The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-10-26

their capital stock and surplus for a
period of six months, and provided 1ur-
Their, that no bank shall receive deposits
in excess of fifteen times it's capital and
surplus. the same to be determined by
the average of its deposits for six months
Sec. 3. Articles Of lncorporation0Lon-
ents.l The person so associated shall
make, sign and acknowledge written ar
ticles of Incorporation containing:
first. A declaration that they associate
for the purpose of forming a banking
corporation or trust company under this
act.
Second. The name of such bank, which
name shall be in no material respect SIM
liar to the name of any other bank In
the same county.
Third. The name OF the particular
town and county where such bank is 10
Gated.
Fourth. The amount of capital stock,
which shall be divided into shares of one
hundred dollars each.
Fifth. The names and places Of resi-
dence of the shareholders and the num-
Der Of shares held by each.
Sixth. The period for which such bank
is organized, not exceeding twenty years,
and the date OF which it shall commence
and terminate its corporate existence.
Seventh. The names and places Of resi-
dence of the several officers and dl-
]rectors, and the number of shares of the
capital stock of such corporation owned
and held by each of such officers and
directors.
Sec, A.. Filing Articles-Certified
COpieS.l Sucn original AfllCleS OF III
corporation, verified as such, by the af-
fidavit of two of the signerS thereof shall
be recorded in the office of the register
of deeds in the county where such bank
being recorded. they shall be transmitted
to the Secretary of State who shall re-
cord and file the same in his office.
A like verified copy of said Articles of
Incorporation certified by the register of
deeds of the county where such bank is
to be operated, shall at the same time
be forwarded to the public examiner.
Sec. 5. Power of State Banks. Upon
making and filing Of Articles of Incor-
p~oration as required by section four of
this article, and the receipt of authority
business, the bank shall become a body
corporate and as such shall have the fol-
lowing powers:
First. To make all contracts necessary
and proper to effect its purpose and con-
duct its business.
Second. T. sue and be sued, to appear
and defend in all actions and proceed
ings under its corporate name to the
same extent as a natural person.
Third. To have a common seal and
alter the same at pleasure.
Fourth. To elect, or appoint all neces-
sary officers, agents and servants. define
their duties and obligations. fix their
compensation, dismiss them, fill vacancies
and require bonds.
Fifth. To make. amend and repeal by
laws and regulations, not inconsistent
with the law or its articles of incorpora-
ton, for its own government, for the
orderly conduct of its affairs and the
ing the manner of calling and conducting
its meetings, the tenure of office of its
several officers; and such others as shall
be necessary or convenient for the ac-
compllshment of its purpose.
Sixth. To exercise, by its directors,
duly authorized officers, or agents, all
such powers as shall be usual in carry
ing on it's business of banking; by buying,
6iCnnlntjnT and napntiat ting nrnrn Scnrv
notes, bonds, drafts, bills of exchange,
foreign and domestic, and other evidences
of debts; by receiving commercial and
savings deposits under such regulations as
it may establish; by buying and selling
coin and bullion and by buying and SELL
ing exchange, foreign and domestic; issu-
ing letters of credit, and by loaning
money on personal and real security, as
provided hereinafter.
Sec. 6. Business Not to be Transacted. ]
No bank shall transact any business, ex-
preliminary to it's organization. until it
has been regularly authorized by the
public examiner to commence the BUSH
ness of banking.
Sec. 7. Minute Book to be Kept.l A
complete record showing in detail the
nature of all business transacted as con-
Uemplated by the provisions of this section
and of all meetings of subscribers for
stock, and officers, and directors shall
he kept in the minute book Of such bank
and form a part of the permanent records
Of such institution.
Sec. 8. subscriptions to Stock-Fow
Taken The subscriptions to capital
stock and the direction of the affairs of
The corpora ton prior to the election of
directors shall be in conformity with the
statute relating to corporations regulating
Such matters, so far as the same may be
Spplicable.
Sec. 9. Certificate of Authority-When
Cranted.l Whenever Articles Of Incor-
poration are filed with the public exam
iner, as herein provided, and the bank
transmitting the same notifies the public
examiner hat its capital stock has been
duly paid in, in cash, and that such bank
has complied with all the provisions of
this act required before the bank shall
be authorized to commence business, the
public examiner shall within thirty days
examine into the condition Of such bank,
ascertain whether or not the capital has
been fully paid in, the name and place of
whether such bank has complied with all
of the provisions Of the law required to
entitle it to engage In the business of
banking. If, upon such examination. it
appears that such bank is lawfully en-
titled to commence business. the public
examiner shall forthwith give to such
bank a certificate under his hand and
official seal, that such bank is authorized
to commence business. IF the public cx-
anime has reason to believe that the
stockholders have formed the same for
any other than the legitimate business
contemplated by this act, he may. with
the ad vice and consent Of the attorney
general, withhold the certificate herein
provided for, and 1T is further provided
that the public examiner may withhold
the issuance of such certificate to a bank
seeking to ngage in business in a town
which m his Judgment does not Justify or
warrant a new or additional bank or
where II is evident that the application
for a charter and certificate of Authority
TO do business is prompted by malicious.
speculative, or any other than honorable
motives.
Sec. 10. To Publish Certificate Of
Authority. The bank shall cause the
certificate of authority as herelnbefore
provided for and issued Hereunder to be
published in some newspaper, printed in
the town where such bank is located,
within ten days after receiving the same.
If no newspaper is published in such
town, the such publication shall be made
in one published nearest thereto. Proof
of such publication shall be mad and
executed under oath by the publisher on
appropriate blank for that purpose and
the same shall be filed with the public
examiner.
Sec II. Observation-Disclosures Of
-Oath-Bond.1 The affairs and busi-
ness of a bank shall be managed and
controlled by a board Of not less than
five directors, a majority Of whom shall
be residents of the State of South Dakota
and shall be elected by the stockholders
at their regular stated annual meetings,
which shall be held on the second Tues
day, or any day thereafter, in January of
each year, as provided in the banks by
laws. Provided, that not less than three
80 thu Airoctnro NJ q hanE shall ,.c;Iu