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

Gra,.t~d.] Whenever Articles Of 1ncor.
poratton are filed with the public exam
transmitting the same notifies the public
examiner that it's CT pital stock has been
guy hos PAID IN, m. IN cash, and tina. such banl;
this act required before the bank shall
be authorized to commence business, tn.
public examiner she'll within. thirty days
Examine into the condition OF such bank.
ascertain whether or not the capital has
been fully paid in, the na.ne and place of
residence of each OF it's directors. and
whether such bank has complied with all
Of the provisions of the law required to
entitle it to engage in the business of
banking. If, upon such examination, it
appears that such bank is lawfully en-
titled to business, the public
examiner shall forthwith give to such
oank q certificate under his hand and
official seal. that such bank is authorized
hininer has reason to believe thai the
stockholders nave formed the same for
any. other than the legitimate business
contemplated by this act. he may, with
the AID vice and consent of the attorney
general. withhold the certificate herein
provided for; and it Is further provided
that the public examiner may withhold
the issuance of such certificate TO a bank
seeking to engage in brsiness in d town
Which n his Judgment does not justly or
warrant a nov or additional bank or
where II is evident dat the application
for a charter and certificate of authority
to al" business is prompted by malicious.
motives.
Sec. 10 To Publish Csrtificate of
Anthority The bank shall cause The
provided for ard aTiIs "ssuIteGd ,h hs rrrssrI to be
published in sone newspaper, printed in
the town whore sucn bank is located.
within Ten days after receiving the same.
II no newspaper is published in sucn
town, then such publication shall be made
in one published nearest thereto. Proof
II such publication shall be made and
executed under oath by the publisher on
appropriate blank for that purpose and
the same shall be filed with the public
examiner.
Sec II. Observation-Disclosures OF
-Oath-Bond The affairs and bust
ness Of a bank shall be managed and
controlled by II board of not less than
be residents OF the State of South Dakota
and shall be elected by the stockholders
at their regular stated annual meetings.
day. or any day thereafter. i'm january OF
each year, as D. divided i'm the banks by
avs Provided, that not less than three
within The immediate county in which
such bank is located. or in counties adj
joining such county. within the state of
South Dakota.
No person shall be eligible to serve as
q director of any bank organized or en-
listing under the laws of this state. UNI
lcSS ne STaIl ne Il DOna I1Oe owner of
at least five shares of the stock of such
bank, fully paid for and not hypothecated.
Any vacancy in the board of directors
shall be filled by the board. and any di-
the next annual election.
ANY director, officer. or other person
who shall participate in any violation of
or banking. shall be liable for all damages
which the said bank, its stockholders,
depositors. or creditors. shall sustain in
rOnHaHIlnnnA nj M ,yt,1ntion
Every director shall take and subscribe
an oath that he will diligently and hon
es hy perform his duty in such office and
violation OF any provision of the banking
law, and the said oath shall be forwarded
to the office of the public examiner
ing of stockholders.
The officers Of the bank shall be elected
ny tho .,o board Of directors, the president
their members, at the board meeting to
De held In the month of January of each
yen as hereinafter provided. and shall
m esoor oil.cs i9r n year and until sue
sooner removed by the board.
All Officers and employees having ac-
cess to or care OF the funds and assets
OF the bank, must furnish a surety COM
psany bond In the minimum amount of
five thousand dollars 100000 which
must must nave the the approval OF the public,
when the same shall nave been accepted
by the board OF directors of the bank or
trnst company, 1t shall be filed with the
approved and accepted as h%ereinbefore
provided for. may be altered, cancelled
or terminated, by any one. until after
ton so TO alter, cancel or terminate such
bond. shall nave been served upon the
Pupils Pundi,s eSaniner n no liability of any
crued prior to the time above mentioned
shal: terminate within less than one year
after such bond shall nave been can
Sec. L.. Directors Observation-Disclosures. I
The board of directors shall hold at least
Two regular meetings each year and these
Janpary and July. or any day thereafter
within such months, to be fixed by the
by.iaws and at such meetings a thorough
and d'n securiaies 81 h ens b books ks records Rec or ssd funds DIS
mace oS INC board. or by q committee of
the s~tockholders appointed by the board,
anu a report prepared giving in detail ali
items included in the assets of the bank
which they have reason to believe are
not or the value at which they are being
carried - rna ny the bank. and giving the value
determined. Such, report shall be made
under onth and shall be recorded in the
mlnute book OF the bank, and a duly certi-
-. L.. Must Report Dividends-When
p, ,iared;l All dividends; unless paid.
1,nseting OF the board Of directors to be
held on the second Tuesday in January.
or any q thereafter in that month as
provided by the bylaws. and II paid semi
annually, at meetings to be held in Janu-
airy and July ms herein provided. A fun
and complete record of the proceedings
and business OF all such meetings shall
be spread upon the banks minute book:
such record shall show the disposition OF
profits IN detail. by indicating ali poor
or worthless items charged out and the
amount Of the same. the aYmounf NJ ov.
pensc charge out, the amount carried tn
the Stlrnllla- II INV and tio anaa,.nx ~