The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-10-26

such bank by registered mail or express
and a receipt therefor shan be forwarded
to the Treasurer Of the State Banking
Board, who shall file and preserve the
same.
Sec. IA. Proceeds Of Assessments Re-
tanned in Banks-To Draw Interest
Whenever. the State Banking Board shall
levy an assessment against the capital
stock Of the banks subject to the pro-
visions OF this Act, for the DepOsltOrs
Guaranty Fund, or whenever any sum
Of money shall be due from any such
bank 10 said fund, either on account OF
assessment or increased deposits. sucn
sum shall be retained by, such hank and
the amount thereof shall be entered IN
It's books as a deposit TO the credit Of tic
State Banking Board and subject 10 its
call. Every such bank shall pay interest
for the benefit Of the Depositors' Guar
anty Fund upon all sums Of money In its
possession belonging 10 said fund and said
interest shall be computed on the last
days Of March, June. September and De-
cemoer for the preceding three months,
upon the average daily ALLIANCES and such
10 the treasurer of the State Banking
Board, and such bank shall at the same
time mail a copy OF the remittance slip
70 the public showing that il
has made such remittance. Whenever an
amount shall be placed to the credit Of
the State Banking Board by any bank, as
herein provided, a deposit ticket shall be
made in duplicate and signed by the
cashier, one Of such tickets to be mailed
to the treasurer OF the State Bankiug
Board and the other to the public exam
iner, which officers shall, respectively,
enter the amount in their books to the
credit Of such banks.
Sec. IS. The Treasurer and Secretary
Keep Books-EXpenses Paid-HoW-The
Treasurer and Secretary Of the State
Banking Board shall keep suitable books
which shall be duplicates in all respects,
in which they shall keep an accurate ac-
count of the Depositors' Guaranty Fund
and the Secretary shall include a report
Of the condition of said Fund and OF the
transactions Of the State Banking Board
in his reports to the Governor, as public
examiner. The secretary shall also keep
a minute book in which he shall record
the proceedings Of all meetings of the
State Banking Board, and the expense If
all books, stationery, postage, and ciGr-
zeal help necessary in carrying out the
provisions of this Act shall be paid for
cut OF the DepositOrs' Guaranty Fund
through orders on the treasurer, signed
by the secretary, and the treasurer. shan
make a proper record in his books IF
each order returned to him for payment.
Provided, that every such order shall
show for what purpose issued.
Whenever It shall be necessary to draw
upon the Depositors' Guaranty Fund for
the purpose Of reimbursing the depositors
Of failed banks. the treasurer Of the state
each and every bank having funds I'm its
possession to the credit of the state
Banking Board, which call shall be in
proper ratio to the amount held by each
bank, and shall not be in excess of the
sum needed for the immediate purpose for
which II shall be called, nor shall n call
be made upon any bank for q greater
sum than Is held in any such bank to the
credit Of the State Banking Board. Upon
the receipt of such call every bank sub
ject thereto shall within two days there
after remit by draft to the treasurer Of
the state Banking Board. the sum So called
and shall at the same time notify the pub
lie examiner that such remittance has
been made. If any such bank shall fell
remittance the treasurer OF the State
Banking Board shall notify the public eN-
aminer Of such failure The failure Of
any bank to comply with the provisions
of this Section shall subject such hank to
e fine Of $500 90 which fine shall be en-
forced by the attorney general and shall
be covered into the Depositors' Guaranty
Fund.
Sec. II. Public Examiner Take Posses
Observation-Disclosures any bank or
ganized or existing under the laws Of this
state shall voluntarily place itself in the
hands Of the public examiner or whenever
any judgment shall be rendered by a court
Of competent jurisdiction, ~adjudging and
decreeing such bank insolvent, or when
banking business under the laws Of this
state shall have been adjudged 70 be for
feited or whenever, the public examiner
Of any such bank, he may, after due ex-
animation of its affairs, take possession
OF said bank and its assets and proceed
10 wind up it's affairs and enforce the
personal liability of the stockholders, Of
ficers and directors.
Sec. IS. Depositors Paid in Full-In-
terest Limited to Contract Rate;-In the
event that the public shall take
possession Of any bank which Is subject
to the provisions of this Act, the deposit
ors of said bank shall be paid in fun and
when the cash available, or that can be
made imm ediately available OF said bank,
is sufficient 10 discharge It's obligations
to depositors, the State Banking Board
Fund and from a special assessment, II
required. as provided in Section five %,
the amount necessary TO make up the de-
ficiency; Provided, that II a sufficient
amount is not available and cannot be
made available within thirty days, the
State Banking Board shall Issue Certi-
ficates OF Indebtedness TO all such unpaid
depositors 70, any amount so remaining
unpaid to each such depositor, as pro-
vided in Section six 90 Of this Act; Pro-
vided, further, that in all cases in which
there shall be a contract rate Of interest,"
between a depositor and any such failed
bank. such depositor shall receive no
higher rate Of interest than as provided
in such contract.
-Procedure.-The public examiner shall
take possession of the books, accounts and
assests OF every description OF such bank,
collect debts, dues and claims belonging
u L., anu uDDI otdti VI Niip Ni|blN %'NA -
or the judge thereof, may sell or COM
pound all bad or doubtful debts, and on
like orders may sell all real estate or per-
sonal property of such bank, upon such
terms as the court. or judge thereof, may
direct, and may, II necessary, pay the
debts Of such bank. and enforce the LA
bilities OF stockholders, officers and d.
rectors; Provided, that bad or doubtful
debts as used In this Section shall not in
ciude the liability Of stockholders, officers
or directors.
Sec. 20. Certificate Furnished-Bank
MAY Advertise, How-Penalty for Vio-
lation.-The Public Examiner shall de-
liver to each bank that has complied with
the provisions of this Act, a certificate,
stating that said bank has complied with
the laws of this state for the protection
Of bank depositors. and that safety to its
depositors Is guaranteed by the Deposit
ors' Guaranty Fund of the State OF South
Dakota, Such certificates shall be con-
spicuously displayed In it's place of busi-
| upon It's stationery and may advertise in
| any other legal manner that It's depositors
| are protected by the Depositors' Guaranty
Fund of the State of South Dakota. but
no bank shall be permitted to advertise Its
deposits as guaranteed by the State OF
South Dakota and any bank, bank OF
ficer or employee who shall advertise
| contrary to the provisions Of this Act,
shall be guilty OF a m~isdemeanor and upon
| conviction thereof shall be punished by a
fine of not less than $1,000 90 or more than
$500. 90 to be paid to the Depositors' Guar
anty Fund, or by imprisonment in the
county jail not exceeding six months OF
by both such fine and Imprisonment In