The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-10-26
No. 8.
RELATING TO BANKING AND
FINANCE.

RELATING TO BANKING AND
AN ACT Entitled. An Act Providing for
the Establishment of a Department Of
Banking and Finance, Defining Tie
Powers and Duties of Such Department
and the Officers Thereof, and Provid-
OF Such Officers; Providing. for the
Organization, Regulation and Control
OF Banks, Trust Companies and The
Ennkins IL B5us ppgs, am and r to Bring rGgo the
les More Fully Under the Control of the
Department. Of Banking and Finance.
Provide Penalties Therefor; Providing
for the Establishment of n Depository
Guaranty Fund 10 Guarantee / aynlent
of General Deposits and the Establish.
ment OF n Commission TO Supervise and
Control Such Fund; Providing for the
Liquidation Of Insolvent Banks, and TO
Repeal Chapter 70 of the Session Laws
of 1903, Chapter q of the Session Laws
of 1905. Chapter % of the Session Laws
of 1897, Chapter 222 OF the Session Laws
OF 1909, Ghnaapter 29s Of the Session
sion Laws of 1911, and Chapter los Of
the Session Laws of 1913.
BE it Enacted by the People Of the
State OF South Dakota.
Article I.
Section /. Department. of Banking and
Finance-Established. There is hereby
established In this State a banking de-
partment which~shall ave charge of the
execution of the laws relating to banks,
trust companies, and the banking bust
ness in this state. Such department shall
be designated as the Department OF
Banking and Finance and shall be under
the management and control of the pub
ic examiner. who shall be eX-offico super
intendent Of banks and trust companies
and chairman of the Depositors' Guar
anty Fund Commission.
Sec. 2. Depositors' Guaranty fund
Commission Established -~Compensation
.-IIXpenses.) There is hereby established
a Depositors' Guaranty Fund Commission
of the state Of South Dakota, to be COM
posed of the public and three
other persons, which persons shall be APP
pointed by the governor, by and with the
of whom shall be an officer or director
of a national bank. Said three members
shall hold office concurrently with tho
Governor, unless for good cause, they
shall be sooner removed by him; and as
soon as said members are appointed under
the provisions OF this act, the commits
sion shall select one OF Its members as
treasurer and said appointment shall be
made within ten days after the passage
and approval of this act. Th members
of the commission, other than the public
examiner, shall receive no compensation
for their services, but they shall be paid
their actual and necessary expenses in
Cured in the performance OF their duties.
the same TO be paid out Of the general
fund of the state. The public
shall be chairman OF said commission.
Said commission shall have the super
lSioi aid toiiIol vi IL DtDOHitDIS
Fund and shall have the power
to adopt all necessary rules and regula-
tons, not Inconsistent with the law, for
the management and administration Of
said fund. II vacancies shall at any time
occur in said commission, the governor
hall FIJI the same by appointment as here
Sec 8. Public Examiner. Deputy Pub
lie Examiner, Attorney, Examiners. Spe-
cial Examiners, Examiners In Charge,
Clerks, ACKNOWLEDGEMENTS
JIYnenspa The nnhlic examiner shall
be appointed by the Governor by and with
the advice and consent OF the Senate and
years and until his successor shall have
been appointed and qualified, unless SOON
err removed by the governor for good
cause; The public su eTaminer may, by ana
appoint a deputy. and an attorney
to assist him in the discharge of the
imposed by the provisions Of this
shall be eligible for the office Of public
examiner, or deputy. without first having
had at least three years actual practical
experience in the general banking BUSH
ness, or served for n like period in the
department Of this or some other
state.
Such deputy shall possess all the pow
ers, and perform the duties attached to
the office of the public examiner during
absence or inability of his principal.
Such attorney shall be a regularly adj
practitioner at law before the bar
Of the state. He shall render to the pub
lie examiner, deputy public examiner, ex-
aminers, special examiners. examiners in
members of the Depository
employees OF the department, legal advice
on ali questions arising out of the per-
formance Of their several duties as de-
IL! lined ln fhls act o ar Pres shail. by Snd iss pa the
direction Of the public examiner
md attorney general. have charge
manner connected with the Department Of
Banking and Finance or any Of the Of
Ulcers or employees thereof as such. He
'nali es aas0i under ba the d sngsISi,,o OF the os p snv
and all actions commenced by the public
or that may be brought against
he public examiner In connection with
solvent bank or trust company in his
but nothing herein contained
shall prevent the public examiner from
,f or assist in the preparation and trial Of
Eases In connection with the liquidation
IF the assets OF any insolyent institution.
The public examiner may also employ
rom time to time with the consent and
Of the governor, such examin-
.rs. specia, examiners. examiners in
to assist him, his deputy, and
attorney in the discharge of the sew
sral duties imposed upon them by this
act.
Tine salary Of the public examiner shall
Dc thirty-five hundred dollars per annum:
he salary OF the deputy stall be twenty
our hundred dollars per annum; the sal-
Try Of the attorney shall be three thou
,and dollars per annum The salary OF
Examiners shall be not to exceed two
Try Of special examiners shah be not to
exceed fifteen hundred dollars per an
,um, each of which shall be fixed by the
miners In charge shall be fixed by the
examiner as hereinafter provided.
nd the salary Of such clerks as may be
shall be at such rate per ans
lum az the public examiner shall decide.
rot. however, to exceed thirteen hundred
Ioliars for any other. Provided, that no
,uhlic examiner. his deputy. attorney or
ny of his examiners, special examInere.