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

examiner Sl1OulO nc SieCteu us SUCH LISADS
urer. in which case the bond as hersin.
provided for such public examiner
hall be deemed sufficient, and in Al
nassa Mss' Of '' tho f p' Ts 'sors' G 1a1% IS
formanes ef their 5e i've duties. :
premium thereon sha be paid ny .ne
of the state. All such bonds shall .
to the approval Of the Goyernos
and together with the oath OF Office q
each Of such commissioners shall De nieo
with the Secretary OF State.
Sec. 16. Members of Depositors' Guar.
anty Fund conmission-SelSctionmThs
director of said bank to represent 1t J
making recommendations to the governor
for the appointment of members OF the
said persons selected by the board OF d,
Of each of said institutions shan
a State Bankers Association.
and such association shall select an Exc
cutive Council Of not less than nine nor
more than fifteen members who shall rec.
"'nmend to the governor the names OF
ribbed in this act for members OF the
Depositors' Guaranty Fund Commission,
from which to select the three members on
the Depositors' Guaranty Fund Commas
sion.
The governor shall appoint the three
members of the Depositors' Guaranty
Fund Commission from the names SO sub
Sec. II. pepositors' Guaranty Fund
OBSERVATION-DISCLOSURES Meetings--Dates
Where HeldNThe Depositors' Guaranty
Fund Commission created by the provi.
sions of this act shall hold at least -four
MEETINGS during each calendar year AZ
On the second Tuesday in January,
April, July and October, provided that
other meetings of the commission may %
convened upon written request by any two
members of the commission, served upon
the chairman of such commission. who
shall upon receipt of such request Eve
notice to the secretary of the date when
meeting shall be held in accordance with
.ch request, and the secretary. shall IN
urn give notice thereof to all mempeIS
meeting so to be held, as hereinafter pro-
vided; and provided further. that when"
ever a condition exists affecting the gen
eral banking business within. the state.
or when there is sufficient matter IN
the office of the public examiner entitled
to receive consideration and disposition by
the Depositors' Guaranty Fund ommis-
sion. as contemplated herein. or when
in the opinion of the public examiner. 1t
is advisable to convene such ommts
sion fer counsel and direction on con.
tingencies that may arise that would tend
to prevent best results from being OBJ
tanned hereunder as contemplated herein.
it shall be within his power to. convene y n;r,e
the commission and to that end shall glvs
notice to the secretary of the date OF sucn
meeting so to be held, and the secretary
shall forthwith give notice OF the date
VI SuSl IlCCliiS w on
commission.
All meetings of the Depositors' GUAR
anty Fund Commission shall be held IN
the office of the public
Sec. Is. Depositors' Guaranty F'und
Commission-Specifc Dnties-It shall 20
the specific duty of the Depositors, Guar
qualifications of each and every bank Tor
admission under the depositors' guaranty
fund and their actions shall be hnai, potm
as to Immediate admission or what shall
lao f,yt1,or rannjrp6 of any BANK III OTQeF
to place il in a condition satisfactory to
the commission so that it may be al
mitted later.
When the condition Of any bank here.
tofore admitted under the depositors'
guaranty fund becomes ''ch as TO cause
the public to t2ubt the aekasa-
ness, it shall be within his power to re-
quire the advice and opinion of the com
mission and for that purpose, a meeting
Of the commission may be called.
At any regular or called meeting Of the
Depositors' Guaranty Fund Coinmission
= herein provided, at which there 10
ii shall be optional with a quorum wheth-
ar or not any business shall be transacted,
and such quorum may adjourn from Tune
TO time until such time as there shal Do
Sec. is. Notification of Admission
Certincate-Immcdiately after being pass.
Guaranty Fund Commission, the secre-
tary shall notify each and every bank SO
admitted b. mailing a certificate to sucn
bank showing such admission, the same
to be signed by the chairman and at
tested by the secretary of the commission
and bear the seal of the public examiner.
Such certificate shall 10 carefully pre-
served by the bank re- 'ng the same
by being framed or G Use properly
protected. and shall al mes be dis
played in a ceonspicuo }sition In ths
lobby of the bank.
Sec. 20. Forms-Approval-The De-
p%ositors' Guaranty Fund Commission shan
prescribe all such forms as may be useful
or necessary in carrying out the Prov.
sions of this act.
Sec. 81. Punishment-Where Not 9th
erwise Provided-Wher no other punish
! nent is provided herein any person vto-
/ lating any Of the provisions OF this act
/ shall be deemed guilty Of a misdemeanor,
and upon conviction thereof shall be pun
ished by a fine of not less than nifty dol.
lars nor more than three hundred dollars
" by Imprisonment In the county jail
for not less than thirty nor more than
ninety lays or both, in the discretion OF
the court.
Sec. ~. Saving Clause-Nottang in this
act contained, repeating any ast for the
regulation or conduct Of banking, shall
be construed to release any Bcr1ion from
punishment for any acts heretofore COM
taoitted violating said act or acts nor az
ment or prosecution by reason of such
repeal; and for that purpose ;rch act or
acts shall continue in force and eheot
Notwithstanding such repeal.
Sec. 90. National Banks Reorganized
MAY Observation-Disclosures nation
al bank that has reorgani2ed as a state
bank as provided herein, shall before
engaging in business under the provisions
of this act set apart and credit to the
depositors' guaranty fund such an amount
as will place them on an equal basis In
such respect, with other state banks here
tofore admitted, computed on the aver
aged daily deposits of such bank during
the prior calendar year.
Sec. "a. Federal Guaranty Law
Whenever by act of congress-. or by deci-
sion of federal court, or departmental
construction of the national banking act,
national banking associations located and
doing business within this state are per-
mitted to avail their depositors of the
protection Of the depositors, guaranty
for the repayment Of deposits in clos:A
nation at its expense by the public exarn-
iner: upon approval as to its financial
and benefits Of the depositors' guaranty
fund upon terms and conditions in har-
mony with the banking Law OF this stats
to be fixed by the said Depositors' Guar
anty Fund Commission provided, that in
the event national banking associations
shall be required by federal enactment
to nav assessment to any depositora'