Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-10-26

Fund, the State Banking Board shall Issue
and deliver to each depositor having such
ness for his unpaid deposits a Certificate
bearing interest at the rate of six per
cent per annum. which certificates shall
be signed by the secretary and counter
signed by the treasurer OF said Board
and shall be negotiable: said certificates
shall be consecutively numbered and shall
be bic out of the Depositors' Guaran-
ty Fund upon call of the treasurer of the
State Banking Board, in the order of their
Issue, in like manner as state warrants
are paid by the state treasurer. A copy of
said call shall be mailed under first class
postage to the holder of every such GER
t%iicate, at his last known postofhce adj
dress and three days thereafter interest
shall cease upon ali certificates so called
for payment. Provided, that If any such
Certificate of Indebtedness shall be drawn
In payment of a deposit for which a con-
such failed bank and such depositor, no
higher rate shall be allowed than was
provided for by said contract.
Sec. Z. Certificate of Indebtedness Paid,
How-Thc State Banking Board shall,
iroIn year to year levy special assessments
as hcreinbefore provided, against the cap
ital stock of all banks, subject to the pro-
visions Of this act, until such certificate
f Indebtedness, with the accrued interest
leteon, shall have been fully paid, ana
NTH the Depositors' Guaranty Fund shall
Dt IcSloIeu 10 I'LL amount euual 10 lWp
per centurn of the average daily deposits
OF said banks.
Sec. s. Assets of Failed Ranks-How
Applied-As rapidly as the assets of
upon by the public examiner, the pro
ceeds thereof shall be applied first after
the paymen of the expenses of liquida-
ton. to the repayment to the Depositors.
Guaranty Fund of all money paid out of
said fund to the depositors of such failed
bank and the remainder, IL any. shall be
applied by the State Banking Board to-
levied by reason of the failure of such
liquidated bank, after the Depositors'
Guaranty Fund shall be restored to two
provided.
Sec. 8. Assessment Suspended-When-
Whenever the Depositors' Guaranty Fund
shall reach an amount equal to three per
al banks subject to the provisions OF
this act, and after all deposits Of failed
banks have been fully paid and all GER
~tiicates OF Indebtedness redeemed. the
State Banking Board may suspend the
payment OF annual assessments as provid-
ed for in Section two (2), until the said
fund shall be reduced to two per centum
banks: Provided. that no annual assess
ment hereinbefore levied shall be suspend
ed until notice CT such suspension shall
Board to said banks subject thereto.
Sec. 10. State to Have First Lien on
Assets The State of South Dakota shall.
such failed bank has been paid. have n
first lien upon the proceeds of the assets
Of such bank and the liabilities Of all
stockholders. officers and directors there
Of. as we'll hs against all other persons:
firms or corporations obligated to the said
bauk, and the attorney general shall
upon request Of the public examiner. en-
force the provisions of this section "
tho name of the State OF South Dakota
Tor the benefit of the Depositors' Guer-
anty Fund
Ser II. New Banks-Assessment Lev.
EXCEPTIONALLY banks organized under
The law OF this state. subsequent to the
taNing effect of this act, or less than on.
Depnsitors' Guaranty Fund three per cent
OF the amount of their capital stock wher
the. open for business, which amount
adjustment. on the basis Of Its deposits
as provided for banks established One
year o. more. which adjustment shall be
commenced business, and thereafter tn
deposit computing date OF such bank shall
b. tle same as other banks subject to TIL
provisions of this act; Provided; sail
quired Of new banks formed by the no.
organization OF banks which have prevj
ously complied with the terms of this
ac..
Guaranteei--How-Any National Banl
located in the State of South Dakota
may " - aClosiboIS III VI (
ton provided for depositors in STAT
banks, by this act upon mt.,,ing applica
ION in Writing TO the State Banking Boar
to examination by the public eNamire'
of this state. in like manner as now pil
vidsd Gy lnw for state banks: If u,
lltiors OF such National Bank. its presl
dent and secretary shsll, with the applr,v
al of the hoaru of directors thereof, ente
into q contract with the State Banliir
, Hoard n pFysaIuAF TO transmit Iar1l, ! F. a.
the condition of such bank whenever cal,
. ed for by the lSublsc examiner and to sub
; nit to said ou6.in examiner, as often a
, he may require, the accounts and asset
!, of such bank, Cor examination. The sal
,, contract stail also condition that the sa;
1 national paniS win honor all assessment
for rtla Depositors' Guaranty Fund, ar
in all other respects comply, with and >
subject to the provisions of this act, reia,
y lns 10 STAGE banks, insofar as the sam
: : 10 not il %confiict with the laws of II,
United States; Provided, that If, aftt
y any sucli coairact shall be entered I'M
netween such bank and the State Balm
mall enact a law for the insurance of IL
p~ositors in National Banks. or II tn
: 3 omptroller Of the Currency shall pre-
me provisions of this Act. or If sue
'Ssnk shall. of its W v~olition. desire
withdraw and no longer. claim the pro
y lection of the Depositors' Guaranty Fun
Y for it's depositors, any such bank shall i
from all liability to further assessment
under this Act. and the Depositor
Guaranty Fund shall no longer be lab
X for losses to the depositors Of such ban
but no such bank shall be released fro
the conditions ofethls Act or its contra,
!. with the State Banking Board until aft,
it has made application in writing ar
shall have received a release in regul;
form from the State Banking Boal
!, signed by it's President and Sscretar
Which shall be Issued only in pursuant
OF an examination of such bank by Il
public examiner. showing the said bar
TO be solvent. Provided further. that c
assessments which shall have been pa
r to the Depositors' Guaranty Fund, |
q any such National Bank, so withdrawn
: which nave not been paid and are n
due to depositors of failed banks, lie
ten per cent of such assessments. so r.
maining unappropriated. shall be refun,
n ed to said bank but no such bank shs
be allowed to withdraw until all asses
ments levied against 1t as hereinbefo
provided, an amount equal to its prop
proportion of all outstanding certificat
d OF Indebtedness, n all interest due shs
g have been paid as provided by this II
+ Sec. 10. National Bank Must Depos
Bonds-No National Bank. shall be az
\ mitted to participate In the benefits
4 the Depositors' Guaranty Fund for q
: protection IL its depositors. unless 1t shs
: have deposited with the Treasurer Of II
|. State Banking Board, bonds OF the Unite
States. of the State OF South Dakota, or