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

FOREST CITY PRESS
positors. Guaranty Fund Commission not
less than one report quarterly. according
to such form as may be prescribed, such
reggo o 70 be So Verified not y St his cath; r,o,a.,
Tor-whenever notice is required by tn
provisions Of Articles 1, 2 and 3 Of thi..
act, and such notice is not otherwise
ice thereof. the same may be served in
the manner now provided for service of
summons in civil ac ct. or by registered
such notice by the person rrsso giving or serv-
dence Of the service Of such notice;
Bonds-Oath, and Filling. Thereof-Within
fifteen days from the date of notice of
their appointment by the governor, re-
Guaranty Fund Commission other than
the public examiner, shall take and SUBJ
scribe the oath Of ONCE prescribed by the
state of South Dakota a surety company
bond in the amount OF ten thousand dol
lars. except such commissioner as shall
Guaranty Fund Commission who shall
give a bono in h amount Of twenty
five thousand dollars: unless the public
urer. in which case the bond as herein-
before provided for such public examiner
shall be deemed sufficient, and in all
cases WneTe OOnuS are required ITOIi lie
members OF the Depositors' Guaranty
Fund Commission for the faithful per-
formance Of their respective duties. the
State Treasurer from the General Fund
of the state. All such bonds shall be
subject to the approval of the Governor
and together with the oath of office OF
each Of such commissioners shall be filed
with the Secretary Of State.
Sec. 1&; Members OF DepSsitoTs, Guar Gmsa
directors nf oQCh hank shall select n
director of said bank TO represent it In
making recommendations to the governor
for the appointment Of members OF the
said persons selected by the board of di.
rectors of each of said institutions shall
constitute a State Bankers Association.
and such, association shall select an Exc
cutive Council of not less than nine nor
moro than fifteen members who shall rec.
ommend to the governor the names OF
scribed in this act for members OF the
Depositors' Guaranty Fund Commission:
from which to select the three members of
the DepositorS' Guaranty Fund Commits
sion.
The governor shall appoint the three
members of the Depositors' Guaranty
mitted.
Sec; u; Pspositors' Guaranty Fund
Where Held-The Depositors' Guaranty
Fund Commission created by the provi-
sions of this act shall hold at least four
stated intervals as follows, to-wit:
On the second Tuesday in January,
April, July and October, provided that
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 give
notice to the secretary of the date when
a meeting shall be held in accordance with
such request, and the secretary shall In
f11r Cst-n ~0Ns11 h4v10r tO oil Nnannhor0
of the commission of the date of such
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
the Depositors' Guaranty Fund Commits
sion, as contemplated herein. or when
in the opinion of the public examiner it
sion for counsel n direction on con-
tingencies that may arise that would tend
10 prevent best results from being OBJ
the commission and to hat end shall give
notice to the secretary of the date OF such
meeting so to be held. and the secretary
shall forthwith give notice Of the date
of such meeting to all members of the
commission.
anty Fund Commission shall be held in
the office of the public examiner. +.
Sec. is. Depositors' Guaranty Eund
the specific duty of the Depositors' Guar
anty Fund Commission to pass upon the
qualifications OF each and every bank for
fund and their actions shall be final, both
as to immediate admission or what shall
be further required Of any bank in order
to place it in a CONDITION Satisfactory 70
mitted later.
When the condition of any bank here
tofore admitted under the depositors'
guaranty fund becomes such as to cause
the public examiner to doubt the .advisa-
bility of permitting it to continue in bust
ness. it shall be within his power to re-
mission and for that purpose, q meeting
of the commission may be called.
At any regular clsa rs or called F1n mee Gam,n Of ine
not a full attendance Of the membership.
it shall be optional with a quorum wheth-
and such quorum may adjourn from time
to time until such time as there shall be
a fun attend aneiac,+,on ., Admission
Certiicate-1mmediately after being pass.
| ed upon favorably by the Depositors'
Guaranty Fund Commission. the :, s zee e.
admitted by mailing a certificate to such
hank showing such admission, the same
TO be signed by the chairman and at.
and bear the seal of the public examiner.
Such certificate shall be carefully pre-
served by the bank receiving the same
by being framed or otherwise properly
protected. and shall at all times be dis
played in a conspicuous position in the
lobby of the bank.
Sec. 90. Forms-Approval-The De-
positors' Guaranty Fun Commission shall
or necessary in carrying out the provi-
sions of thisa act.
Sec. 81. Pnnishment-Where Not 9th
erwise Provided-Where no other punish
ment is provided herein any person vio-