Establishment of a Department Of
Banking and Finance. Defining the
Powers and Duties of Such Department
ing for the Compensation and Expenses
OF Such Officers; Providing. for the
Organization. Regulation and Control
Of Banks, Trust Companies and The
Business of BANKS and Trust Compan-
les More Fully Under the Control of the
th 10 PREVENT 2 Fra sanking a Banki Tinan and
Provide Penalties Therefor: Providing
for the Establishment of a Depositors'
of'e General r pepos .H G and the Esi aShish.
ment of a Commission to Supervise and
Control Such Fund; Providing for the
of 1903, Chapter a Of the Session Laws
Of Of 1929 1929, Charter g 3 Of d, the the Session laws WIS
Of 1909, Chapter 2ss Of the Session
Laws of 1903. Chapter 256 of the SEES
sion Laws of 1911. and Chapter los of
the Session Laws of 1918.
Be it Enacted by the People OF the
State of South Dakota.
Article I.
Observation-Disclosures There is hereby
established in this State a banking de-
partment which shall have charge of the
trust companies, and the banking bust
ness In this state. Such department shall
be designated as the Department OF
the management and control Of the pub
ic examiner, who shall be ex-offico super
%intendent of banks and trust companies
and chairman OF the Depositors' Guar
anty Fund Commission.
Submission snfi De Established I |ompens atom
- JNy IA II, n \ vNloro fr ,oy.o1 ~au<o l1I
a Depositors' Guaranty Fund Commission
OF the State of South Dakota, to be COM
posed of the public examiner and three
other persons. which persons shall be ap-
pointed by the governor, by and with the
advice and consent Of the Senate, no ono
of whom shall be an officer or director
shall hold office concurrently with the
Governor, unless for good cause, they
shall be sooner removed by him; and as
soon as said members are appointed under
the provisions of this act, the commits
sion shall select one of it's members as
treasurer and said appointment shall be
and approval of this act. The members
of the commission. other than the public
examiner. shall receive no compensation
for their services, but they shall be paid
their actual and necessary expenses in
Cured in the performance Of their duties.
the same to be paid out of the general
shall be chairman of said commission.
Said commission shall have the super
vision and control of the Depositors'
Guaranty Fund and shall have the power
to adopt all necessary rules and regula-
tons, not inconsistent with the law, for
the management and administration Of
said fund. If vacancies shall at any time
occur in said commission, the governor
hall fill the same by appointment as here
matter provided.
lie Examiner, Attorney. Examiners. Spe-
cial Examiners. Examiners in Charge,
Clerks {sk App %ha mah,5c ona1
be appointed by the Governor by and with
the ADVICE and consent Of the Senate and
shall hold office for the term Of four
been appointed and qualified, unless SOON
err removed by the governor for good
cause: The public examiner may, by and
ernor. appoint a. deputy, and an attorney
to assist him in the discharge of the
duties imposed by the provisions Of this
shall be eligible for the Office Of public
examiner, or deputy. without first having
had at least three years actual practical
experience in the general banking. BUSH
ness, or served for a like period in the
banking department of this or some other
state.
Such deputy shall possess all the pow
ers. and perform the duties attached to
the office Of # tie 1,.h pu n}f;ce es kan der, dnr Ing
absence or inability of his principal.
Such attorney shall be a regularly ad-
m nf thee 1 Rssetiti Me e at ait l rend before fo th the ps ssr
lie examiner, deput. public examiner. ex-
aminers, sTecial exasniners, examiners n
G chnrgs; M F2 mSfr com on sss a nep0f 81 ail
employees of the department, legal advice
on all questions arising out of the per-
f fined in thi Gf a th% ar p peysaa1 au by the as pa ae-
direction Of Ire pubic examiner
of any and all LITIGATION i'm anv
manner connected with the Department of
Banking and Finance or any of the Of
shall also, under the direction of the pub
lie examiner, have supervision of any
and all actions commenced by the public
or that may be brought asaln Inns
the liquidation Of the assets of any in
solvent bank or trust company in his
shall prevent the public examiner from
of or assist in the preparation and trial Of
ofs tie "a assets sa.sn Of any i m.aa in nsttanit1a
Thu public examiner may also employ
from time to time with the consent and
anproy ypec If the sxa soxeener' e saah enamin IN
charge, and clerks as he shall deem
necessary to assist him. his deputy. and
e ers a dntIes i m ose o, npoa them N e by s tni.
act.
Tine salary Of the public examiner shall
be ~thirty-five hundred dollars per annun:
the salary of the deputy shall he twenty
four hundred dollars per annum; the SAL
airy of the attorney shall be three thou
sand dollars per annum The salary OF
thousand dollars per annum. and the SAL
airy Of special examiners shall be: not to
exceed fifteen hundred dollars per an
mum, each of which shall be fixed by the
public examiner. The salary Of the ex-
aminers in charge shall be fixed by the
public examiner as hereinafter provided.
and the salary of such clerks az NAV ~
employed shall be at such rate per am
mum as the public examiner shall decide
not. however. to exceed thirteen hundreA
dollars for any other. Provided, that no
public examiner, his deputy, attorney q
any OF his examiners.. special examiners,