Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-10-26

Nt" @GSSlS lIctSOi y luc department OF
Banking and Finance and shall be de-
osited with the State Treasurer and cred
tied to the Contingent Fund OF said de-
partment; provided, that for each and ev-
cry day that the departments attorney Is
actually and necessarily engaged in pre-
pairing for trial and the trial OF cases for
any such institution. a charge OF twenty
dollars per day and all necessary expenses
of such attorney, shall be a proper charge
against the assets of such institution and
shall be paid and accounted for as herein
provided.
Sec. II. Inventory.l Upon taking pos
session of the property and assets of
such bank or trust company, the public
examiner shall make an inventory Of the
assets OF such bank or trust company,
Of the public examiner and one in the
office of the clerk OF the circuit court for
the county in which such ban or trust
company is located. Such inventory to
stitution, but the Bills Receivable shall
only be noted by number and amount as
appears on the Bills Receivable register
OF such institution.
Sec; IS. Statement to Creditors. ]
Within thirty days after the taking pos
session of any insolvent bank or trust
company as herein provided, the public
examiner shall make a financial state
ting forth the cause of the insolvency
and any other information regarding the
impaired condition of said n not set
v ~ VA ZIG lllldllCldl statement. ana HnAll
mail a copy Of such statement to each
stockholder n known creditor OF such
institution.
Sec: 10. Claims-Notice.l The public
ami shall cause notice to be given
~ advertisement in such wspaper pub
iished within the county in which such
bank or trust company is located. as he
may direct, weekly for ten consecutive
weeks. calling on all persons who have
claims against such bank or trust COM
pany,. to present the same TO the public
examiner and make legal proof thereof
at a place and within u time. not earlier
than the last day Of publication, to be
thereis specified. The public examiner
shall mail a similar notice to all persons
the books OF the ban or trust company.
Any claim not presented within the time
liked by such notice shall be forever bar
red; provided, however, that Upon good
may direct the payment OF any dividend
or dividends heretofore declared and dis
tributed. or such proportion thereof as the
examiner belonging to such institution ap-
plicable to the payment of dividends, will
permit; and, provided further, tina If
such claim be for a deposit duly made in
such bank or trust company, the court
may direct the public examiner to procure
the money as provided in Article 3 of this
act and pay the same to the claimant.
tice and validity Of any claim, he may
reject the same and serve notice of such
rejection upon the claimant either by
mail or personally An affidavit Of the
prima facie evidence thereof, shall be
filed with the clerk of the circuit court
for the county in which such bank or
trust ompan is located. Al action uuon
a claim so rejected must be brought with
in three months after such service.
objections to a n claim not rejected
by the public examiner, may be made by
any party interested by filing a copy Of
such objection with the public examiner
within thirty lays after the date fixed in
ne notice to creditors for the filing of
the public examiner, forthwith presented
thereupon issue it's order directing the
claimant to show cause at a time and
should not be rejected. il upon such
hearing it shall appear to the satisfac-
ton of the court that the objections are
well fognded. such claim shall by, proper
nc examiner. III 1t appears to the court
that such objections are not we'll found
ed, the court shall by proper order. d.
rect that such claims be paid in the
regular administration Of the affairs of
such institution, and the costs of the
proceedings shall be fixed by the court,
claim objected TO. after six days notice,
judgment may be entered against the
person filing salt objections and col
ments
Upon the expiration Of the time fixed
for the presentation of claims the public
examiner shall make in duplicate. a full
and complete list OF the claims presented.
also make in duplicate q full and COM
plete list of all claims presented and al
lowed, other than claims of depositors,
claims. he shall SO specify: one copy to
be filed in the office OF the public ex-
aminer and the other in the office OF the
in which such institution is located,
Sec 20 Dividends ] 1t any time after
the expiration OF the date fixed for the
presentation Of claims: the public exam
his hands after the payment OF expenses,
declare one or more dividends. and after
the expiration OF one year from the first
may nnn,'e deciare OF a 'n fina not diyla tg fre sneS diy ne
dends to be paid to such persons. and In
such amounts. and upon such notice. as
may be directed by the circuit court for
the county In which such bank or trust
company Is located.
Sec 81; Observation-Disclosures De-
POSTS. Dividends and unclaimed de-
hos n,h r;nima sxanejr unp fnr 1 IN the men hands l Of
the order for final distribution shall be
by him deposited in one or more state
banks or trust companies. to the credit
office, in trust for the several dcpositors
and creditors entitled thereto,
Sec. % Payment oil Claims, The
public examiner may pay over the
moneys so held by him to the persons
respectively entitled thereto, upon being
furnished satisfactory evidence Of their
right to the same, and in cases of doubt
or conflicting claims, he may require an
order OF the circuit court authorizing and
directing the payment thereof He may
apply. the Interest earned by the moneys
so held by him toward d%efraying expenses
in the payment and distribution of such
unclaimed deposits or dividends TO the de-
positors and creditors entitled TO receive
the same.
When Collected II at any time after
the closing OF any bank or trust
1t shall appear to the public examiner
that the assets OF such institution are in
sufficient to pay Its liabilities. 1t shall be
the duty of such public examiner to inn
mediately institute proceedings for the
collection OF the liability OF the stock
holders OF such bank or trust
All sums so collected shall be deemed a
part Of the assets OF such bank or trust
company, and be distributed pro rata 10
the creditors thereof. in the same manner
as other funds. No action by any cred
itor against any stakeholder of sucn bank
or trust company for the recovery OF such
liability shah be maintained. unless 1t
shall appear to the satisfaction Of the
cour that the pubic examiner has re-
fused to action az herein pro-
vided.
Sec. "a. Creditors Of Private Banks