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

paid deposits or dividends with respect to
each of them respectively, and he shall
include a statement of the amount OF In
terest earned by such unclaimed divi-
dends.
Article 2.
ing.l For the purposes of this act every
yidual in South Dakota whose business.
in whole or in part. consists of the TAX
ing of deposits or buying and selling ex-
change shall be held to he and is hereby
declared isa a !, to be a bank and as thus de-
corporation. association or lirIn Except
as to national banks) shall be subject 10
the provisions of this act.
Where reference herein is made to
bank. trust companies or the business
of banks or trust companies in any man
ner, the same shall he construed as APP
plying to any such corporation, associa-
ton. firm or individual so engaged In
business as herein dc fined, and the pro-
applicable thereto, extend to ard govern
all corporations existing and doing bust
ness under the Iros sions of Chapter 265
OF the Sessions Laws of 1911 and as con-
templated under the provisions of Section
. of said chapter. any amendments.
.bridgements or re-enactments OF such
by the legislature of the state OF South
Dakota for the supervision and contro! of
Sec. 2. Who May Incorporate-Capital
Required Any number of natural per-
sons. not less than five. who are resi-
establish a bank under this chapter, upon
the terms and conditions and subject to
the liabilities prescribed in this act.
stock of any bank shall he not less than
ten thousand dollars in towns containing
fifteen hundred inhabitants or less. aud
in towns of over fifteen hundred and not
more than twenty-five hundred infabi-
tants. the capital shall not be less than
fifteen thousand dollars. and in towns Of
not more than five thousand inhabitants,
the capital shall be not less than twenty
over five thousand Inhabitants. the cap
ital shall not be less than fifty thousand
dollars. all of which shall be paid in full
'rovided. that all banks organized and
authorized to do business under The pro-
visions Of this act on or after January
thereof at ten dollars per share above par
and the amount received as a result of
such advance shall he credited on the
dollars to the Depositors' Guaranty Fund
as hereinafter provided and six dollars
to p umaiXiaed th nr1fit All IcG bants bere,o,o,s
organized with q capital of less than ten
thousand dollars shall increase their cap
and such further amounts as are neces-
sary to comply with the foregoing require
ments rs to capita and regulations. when-
ever their deposits average ten times
period of six months, and provided fur
ther, that no bunk shall receive deposits
in excess of fifteen times its capital and
surplus, the same to be determined by
the average of it's deposits for six months.
Sec. 3. Articles of lncorporat ionI>un,
make. sign and acknowledge written ar
ticles of Incorporation containing:
First. A declaration that they associate
fnr IN pIepNnc nf nyrrtyNc - In III Ngv
act.
Second. The name of such bank. which
name shall be in no material respect sim
liar to the name of any other bank in
the same county
Third. The name of the particular
town and county where such bank is To-
Gated.
Fourth. The amount of capital stock,
which shall be divided into shares OF one
hundred dollars each.
Fifth. The names and places of resi-
dence of the shareholders and the num-
Der of shares held by each.
Sixth. The period for which such bank
is organized, not exceeding twenty years.
and the date on which it shall commence
and terminate it's corporate existence.
Seventh. THE names and places of resi-
dence of the several officers and di-
%rectors. and the number of shares of the
capital stock of such corporation owned
and held by each of such officers and
directors.
Sec. A. Filing. Articles-certified
- s1oSH AA6IIi ANANA Va III
corporation. verified as such, by the af-
fidavit of two of the signers thereof shall
be recorded in the office of the register
is to be established and Immediately after
being recorded. they shall be transmitted
to the Secretary of State who shall re-
cord and file the same i'm his office.
A like verified copy of said Articles Of
inc9rporation certified by the register Of Of
to be operated. shall at the same time
be forwarded to the public examiner:
ros SEC; 5. an pow s;sino Of state Banks; Upon =
poration as required by section four of
this article, and the receipt of authority
from the public to
business, the bank shall become a body
lowing powers:
First. To make all contracts necessary
and proper to effect its purpose and con-
duct it's business.
and defend in all actions and proceed
ings under its corporate name to the
same extent as a natural person.
nh'fd. TO have a common seal and
Fourth. To elect or appoint all neces-
sary officers, agents and servants, define
their duties and obligations. fig their
compensation, dismiss them, fill vacancies
Fifth. To Make. amend and repeal by
laws and regulations, not inconsistent
with the law or its articles of ~incorpora-
tion. for its own government. for the
management of its property, for determin-
ing the manner of calling and conducting
it's meetings. the tenure of office of it's
several officers; and such others as shall
complishment of it's purpose,
Sixth. To exercise. by it's directors.
duly authorized officers, or agents, ali
such powers as shall be usual in carry
Il lnO nm ffC SCtnoo -f H. ID hsy ,,~,s-