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

and a r rns therefor iss,ssa.e shall hA be Il rWard
to the Treasurer Of the State Banking
Board. who shall file and preserve the
same.
Sec Ii. Proceeds of Assessments Re-
tanned in Banks-To Draw Interest
Whenever the State Banking Board shall
stock of the banks subject to the pro-
visions OF this, Act, for the Depositors'
Guaranty Fund, or whenever any sum
bank to said fund, either on account Of
assessment or increased deposits, such
sum Shall be retained by such bank and
State Banking Board and subject to it's
cal. Every such bank shall pay interest
for the benefit of the Depositors' Guar
anty Fund upon all sums of money In its
possession belonging to 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 balances and such
interest shall at once be RENTED by draft
to the treasurer of the State Banking
Board, and such bank shall at the same
time mail a copy of the remittance slip
TO the public examiner showing that it
has made such remittance. Whenever an
amount shall be placed to the credit of
he State Banking Board by any bank, as
.lerein provided, a deposit ticket shall be
ibddc III duplicate ana signed Dy the
cashier. one of such tickets to be mailed
to the treasurer of the State Banking
Board and the other to the public exam
lner. which officers shall. respectively
credit of sssh banks.
Sec. IS. The Treasurer and Secretary
Keep Books-Expenses Paid-How-The
Treasurer and Secretary of the State
which shall be duplicates in all respects,
In which they shall keep an accurate ac-
count of the Depositors' Guaranty Fund
of the condition of said Fund and of the
trans tons of the State Banking Board
IN hi. reports to the G%overnor, as public
a minute book in which he shall record
the proceedings of all meetings of the
State Banking Board. and the expense of
4ll books, stationery, postage, and cler-
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 hall
make a proper record In his books Of
each order returned to him for payment;
Provided. that every such order shall
show for what purpose issued.
Sec. 16. Call on Banks-Made, How
Whenever 1t shall be necessary to draw
upon the Depositors' Guaranty Fund for
the purpose of reimbursing the depositors
or failed banks, the treasurer of the State
Banking Board shall make a call upon
each and every bank having funds in its
possession to the credit of the State
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 it shall be called, nor shall a call
be made upon any bank for a greater
sum than Is held in any such bank to the
credit OF the State Banking Board. Upon
the receipt Of such sal every bank sub
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
been made. IF any such bank shall fail
for a period of ten days to make such
remittance the treasurer Of the State
aminer of such failure: The failure of
any bank to comply with the provisions
of this Section shall subject such bank to
forced by the attorney general and shall
Fund.
Sec. L. 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
of competent jurisdiction. adjudging and
decreeing such bank insolvent, or when
ever its rights or franchise to conduct a
state shall nave been adjudged TO be for
feited or whenever the public
shall become satisfied of the insolvencN
ol amy SuCn DaTk, he may, AFTER Que e.
animation of it's affairs, take possess
of said bank and its assets and procet
to wind up its affairs and enforce Il,
personal liability of the stockholders, Of
tlcers and directors.
Sec. is. Depositors Paid in Full-In-
terest Limited to Contract Rate.-In the
event that the public examiner 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 full and
when the cash available, or that can be
IS sufficient to discharge its obligations
to depositors, the State Banking Board
shall draw from the Depositors' Guaranty
Fund and from a special assessment. if
required, as provided in Section five (55,
the amount necessary to make UP the de-
ficiency; Provided, that if a sufficient
made available within thirty days. the
State Banking Board shall issue Certi-
ficates of Indebtedness to all such unpaid
depositors fo. any amount so remaining
unpaid to each such deposition, as pro-
vided in Section six Co of this Act; Pro-
vided, further, that in all cases in which
there shall be a contract rate of interest
between a deposition 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
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, If necessary, pay the
debts of such bank and enforce the liza
bilities of stockholders. officers and di-
r%ectors; Provided, that bad or doubtful
debts as used in this Section shall not in
clude the liability of stockholders, officers
or directors.
Sec. 20. Certificate Furn%4hed-Bank
May Advertise, How-Penalty for VIC
la tion.-The Public Examiner shall de-
liver to each bank that has complied with
the provisions of this Act, 8. certificate.
stating that said bank has cInplied with
the laws Of this state for tAe 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 bust
ness and said bank may print or engraye
upon it's stationery and may advertise in
any other legal manner that its depositors
are protected by the Depositors' Guaranty
Fund of the State of South Dakota, but
no bank shall be permitted 10 advertise its
deposits as guaranteed by the State of
South Dakota n any benk bank Of
ficer or employee who shal advertise
contrary to the provisions of this Act.
shall be guilty OF a misdemtsanor and upon
conviction thereof shall bs punished by a
fine of NOT less than S3O0. On or nova fI,n