The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-11-02
No. 8.
RELATING TO RANKING AND
FINANCE.

ElNf N&Ts
AN ACT Entitled. An Act Providing for
the establishment OF a Department OF
Banking and Finance. Defining tho
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 control
OF Banks, Trust Companies and the
Banking Business, and TO Bring the
uslness of Banks and Trust Compan-
les More Fully Under the Control Of The
Departments Of Banking and Finance;
TO Prevent Fraudulent Banking and
Provide Penalties Therefor; Providing
fo' the Establishment Of a DepDsitors'
Guaranty Fund 70 Guarantee | aynent
Of General Deposits and the Establish
Control such Fund: Providing for the
liquidation OF InsOlvcnt Banks. and 10
Repeal Chapter ~ Of the Session Laws
of 1903. Chapter a Of the Session Laws
OF 1905, Chapter 70 Of the Session Laws
OF 1907. Chapter 222 Of the Session Laws
Laws OF 1909, Chapter 25G Of the SEES.
sion Laws OF 1911, and Chapter los OF
the Session Laws Of 1913.
BE il Enacted by the People OF the
state of South Dakota.
Article l..
Section /. Department Of Banking and
l'inaucC-Establishod. There ~ hereby
established in this state n banking de-
partment which shah have charge of the
execution of the laws relating to banks.
lIuSl companies, anu TUG pilihAlib bh0lN
ness i'm this state. Such department shall
he designated as the Department OF
Ranking and Finance and shall be under
the management and control OF the pub
ic aminer, who shall he CX-offico super
intcndent OF banks and trust companies
and chairman of the Depositors' Guar
anty Fund Commission.
Sec. =. Depositors' Guaranty Fund
Commission Established Compensation
-ENpenses) There Is hereby established
n Depositors' Guaranty Fund Commission
Of tho state az South Dakota. to be COM
posed Of the public examiner and three
other persons, which persons shall be APP
pointed by tho governor, by and with tho
advice and consent of the Senate. no ore
Of whom shall be an officer or director
Of a national bank. Said three members
shall hold office coucurrently with tho
Governor, unless for good cause, they
shah 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
! 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
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 ana 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 fiji the same by appointment as here
matter provided.
Sec. 8. Public Examiner, Deputy Pub
lie Examiner, Attorney. Examiners: Spe-
cial Examiners, Examiner in Charge,
Clerks, ACKNOWLEDGEMENTS -
Expenses The public examiner shall
be appointed by the Governor by and with
a.. aI.;a md nAnnnnf nf the Cnnntn and
shal hold office for the term of four
years and until his successor shall have
been appointed and qualified. unless soon:
er removed by the governor for good
cause. The public examiner may, by ana
with the consent and approval OF the gov
ernor, appoint n deputy ana an attorney
duties imposed by the provisions Of this
act and he may revoke such appointments
at pleasure. providing hat no persoti
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. bust
ness. or served for n 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 the public examiner during
a vacancy in such office and during the
absence or inability of mis- principal.
Such attorney shall be n regularly adj
mitied practitioner at law before the bar
Of the state. He shall render to the pub
lie examiner, deputy public examiner. ex-
aminers, special examiners. examiners !.
Guaranty Fund Commission. and to AN
employees OF the department. legal advice
on all questions arising out OF the per-
Torrance. Of their several duties as de-
fined in his act or prescribed by the pub.
lie examiner and shall; under the
of any and all litigation in any
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 hi.
shall prevent the public examiner from
employing other counsel to take charge
Of or assist In the preparation and trial Of
cases in connection with the liquidation
Of the assets OF any insoivent institution.
The public examiner. may also employ
from time to time with the consent ana
crs, special examiners, examiners in
charge, and clerks as he shall deem
necessary to assist him; his deputy, and
eral duties imposed upon them by this
act.
Tne salary Of the public examiner shall
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 annum. The salary OF
examiners shall be not to exceed two
thousand dollars per annum and the SAL
airy OF special examiners shah 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 in charge shall be fixed by the
public examiner as hereinafter provided.
and the salary of such clerks as may be
employed shall be at such rate per an
mum as the public examiner shall decide,
not. however. to exceed thirteen hundred
dollars for any other. Provided, that no
public examiner, his deputy. attorney or
any OF his examiners, special examiners.
or examiners In charge, shall be Q stock.