The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-11-02

persons. except as herein otherwise pro-
vided. II any bank shall for a period OF
ten days neglect or refuse to credit any
assessment. or to remit to the treasurer
of the State Banking Board In response to
any call for the funds deposited in such
bank, or any part thereof TO the credit
of said board. or any interest due on daily
balances, as in this Act provided, such
bank shall be liza BILE in addition to the
assessment or interest so due, to d PEN
atty In an amount equal to such ASSESS
ment, or interes. 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 ia nee
shall be forwarded by such bank to the
public examiner. Whenever any bank
shall be In arrears for q period of ten
days such bank shall be notified by the
public examiner TO make good such
arrearage and penalty and IL such bank
shall fail or refuse so to do for a period
Of ten days thereafter, the public exam
liner shall Immediately proceed to make
an examination of the affairs of such bank
and II ne shall find IL to be insolvent he
shall take possession of it's books, accounts
and assets and wind up it's affairs in the
manner prescribed by law. If the public
examiner shall upon due examination,
find said bank to be solvent and honestly
managed, and the said bank shall still re-
fuse TO pay such assessment, or to emit in
response to such call, or to remit such in
terest and the penalty provided for by
this Section, he shall bring an action
dSdlHSI the Sdlu Ddnh lot the recovery
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-
yided, that the remedies herein prescribed
shall be in addition to such as are else
where provided in this Act for delinquency
Of bank officials.
Sec. %. Unappropriated Assessments
Refunded-When.-H any bank organized
under the laws Of this state. having paid
any assessment or assessments to the De-
p%ositors' Guaranty Fund, shall liquidate
and go out OF business, or shah desire to
organize as a national bank and with
draw from the protection of the De-
p~ositors' Guaranty Fund for its depositors,
the portion of such assessment, or assess
ments. which shall not ave been paid
to depositors Of failed banks, under the
provisions of this Act, less ten per cent,
shall be refunded to any such bank by
the State Banking Board; Provided, that
no such bank shall be released from its
obligation to the Depositors' Guaranty
Fund until it shall have paid its proper
proportion of all outstanding certificates
Of Indebtedness issued to the depositors
Of failed banks under the provisions of
this Act, nor until It shall have received
permission in writing so to do from the
public of This state after an eX-
animation of its condition.
Sec. "a. Rate of Interest on Deposits
Observation-Disclosures hank subject to
the provisions of this Act, shall keep a
correct record of the interest rate n
terms Of deposits, upon which IL has
agreed to pay interest, and shall submit
the said record for examination by the
public examiner upon demand. No such
bank shall pay. or agree to pay n higher
rate OF interest for deposits of any de-
scription, nor to allow interest on time
certificates for a shorter period, than be
uniform among a majority of other banks
throughout the same county in which such
hank shall be located. ANY bank, or bank
ing corporation, proven guilty of a viola
ton IF this Section I'm any court OF com-
petent jurisdiction shall be fined in a sum
not less than 5000. 90 or more than $500. GO
and such fine shall be covered into the
Of the depositors OF failed banks. The
| public examiner shall make careful in
quiry to ascertain IL any bank be violat-
ing the provisions of this Section and il
he shall be able to adduce sufficient evil
dence, he shall institute an action against
any such bank for the recovery OF tie fine
herein provided for and such action shall
be prosecuted by the attorney general OF
Sec. 25. Northumberland May BE
Offered.-The State Banking Board sha II
have power to offer and pay out OF the
conditions as II may deem prope and
not to exceed the sum OF $4,000 In any
one case, rewards for the arrest and con-
viction OF any officer, agent. director or
employee of any bank charged with viola
ting any of the laws of this state relating
to banks and banking for which n GRIM
inal penalty Is provided.
Sec. 26. Recreance to Duty-Additionai
Penalties.-If any bank official or other
person shall fail or refuse for a period of
ten days to perform any duty required by
him to be performed, or shall, wilfully and
knowingly perform any duty required to
be by him performed under the provisions
of this Act, In any other manner than as
herein directed, in every such case, for
which no penalty is hereinbefore pre-
scribed. such official or other person so
offending, shall be deemed guilty of a
misdemeanor and upon conviction thereof
shall be fined in a sum not exceeding
$4,000 for the benefit Of the Depositors'
Guaranty Fund, and the cost of the ac-
ton, or may be imprisoned not to exceed
ninety days In the county jail or both
such fine and imprisonment in the dis
erection of the court; Provided, that II such
offender shall be the public examiner or
any deputy or assistant public examiner,
he shall in addition to the other penalties
herein prescribed, . be held liable under
HIS official bond for any loss which may
be sustained by the Depositors' Guaranty
FUND by reason of such ~recreance or de-
l%inquency, and the attorney general shall
prosecute any such action upon the duly
state II he shall deem the evidence suf-
ficient to warrant an action.
Sec. 27. Repeai-AIl Acts and parts
OF Acts in conflict with the provisions of
visions of any banking law or other
statute Of this state, shall be construed
to be amended, modified or repealed ex-
cept insofar as may be necessary to per-
NIT the unrestricted operation of this Act.
Sec. go Emergency.-There being no
adequate law in force in. the State OF
South Dakota for the protection of bank
depositors, an emergency Is hereby de-
clared to exist and this Act shall take ef-
feet and be in force from and after the
| have been approved by the people.
| Approved March 18th, 1915.