Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1916-11-01
No. 3.

RELATING TO BANKING AND
AN ACT Entitled. An Act Providing for
fne LIST iishme mt OF a Department OF
and the Officers Thereof. and Provid-
ing Tor the Compensation and Expenses
Of Such Officers: Providing, for the
OF Banks. Trust Companies and the
Banking Business, and to Bring ths
Business Of Banks and Trust compan-
les More Fully Under the Control of the
to Prevent Fraudulent Banking and
Provide Penalties Therefor; Providing
Guaranty Fund to Guarantee Payment
of General Deposits and the Establish
ment of a Commission to Supervise and
Liquidation of 1nsolvent Banks. and to
Of 1922. Ghhapter !! Of o the The Session ssi laws Tvs
Of 1907. Chapter 222 Of the Session Laws
Laws Of 1909, Chapter 25s Of the Sos.
the Session Laws of 1913.
Be it Enacted by the People of the
State of South Dakota.
Article I.
Section /. Department Of Banking and
established in this State a banking de-
partment which shall nave charge Of the
execution OF the laws relating. to banks.
ness in this state. Such department shall
be designated as the Department Of
Banking and Finance and shall be under
ic examiner. who shall be ex-offico super
%intendent OF ank and trust companies
and chairman of the Depositors' Guar
0ntv Eypn1 HNNavNS3N0
Commission Established Compensation
-Expenses.). There Is hereby established
OF the State of South Dakota, to be COM
posed of the public examiner and three
other persons. which persons shall be ap-
advice and consent of the Senate. no one
Of whom shall be an officer or director
Of a NATIONAL bank. Said three members
Governor. unless for good cause, they
shall be sooner removed by him; and as
soon as said members are appointed under
sion shall select one of its members as
treasurer and said appointment shall be
made within ten days after the passage
of the commission, other than the public
examiner, shall receive no compensation
for their services. but they shall be paid
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.
vision and control of the Depositors'
Guaranty Fund and shall nave the power
to tion ADOPT pot all pe necassary rule am and ,a rsgu Ia
the management and administration of
said fund. If vacancies shall at any time
occur IN SAID commission, the governor
matter provided.
Sec: 3: Public Examiner, Deputy Pub
cial Examiners A''GSXaS; m in cha npe.
Clerks. OBSERVATION-DISCLOSURES .
lExpenses.l The public examiner shall
t be a ag9ine an BY c the G9v ef TOR by and with With
shall hold office for the term of four
years and until his successor shall rave
been appointed and qualified. unless SOON
cause. The public examiner may, by and
Will It'll the consent and approval Of the gov
e epno assi appq bim a in deputy Put ,d; anS an attorney af Key
duties imposed by the provisions of this
act and he may revoke such appointments
s Shall p'f ps Eligible PEgoy fda tse t affIce no O. p naSf,c
examiner. or deputy, without first having
had at least three years actual practical
n ness, or served " ans for ee a ike p perioa in oI the
banking department OF this or some other
state.
er Such and deputy asr;o, shall ZIP possess ssf;s. all the Pow,
the office Of the public examiner during
a vacancy in Y office and during the
absence or inability of his principal.
mitted practitioner. at law before the bar
Of the state. He shall render to the pub
lie ! c examiner, deputy public examiner. ex-
Guaranty Fund Commission. and to all
employees Of the department.. legal advice
formance Of their several duties as de-
fined in this act or prescribed by the pub
d af asam'n Of a sSa ' bapi,c un sxa7,,a the
a 81 any sttos ana al ffifneinis sis;at. nave in charge s5s
manner connected with the Department Of
ficers or employees thereof as such. He
shall also. under the direction Of the pub
nc examiner, have supervision Of any
examiner. or that may be brought against
the public examiner in connection with
the liquidation Of the assets Of any in
possession; but nothing herein Contained
shall prevent. the public examiner from
employing other counsel to take charge
cases in connection with the liquidation
Of the assets Of any insolvent institution.
The public examiner may also employ
approval Of the governor. such xamin
charge. M clerks a he Aa shaii deem m
his attorney in the discharge Of the s aNo
eral duties imposed upon them by this
act.
be thirty-five hundred dollar. saA per- ann nna':
the the sss, l ! Of the deputy shall be twenty
aour nundred collars pei. annum: the sal
AIRY aayyd OF dd fhe attorney tor shall be thrs. thou.
examiners shah be not to exceed two
s exceed Cd s Hfts.n t Snna1.ss dd 4 e be not to
num-, each Of which shall be flxed nv ~