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

receipts shaH be delivere8 Ia tho oank
or trust company SO pr} aE The fee The
duplicate receipt Shaii ~ lorW,rd ID to
the state treasurer. anC f1a .Hcate re-
ceipt shall he tiied in tAe office OF the
public examiner ~ such f,a sran NOT be
paid the public exc miner shah maintain
an action therefor against such bank or
trust company, ana Saal oe entitled 10
recover interest thereon AZ the rate of
ten per cent. per annuin from the date Of
such exam nation.
Sec. z. Record q Fees IL shall be
the duty OF the public eNam miner 70 Keep
record of an fees collecte oF him or his
deputy together with record Of an cN-
penses incurred in making The cxamina-
tion OF AM banks aud trnsi companies
and at the end OF each month pay over
TO the state treasurer. az fees collected
during the preceding month and he shall
file with the state treasurer an itemizcd
statement showing from whom collected
Sec S. Not 10 Disclose informant tfon
The public examiner, his deputy. at
torneys examiners. special examiners.
examiners in charge. and every clerk IN
his DEPARTMENT shall bc lcand by oath
TO keen secret All OF tho facts and iuf0r-
nation obtained in the course Of such
examinations, except SO itr ns The public
duty cf such officer requires him 10 report
upon or take special acton regarding the
affairs OF any bank or trust company and
except when called as a witness ir any
proceedings I'm court OF Justice If any
aminers, special examiners. examiners in
charge or clerks in such department.
shall disclose the nanhe cf any debtor af
any bank or trust COMPANY. or shall sis
close any fact obtained 10 The course of
his examination of any bank or trust
company except as herein provided. he
shall be subject, upon conviction thereof,
TO forfeiture Of his office and TO the
paymcnt OF fine of not Jess thar one
hundred dollars nor more than one thou
sand dollars, or imprisonmert in the state
prison not less than six months nor more
than two years or 10 both such fine and
Imprisonment. in the discretion Of the
court
See 9. When Capital Impaired. DUTY of
Public Examiner Whenever the pubiic
examiner shall become satisfied that The
canitol OF any BANK or trust company is
impaired or reduced below the amount re-
qured by law, cr the articles OF ncorpora-
zion, or below the amount certified 10 the
public examiner as paid in, he is hereby
authorized and directed to require such
bank or trust company TO make good such
I impairment or deficiency
In any case where the capital Of any
/ bank or trust company shall have become
| impaired or reduced below the amount
required by law or the articles of ncor-
poration the board Of directors OF such
bank or trust company shall have the
! power and IL is hereby made their duty 20
/ Immediately make a pro rata assessment
upon all the stock Of said bank or trust
company, to make good such deficiency
( and serve notice by registered mail. Of
such assessment upon each stockholdcr OF
! record, and upon the failure of the said
! board of directors to act, it shall be the
I duty Of the public examiner 10 mako such
| pro rata assessment and give such
notice; such notice shall specify the date
/ upon which said assessment shall be due
and payable, which said date shall be not
| less than ten days or more than twenty
days after the notice of assessment shall
have been mailed
II any stockholder shall fail or neglect
to pay the amount of the assessment
against his stock for ten days after the
same shall have become so due and pay
able, the directors Of such bank or trust
company or, upon their failure to act,
the public examiner may offer said stock
for sale, and sell the same at public sale
upon ten days notice to be given by post
! ing copies OF such notice OF sale iu live
/ public places I'm the town, village or city
where such bank or trust company is To-
cSle2' Upon such sale the purchaser
shall forthwith pay the amount of The
| assessment against said stock The
amount received from the sale Of such
stock, less the cost and expense OF such
sale, shah be paid TO the original owner
I " such stock
II any bank or trust company refuse or
fail for thirty days after written notice
J TO make good such impairment of IT'S
capital stock, the public examiner is
/ hereby authorized and empowered 70 take
charge of its affairs and wind up its bUsi-
ness.
Sec 10 Delinquent: Public Examiner
Z
appear to the public examiner that any
/ bank or trust company TO which this
/ chapter is applicable has violated its
! charter or any law Of the state. or is
/ conducting its business in ar unsafe or
unauthorized manner, or If the capital
stock of any such bank or trust company
IS impaired, or If any such bank or trust
/ company shall refuse to submit its books,
! papers and affairs TO the inspection oi
/ any examiner or if any officer thereof
shall refuse to be examined upon oath
! touching the affairs ofySny such bank or
! trust company, or II any such bank or
trust company shall suspend or refuse
! TO make payment of its obligations, or II
| from any examination or report provided
! for by this statute. the public examiner
shall have reason to conclude that such
| bank or trust company is in an unsound
or unsafe condition to transact the bus-
ness for which il is organized, or that IL
is unsafe and inexpedient for it TO con-
! tinue business, or If any such bank or
! trust company shall neglect or refuse 10
! observe an order of the public examiner
! specified in the preceding section, tho
public examiner may forthwith take pos
session OF the property and business OF
/ such bank or trust company and retain
such possession until such bank or trust
company shall resume business, or its af-
| fairs be finally liquidated, as herein pro-
| yided.
! Whenever any bank refuses or neglects
! to deliver poss ession of its affairs, as
! sets or property of whatever nature. 10
| the public examiner. or TO the person
! ordered or appointed to take cnargc OF
| such bank or trust company according
! to the provisions of this act, the public
| examiner shall communicate the facts 10
| the attorney general, or TO the states at
| torney OF the county wherein such bank
or trust company is located, who shall
| hereupon cause an application to be- made
| to the circuit court or TO any judge tnece-
OF, having Jurisdiction Of the same Tor
| an order placing the public examiner, or
/ the person ordered or appointed by him
I to take charge of such bank or trust COM
/ pany, in charge of such bank or trust
| company and it's affairs and property:
! providing, that If the judge of the circuit
\ court having jurisdiction of the same,
/ shall be absent therefrom at the time
| such application Is to be made, then. and
| in that case, any judge of the supreme
court may grant such order, and the
| petition and order of possession shall be
| forthwith transmitted to the clerk Of the
| circuit court of the county in which such
! Sec. IL Injunction Proceedings.
/ Whenever such bank or trust company
| OF whose property and business the pub
/ lie examiner has taken possession, ms
| aforesaid, deems itself aggrieved there
\ by il may, al any time within ten DAYS
1 after such taking possession, apply 10 the
I circuit court for the county in which
/ such bank or trust company is located
4 TO enJoin further proceedings; the said
I court after citing the public examiner
/ 90 show cause why further proceedings
should not be entoined and hearing the
allegation and proofs of the parties and
! determining the facts, may upon the
merits dismiss such Application or enjo'r
/ the public examiner from further pro-
/ ceedings. and direct him TO surrender
such business and property 10 such bank
or trust company
All PROCEEDINGS by any bank or tr-s'
company 20 enioin the public examiner
in the discharge Of his duty shall be had
! in the county where said bank or trust
( company is located or in the supreme
! court of the state.
sec 70. Nonce-Effect Of j On taking
I possession Of the property and business
I Of any such bank or trust company, the
| public examiner shall forthwith give
1 notice OF such fact by letter or teleEra m
7 o any and all banks or trust companies
4 holding or in possession of am assets Oh
4 any bank or trust company No bank oI
rust company knowing OF such taking
possession by the public examiner. OF
| notified as aforesaid shall have lien ol
( charge for any payment. advance, OF
| .lna ~. NO thereafiar made or llahl-iiA