Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1916-11-01

state shall nave been adjudged to be for
feited or whenever the public exc miner
animation OF its affairs. take possession
Of said it ban m "a, and its i, assets .as and proceed esa
Personal liability Of the stockholders, Of
ficers and directors.
Sec. 1s. Depositors Paid in Full-In-
terest Limited to Contract Rate;--In the
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
made Immediately available Of said bank,
is sufficient to discharge its obligations
TO depositors, the State Banking Board
SHALL draw from the Depositors' Guaranty
Fund and from n special assessment, II
required, as provided in Section five go,
the amount necessary to make up the de-
amount is not available and cannot be
made available within thirty days, the
State Banking Board shall issue Certi-
ficates of Indebtedness to all such unpaid
unpaid to each such depositor, as pro-
vided i'm Section six go of this Act; Pro-
vided. further. that in all cases in which
there shall ne a contract rate of interest
between Il depositor' and any such failed
bank. such depositor shall receive no
higher rate of interest than as provided
Sec. ~. Public Examiner Take Charge
-Proceduie.-The public amin shall
take possession of the books, accounts and
assests of every description of such bank.
collect debts, dues and claims belonging
to it. and upon order of the circuit court,
or the Judge thereof, may sell or com
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, paw the
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 Furnished-Bank
May Advertise, How-Penalty for Vio-
liver to each bank that has complied with
the provisions of this Act, u certificate,
stating that said bank has complied with
of bank depositors. and that safety to it's
depositors is guaranteed by the Deposit
ors' Guaranty Fund of the State of South
Dakota. Such certificates shall be con-
spicuously displayed in its place of bust
ness and said bank may print or engrave
upon it's stationery and may advertise in
any other legal manner that its depositors
Fund of the state Of South Dakota. but
no bank shall be permitted to advertise it's
deposits as guaranteed by the State Of
contrary to the provisions of this Act,
shall. be guilty of a m~isdemeanor and upon
COlf ~ lllCICOI SIlGtll Dc UuIlSncU DV a
fine of not less than $500. 90 or more than
$500. 90 to be paid to the Depositors' Guar
anty Fund. or by imprisonment in the
iS"h both 'a such not fi esce and im s,x m9nshs Or Ig
the discretion of the court.
Sec. q. I%nsolvent Bank May Open,
When. Duties of Public .~Examiner.-
possession Of any bank which is subject
to the provisions of this Act. the stock
holders thereof may repair its credit. re-
0fnr0 NJ 0p1h0tffHNfn Ito ncnpprvn @-l 49,
wise place it in condition so that it is
qualified to do a banking business, as
before 1t was taken possession of by the
be permitted to reopen for business until
the public examiner. after a careful in
~yestigation of it's affairs is of the opinion
the laws. that the banks credit funds
are In all respects repaired and all adj
yances, If any; made from the Depositors'
Guaranty Fund July repaid, its reserve re-
stored or sufficiently substituted and that
1t should be permitted again to reopen for
business; %whereupon the public examiner
IS authorized to issue written permission
same manner as permission to do bust
ness Is granted after the incorporation of
a new bank. and %thereupon said bank
a banking business.
Sec. 90 Delinquency of Bank-fro-
cedure..The provisions of this Act shall
persons. except as herein otherwise pro-
vided. If any bank shall for a period Of
ten days neglect or refuse to credit any
of the State Banking Board in response to
any call for the funds deposited in such
oank: or ans part thereof to the credit
OF said board, or any interest due on daily
bank shall be liable in addition to the
assessment Or interest so due. to a PEN
atty In an amount equal to such assess
ment. or interest or such amount so call
ed, which penalty shall be RENTED by
draft to the treasurer of the State Bank
ing Board and notice of such remitta nee
public examiner. Whenever ar any bank MI
shall be in arrears for a period of ten
LAYS such bank shall be notified by the
arrealage and penalty and If such bank
shall fail or refuse SO to do for a period
OF ten Days thereafter. the public exam
iner shall Immediately proceed to make
and II he shall find it to be insolvent he
shall take possession of its books. accounts
and assets and wind up its affairs in the
examiner shall upon due examination,
find said bank to be solvent and honestly
managed, and the said bank shall still re-
response to such call, or to remit such In
this Section. he shall bring an action
thereof in the name Of the State of South
Dakota for the benefit Of the Depositors'
Guaranty Fund, and such action shall be
prosecuted by the attorney general; pro-
v!ided. that the remedies herein prescribed
shall be In. addition to such as are else
OF bank Officials.
Sec. %. U-nappropriated Assessments
Refunded-When.-If n bank organized
under the laws of this sta te. having paid
any assessment or assessments to the De-
p%ositors' Guaranty Fund. shall liauidate
and go out Of business. or shall desire to
organize us g national bank and with
draw from the protection Of the De-
positors' Guaranty Fund for Its depos:tors,
the portion OF such assessment, or assess