The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-10-26
No. 8.
RELATING TO BANKING AND
FINANCE

FINANCE.
AN ACT Entitled, An Act Providing for
the Establishment OF n Department OF
Banking and Finance, Defining the
Powers and Duties OF Such Department
and the Officers Thereof, and Provid-
Ing for the Compensation and Expenses
Of Such Officers: Providing. for the
Organization. Regulation and Controi
of Banks, Trust Companies and the
Banking Business, and to Bring the
Business of Banks and Trust Compan-
les More Fully Under the Control of the
Department of Banking and Finance:
TO Prevent Fraudulent Banking and
Provide Penalties Therefor; Providing
for the Establishment of a Deposltors'
Guaranty Fun to Guarantee Payment
of General Deposits and the Establish
ment of a Commission 10 Supervise and
Liquidation of Insolvent Banks. and to
Repeal Chauter 70 of the Session Laws
of 1903, Chapter "A Of the Session Laws
of 1907, Chapter 222 OF the Session Laws
Laws OF 1909, Chapter ESQ OF the SEES.
sion Laws of 1911, and Chapter los OF
the Session Laws of 1913.
BE it Enacted by the People Of the
State of South Dakota
Article 4.
Section 1. Department OF Banking and
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 shaII
be designated as the Department OF
Banking and Finance and shall be under
the management and control OF the pub
ic examiner, who shall be ex-ot.ico super
intendent of banks and trust companies
and chairman of the Depositors' Guar
anty Fund Commission.
Sec. 2. Depositors' Guaranty Fund
Commission Established Compensation
-EXpenses.) There Is hereby established
a Depositors' Guaranty Fund Commission
OF the State of South Dakota, to be conn
posed of the public examiner and three
other persons, which persons shall be APP
pointed by the governor, by and with tho
advice and consent of the Senate, no ono
of whom shall be an officer or director
of a national bank. Said three members
shall hold office concurrently with the
Governor, unless for good cause, they
shall be sooner removed by him; and as
soon as said embers 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
made within ten days after the passage
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
fund of the state. The public examiner
Said commission shall have the super
vision and control OF the Depositors'
Guaranty Fund and shall have the power
tions, not inconsistent with the law, for
the management and administration OF
said fund. IL vacancies shall at any time
occur in said commission, the governor
hall fill the same by appointment as here
matter provided.
Sec. 8. Public Examiner, Deputy Pub
eial f Examiner a''GsRsS n in Charge SPs.
Clerks, ACKNOWLEDGEMENTS -
Expenses The public examiner shall
be appointed by the Governor BY and with
shall hold office for the term Of four
years and until his successor shall have
been appointed and qualified, unless soon.
err removed by the governor for good
cause. The public examiner may, by ana
with the consent and approval Of the gov
ernor, appoint a deputy, and an attorney
duties imposed by the provisions of this
act and he may revoke such appointments
at pleasure. providing that no. person
examiner, or deputy, without first having
had at least three years actual practical
experience in the general banking busi-
ness, or served for a like period In the
state.
Such deputy shall possess all the pow
ers, and perform the duties attached to
the office of the public examiner during
a vacancy In such office and during the
absence or inability of his principal.
Such attorney shail be a regularly sd.
i'htN' $50 go
OF the state. He shall render to the pub
lie examiner, deputy public examiner, ex-
aminers. special examiners. examiners ie
Guaranty Fund Commission, and to an
employees OF the department, legal advice
on all questions arising out Of the per-
fined in this act or prescribed by the pub
direction of the public examiner
ofa any ut'0s an9 al Yfnen itisation n in cna ass
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
examiner or that may be brought against
the public examiner in connection with
the liquidation Of the assets of any in
solvent bank or trust company in his
shall prevent the public examiner from
employing other counsel to take charge
OF or assist in the preparation and trial Of
c ca tse IN ass eann of any insolve ent inatitntion'
The public may also employ
from time to time with the consent and
approval Of the governor, such examin-
charge. and clerks as he shall deem
necessary to assist him., his deputy. and
his attorney In the discharge of the sew
erai duties imposed upon them by this
act.
-ne salary Of the publis examiner shall
be thirty-five hundred dollars per annum:
the salary of the deputy shall be twenty
four hundred dollars per annum; the sal-
airy of the attorney shall be three thou
sand dollars per anDun. The salary OF
examiners shall be not to exceed two
thousand dollars per annum. and the SAL
airy of special examiners shall be not to
exceed fifteen hundred dollars per an-
num-, each of which shall be fixed by the
public examiner. The salary of the ex-
aminers I'm charge shall be fixed by tho
public examiner as hereinafter provided.
- L. M-1 - - - -..AI AIAr ys. - -. -
employed shall be at such rate per an
mum as the public examiner shall decide,
not, however, TO exceed thirteen hundred
fifty dollars for one. and one thousand
public examiner, his deputy. attorney or
any Of his examlpers. special examiners.