Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1916-11-01

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under his charge. or of the amount Of its
daily deposits. as herein required, shall
be guilty Of q m~isdemeanor and upon con-
Vlctlon thereon by a court OF competent
jurisdiction, shall be fined in q sum not
less than $500. 30 or more than $500. 90 to be
paid into the Depositors' Guaranty Fund.
or by imprisonment in the county jail not
exceeding six months. or by both such
fine and imprisonment. in the discretion Of
the court.
Sec. 4. Bank Report Deposits-Basis
and Adjustment of Assessment-One year
after the taking effect of this act. and
annually thereafter, each bank doing bust.
ness under the laws of this state, shall
report to the public examiner the amount
of its average daily deposits for the pre-
ceding year, and. II such deposits are in
excess of the amount upon which the last
of the levy hereinbefore provid-
ed for or any special assessment herein
after provided for. shall nave been COM
puted. each bank. having such Increased
deposits. shall immediately pay into the
Depositors' Guaranty Fund. n sum suffi-
payment or pa payments as shown by such
increased deposits, and il the deposits of
any such bank shall have decreased dur
ing any year in which any such assess
ment or assessments shall have been paid.
the excess thereof shall be refunded and
placed to the credit OF such bank as shall
creased deposits. In computing the aver
age daily deposits of any bank, there h
be deducted all funds of the United States
State OF South Dakota, and of any coun-
ty or other body polite which are othe,-
wise Wis secured. as provided by law, and
be liable for the loss of any such funds.
Sec. 5. Special Observation-Disclosures
tion-Whenever. after the expiration OF
the Dcpositors' Guaranty Fund shall be-
come impaired or he reduced below one
per centum of the average daily deposits
of such banks, by reason of payments to
depositors of failed banks. the State Bank
ing Board shall have the power and it
shall be it's duty to levy a special assess
bank subject to the provisions VI his
act. to restore such impairment or re-
duction to an amount not eNcecing two
per centum of the average daily deposits
OF said banks, but the aggregate of such
special assessments shall not, in any one
year, exceed ne-ha of one per centum
OF such deposits.
Sec 8. Certificate of Indebtedness Is
sued-When-lf the amount in the De-
realized from such special as assessment
shall be insufficient to pay off the depos-
itors of all failed banks. having valid
Fund, the State Banking Board shall issue
and deliver to each depositor having such
unpaid deposits a Certificate of Indebted
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
and shall be negotiable; said certificates
shall be consecutively numbered and shall
be paya bile 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 aid by the state treasurer: a copy Of
postage to the holder of every such GER
tificate. at his last known postoftice adj
dress and three days thereafter interest
for payment. Provided, that if any such
Certificate of Indebtedness shall be drawn
IN payment of a deposit fer which a con-
tract rate of interest existed between
higher rate shall be allowed than was
provided for by said contract.
Sec. Z. Certificate of Indebtedness Paid.
How-The State Banking Board shall,
from year TO year levy special assessments
as iiereinbefore provided, against the cap
ital stock of all banks, subject to the pro-
visions of this act, until such certificate
of indebtedness. with the accrued interest
thereon. shall nave been fully paid, ano
nntil the D,epositors' Guaranty Fund shall
of said banks.
Sec. s. Assets of Failed Banks-How
Alpplied-As rapidly as the assets of
upon by the public examiner, the pro-
ceeds thereof shall he applied first after
tile payment of the expenses Of %liquida-
Guar.nty Fund of all money paid out of
said fund to the depositors of such failed
bank and the remainder. if any. shall be
applied by the State Banking Board to-
ward refunding any special assessment
levied by reason Of the failure of such
liq a. bank after the Depositors,
per cent'lm OF the deposits as hereinbefore
provided.
Sec. 9. Assessment suspended-when-
whenever the DepOsitOrs' Guaranty Fund
sha!l reach an amount equal to three per
centum of the average daily deposits of
I'll n aets an snb 5eter to to, t asno pneyi ST 1s,,s Of
banks have been fully paid and all Ger.
t%ihcates of Indebtedness redeemed. the
State Banking Board may suspend the
ed for in Section two (2). until the said
fund shall be reduced to two per centum
OF the average daily deposits Of said
ment hereinbefore levied shall be suspend
ed until notice of 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 a
first lien upon the proceeds of the assets
OF such bank and the liabilities Of ali
stockholders. officers and directors there
Of. as we'll as against all other persons.
firms or corporations obliga ted to the said
bank. and the attorney general shall
fcrce the provisions of this section In
III" name OF the State of South Dakota
Ter the benefit Of the Depositors' Guar
ied-How-All banks organized under
.he laws of this state. subsequent to the
year previous thereto. shall pay into the
nepos;tors' Guaranty Fund three per cert
o. the amount o! their capital stock when
sha constitute a credit fund. subjec. t.
adjustment. on the basis Of its deposits.
as provided for banks established ore
year O more. which adjustment shall be
nsde one year from the date such bark
cor menced business. and thereafter the