Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1916-10-28

vdual members Of any co-partnershlp do
ing a banking business In this state, shall
be permitted 10 attach, or seize under
any writ Of attachment or execution, or
to hold liable for such individual indebt-
edness any Of the assets OF the bank, un-
til all the depositors and creditors OF such
bank have been fully paid.
Sec % Public Examiner TO Call
Meeting of Stockholders When When
ever the public examiner shall have paid
to each and every depostor and creditor
OF such bank or trust company, mot in
Guiding stockholdersl, whose claim or
claims as such depositor or creditor have
been duly proved and allowed, the fun
amount Of such claims, and shall have
made proper provision for unclaimed and
unpaid deposits or dividends, and shall
have paid all the expenses of the liquida-
ton, the public examiner shall call a
meeting of the stockholders Of such bank
or trust company by giving notice there
Of for thirty days in one or more news
papers published in the county where
such bank or trust company is located
At such meeting the stockholders shall
determine whether the public examiner
shall be continued as liquidator and snail
wind up the affairs of such bank or trust
company. or whether an agent or agents
shall be elected for that purpose, and in
so determining the said stockholders shall
vote by ballot. in person or by proxy,
each share of stock emitting the holder
to one vote, and the majority Of the stock
present and voting shall be necessary In
the determination.
Sec. 26. Liquidation Continued-Pro-
cedure. In case II is determined TO con-
tinue the llquida tion under the public
examiner, he shall complete the liqu.da-
tion Of the affairs of such bank or trust
company, and after paying the expenses
thereof. shall distribute the proceeds
among the stockholders in proportion to
the several holdings of stock in such man.
ner and upon such notice as may be di
rected by the circuit court. In case ii is
determined TO appoint an agent or agents
to Hquidate, the stockholders shall there
upon select such agent or agents by bal
lot. a majority of the stock present and
necessary TO a choice. Such agent or
agents shall execute and file with the
public examiner, bond 10 the stocithold-
egs of such institution in such amount
with such securities, and in such form
as shall be approved by the public ex-
tminer. conditioned for the faithful per-
tormance OF all duties OF his or their
trust and thereupon the public eXamin-
er shall transfer and deliver to such agent
or agents an the undivided or uucollected
or other assets of such bank or trust com
pany IN ms hands and upon SUCH trans
fer and delivery, the public examiner
shall be discharged from any and all fur
ther liability 10 such bank or trust COM
pany and its or their creditors.
See. 27. Assets-Distribution of Prop
erty.l Such agent or agents shall con-
vert the assets coming into his or their
possession into cash and shall account for
and make disposition of the property of
said bank or trust company, as is herein
provided in case OF distribution by the
public examiner, except that the expenses
thereof shall be subject 10 the direction
and control of the circuit court In case
of death, removal, or refusal to act of
any agent or agents, the stockholders, on
the same notice, to be given by the pub
lie examiner upon proof OF such death,
removal, or refusal to act being filed
with him, and by the same vote as here
inbefore provided, may elect a successor,
who shall have the same powers and be
gigbipeipd the liabilities and
duties as the agent originally elected.
Sec. 2S. Attorney General-Duty or. ]
All suits and proceedings arising out OF
the provisions Of this act in which the
state or any of it's officers or agents shall
be parties, shall be conducted under the
direction and supervision of the attorney
general.
Sec %. Copies as Evidence.l Copies
OF all records and papers In the office OF
the public examiner, certified by him and
authenticated by his seal Of office, shall
be evidence in all cases equally and of
like effect as the original.
Sec. 80. Fees for Certified Copies. ]
Whenever any certified copy or copies Of
any records or papers filed in the office
of the public examiner shall be lawfully
required to be furnished by him, the pub
lie examiner shall be entitled to a fee OF
ten cents for each folio for making such
copy or copies and fifty cents for each
certificate. All such fees shall be paid
| by the public examiner into the state
treasury TO the credit OF the Contingent
Fund Of the public examiner.
Sec 81 Department - Contingent
! Fund All fines collected and all fees
received by this department for regular
or special examinations Of banks or trust
comp2 nies or for taking charge of in
solvent banks or trust companies. shall
be reported in detail To the State Treas
so received shall be by him deposited
monthly with the State Treasurer to the
credit Of the Contingent Fund Of this de-
/ pariment. which is hereby created.
faTaf m ant oh hQ hal
| always for the use of this department and
any balance remaining in this fund at the
end of any fiscal year shall not revert to
the general fund of the state.
Any balance remaining in this fund at
any time shall be available for the use
of the department for the payment of
salaries and any and all other proper ex-
penses. the same as though appropriated
for such purposes.
Sec. 80. Commission or Brokerage Fees
Misdemeanorl Any public examiner
or deputy public examiner soliciting or
| receiving any commission or brokerage
fees in the sale of any bank or bank
stock shall be deemed guilty OF a mis-
demeanor, and shall forfeit his office.
Sec, 49, Public Examiner TO Make Re-
portl On or before the thirtieth day OF
October of every even numbered year,
the public examiner shall make a report
to the governor Of the state, covering the
biennial period ending the thirtieth day
Of June preceding, which report shall be
published
Of the condition OF every bank and trust
company from which reports have been
received, giving a tabulated statement OF
all resources and liabilities OF each bank
or trust company.
Such report shall also show the last
statement OF any bank or trust company
whose business has been closed during
the period, and the amount paid to the
creditors of any and all jnsolvent banks
or trust companies. also list Of banks
and trust companies organized and dis
n II twx..n 1T, tnA
part shall also give the names of the di-
,ectors OF each bank and trust company,
as last reported, together with list OF
the stockholders with their postoffice
addresses and the amount OF stock held
by each.
The public examiner shall also report
the names and compensation of all per-
sons employed in his department and the
whole amount of the expenses Of the De-
partment OF Banking and Finance during
the period. The public examiner shall
also report the names of banks or trust
companies taken possession OF and liquid
ated and the same of unclaimed and un-
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.
Section /. Defining Banks and Bank
ing. For the purposes OF this act every
corporation, association, firm or indi-
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 be and Is hereby
declared TO be bank, and as thus de-
fined such individual member OF such
corporation, association or firm except
as to national banks) shall be subject TO
the provisions OF this act.
Where reference herein is made to
bank. trust companies or the business
OF banks or trust companies I'm any man.
anna Gh a ha aG a. n.
plying to any such corporation, associa-
tion, firm or individual so engaged in
business as herein defined. ard the pro-
visions of this act shall SO far as may be
applicable thereto, extend to and govern
all corporations existing and doing bust
ness under the provisions of Chapter 255
OF the Sessions Laws OF 1911 and con-
templated under the provisions of Section
! . ai s.La cha uleI. anY amend me 70 z 8