The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-11-02

before provided for such pubilc exam
hall he deemed sufficient. and In a.
cases where bonds are required from Ia.
members OF the Depositors' Guaranty
Fund Commission for the faithful PEI
premium thereon shall be paid by the
state Treasurer from the General tunG
Of the state. All such bonds shall be
subject TO the approval of the GoYerno,
each of such commissioners shall be filed
with the Secretary Of State,
Sec. l6. Members of Deposttors quar-
anty Fund Commission-Selection-The
directors Of each bank shall select a
director of said bank to represent 1T IN
making recommendations to the governor
for the appointment of member or the
Depositors' Guaranty Fund commission
said persons selected by the board or Of,
rectors of each of said institutions shan
constitute a State Bankers Association,
and such association shall select an Exc
cutive Council of not less than nine nor
more than fifteen members who shan rec
ommend to the governor the names VI
nine persons having qualifications pre-
scribed in this act for members or inc
Depositors' Guaranty, Fund COMMISSION;
from which to select the three members OF
the Depositors' Guaranty Fund Commis
sion.
The governor shah appoint the three
members of the Depositors' Guaranty
Fund Commission from the names SO s0o-
mitted.
Sec. u pepositors' Guaranty Fun
~Fixed-Special Meetings-IIow Called
Where Held-The Depositors' Guaranty
Fund Commission created by the proVi-
sions Of this act shall hold at least toui
meetings during each calendar year Al
stated intervals as follows, to-wit:
On the second Tuesday in ~anuary.
April. July and October, provided mar
other meetings OF the commission may be
convened upon written request by any Two
members of the commission, served upon
the chairman OF such commission, VINO
shall upon receipt of such request give
notice to the secretary of the date Wnen
a meeting shall be held In accordance VITO
such request, and the secretary shaii IN
turn give notice thereof 20 all members
Of the commission OF the date OF such
meeting so TO be held, as hereinafter pro.
vided; and provided further. that wheh-
ever a condition exists affecting the gem
eral banking business within the state.
or when there Is sufficient matter l9
the office OF tho public examiner entltice
to receive consideration and disposition ~
the Depositors' Guaranty Fund Commis.
sion, as contemplated herein, or when
in the opinion OF the public examiner ~
is advisable to convene such commits
sion for counsel and direction on con:
tingencies that may arise that would tens
TO prevent best results from being op-
tanned hereunder as contemplate hcre,n.
the commission and to that end shall give
notice TO the secretary or the Date OF sucn
meeting so to be held, and the secretary
shall forthwith give notice or the ontS
Of such meeting to all members OF ths
commission.
All meetings Of the Depositors' Guar
anty Fund Commission shall be held -
the office Of tho public examiner,
Sec. lS. Depositors' Guaranty Fund
rummission-Specifo Duties-It shall %
anty Fund Commission to pass upon the
qualifications Of each and every banK for
admission under the depositors' guaranty
fund and their actions shall be ma T0.AA
be further required OF any BANK IN oroC
TO place IT In a condition satisfactory 70
the commission 80 that 1t may be ad-
When the condition Of any bank here:
tofore admitted under the depositors'
| guaranty fund becomes such as TO cause
| bility OF permitting II TO continue In busi-
ness. Il shall be within his power to re-
Guire the advice and opinion OF the COM
mission and for that purpose bps cs,I a mee'ns
At any regular or called meeting or the
Depositors' Guaranty Fund Commission
AZ herein provided, at when mere ~
II shall be optional with n quorum wheth.-
or or not any business shall be Transacted,
| and such quorum may adjourn from uime
10 time until such time as there snail %
" Sec Is Notification Of Admission
Certidcate-Immediately after being pass.
ed upon favorably by the Depositors'
Guaranty Fund Commission. the secro-
tary shall notify each and every bank 50
admitted by mailing a certihcate 10 suon
| BANK showing SUCH duIiliNSioi, ~ $500
10 he signed by the chairman ana at
tested by the secretary OF the commission
and hear the seal OF the public examiner.
such certificate shall be carefully pro-
served by the bank receiving tho same
by being framed or otherwise properly
protected, and shall at all times be dis
PLAYED in n conspicuous position In the
soc 90 Forms-Approval-The De-
p~ositors' Guaranty Fund Commission sha4
prescribe all such forms as may be usefui
= -, In no irwin 0nf the DFnyts
sions OF this act.
Sec. 2I. Punishment-Where Not 9th
erwise Provided-Where no other punish-
ment In provided herein any person vlo-
lating any Of the provisions OF this act
shall be deemed guilty Of a mi9demeanor,
and upon conviction thereof shall be pun
| ished by n fine of not less than fifty dol
lars nor more than three hundred doIlar9
bv Imprisonment in the county jail
| for not less than thirty nor more. than
ninety days or both. in the discretion OF
Sec. %. Saving Clause-Nothing In this
| act contained, repeating any oct Tor thy
be construed to release any person from
punishment for any acts heretofore COM
| rnittcd violating said act or acts nor az
feet in any manner any exlstlns ihoict-
mont or prosecution by reason OF such
"eroal; aud for that purpose such act o!
acts shall continue in force and effect
Notwithstanding. such repeal
Sec. 23. National Banks Reorganized
Nav Oualify-Rcpuiremcnte-Any nation.
al bank that has reOrganlZed as a state
hank as provided herein, shall before
engaging in business under the provisions
| of this act set apart and credit to the
dcpoeitore' guaranty fund such an amount
as will place them on an equal basis In
such respect, with other state banks here.
| tofore admitted computed on the aver
| ared daily deposits of such bank during
he prIor calendar year.
Sec. "a. Federal Guaranty Law
whenever by act of congress-. or by deci.
sion OF federal court, or departmental
construction Of the national banking act,
national banking associations located ana
doing business within this state are mr..
| mitted to avail their depositors or the
| protection Of the dapositOrs' guaranty
fund. established by the law OF this state
for the repayment OF deposits In closes
banks, and such association. after exa mi.
nation at It's expense by the public exam.
iner. upon approval as TO its financial
condition, may participate In the assets
and benefits OF the dcpositors' guaranty
fund upon terms and conditions in har.
| mony with the banking law of this state
10 be fixed by the said Depositors' Guar.
| anty Fund Commission; provided. that in
the event national banking associat iona
hall he required by federal enactment
10 pay assessment to any depositors'
guaranty fund Of the federal government.
and thereby the depositors in such asso.
CATIONS in this state shall be guaranteed
by virtue of federal laws, that the asso.
cations having availed themselves OF the