The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-10-26

10 b@nk-EreS.-No transfer OF stock Of
any pans iorned under this act shall be
Nalu as against the bank so long as
the registered holder thereof shall De
naole either as. principal. debtor. surety.
or otheTWlse, 20 the association for any
debts which shall be due and unpaid: nor
IN such cases, shall any dividend, inter-
sst. or pEoHts - paid on such shares. SO
Lons a. sIch liabilities continue; but all
ssen o.tlle2ts interests and profits, shall
ue FteS.hFl ~ he hank. and applied to
tne olsSi % such liabilities; and no
stoCA SHAt. De transferred upon the books
o. tEe LtiS without the consent OF a ma
!ortS et re directors. while the regis
tered holder IS indebted TO The bank
Sec - DEPOSITS By Minors n Tn
married Feu8.sS-Trust DepoSits-Whsn-
SHe 50 s-ll>ltS shall lie made in any
80 =! aag n the name OF any minor.
or tenit.s. beng or thereafter becoming
Z maf.te1 woman, the same shall be held
Ios lhe exclusive right and benefit ot such
minor @. female. and free from the con-
except creditors, and shall be paid with
any interest due thereon. 20 the person in
WIS t~-'e The deposit shall have been
F TIE, aIa me receipt Of such minor or
.SAh@le S1s- be a sufficient release or
u~lSSharEe for such deposit 20 the bank.
NhtLe'er any deposit shall be made by
any peEse" IN trust for another. II no
otner or further notice OF the existence
ana terms q = legal and valid trust shall
nave beer given in writing 10 such bank.
n the event OF the death Of the trustee,
me SAM n any part thereof. and any in
1855 o. thereon, may be paid 10 the
person Tor whom said deposit was made
sec. - Receiving Deposits When In
SoIlent-H any banker, or n president,
acer, o. agent. clerk or employe of any
oahk- bank or banking institution, doing
business IN his state. shall receive or as
sent 10 The reception OF any deposit OF
money, Or ether valuable thing. in such
oahH, @ 7 any such banker, officer or
asehl s-&A create or assent 20 the crea-
Soh o. any debt or Indebtedness by such
OaAhrts tt-h ur banking institution, in
eon@ideFa-tCc or by reason of which in
deptecHeSs any other yaluable property
sAa.4 '@ received by such banker or into
sGGh o.IH or banking institution, or with
Lo'aS ne proceeds OF any collection made
rom the person entitled 20 receive remit
lance c-. payment therefor. after he shall
nave mad H-owledge OF the fact that such
| .pon conviction thereof be punished By 4
me not less Than one thousand dollars nor
more t1=n five thousand dollars, or by
ImprlSorwe.t IN the state penitent.ary for
q term OF not less than two nor more
than five years, or BY both such fine and
Imprisonment IN the discretion OF the
Sec. - When Insolvent-A bank shall
be deemed 10 be insolvent When the actual
c0sn market value OF its assets is insult
Aclent 70 pay It's Liabilities. or when. IL is
unao!e 70 meet the demands OF it's credi-
tors IN me usual and customary manner,
or when K shah fail to make good its
reserve as required by law, or when the
stockholders upon notice from the public
examine shall fail 10 make good an i'm
pal-ineEt IN the capital thereof.
Sec. 81. Unlawful Bankins-It shall be
unlawfIl for any individual. firm or cor
poratio1 to advertise, publish or other
the banking business. without frst hay
inS Obtained authority from the public
examine as herein provided. Any such
Individual or member OF any such firm,
or officer Of any such corporation. SO Of
Tending b be deemed guilty OF a mis-
demesnor and upon conviction thereof
SHAH be punished by a fine OF not less
than three hundred dollars nor more than
one thousand dollars in the discretion of
the court
Sec. 81. officers Renoved-Any officer
er 70 be dishonest. reckless. Incompetent
or cllatory, shall be removed from office
by the board of directors OF the bank Of
whsch ne Is an officer, on the written or
DER OF the public examiner.
Sec 81. Public EXTmIner May Make
RuIes-How-Ths public hammer by and
with the approval OF the governor and
he attorney general. SHAH have power 10
make such rules and regulations for the
government OF the banks OF this state as
lay IN his Judgment seem wise and ex-
regulations shall n any way conflict with
any OF the laws made for the control OF
UGH banks.
Sec "a All Banks Subject to Provi.
80 VA -AtN-A-C E&DFlS4fN- OF MS &C.
shall extend to and govern all banks ex-
sting and doing business within TIE state
Nd all banks nat may hereafter engage
me business All the powers pr!vi-
eyes, duties and restrictions conferred
ma imposed up2n any bank existing and
t.-.s business under the laws Of this
s,3te; are hereby abridged. enlarged or
T-21lhed as each particular case may re-
MS act. " q
ArSlrte
Section /. Guaranty Fund-Assegsment
FOR the purpose OF providing a De-
T~cs.tors' Guaranty Fund for the protec-
-on Of depos.tors in banks, every bank
"gaged in the business Of banking under
ne laws of this State. shall be subject
-o assessment 10 be levied. kept. col
setet and applied as hereinafter pro-
ROYAL or Liquidat!on-tt shall be the duty
+ The public examiner OF this state 10
anime every state and private bank
.oing business in this state, within six
months from the passage and approval Of
act, and no. assessment shall De
eFted upon any bank by the Depositors'
flaranty Fund Commission until its con-
ION shall be approved by the Deposit
- Guaranty Fund Commission. Every
TX whose condition has not been ap-
rosed by ths Depositors' Guaranty Fund
'anmission and which shall not have
tegos!tors' Guaranty Fund Commission
aE January !, 1915, shall mmediataIv be
L.-l1ated as herein provided in this act
he nquidaton OF insolvent banks.
Sec. 3 Filing Statements-Assess-
|z.ts-On the first day OF January. 1915.
and on the first day Of January OF each
cot thereafter every bank engaged in
be business Of banking in this state shall
make and file with the Depositors Guar
my Fund Commission, a statement IN
rra-ng, verified By the oath Of is presi-
lent. vics-presidenc or cashier. showing
-- average daily deposits in its bank
FOR the preceding twelve months
on the first day OF the month next sue
-Fe-!ng the date fixed for the making and
Ing OF such statement, the Depositors'
f-are0ty Fund Commission shall levy
ssments against the assets OF each OF
sad hanks as follows:
on the first day of February. 1915. one
| Sr--th oe one Per cent on the average
ialg deposits as shown by the arst state
went OF such average daily deposits re-
| ll.red TO be made and flied By the proyi-
| SONS Of this section.
on The first day OF February OF each
| nd every year thereafter. one-fo1rth of
one per cent OF the average daily de-
/ pOsits as shown by the statements re-
.uIred 20 be made and flied on the first
day OF January IN each year, until the
-Ctal amount of money in the Guaranty
ind reaches one and one-half per cent
Z the average daily deposits.
Due and legal notice Of such assessment
shall be deemed TO have been given when