The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-10-26

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unpaid deposits a Certificate OF Indebted
ness for his unpaid deposits q Certihcate
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 negotia BILE: said certificates
be payable out OF the Depositors' Guaran-
ty Fund upon call Of the treasurer OF the
State Banking Board, In the order of their
Issue, In Ike manner as state warrants
said call shall be mailed under first class
postage to the holder of every such GER
tifcate, at his last known postoffce ad-
dress and three days thereafter interest
shall cease upon all certificates so called
for payment. Provided, that IL any such
Certificate of Indebtedness shall be drawn
In payment of a deposit for which a con-
tract rate OF interest existed between
| 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-The State Banking Board shall.
from year to year levy special assessments
as hereinbefore 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 have been fully paid, and
until the Depositors' Guaranty Fund shall
be restored To an amount equal to two
per centum OF the average daily deposits
OF said banks.
Sec. s. Assets OF Failed Banks-How
Applied-As rapidly as the assets of
failed banks are liquidated and realized
upon by the public examiner. the pro-
ceeds thereof shall be applied first after
the payment of the Expense 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 hall be restored to two
per centum OF the deposits as herelnbefore
provided.
Sec. 9. Assessment Suspended-when-
Whenever the Depositors' Guaranty Fund
shall reach an amount equal to three per
centum OF the average daily deposits OF
this act. and after all deposits of failed
banks have been fully paid and all GER
tiaeates 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
Of the average daily deposits Of said
banks: Provided. that no annual assess
ment hereinbefore levied shall be suspend
ed until notice Of such suspension shall
have been issued by the State Banking
Board 10 said banks subject thereto.
Sec. 10. State to Have First Lien on
Assets The State OF South Dakota shall.
after the expense Of liquidation of anv
such failed bank has been paid. have n
HTSt lien upon tne proceeds OF Ine assets
Of such bank and the liabilities OF All
stockholders, officers and directors there
Of. as well as against all other persons.
firms or corporations obligated to the said
bank. and the attorney general shall
upon request Of the public examiner. en-
force the provisions of this section ir
tho name OF the State OF South Dakota
toy the benefit Of the Depositors' Guar
SEC II New Banks-Assessment Le--
'e~d-.How-An banks organized under
'he, laws Of this state. subsequent to the
taklpe effect OF this act. or less than ono
Denositors' Guaranty Fund three per cert
% the amount of their capital stock when
they, open for business, which amount
adjustment, on the basis OF Its deposits,
as provided for banks established one
yer o more. which adjustment shall he
Commenced business. and thereafter the
denos't computing date OF such bank shall
h. t1e same rs other banks subject to til
provisions of this act: Provided. said
hree per cent aymen shall not be rs
quired OF new banks formed by the sro-
c.ganization OF banks which have previ-
ously complied with the terms of this
ac..
Sec. IL Deposits in National Banks
Guaranteeu-How-Any National BANK
located in the State OF South Dakota,
may secure Cor rs deposltors the protee-
ton provided for depositors In State
~ NHoA h1NA PPiAN0
ION in w.iung TO the State Banking Boari
and submitting Its accounts and assess
TO examination BY the public examiner
of TINS state. in like manner as now prJ-
vide0 by law for state banks. II the
pubic examiner shall anproya of the cna-
ditiors of such National Bank. Its presi-
al of the boaro Of directors thereof. enter
INTO q contract wiki the State Banlrlng
Board ag. eeing to transmit reports O.
the condition OF such bank whenever CALI
OIL fnsH kx fhn II. ,thIsO a oaatnar a~I - 49,
NIT TO said pub!ic examiner, as often as
he may require, the accounts and asset,
such bank, for examination. The said
contract shall also condition that the SAID
for t;s Depositors' Guaranty Fund, arc
In all other respects comply with and De
to the provisions Of this act. reiai-
10 sta.e banks. insofar as the sam
.re not In conriict with the laws OF the
States; Provided. that II, after
any such cohlract shall be entered inta
MS Board. the United States Congress
mall enact a law for the insurance OF H.
In National Bank. or II the
~omptroller of the Currency shall pro-
me provisions of this Act. or II sucr
bank shall. OF its own volition. desire to
withdraw and no longer claim the pro-
lection OF the Depositors' Guaranty Fund
for It's depositors, any such bank shall be
released bv the State Banking Board
from all liability to further ents
under THIS ACT, anu the DepoSitorS
Guaranty Fund shah no longer be liable
for losses to the depositors of such bank.
but no such bank shall be released from
the conditions OF this Act or Its contract
with the State Banking Board until after
II has made application In writing and
shall have received a release In regular
form from the State Banking Board
signed by Its President and Secretary,
which shall be issued only In pursuance
OF an examination OF such bank by the
public examiner, showing the aid bank
to be soivent Provided further, that all
a assessments which shall have been paid
to the Depositors' Guaranty Fund. bv
which have not been paid and are not
due 10 depositors OF failed banks, hess
ten per cent OF such assessments. so re-
naming u~nappropriated, shah be refund
~ IN said hank hut no such bank shall
allowed TO withdraw until all assess
an amount equal to it's proper
proportion OF all outstanding certificates
~ Indebtedness, and all interest due shall
have been paid as provided by this Act.
Gee ~ National Bank Must Deposit
Bcnde-No National Bank shall be adj
the Depository Guaranty Fund for the
protection " ;ts depositors, unless IL shall
have deposited with the Treasurer Of the
state Banking Board. bonds OF the United
atates~of the State OF South Dakota. or OF
any COUNTY. school district or municipality
per centum OF the average daily deposits
OF such bank. during the preceding year.
but such bonds shall not be accepted until
after they rave been examined and ap-
proved by the attorney general when
they shall be listed and receipted for In
ing Board The bonds so deposited may
he renIacod from time 10 tina nv other