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

the determination
Sec. 20. Liquidation Continued-Pro-
cedure.] In case it is determined to CON
tinue the liquidation under the public
examiner. he shall complete the liqu.da-
ton OF the affairs OF such bank OF 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
her and upon such notice as may be d.
fected by the circuit court. In ease 1t Is
determined to appoint an agent or agents
to lIquidate, the stockholders shan there
upon select such agent or agents by bal
lot, a majority Of the stock present and
voting, in person or by proxy, being
necessary to a choice. Such agent or
agents shall execute and file with the
puDllc a bond to the s~tockhold-
eTs OF such institution in such amount,
with such securities, and in such form
as shall be approved by the public ex-
aminer, conditioned for the faithful per-
Torrance of all duties OF his or their
trust, and thereupon the public examin-
er shah transfer and deliver to such agent
or agents all the undivided or uncolected
or other assets of such bank or trust COM
pany in his hands; and upon such trans
fer and delivery, the public examiner
shall be discharged from any and all fur
ther liability to such bank or trust COM
pany and its or their creditors.
Sec. q. As9ets-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
: StilQ DdNk or trust company, as IS herein
provided in case of distribution by the
public examiner, except that the expenses
thereof shall be subject to 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 Aamine upon proof Of such death,
removal, or refusal to act being filed
with him, and by the same vote as here
iubefure provided, may elect a successor,
who shall have the same overs and be
subjected to the same liabilities and
duties as the agent originally elected,
Sec. %. Attorney Gcueral-Duty OF.
All suits and proceedings arising out OF
the provisions Of this act in which the
be parties, shall be cOnductea under the
direction and supervision of the >ttorney
general.
Sec. 30. Copies as Evidenced Copies
Of all records and papers in the office OF
the public examiner, certified by nm any!
authenticated by his seal of office. shah
be evidence in all cases equally and OF
like effect as the original.
Sec. 30. Fees for Certified Copies.
Whenever any certified copy or copies of
any records or papers filed in the office
u 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
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
companies 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-
partment, which liz hereby created.
This '"t'Outingent Fund.- shall be held
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
a Misdemeanor 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 he deemed guilty OF a mis-
demeanoV, and shall forfeit his office.
Sec. 33. Public Examiner to Make Re-
port On or before the thirtieth day Of
October Of every even numbered year,
the public examiner shall make 4 report
to the governor Of the state. covering the
biennial period ending the thirtieth day
of June preceding, which report shall be
published.
Such report shall contain a statement
Of the condition of every ban 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 insolvent banks
or trust companies, also a list of banks
and trust companies organized and dis
continued during the period. Such re-
port shall also give the names Of the di-
]rectors Of each bank and trust company,
as last reported, together with a 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-
the period. The public examiner shah
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 or TINS act every
corporation, association, firm or indl-
vidual in South Dakota whose business,
in whole or in part, consists OF the tax
ing of deposits or buying and selling eN-
change shall be held to be and is hereby
declared to be a 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 in any man
ner, the same shall be construed as APP
plying to any such corporation, associa-
ton, firm or individual so engaged in
business as herein defined, and 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 as con-
templated under the provisions of Section
2 of said chapter, any amendments,
abridgements or re-enactments of such
chapter or any act hereinafter enacted
by the legislature Of the state of South
Dakota for the supervision and control OF
trust companies.
Sec. 2. Who May Incorporate-Capital
Required Any number OF natural per-
sons, not less than five, who are resi-
dents Of South Dakota may associate 10
establish a bank under this chapter, upon
the terms and conditions and subject to
the liabilities prescribed in this act.
The aggregate amount OF the capital
stock of any bank shall be not less than