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

10 transfer or stock OF
any bank formed under this act shall be
valid as against the bank so long as
the register holder thereof shall be
liable; either as principal. debtor. surety.
debts which shall be due and unpaid: nor
in such cases, shall any dividend, inter-
est. or profits be paid on such shares. so
long as such liabilities continue; but all
scct ulIiuehuS, interests and profits, shall
be retained by the bank, and applied TO
the dlsch3rEe of such liabilities: and nc
STOCK shaIt be transferred upon the books
OF the bank without the consent of a ma
jority of the directors, while the regis
tered holdor is indebted to the bank
Sec. AS Deposits by Minors and Tn
married F~cmales-Trust Deposits-When-
ever any deposits shall be made in any
or female, being or thereafter becoming
a married woman, the same shall be held
FOR the exclusive right and benefit of such
minor or female, and free from the con-
troll or lien Of all persons whomsoever,
except creditors, and shall be paid with
any interest due thereon, TO the person in
whose name the deposit shall nave been
MADE. and the receipt of such minor or
temaie SHAH be n sufficient release or
discharge for such deposit TO the bank.
WheheNeE any deposit shall be made by
any person IN trust for another, and no
other or further notice of the existence
ana terms Of a legal and valid trust shall
nave DeeA gwen in writing TO such bank,
IN the event of the death Of the trustee,
NY IAl AlC anu az ~
.erest que thereon. may be paid to the
person for whom ssfd deposit was made.
Sec. AZ Receiving Deposits When In
solVent-If any banker. or any president,
director, manager, cashier. or other Of
lceT, or agent, clerk or employe of any
pahk, oaHk or banking institution, doing
business IN This state, shall receive or as
sent 10 the reception Of any deposit of
money, or other valuable thing, in such
bank, or II II such banker. officer or
gent ShaI create or assent TO the crea-
tion or any debt or Indebtedness 10y such
banker, bank or banking institution, In
tonSlderaIon or by reason of which in
debtedness any other valuable property
shaii be received by such banker or into
Such odnk or banking institution, or with
hotos the proceeds of any collection made
from the person entitled to receive remit
lance OF. payment therefor. after he shall
have had knowledge Of the fact that such
banking institution Is II solvent, he shall
.pon conviction thereof be punished by a
me not less than one thousand dollars nor
more than five thousand dollars, or by
imprisonment in the state pe~nitCntilry for
a term of not less than two nor more
than hVe years, or by both such fine and
court.
Sec. so. When lnsolvent-A bank shall
be deemed TO be insolvent when the actual
cash market value OF It's assets is insult
hclent TO pay its liabilities, or when tits
unable 10 meet the demands OF it's credi-
tors In the usual and customary manner,
or when 1t shall fail to make good it's
reserve as required by law. or when the
stockholders upon notice from the public
examine shall fail to make good an i'm
pairment IN the capital thereof.
Sec, 81 Unlawful Banking-It shall be
unlaWful for any individual, firm or cor
wise represent that they are engaged in
the banking business, without first hav-
ing obtained authority from the public
examine as herein provided. Any such
individual or member Of any such firm.
or othcer OF any such corporation, so Of
Tending shall be deemed guilty Of a mis-
demeanor and upon conviction thereof
than three hundred dollars nor more than
one thousand dollars in the discretion Of
the court.
Sec. 81, Officers Removed-Any officer
or the bank found by the public examin-
er to be dishonest. reckless. incompetent
or d~ilatory, shall be removed from office
by the board Of directors of the bank Of
which he is an officer, on the written or
der OF the public examiner.
sec. %. Public EXtminer May Make
Rules-How-Ths public examiner by and
WIN the approval OF the governor and
The attorney general. shall have power to
make such rules and regulations for the
government of the banks Of this state as
may In his Judgment seem wise and ex-
Pedlent; provided, that no such rules or
regulations shall in any way conflict with
any OF III. laws made for the control of
such banks.
Sec. "a. Al Banks Subject TO Provi.
~ ~ " NIllS htl
Sh3L extend to and govern all banks ex-
>stlng and doing business within the state
ana all banks that may hereafter engage
% the business. All the powers. prlvi-
ieges, duties and restrictions conferred
ma imposed upon any bank existing and
'olng business under the laws OF this
ate, are hereby abridged. enlarged or
m9dihed as each particular case may re-
his act. '"' provisions OF
Article q
Section /. Guaranty Fund-Assessment
-f'or the purpose Of providing a De-
p~ositors' Guaranty Fund for the protec-
lion or deposltors in banks, every bank
rhGaged in the business Of banking under
he laws of this State. shall be subject
% assessment TO be levied. kept, col
c.Gted and applied as hereinafter pro-
Sec. 2. Examination Of Ranks-Ap-
proval or Liquid1tion--It shall be the duty
II the public examiner OF this state to
anime every state and private bank
'olng business in this state. within six
months from the passage and approval of
'lS act, and no assessment shall be
eVled upon amy bank by the Dcpositors'
warranty Fund Commission Until its con
ltion shall be approved by the Deposjt-
RS Guaranty Fund Commission. Every
'}nk whose condition has not been APP
loved by the DepositOrs' Guaranty Fund
'onmisSion and which shall not have
implied with conditions imposed by said
.'cposltors' Guaranty Fund Commission
~ January l.. 1916, shall Immediately be
'quidated as. herein provided in this act
~ the liquidation Of insOlvent banks.
sec. 8. Filing StatomcntS-Assess-
ments-On the first day Of January, 1916.
nd on the first day OF January Of each
ar thereafter every bank euvayed in
ne business Of banking in this state Shall
make ard file with the Depositors' Guar
nty Fund Commission, a statement IN,
"riting, verified by the oath of its presI-
'ent, vice president or cashier. showing
ne average daily deposits in its bank
or the preceding twelve months.
on the first day Of tn month next sue
"edlng the date fixed 10" the making and
ing of such statement. the Dcpositors'
warranty Fund Comm ssion shall levy
against the assets of each Of
aid banks as follows:
ON the first day Of February, 1916. one
.ourth OF one per cont on the average
ally deposits as shown by the first state
'nent OF such average daily deposits re-
lired to be made and fled by the provi-
IONS Of this section.
ON the first day Of February OF each
nd every year thereafter, one-fonrth of
one per cent Of the average daily de-
POSTS as shown 10y the statements re-
uired TO be mad and filed on the frs,
lay of January in each year, until the
otal amount Of money in the Guaranty
md reaches one and onc-half per cent
If the average daily deposits.
Due and legal notice of such assessment
shall be deemed to have been given when
UGH notice as shall be prepared by the
secretary OF the commission has been
placed in an envelope, securely seal led
.ycfaon avn lfnc..LI |~'t