The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-11-02

the request therefor, from him. such re-
ports shall be published in a newspaper
In the town in which such bank is located,
provided that in case no newspaper is
published in such town the report shall be
published in the nearest town within the
county in which such bank is located,
where a newspaper Is published. If there
BE- no newspaper published within the
county in which such bank is located,
then such report shall be published at the
nearest town within an adjoining county
within the state. where a newspaper is
published, and in the same form as made
to the public examiner. Proof of publ
cation shall be furnished to the public ex-
am!ner within fifteen days after receipt
Of the aforesaid call.
The public shall also have the
power to call for special reports from any
bank whenever in his Judgment the same
Is necessary 10 inform him fully of the
condition of such bank.
Sec. 20. Ten Dollars Per Day Forfeit
ure-Every bank failing to make and
transmit to the public examiner any of
the reports or proofs of publication as
eQuired or contemplated by this act shall
20 d forfeiture of ten dollars
for each day after the time required for
making such reports. Whenever any bank
fails or refuses to pay the forfeiture here
in imposed for failure to make and trans
nit such report the public examiner is
hereby authorized to institute proceedings
Sec. Fl. Books and Accounts-Forms
Observation-Disclosures 1t shall appear to
the pubic that any bank does
not keep books and accounts in such man.
ner as to enable him to readily ascertain
the true condition Of such bank, he shall
have the power 10 require the officers or
any OF them to open and keep such books
or accounts as he may in his discretion
determine and prescribe for the purpose
OF keeping accurate and convenient rec
ords OF transactions and accounts of such
bank in permanent form. Any bank
that refuses or neglects to open and keep
such books or accounts as may be pre-
scribed or required by the public exam
tne1 snail be subject to q penalty of ten
dollars for each day it n~egiects and fails
to open and Keep such prescribed books
and accounts, and the public examiner
is hereby authorized to institute proceed
ings for the recovery Of such forfeiture.
Sec. %. Making False Statement Made
a F~elony-Any banker, officer, director
or employe of any bank who shall sub
scribe to or make or cause to be made,
any false statement or false entry in the
books of any bank, or shall subscribe to
or exhibit false papers, with intent to
deceive any person or persons authorized
to examine into the affairs of said bank,
or shall make, state or publish any false
report or statement OF any such bank.
shall be deemed guilty of "A felony and
upon conviction thereof shall be punished
by a fine not to exceed five thousand dol
lars, or by Imprisonment in the state pen
both such fine and imprisonment In the
discretion of the court.
Sec. %. Refusal To Permit Inspection
Effect Of-Whenever any officer IN
charge of a bank shall refuse to submit
the books, papers and concerns of such
bank to the inspection of the public ex-
aminer, his deputy, or examiner appointed
hereunder, or refuses to be examined on
oath touching the concerns of the bank,
the public examiner is hereby authorized
to take charge of such bank and to wind
up it's affairs.
Sec. "a. Perjury-How Committed
P~enalty-Every officer or employe Of any
bank required by law to take oath or af-
u hall mean, 700 ~
affirm falsely upon any material matter,
shall be deemed guilty of perjury. and
upon conviction thereof. shall be punished
as provided by the laws of this state Tor
the punishment of perjury.
Sec %. When Organized as National
Banks-Any bank organized under this
act may reorganize under the laws OF the
United states as a national bank. AS soon
as such bank shall have obtained the GER
tificate from the comptroller or the cur
rency, authorizing it to bust
such ~reorgauized bank shall take and
hold all the assets, real and personal. OF
such hank organized under this act, sub
3ect to all liabilities existing against said
bank organized under this act. at the
time of such reorganization; and shall
Immediately notify the public examiner
Of such reorganization and transfer.
Sec. &c. National Banks May Reorgan-
lie as State Banks-Any national bank
authorized TO dissolve, and which shall
have taken the necessary steps to effect
dissolution, may reorgani2e under this act,
upon the consent in writing Of the owners
of two-thirds Of the capital stock Of such
lie examiner. Such stockholders shan
make, execute and acknowledge articles
of incorporation as required by this act,
and shall set forth the said written con-
sent OF such stockholders. Upon the filing
of said articles, as provided by this act,
and upon the approval of the public ex-
aminer, such bank shall be deemed to be
reorganized under this act, and thereupon
all assets, real and personal, of such dis
solved national bank shall be vested In
and be and become the property of such
reorganized bank, subject to all Liabilities
of such national bank not liquidated be-
fore such reorganization.
Sec. II. Consolidation of Banks-Con-
sent Necessarily bank, which is in good
faith winding up its business may for
such purpose consolidate with some other
bank in the Same town by transferring
with which it is in process of consolida-
ton. but no consolidation shall be made
without due notice in writing of such in
t~ention, TO the public examiner, and not
then until a thorough examination has
been made by him and his consent in
writing obtained, provided that in no case
may a bank consolidate for the purpose
of defeating or d~efrauding any OF the
creditors thereof in collection Of their
debts. or either of them.
Sec. 2S. Voluntary Liquidation-Disso-
lution-Any hank may voluntarily liaui-
date by paying off all Of its depositors in
full, and upon Cling a certified statement
with ING I3bl4C tNAIliiAtI -SClt'hS " III
the fact that all its liabilities have been
paid; provided, however, that II any La
bilities Of such hank remain ~unliquidated
and the LerSon or persons entitled TO re-
ceive payment thereon have not been To-
Gated. the bank shall publish notice for
ten consecutive weeks, in some newspa-
per published in the town or county in
which such bank IS located, to the cred
ftors thereof. OF it's Intention to liquidate
and II any liabilities remain unliquidated
subsequent to such publication OF notice,
such bank shall file with the public exam
finer a certified list of the names and last
to receive payment thereon, and shall de-
post with the public examiner a sum
sufficient to liQUiGate such liabilities, after
which II shall he considered that such
Tia b!Hties have been linuidated. The funds
40 received by the public examiner shall
be handled in the manner prescribed for
making DISPOSITION OF unclaimed deposits
or diyidendc in insolvent banks.
Any corporation transacting a banking
business under this act may be dissolved
by the circuit court of the county sin
which it's place of business Is located, In
the following manner: A verified petition
shall be filed in the office Of the clerk of
said court, signed by the president or a
majority Of the board of directors, set
ting forth that stockholders representing
t%wo-thirds OF the amount of stock Of such
association nave adopted a resolution ia
vortng such dissolution, and directing the
proceedings to be instituted for that pur-