Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1916-10-21

receipts shall be delivere' 10 the bank
or trust company SO pat rg The fee, the
duplicate receipt shall be forwarded tc
the state treasurer, and tha Julicate re-
/ ceipt shah be tirj IN the office OF the
public examiner. II such fte shall not be
paid the public eXanllnef shalt maintain
an action therefor agair ( such bank or
trust company and shall De entitled 10
recover interest thereon at the rate OF
ten per cent per annun from The date Of
Sec. : Record of Fees 1t shall be
the duty Of the public examiner to keep
record Of an fees collected hv him or his
deputy together with record OF all ex-
penses incurred in making the eNamina-
/ tion Of all banks and TRUST companies
l and at the end of each month pay over
/ TO the state treasurer, 1ll fees collected
during the preceding month and ne shall
/ file with the state treasurer an itemized
statement showing trou whom collected.
Sec. s Not to Disclose Information
The public examiner. ms deputy. at
I torneyS, examiners, speclaI examiners
examiners in charge, ana ea ny clerk in
/ his department shall b. lanud by oath
! to Keep secret all OF the facts and infor-
nation obtained in the course OF such
! examinations, except SO iar the public
duty Of such officer requires him to report
upon or take special action regarding the
affairs OF any bank or trust company and
except when called as q witness in any
\ proceedings In a court Of justice II any
I public examiner, his deputy, attorney, ex-
/ aminers, special examiners, examiners i'm
/ charge or clerks in such Gepartnent
/ shall disclose the nane Of any debtor OF
! any bank or trust company or shall dis
/ close any fact obtained IN the course Of
! his examination of any bank or trust
( company except as herein provided he
4 shall be subject. upon conviction thereof,
/ to q forfeiture of his Office and TO the
payment Of a fine of NOS less thar one
4 hundred dollars nor more than one thou
sand dollars, or imprisonmant n the state
Z prison not less than six months nor more
( than two years or to both such fine and
/ imprisonment, in the discretion OF the
I court.
Sec g. When CAPITAL Impaired. Duty OF
/ Public Examiner Whenever the public
examiner shall become satisfied that the
\ capital OF any bank or trust company is
/ impaired or reduced below the amount re-
ouired by law, or the articles of incorpora-
tion, or below the amount certified to the
/ public examiner as paid in, he Is hereby
authorized and directed 10 require such
bank or trust company 10 make good such
] impairment or deficiency.
I'm any case where the capital Of any
bank or trust company shall have become
impaired or reduced below the amount
| required by law or the articles of ncor-
poration. the board Of directors of such
bank or trust company shall have the
power and it is hereby made their duty to
Immediately make pro rata assessment
4 upon all the stock Of said bank or trust
company, to make good such deficiency
and serve notice by registered mail. Of
slch assessment upon each stockholGcr Of
/ record and upon the failure of the said
board of directors TO act, ii shall be the
duty OF the public examiner to mako such
pro rata assessment and give such
notice; such notice shall specify the date
upon which said assessment shall be due
and payable, which said date shall be not
/ less than ten days or more than twenty
days after the notice Of assessment shall
! have been mailed
If any stockholder shall fail or neglect
10 pay the amount of the assessment
| against his stock for ten days after the
same shall have become so due and pay
able. the directors OF such bank or trust
! company, or, upon their failure to act,
the public examiner may offer said stock
! Tor sale, ana sell the same at public sale
upon ten days notice to be given by post
/ ing copies of such notice OF sale in five
/ pubic places in the town, village or city
! where such bank or trust company is io-
! Gated Upon such sale the purchaser
shall forthwith pay the amount Of the
assessment against said stock. The
amount received from the sale of such
stock, less the cost and expense of such
sale, shall be paid TO the original owner
Of such stock.
= any bank or trust company refuse or
| fail for thirty days after written notice
! 10 make good such impairment OF its
/ capital stock. the public examiner is
/ hereby authorized and empowered to take
charge of it's affairs and wind up its busi-
/ ness
Sec 10 Delinquent: Public Examiner
/ May Take ossession-Whenever it shall
/ appear to the public examiner that any
! bank or trust company TO which this
! chapter is applicable has violated its
( charter or any law of the state, or is
| conducting its business in an unsafe or
| unauthorized manner. or if the capital
| stock of any such bank or trust company
( Is impaired, or If any such bank or trust
| company shall refuse to submit its books,
! papers and affairs TO the inspection OF
| any examiner, or If any officer thereof
! shall refuse to be examined upon oath
| touching the affairs OF any such banA or
| trust company, or If any such bank or
trust company shall suspend or refuse
| to make payment of its Obligations, or If
| from any examination or report provided
! for by this statute the public examiner
bank or trust company is in unsound
or unsafe condition TO transact the busi-
| IS unsafe and inexpedient for ii TO con-
4 tinue business, or il any such bank
/ trust company shall neglect or refuse 10
! observe an order of the public examiner
! specified in the preceding section, the
! public examiner may forthwith take pos
session of the property and business OF
! such bank or trust company and retain
/ such possession until such bank or trust
/ company shall resume business, or its az
fairs be finally Hquidated, as herein pro-
Whenever any bank refuses or neglects
! TO deliver poss session of its affairs, as
| sets or property of whatever nature. to
! the pubic examiner or to the person
| ordered or appointed to take charge OF
such bank or trust company according
| to the provisions of this act. the public
examiner shall communicate the facts to
| thp dtlOluty StHtIdlt OF 10 lHt SldttS dt-
| torney Of the county wherein such bank
| or trust company is located. who shall
hereupon cause an application 20 be made
! TO the circuit court or to any Judge there
| OF, having Jurisdiction Of the same, Tor
an order placing the public examiner, or
| the person ordered or appointed by him
| 70 take charge of such bank or trust COM
pany, in charge of such bank or trust
company and it's affairs and property;
1 providing, that If the Judge of the circuit
court having jurisdiction OF the same.
/ ha hnr af no ma
! such application is to be made, then. and
| IN that c-sse, any judge or the supreme
court may grant such order, and the
petition and order OF possession shall be
! forthwith transmitted to the clerk of the
| circuit court of the county In which such
| bank is located.
! Whenever such bank or trust company
/ of whose property and business the pub
/ lie examiner has taken possession, as
l aforesaid, deems itself aggrieVed there
1 by il may, at any time within ten days
/ after such taking possession. apply 70 the
4 circuit court for the county in which
\ such bank or trust company is located
/ 10 enjoin further proceedings; the said
I court after citing the public examiner
1 To show cause why further proceedings
! should not be enioined and hearing the
allegations and proofs of the parties and
I determining the facts may upon the
/ merits dismiss such application or enioin
\ the public examiner from further pro-
4 ceedings. and direct him to surrender
/ such business and property to such bank
I or trust company
( All proceedings by any bank or trsst
I company 10 enioin the public examiner
! in the discharge OF his duty shall be had
! in the county where said bank or trust
company is located or in the supreme
court of the state.
! Sec. i2 Nodce-Effect off On taking
4 possession of the property and business
/ OF any such bank or trust company. the
/ public examiner shall forthwith give
1 notice Of such fact by letter or telegram
20 any and all banks or trust companies
! holding or in possession of any assets OF
1 any bank or trust company. No bank or
/ trust company knowing OF such taking
/ possession by the public examiner, or
notified as aforesaid, shall have lien or
1 charge for any payment. advance, or
i cieara nee therca fter made or liability