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

persons, except as herein otherwise pro-.
vided. If 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
dances, as in this Act provided, such
oank shal be liable in addition to the
assessment or interest SO due, to a pen
atty in an amount equal to such assess
ed, which penalty shall be RENTED by
draft to the treasurer of the State Bank
ing Board and notice of such remittance
shall be forwarded by such bank to the
shall be in arrears for a period of ten
days such bank shall be notified by the
public examiner 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
liner 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 it's affairs in the
manner prescribed by law. If the public
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
lleFeOl III lIle Hdl1e OF L!le SUdIc OF SOuti
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
shah be in addition to such as are elAe-
where provided in this Act for delinquency
of bank officials.
Sec. 90. Una%ppropriated Assessments
Observation-Disclosures any bank organized
undet the laws OF this state, having paid
any assessment or assessments to the De
p%ositors' Guaranty Fund, shall l%iquidate
and go out of business, or shall desire to
OF 3anize as a national bank and with
draw from the protection of the De-
posters Guaranty Fund for its depositors,
the portion OF such assessment, or assess
%,nents, which shall not have been paid
rovisions of this Act, less ten per cent,
nall be refunded to any such bank by
he State Banking Board; Provided. that
obligation to the Depositors' Guaranty
Fund until it shall have paid its proper
proportion of all outstanding certificates
of Indebtedness issued to the depositors
Of failed banks under the provisions of
this Act, nor until it shall have received
permission in writing so to do from the
public examiner of this state after an cN-
animation Of its condition.
Sec. "a. Rate of Interest on Deposits
Observation-Disclosures bank subject to
the provisions of this Act, hall keep a
agreed to pay interest, and shall submit
the said record for examination by the
public examiner upon demand. No such
bank shall pay. or agree to pay q higher
rate OF interest for deposits of any de-
scription, nor to allow interest on time
certificates for a shorter period, thar be
throughout the same county in which such
ank shall be located. Any bank. or bank
ing corporation, proven guilty OF a viola
petent jurisdiction shall be fined in a III
not less than 100000 or more than S500.G GO
and such fine shall be covered into the
Depositors' Guaranty Fund for the benefit
Of the depositors Of failed banks. The
public examiner shall make careful in
quiry to ascertain if any bank be violat-
he shall be able to adduce sufficient evil
dence, he shall institute an action against
n such bank for the recovery of tie fine
herein provided for and such action shall
be prosecuted by the attorney general OF
the state.
Sec. rs. Northumberland May Be
offered.-The State Banking Board shall
Depositors' Guaranty Fund, under such
conditions as it may deem proper, and
not to exceed the sum of 10000 IN any
one case. reward for the arrest and con-
@yiction of n officer, agent. director or
employee of any bank charged with viola
ting any of the laws of this state relating
to 1oo banks nanst and banking aTnyi1sa for which a Grim
Sec. 26. Recreance to Duty-Additlona'
Penalties.-If any bank official or other
person shall fail or refuse for a period oil
ten days to perform any duty required b,
him to be performed, or shah, wilfully and
knowingly perform any duty required tc
be by him performed under tl.e provisions
of this Act, in any other manner than as
herein directed, in every such case, fol
which no penalty is here.nbefore pre-.
scr'bed. such official or other person SC
offending, shall be deemed guilty of 6
misdelneanor and upon conviction thereo.
shall be fined in a sum not exceeding
$4,000 for :ne benefit of the Depositors
Guaranty Fund and the cost of the &C.
ninety days in the county Jail or boil
such fine aud Imprisonment IN the dis
~cretion of the court; Provided, that if sucl
offender shall be the public examiner o
any deputy or assistant public examiner
he shall in addition to the other penaltie
his official bond for any loss which ma,
he sustained by the Depositors' Guarant
, Fund by reason of such recreance or de
linquency, and the attorney general sha1
prosecute any such action upon the dull
verified complaint of any citizen of thi
state if he shall deem the evidence suf
ficient to warrant an action.
Sec. q. Repeal.-All Acts and part
of Acts in conflict with the provisions Q
this Act are hereby repealed but no pro
visions OF any banking law or othe
statute Of his state. shall be construe
to be amended, modified or repealed ex
cept insofar as may be necessary to per
: nit the unrestricted operation of this Act
/, Sec. %. Emergency.-There being n
adequate law in force in the State c
depositors, an emergency is hereby de
i clared to exist and this Act shall take et
, feet and be in force from and after tn
3 canvass of the vote by which it sha
have been approved by the people.
Approved March 18th, 1915.