Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1916-10-28

receipts shall be delivered to the bank
or trust company SO pIS .E the fee the
duplicate rcccipt shan he forwarded TO
the state treasurer anc iHa DNcatt re-
ccipt shall be f!iei in the office Of tho
public examiner ~ such foe snail not be
paid the uuhlic exem.nar shall maintain
an action therefor against such bank or
trust company and shaii ne entitled 10
recover interest thereon 81. The rate OF
ten per cent per annuln from the date OF
such exam nation.
Sec. Z. Record Of Fees Tx shall be
the duty of the public e>9mIner to keep a
record OF an fees coHeclei or him or his
deputy. together with record of all cx-
peuses incurred in making me cxamina-
tion OF an banks and trust companies
and at the end OF each month pay over
to the state treasurer, all fees collected
during the preceding month and he shall
file with the state treasurer an itcmzed
statement showing from whom collected
Sec. 3 Not 10 Disclose information1
The public examiner his deputy att
torneys, examiners, special examiners,
examiners in charge and every clerk in
his department shall bc LHnd bv oath
10 keep secret All of tho facts and iufor-
nation obtained in the course OF such
examinations, except so lar Hs The public
duty cf such officer requires him 10 report
upon or take special action regarding the
affai irs of any bank or trISt Con1UafV and
except wAen called as a witness I'm any
proceedings In q court OF justice If anV
~ ~
aminers special examiner, examiners in
charge or clerks in such leuqrtnteut
shall disclose the naTGo Of amy debtor 0f
any bank or trust company, on shall sis
close any fact obtained in the course OF
his examination OF any bank or trust
company except as herein provided he
shall be subject. upon conviction thereof
TO a forfeiture Of his office and 10 The
payment OF a fine of not less thar ona
hundred dollars nor more than one thou
sand dollars, or imprisonment in the state
prison not less than siX months nor more
than two years or TO both such fine and
Imprisonment, in the discretion Of the
court
Sec 9 when Capital Impaired. Duty Of
Public Examiner Whenever The public
examiner shall become satisfied that the
capital Of any bank or trust company IL
impaired or reduced below The amount re-
CURED by law, or the articles of inCorpOra-
Jion, or below the amount certified TO the
public examiner rs paid IN, he Us hereby
authorized and directed 10 require such
bank or trust company TO make good such
impairment or deficiency.
In any case where the capital Of any
bank or trust company shall have become
impaired or reduced below the amount
porGtion. the board of directors of such
bank or trust company shall have the
power and ii is hereby made their duty 70
Immediately make pro rata assessment
upon all the stock Of said bank or trust
company, to make good such deficiency
and serve notice by registered mail Of
such assessment upon each stockholdcr of
record; and upon the failure of the said
board Of directors TO act it shall be the
duty OF the public examiner TO mako such
pro rata assessment and give such
notice; such notice shall specify the date
upon which said assessment shah be due
and payable, which said date shall be not
less than ten days or more than twenty
days after the notice OF assessment shall
have been mailed
II any stockholder shall fail or neglect
to pay the amount of the. assessment
against his stock for ten days after the
same shall have become so due and pay
able, the directors OF such bank or trust
company, or upon their failure TO act,
the public examiner may offer said stock
for sale, and sell the same at public sale
upon ten days notice to be given by post
ing copies of such notice OF sale in i've
public places in the town, village OF city
where such bank or trust company is To-
Gated Upon such sale the purchaser
shan forthwith pay the amount OF the
assessment against said stock The
amount received from the sale Of such
stock, less the cost and expense Of such
sale, shan be paid to the original owner
3f such stock.
II any bank or trust company refuse or
fan for thirty days after written notice
TO make good such Impairment OF its
capital stock the public examiner is
hereby authorized and empowered 10 take
charge of its affairs and wind up lis bust
ness
Sec 10. Delinquent: Public Examiner
appear TO the public examiner thar any
bank or trust company to which this
chapter IS applicable has violated its
charter or any law of the state, or is
conducting its business in an unsafe or
unauthorized manner or IL the capital
stock of any such bank or trust company
is impaired, or If any such bank or trust
company shall refuse TO submit its hooks
papers and affairs 10 the inspection ol
any examiner or If any officer thereof
shall refuse to be examined upon oath
touching the affairs of any such bank or
trust company, or II any such bank or
trust company shall suspend or refuse
to make payment OF its obligations, or il
from any examination or report provided
for by this statute, the public examiner
shall nave reason to conclude that such
bank or trust company is in an unsound
or unsafe condition to transact the busi-
ness for which ii is organized, or that ii
is unsafe and inexpedient for II to con-
tinue business, or II any such bank or
trust company shall neglect or refuse 10
observe an order of the public examiner
specified in the preceding section, tho
public examiner may forthwith take pos
session OF the property and business OF
Such bank or trust company and retain
such possess until such bank or trust
company shall resume business, or its af-
fairs be finally liquidated. herein pro-
vided.
Whenever any bank refuses or neglects
to deliver poss sssion of its affairs, as
sets or property of whatever nature. to
the public examiner, or to the person
ordered or appointed to take charge Of
such bank or trust company according
TO the provisions OF this act. the public
examiner shall communicate the facts to
the attorney general, or to the states at
torney OF the county wherein such bank
or trust company is located, who shah
hereupon cause an application TO be made
to the circuit court or to any judge tnere-
of, having jurisdiction of the same. tor
an order placing the public examiner, or
the person ordered or appointed by him
to take charge Of such bank or trust COM
pany, in charge OF such bank or trust
company and it's affairs and property;
court having jurisdiction of the same.
shall be absent therefrom at the time
such application is to be made, then. and
in that case. any judge Of the supreme
court may grant such order, and the
petition and order of possession shall be
forthwith transmitted TO the clerk Of the
circuit court Of the county in which such
bank Is located.
Sec H. Injunction Proceedings. ]
Whenever such bank or trust company
of whose property and business the pub
lie examiner has taken possession, as
aforesaid deems itself aGgrieNed there
by Il may at any time within ten DAYS
after such taking possession, apply TO The
circuit court for the county in which
TO enjoin further proceedings; The said
court after citing the public examiner
90 show cause why further proceedings
should not be enJoined and hearing the
and proofs Of the parties and
determining the facts, may upon the
merits dismiss such Application or enio'n
the public examiner from further pro-
ceedings and direct him TO surrender
such business and property 10 such bank
or trust company
All proceedings by any bank or trrs.
20 enjoln the public examiner
in the discharge Of his duty shall be had
in the county where said bank or trust
Is located or in the supreme
court of the state
Sec - Nonce-Effect Of On taking
possession Of the property and business
of any such bank or trust company the
public examiner shall forthwith give
notice OF such fact by letter or telegram
20 any and all banks or trust comps nies
holding or In posses sion of anv assets OF
any bank or trust company. No bank or
trust company knowing Of such taking
by the public examiner, or
notified as aforesaid, shall have a lien or
charge for any payment, advance or