Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-11-02
lau.inR snch Aransknr

lONluk SuCN transfer.
Sec. q. Transfer OF Stock by Debtor
to Bank-Efect--No transfer of stock OF
any bank formed under this act shall be
y ,Sa rs as againss so, the b anak.a 50 long as as
liable; either as principal. debtor, surety.
or otherwise, to the association for any
debts which shall be due and unpaid: nor
est, or profits be paid on such shares, SO
long as such liza bilities continue; but all
such dividends. interests and profits, h
the discharge Of such liabilities; and no
STOCK shall be transferred upon the books
OF the bank without the consent OF a ma
tered holder is indebted to the bank
Sec. As. Deposits by Minors and I'm
married Females-Trust Deposits-When-
ever any deposits shall be made in any
bank by and in the name of any minor,
or female, being or thereafter becoming
a married woman, the same shall be held
for the exclusive right and benefit of such
troll or lien of all persons whomsoever,
except creditors, and shall be paid with
my interest due thereon, to the person in
whose name the deposit shall have been
made. and the receipt of such minor or
female shall be a sufficient release or
diseharge for such deposit to the bank.
whenever any deposit shall be made by
any person In trust for another, and no
other or further notice of the existence
and terms of a legal and valid trust shall
have been given in writing to such bank,
IN the event Of the death OF the trustee,
me same or any part thereof, and any In
1erest due thereon, may be paid to the
person Sso for whom said deposit was made.
solvent-lf any banker, or any president,
alrector. manager, cashier, or other Of
ncer. or agent, clerk Or employe Of any
paIk, bank or banking institution, doing
business IN this state. shall receive or as
sent TO the reception of any deposit of
money, or other valuable thing, in such
bank, or if any such banker, officer or
agent shah create or assent to the crea-
tion of any debt or Indebtedness by such
banker, bank or banking institution, in
de~btedness any other aluable property
shall be received by such banker or into
such bank or banking institution, or with
holds the proceeds of any collection made
from the person entitled to receive remit
lance or payment therefor, after he shall
nave had knowledge of the fact that such
banking institution is il solvent, he shall
lpon conviction thereof be punished by u
fine not less than one thousand dollars nor
more than five thousand dollars, or by
imprisonment in the state penitentiary for
a term of not less than two nor more
IMAM five years, or by both such fine and
court.
Sec. 80. When Insolvent--A bank shall
be deemed to be insolvent when the actual
cash market value of its assets is insult
lcient to pay it's liabilities, or when it is
unable to meet the demand OF, it's credi-
tors in the usual and customary manner,
or when it shall fail to make good it's
S9tl We as required Dy law, or Wlen the
stockholders upon notice from the public
examiner shall fail to make good an i'm
pairment in the capital thereof.
Sec. 81. Unlawful B~anliing-It shall be
unlawful for any individual, firm or cor
poration to advertise, publish or other
wise represent that they are engaged in
the banking business, without first hav-
examiner as herein provided. Any such
lhdivldual or member OF any such firm,
or officer of any such corporation, so Of
Il IplIlnP shall ha 1aaroaI pr,iltr of , ,,;,
demeanor and upon conviction thereof
shall be punished by a fine of not less
than three hundred dollars nor more than
one thousand dollars in the discretion of
the court.
Sec. So. Officers Removed-Any officer
OF the bank found by the public eXamin-
or dilatory, shall be removed from office
by the board of directors of the bank of
whlch. he Is an officer, on the written or
der OF the public examiner.
Sec. SO. Public Extminer May Make
R4les-How-The public examiner by and
''th the approval of the governor and
lake such rules and regulations for the
government of the banks of this state as
may IN his Judgment seem wise and ex-
pedient: provided, that no such rules OF
regulations shall in any way conflict with
P5uch banks.
IONS or Act-The provisions of this act
shali extend to and govern all banks eX-
sting and doing business within the state
n the business. All the powers, priv
leges, duties and restrictions conferred
9na imposed upon any bank existing and
state. are hereby abridged, enlarged OF
modified as each particular case may re.
qulre, to conform to the provisions OF
Article 5.
Section 1. Guaranty Fund-Assessmen,
-tor the purpose Of providing a De
positors' Guaranty Fund for the protec.
ton of depositors in banks, every bank
engaged in the business of banking under
ne laws Of this State, shall be subject
ided. Ho
Sec, e Examination of Banks-Ap-
oroVal or Liquidation-It shall be the duty
/, IF the public examiner of this state t.
,xamine every state and private banl
ioing business in this state, within sis
months from the passage and approval OF
rs act. and no assessment shall be
evied upon any bank by the Depositors
nuaranty Fund Commission until its con.
aiti.on. shall be approved by the Deposit.
RS Guaranty Fund Commission. Ever,
ank whose condition has not been an.
owed by the Depositors' Guaranty Funt
omplied with conditions imposed by sale
oepositors' Guaranty Fund Commissio
y January l., 1915, shall Immediately be
.or the ,Ioa as herein tiae ! provided in this act
Sec. Filing statementsWAssess.
ments-On the first day of January. 1916
and on the first day of January Of eaci
year thereafter every bank engaged i,
he business of banking in this state shall
make and file with the Depositors' Guar.
anty Fund Commission, a statement ir
writing. verified by the oath of its presi.
dent, Vice-president or cashier, showing
the average daily deposits in its banI
for the preceding twelve months.
On the first day of the month next sue.
feeding the date fixed for the making anf
ling of such statement, the Depositors
Guaranty Fund Commission shall lev,
easements against the assets of each a,
said banks as follows:
On the first day of February, 1916. one.
fourth OF one per cent on the average
daily deposits as shown by the first state.
ment Of such average daily deposits re.
CURED to be made and filed by the previ.
sions of this section.
On the first day of February OF eas
and every year thereafter, one-fourth O,
one per cent OF the average daily de.
posits as shown by the statements re.
iuired to be made and filed on the f1rs1
day of January in each year, until the
.otal amount of money in the Guarant,
'und reaches one and one-half per cen,
of the average daily deposits.
Due and legal notice of such assessmep,