Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-11-02

persons. except. as herein otherwise pro-
vided. II any bank shall for a period Of
ten days neglect or refuse to credit any
assessment. or to remit to the treasurer
any. call for the funds deposited in such
hank, or any part thereof to the credit
said board, or any interest due on daily
. nK eS,,i as na IN 1T ms MS Act Aa 9Iovided; sue.
assessment or interest SO due, to a pen
atty In an amount equal to such assess
ment, or interest or such amount SO call
ed, which penalty shall be RENTED by
draft to the treasurer of the State Bank
ing Board and notice of such remittance
shall pnbI,c be ef ferWarled Wns such bank NIX to ha the
shall be in arrears for a period of ten
days such bank shall be notified by the
public eNaminer to make good such
arrearage and penalty and if such bank
shall fail or refuse SO to do for a period
of ten days thereafter, the public exam
lner shall immediately proceed to make
and If he shall find it to be insolvent he
shall take possession of it's books, accounts
and assets and wind up its affairs in the
manner prescribed by law. If the public
examiner shall upon due examination.
find said bank to be solvent and honestly
managed. and the said bank shall still re-
fuse to pay such assessment, or to remit in
response to such call, or to remit such in
terest and the penalty provided for by
this. Section, he shall bring an action
against the said bank for the recovery
thereof in the name of the State of South
Dakota for the benefit of the Depositors'
Guaranty Fund, and such action shall be
prosecuted by the attorney general; pro
vided, that the remedies herein prescribed
snail be in addition to such as are el&e-
Where provided in this Act for delinquency
of bank officials.
Sec. %. Unappropriated Assessments
ACKNOWLEDGEMENTS any bank organized
undo the laws of this state, having paid
any fSsessment or assessments to the De-
p%osit"rs' Guaranty Fund, shall liquidate
=. n On N1lf .nf cfnn ~ c1n1I nrir = n
organize as a national bank and with
draw from the protection of the De-
p%ositors' Guaranty Fund for its depositors,
the portion of such assessment, or assess
lnents, which shall not have been paid
TO depositors of failed banks, under the
royisions Of this Act, less ten per cent.
lie State Banking Board; Provided, that
no such bank shall be released from its
obligation to the Depositors' Guaranty
proportion of all outstanding certificates
of Indebtedness issued to the depositors
OF failed banks under the provisions of
permission in writing so to do from the
animation of it's condition.
Sec. "a. Rate of Interest on Deposits
Observation-Disclosures bank subject to
the provisions Of this Act, shall keep a
correct record Of the interest rate and
terms OF deposits. upon which it has
the said record for examination by the
public examiner upon demand. No such
Dank shali pay, or agree to pay a higher
scription, nor to allow interest on time
certificates for a shorter period. than be
inform among a majority of other banks
ank shall be located. Any bank, or bank
ing corporation, proven guilty of a Viola
ton Of this Section in any court Of COM
not less than $500. 90 or more than $500. CO
and such fine shall be covered into the
loeposltors Guaranty. Fund for the benefit
OF the depositors of failed banks: The
curry to ascertain if any bank be violat-
ing the provisions of this Section and if
he shall be able to adduce sufficient evil
dence. he shall institute an action against
any such bank for the recovery Of tie fine
herein provided for and such action shall
pc prosecuted by the attorney general of
Seo: IS; viola.ioq-Reward May BE
m raye power to offer If and pay out of the
conditions as it may deem proper, ana
not to exceed the sum of s90o.05 in any
one case, rewards for the arrest and cen
employee Of any bank charged with viola
ting any of the laws of this state relating
to banks and banking for which a Grim
mai penalty is provided.
Sec. 26. Recreance to Duty-Additional
Penalties.-If any bank official or other
person shall fail or refuse for a period of
~ Lays " peiloillL any uuly required by
.lim to be performed, or shah, wilfully and
knowingly perform any duty required to
be by. him performed under tl.e provisions
of this Act, in any other manner than as
herein directed, in every such case, for
which no penalty is here,nbefore pre-
scrtbed, such official or other person so
Offending, snail be deemed. guilty of a
misdemeanor and upon conviction thereof
SHAH be fined in "A sum not exceeding
$500.00 for .he benefit of the Depositors'
Guaranty FGnd and the cost of the ac-
ton, or may be imprisoned not to exceed
ninety DAYS in the county tall or both
such fine aud Imprisonment in the dis
~cretion of the court; Provided, that if such
offender shall be the public examiner or
any deputy or assistant public examiner,
he shall in addition to the other penalties
herein prescribed. be held liza Bile under
his official bond for any loss which may
be sustained by the Depositors' Guaranty
linquency, and the attorney general shall
prosecute any such action upon the duly
verified complaint Of any citizen of this
state il he shall deem the evidence suf-
ficient to warrant an action.
Sec. q. Repeal.-All Acts and parts
this Act are hereby repealed but no pro-
visions Of any banking law or other
statute OF this state, shall be construed
to be amended, modified or repealed ex-
cept insofar as may be necessary to per-
nit the unrestricted operation of this Act.
adequate law in force in the State Of
South Dakota for the protection of bank
depositors, an emergency is hereby de-
clared to exist and this Act shall take eff
feet and be in force from and after the
canvass of the vote by which it shall
Approved siarch 18th, 1915.
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