The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-11-02

h~ereinbefore provided, the amount OF
G %0nsz y under nas on the as ppoyisid mo. Of s' this ac To-
and In assessing such bank this amount
shall be deducted from the total deposits.
Sec: |! Interest on DepositsmNo bank
act shall pay interest on deposits. direct
y or indirectly, at a greater rate than
i've per cent (5ge) per anpume
bank viola ting the provisions Of this Sec
ton, directly or indirectly. shall be deemed
guilty Of a felony and on conviction there
than one hundred dollars or more than
i've hundred dollars, or by m~prisonment
In the state p~enitentiary for a term of not
years. ,sss sns or G Soeh: se IN the aSr d m9ns iaah Of n the
court.
Sec. s. Averaged Annual Statement
False Statements-Penalty-Any. bank
commencing business and receiving de-
posits less than twelve months prior to
the date when the statement referred to
In section three is required to be made
posits for that portion of the said annual
period during which It has been engaged
In business and receiving deposits.
Any person making oath TO any OF the
statements herein required, knowing the
same to be false, shall be deemed guilty
OF a felony and be punished by a fine of
not less than three hundred dollars nor
more than one thousand dollars, or by
Imprisonment in the state p~enitentiary for
a term OF not less than one year nor more
than five years. or both, In the discretion
Sec. 6. Voluntary Liquidation or
Change to National Bank-ff any a n
desires to go into voluntary liquidation or
change TO a national bank before the as
sessments provided for in the last section
become due and payable, the provisions
or this act shall not release said bank
from the payment OF any assessments
then due from 1t to the Depositors' Guar
anty Fund.
Sec. Z. New Banks-Any bank organ
| Ead OnhonnranrN % - "a aNH -l- m
pay into the Depositors' Guaranty Fund
an amount equal to four per cent Of its
capital stock, when such bank opens for
business, which amount shall constitute a
credit fund. subject to adjustment on the
basis of said Banks average daily de-
posits. as shown by the first annual state
ment required by section three of this
The Depositors' Guaranty Fund Com
mission is authorized and empowered to
make such an adjustment Of the rates Of
assessment to be paid by any bank which
engages in the banking business subse-
quent to January 1st. 1916, and shall re-
qulre such bank TO contribute 10 the De-
posters Guaranty Fund, a just and equit-
able sum, and the Depositors' Guaranty
Fund Commission shall adjust assess
ments or such bank SO that the first two
assessments, together with the credit FUND
OF four per cent of the capital stock paid
by said bank when ii begins business.
snail at least equal one per cent of the
average daily deposits Of said bank as
SHOWN by the first annual statement re-
CURED by section three of this article.
frovioed, however, that said four per
cent will not be required Of new banks
formed by the reorganization or CONSOLE
dation OF banks that have previously COM
pied with the terms OF this act with ref
erence to the payment Of assessments.
position-Payable on Demand-As soon as
said assessments are respectively levied,
the. banks against which the same are
levied shall be notified of the amount of
such assessment levied against them re-
spectively, by the secretary of the De-
positors Guaranty Fund Commission, and
s SAD banks shall thersupon set apart keep
amount thus levied against them, and the
amounts thus levied, kept and maintained
shall be and constitute what shall b.
designated as a Depositors' Guaranty
Fund, payable to the Deposition s. Guar
anty Fund Commission on demand, for
the uses and purposes provided.
sec. y. Guaranty EMBELLISHMENTS
Failure to Credit-Whenever any bank
after due notice from the secretary of
ne Depository Guaranty Fund Commits
It's books to the Depositors' Guaranty
Fund any assessment as herein provided,
sor a period OF ten days, such bank shall
be subject to q penalty Of ten dollars per
day for each cay II 30 refuses or fails to
pay over or credit to such Depositors'
Guaranty Fund, such assessment, and the
public examiner shall Immediately there
after take possession of the affairs OF
such bank and liquidate its business as
herein provided for making final disposi-
ton OF insolvent banks.
Sec. 10. Depositors' Guaranty Fund
First Lien-Exception-whenever any
bank doing business in this state under
the provisions of this act shall SUSPEND
payment or become insolvent, the amount
of money standing to the credit OF the De-
D~ositors' Guaranty Fund on deposit In
such bank. shall be a first Hen Iron the
cept funds deposited in such institution
by the public and belonging 10
the estate OF any insolvent institution.
which shall have preference over all other
t iaia as proviaed In Section 13 of Ar
Sec. II. Observation-Disclosures any
bank doing business under the provisions
OF this act suspends or becomes insol-
vent, the public examiner shall forthwith
proceed to determine the amount neces-
sary to pay the unsecured depositorss In
TO the en 1e rasse sne same to be certified
mission, which shall thereupon draw
against the Depositors' Guaranty Fund
on deposit In the several banks. In the
OF said commission shall Immediately
transmit the amount to the public ex-
aminer TO be applied in payment OF the
deposits due such depositors.
crowded.. however, that IL there should
not be Sufficient funds In the Depositors'
Guaranty Fund to pay said claims. then
tsion shall issue a certificate of Indebted
ness, negotiable in form, against the De-
posters Guaranty Fund and In favor OF
such bank, drawing interest at the rate
OF nye per cent per annum, which said
certificates Of Indebtedness shall become
due and payable on the first day OF March
next succeeding the date of issue thereof
and shall be paid out Of the first money
accruing to the Depositors' Guaranty
Fund.
Such drafts against the DeposItors,
Guaranty Fund shall be pro rated. as
nearly as may be, among the several
solvent banks wherein the same Is as
aforesaid kept and maintained. in ac-
cordance with the amounts thereof held
by such banks respectively.
Sec. IL. Subrogation-To the exten,
OF the amount paid from said Depositors
Guaranty Fund to satisfy the claims o,
depositors, the Depositors' Guaranty Fund
said fund, shall be subrogated to All the
xhts of the depositors thus paid. tc
participate in the assets Of such hank a nj
The same shall be enforced and coIlected
by the public examiner accordingly. anf
when collected shall be placed in SAID
fund and deposited by the Depositors
Guaranty Fund Commission In the sol.
vent banks subject to the provisions o,
the Depositors' Guaranty Fund. propor.
tomato as to the several deposjts n
the assessments levied against each OF
said banks. "
Sec. 10. Same-Reports-The public az
aminer or examiner In charge Of any sus-
pended or insoIvent bank, possession OF
which has been taken under the provi-
1ons of this act. shall make to the De-
positors' Guaranty Fund Commission No,
less than one report quarterly. accordin.
70 such form as may be prescribed. sIIch
report to be verified by his oath.
Sec. II. Notices not Otherwise Provided
For-Whenever notice is required by the
nrnuiafnna nj Arffn1aa 4 . -.