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

tion SO TO alter. cancel or terminate such
bond. shall have been served upon the
public examiner and no liability OF any
bonding company which shall have ac-
crued prior to the time above mentioned
SHAH terminate within less than one year
after such bond shall have been can
celled.
Sec l2. Directors Meetings---Reports
The board of directors snall hold at least
two regular meetings each year ana THESE
shall be held on the second Tuesday IN
January and July, or any day thereafter
within such months, 70 lie fixed by the
by-laws and at such meetings thorough
examination of the books, records, FUNDS
and securities held by the bank shall be
made BY tile board, or by a committee Of
the stockholders appointed BY the board,
and report prepared giving In deiah al
items included in the assets of the bank
which they have reason To believe are
not OF the value at when they are being
carried by the bank, and giving the value
of each OF such items as they may have
determined. Such report shall be made
under cath and shall be recorded in the
minute book Of the bank, and duly cerlt-
fled copy thereof transmitted to the pubic
examiner within ten days.
Sec. 13. Must Report Diyidends-When
Declared.l All dividends, unless paid
ni-2nnually, shall be declared at a
meeting Of the board of directors 10 be
held on the second Tuesday in January,
or any day thereafter In that month as
prQyided by the bylaws, and II paid semi
annually, at meetings to be held IN Janu,
airy ana July US UtIGlIl DIbNlQtus n iAAA
and complete record of the proceedings
and business Of all such meetings shall
be spread upon the banks minute boOki
such record shall show the disposition OF
profits Ia detan, by indicating all poor
or worthless items charged out and the
amount OF the same, the amount o. eH-
pense charge out, the amount carried TO
the surplus, IL any, and the amount OF
dividend declared, and shall also indicate
the amount OF net undivided profits re
naming Within ten days after any
such meeting, the president or cashier
shall SHansnit 10 the public examiner a
certified copy OF such record.
See f. Referring to bylaws Before
any bAi,ss OF trust company shall be aGth-
holders cf such institution shah prepare
and submit TO the public examiner for
his approval suitable bylaws for the
government OF the institution. II the
public examiner approves OF them, he
shall file the same in his office and
notify such institution o. his approval
thereof whereupOn such bylaws shall
be adopted by the stockholders and spread
at lengh upon the minute book OF the
bank as q part of the proceedings OF the
meeting at which they are adopted. II
the public examiner does not approve of
such bylaws. or any Of them, he shall
notify such institution of such fact and
any bylaws not approved shall not be
adopted by the stockholders.
Upon the adoption by the stockholders
of such bylaws. they shall be trans
cribed into book which shall be and
become a permanent record of such in
stitution and shall be known as the
"Book OF Bylaws"
Any amendments which may be made
from time TO time shall be adopted re-
corded, and filed in the same manner as
provided for original bylaws and all Of
the same shall be subject to the approval
OF the public examiner
In all cases where a banks bylaws
provide for meetings on dates which con-
nict with sections II, ~ and IL of this
lot tg HAr-l la taFq mn 81 -
amended at the next regular annual meet
Ing Of the stockholders
Sec. Is. Stock BOok.l Every bank
shall keep n stock book, which shall az
all times during the regular hours OF
business be subject TO the inspection OF
he stockholders and creditors OF the bank
Such book shall show a fun and correct
list OF the names and addresses of all
stockholders in the bank and the number
of shares held by each
a list Of the owners OF private banks
shall be kept in like. manner. \ refus.l
by the officers OF bank to exhibit such
book 10 any person rightfully demanding
inspection thereof, shall subjuct such Of
ficer to a fine of fifty dollars In all ac-
tions, suits and proceedings such books
sst...fi be conclusive evidence OF the facts
therein stated. A copy of such list as OF
date June 30th Of each even numbered
year, verified by oath Of the president
or cashier or owner of such bank. shall
be transmitted TO the public examiner
within ten days.
Sec fG Stocsholders' Right to Vote
AT all stockholders nleatinss each. share
OF stock shall entitle the owner Of record
to one vote. stockholder may vote al
any m-eting OF the stockholders by proxy
Sec. IL. Articles May be Amended--A
bank may amend its articles OF incorpOra-
tion in any manner not inconsistent with
the provisions of law, at any time, by q
vote of its stockholders representing two
thirds of the capital stock, such vote e
be taken ut a meeting called for that pnr-
pose. Such amendment, certified by the
president and cashier. shall be recorded
and fled as required for articles OF in
corporation. Unless the required surplus
Will permit, no increase of capital phal
be valid until the amount thereof has
been subscribed and actually paid in
No reduction OF capital shall be made tc
provisions Of this act for capital, nor bt
valid or warrant the cancellation OF stocl
certificates or diminish the personal liza
biiity OF stockholders until such reduc.
tion has been approved by the public ex.
amincr. Such approval must be baset
upon a finding by him that the security oi
the existing creditors will not be i'm.
paired by the proposed reduction.
Sec. Is. Real Estate--How Acqured--A
bank may purchase, acquire, hold anc
convey real estate for the following pur-
poses only:
First. Such as shall be necessary fol
the convenient transaction of it's business
including with its banking offices. orhe,
apartments to rent as source OF in
come
Provided, however, that no bank shal
invest in a banking office, furniture and
fixtures. an amount greater than forty
per cent OF the capital and surplus. az
herein provided, of such bank.
THE limitation need not apply imme.
dately to present holdings of banks nov
doing business, but they shall reduce tn,
book values Of such holdings at least five
per cent annually until such values ar,
brought within this limit.
Second Such as shall be conveyed e
1T in satisfaction OF debts previously con.
tracted In the course of it's business; pro
vidcd, however, that no bank shall inves
in real estate so acquired, any amount II
excess OF the amount OF such Indebted
ness; and provided further. that rea
estate so acquired shall be disposed o
within one year, either by sale or by be.
ina charged out of the banks assets.
Third. Such as 1t shall purchase a
foreclosure under securities held by IL, bu
a bank shah not bid at such sale larger
amount than Is necessary to satisfy IL.
debts and costs
cases contemplated in the second ant
third subdivisions preceding shall be held
for longer time than five years. except
an extension Is granted by the publ
granted, it must be sold at a private
or public sale within one year thereafter
Nothing in this section shall be construed
TO prevent bank from loaning moneys
law. Real estate shall be conveyed un-
der the corporate seal OF the bank and
the hand pf the president or vice presi-
dent and cashier or assistant cashier.
Sec. 10. Called Reports--Special Re-
ports - Publication - Forwarding EVERY
bank shall make TO the public examiner
not less than five reports during each cal
ndar year, at such times as the public ex-
aminer shall require the same. according
TO the forms which he shall prescribe
Such reports shall be signed and verified
by the oath or affirmation of one OF the
officers of such bank. and attested by a,
least two of the directors. Such report
shall exhibit In detail and under proper
heads. the resources and liabilities of the
bank. at the close OF the business OF any
past day by the public examiner speci-
fled. within i've days after the receipt oi
the request therefor. from him. Such re-
ports shall be published in a newspa per
In the town In which such bank is located
provided that In case no newspaper Is
published in such town the report shall be
published In the nearest town within the
county in which such bank is located
where newspaper Is published. III there
be no EcWSDaper published within the