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

days after the notice OF assessment shall
have been mailed.
II any stakeholder shall fail or neglect
against his stock for ten days after the
same shall nave become SO due and pay
able, the directors of such bank or trust
company, or, upon their failur to act
the public examiner may offer said stock
for sale. and sell the same at public sale
upon ten days notice to be given by post
Ing copies OF such notice of sale In five
public places in the town, village or city
where such bank or trust company Is To-
Gated. Upon such sale the purchaser
shall forthwith pay the amount of the
amount received from the sale of such
stock, less the cost and expense of such
sale. shall be paid to the original owner
OF such stock.
Il any bank or trust company refuse or
fail for thirty days after written notice
to make good such impairment of its
capital stock. the public examiner is
hereby authorized and empowered to take
charge of its affairs and vino up It's busi-
ness.
Sec. 10. Delinquent: Public Examiner
May Take Observation-Disclosures 1t shall
appear to the public examiner that any
chapter is applicable has violated Its
charter or any law of the state, or is
unauthorized manner. or if the capital
stock of any such bank or trust company
is impaired, or II any such bank or trust
company shall refuse to submit it's books,
any examiner, or IL any officer thereof
shall refuse to be examined upon oath
touching the affairs of any such bank or
trust company, or II any such bank or
to make payment of its obligations, or If
from any examination or report provided
FOR by this statute, the public examiner
shall have reason to conclude that such
bank or trust company is in an unsound
or unsafe condition to transact the bust
ness for which it is organized, or that 1t
Is unsafe and inexpedient for it to con-
tinue business, or If any such bank or
trust company shall neglect or refuse to
observe an order of the public examiner
specified in. the preceding section, the
public examiner may forthwith take pos
session of the property and business OF
such bank or trust company and retain
such possession until such bank or trust
company shall resume business, or its af-
fairs be finally !iquidated, as herein pro-
vided.
Whenever any bank refuses or neglects
TO deliver possession of it's affairs. as
sets or property Of whatever nature, to
the public examiner, or to the person
ordered or appointed to take charge OF
such, bank or trust ompany according
to the provisions of this act, the public
examiner shall communicate the facts to
the attorney general, or to the states at
torney of the county wherein such bank
or trust is located, who shall
heIeupoH cause an d~ppllCatlOn TO De maze
TO the circuit court or to any judge there
of, having jurisdiction of the same, for
an order placing the public examiner, or
the person ordered or appointed by him
pany. in charge of such bank or trust
company and it's affairs and property;
providing. that if the Judge of the circuit
court having Jurisdiction of the same,
shall be absent therefrom at the time
such application is to be made, then, and
in that case, any judge of the supreme
court may grant such order, and the
forthwith Transmitted to the clerk Of the
circuit court Of the county in which such
bank is located.
Sec. IL. Injunction Proceedings. !
OF whose property and business the pub
lie examiner has taken possession, as
aforesaid, deems itself aggrteved there
after such taking possession. apply to the
circuit court for the county in which
such bank or trust company is located
to enloin further proceedings: the said
TO show cause why further proceedings
should not be enjoined and hearing the
allegations and proofs of the parties and
determining the facts, may upon the
the public examiner from further pro-
ceedings. and direct him to surrender
such business and property to such bank
or trust company,
All proceedings by any bank or trust
company to enjoin the public examiner
N the discharge OF his duty shall be had
in the county where said bank or trust
Sec. il. Notice-Effect OIL On taking
possession Of the property and business
public examiner shall forthwith give
notice of such fact by letter or telegram
TO any and all banks or trust companies
holding or in possession Of any assets of
nnJF hn ~ ~ nc >, 49, NJ l~-I -.
trust company knowing Of such taking
possession by the public examiner, or
notified as aforesaid. shall nave a lien or
charge for any payment. advance. or
thereafter incurred, against any of the
assets OF the bank or trust of
whose property and business the public
examiner shat hav taken possession as
aforesaid.
Sec %. Resume Business ] Such bank
or trust company may upon repayment
Q! any money advanced by the Depositors'
Guaranty Fund to such bank or trust COM
pany. with the consent OF the public ex-
aminer. resume business upon such con-
ditions as ma be approved by. him
post of Funds-Preference Upon talk
ing possession OF the property and bust.
ness OF such bank or trust company. the
public examiner is authorized to collect
pany. and to do such other acts as are
TO conserve its assets and bust.
ness, and shall proceed TO liquidate the
affairs thereof as provided in this act.
The public examiner shall collect all
due and claims belonging to it.
and nay upon order of the circuit court,
after having made application therefor,
sell or compound all bad or doubtful
debts. and on like order may sell all or
any OF the real and personal property of
such bank or trust company on such
terms as the court shall direct. provided,
all sales shall be made on competitive
bids after advertisement for ten days In
the official papers in the county in
which the property is located
The moneys collected by the public ex-
mine shall be. from time to time, de-
in one or more state banks or
trust companies. and In case OF the sus-
or Insolvency Of the depository.
such deposits shall have preference over
all other deposits.
Observation-Disclosures: J The public x
seal appoint one or more examiners in
n the duty Of liquidation and distribution;
the certtficte Of appointment to be filed
in the office OF the public examiner, and
a certified copy In the office OF the clerk
OF the circuit for the county in
which such bank or trust company IL 10.
Gated. The public examiner may from
time to time authorize a special examiner
to perform such duties connected with
such LIQUIDATION and distribution as he
deem proper. The public examiner
employ such counsel and procure
such expert assistance and advice az may
be necessary In the LIQUIDATION and dis.