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

ia SANSSs u ItllNVI llltICSD =
surplus, the same to be determined by
the average of its deposits for six months.
Sea-. Articles of lncorporaion-s,on,
tents.1 The person so associated shall
make, sign and acknowledge written ar
ticles of Incorporation containing:
First. A declaration that they associate
for the purpose of forming a banking
corporation or trust company under this
Second. The name of UGH bank, which
name shall be in no material respecl SIM
the same unit
Third. The name of the particular
town. and county where such bank Is To-
Gated.
Fourth. The amount of capital stock,
which shall be divided into shares of one
hundred dollars each.
Fifth: The names and places OF resi-
Der of shares held by each.
Sixth. The period for which such bank
is organized, not exceeding twenty years,
and the date on which it shall commence
and terminate its corporate existence.
Seventh. The names and places of resi-
dence of the several officers and di-
%rectors, and the number of shares of the
capital stock of such corporation owned
and held by each OF such officers and
directors.
Sec. Filing Articles-certified
corporation, verified as such, by the af.
fidavit of two of the signers thereof shall
be recorded in the office of the register
VI NSSuS III tHe county where SuSI pdflk
is to be established and Immediately after
being recorded, they shall be transmitted
TO the SECRETARY of State who shall re-
cor, h ,i and , file the same in his 9ffi Icss =,
Incorporation certified by the register of
deeds OF the county where such bank is
to be operated, shall at the same time
be forwarded to the public examiner.
Sec. 5. Power of State Banks.1 Upon
making and filing of Articles of Incor-
poration as required by section four of
from the public examiner TO
business, the bank shall become a body
corporate and as such shall have the fol-
lowing powers:
First. To make all contracts necessary
and proper to effect its purpose and con-
duct its business.
Second. To sue and be sued. to appear
and defend in all actions and proceed
ings under it's cooperate name to the
same extent as a natural person.
Third. To have a common seal and
alter the same at pleasure.
Fourth. To elect or appoint all neces-
sary officers, agents and servants, define
their duties and obligations. fix their
and require bonds.
Fifth. To make, amend and repeal by
laws and regulations, not inconsistent
with the law or its articles of %incorpora-
ton. for its own government, for the
orderly conduct of its affairs and the
management of its property, for determin-
ing the manner of calling and conducting
~ AHSSAiISS, lhS tenure " OillCG VI iS
several officers; and such others as shall
be necessary or convenient for the ac-
complishment of it's purpose.
dn ivA' antbd n9 eSe nffies by ~ It's aireetorsi;
such powers as shall be usual in carry
ing on its business of banking; by buying,
dl~scounting, and negotiating promissory
notes, bonds, drafts, bills of exchange,
foreign and domestic, and other evidences
OF debts; by receiving commercial and
savings deposits under such regulations as
n a "a aCt lie ly ,,1,Sr rr ~ Nd H.
coin and bullion and by buying and SELL
ing exchange, foreign and domestic; issu-
ing letters Of credit, and by leaning
provided hereinafter.
Sec. 6. Business Not 10 be Transacted
No bank shall transact any business, eN-
preliminary TO it's organization, until it
has been regularly authorized by the
public examiner to commence the bust
ness of banking.
complete record showing in detail the
nature of all business transacted as con-
templated by the provisions of this section
ana of all meetings of subscribers for
stock, and officers, and directors shall
be kept in the minute book of such bank
and form a part of the permanent records
Sec. 8. subscriptions to Stocl1-How
Taken.l The subscriptions to capital
stock and the direction Of the affairs Of
the corporation prior to the election of
directors shall be in conformity with the
statute relating to corporations regulating
such matters. SO far as the same mag be
applicable.
Sec. g. Certificate of Authority-when
Granted.] Whenever Articles. of Incor-
p%oration are filed with the public exam
iner. as herein provided, and the bank
examiner that its capital stock has been
duly paid in. in cash, and that such bank
has complied with all the provisions of
this act required before the bank shall
be authorized to commence business, the
public examiner shall within thirty days
examine into the condition OF such bank.
been fully paid in, the name and place Of
residence of each of it's directors, and
whether such bank has complied with all
of the provisions of the law required to
banking. II, upon such examination, it
titled to commence business. the public
bank a certificate under his hand and
official seal, that such bank is authorized
to business. # the public ex-
stockholders nave formed the same for
any other than the legitimate business
contemplated by this act, he may, with
general, Withhold the certificate herein
provided for. and it is further provided
that. the public examiner may withhold
the issuance of such certificate to a bank
which m his Judgment does not Justify or
warrant a new or additional bank or
where it is evident that the application
for a charter and certificate of authority
to do business is prompted by malicious,
speculative, or any other than honorable
motives.
Sec. TO-. To Publish Certificate Of
Authority. j The bank shall cause the
certificate of authority as herelnbefore
provided for and issued hereunder to be
published in some newspaper, printed in
the town where such bank is located,
within ten days after receiving the same.
If no newspaper is published in such
town, then such publication shall be made
in one. published nearest thereto. Proof
of such publication shall be made and
executed under oath by the publisher on
appropriate blank for that purpose and
the same shall be filed with the public
examiner.
Sec II. DISQUALIFICATION Of
-Oath-Bond. The affairs and bust
ness Of q bank shall be managed and
controlled by a board of not less than
five directors, a majority OF whom shall
be residents Of the State Of South Dakota
and shall be elected by the stockholders
at their regular stated annual meetings,
which shall be held on the second Tues
day, or any day thereafter. in January Of
each year., as provided in the banks by
, laws. Provided, that not less thar three
of the directors Of a bank shal reside
within the immediate county In which
! such bank is located, or in counties ad-
joining such county, within the state Of