The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-10-26

five thousand dollars; unless $50 . .5.is
examiner should be elected as such treas
urer. in which case the bond as herein
before provided for such puoiic exasstt.
shall be deemed sufficient, and In ~
members of the Depositors' Guaranty
Fund Commission for the faithful Pc
Torrance Of their respective duties, ne
premium thereon shall be paid by tbs
State Treasurer from the General Fund
Of the state. All such bonds shall 10
subject to the approval Of the Governor
and together with the oath of Office At
each of such commissioners shall be filed
with the Secretary Of State.
Sec. 16. Members of Depositors' Guar
anty Fund OBSERVATION-DISCLOSURES
directors of each bank shall select a
director of said bank to represent 1t IA
making recommendations to the govern@
for the appointment OF embe OF TIE
Depositors' Guaranty Fund COMMISSION.
said persons selected by the board OF d-
rectors of each of said institutions shan
constitute a State Bankers AssociatioA
and such association shall select an ENs-
cutive Council of not less than nine nSr
more than fifteen members who shall rec
ommend to the governor the names q
scribed in this act for members OF the
Depositors' Guaranty Fund Commission,
from which to select the three members o.
the Depositors' Guaranty Fund Commis-
sion.
The governor shah appoint the thres
members OF the Depositors' Guarantf
Fund Commission from the names SO SUP
mitted.
Sec. IT. Depositors' Guaranty Fun
Commission-Regular Neetings-Dates
Fixed-Special Meetings-How Caneo--
Where Held-The Depositors' Guaranty
Fund Commission created by the proVi-
sions OF this act shall hold at least -four
meetings during each calendar year 1
stated intervals as follows, to-wit:
On the second Tuesday in January.
April, July and October. provided thss
other meetings of the commission may u
convened upon written request by any W.
members of the commission, seryeu upps
the chairman of such commission. MIA
shall upon receipt of such request give
notice to the secretary OF the date wne1
a meeting shall be held in accordance VIII
such request, and the secretary shaii Ia
turn give notice thereof to all members
of the commission Of the date OF sucs
meeting so to be held, as hereinafter pro
vided; and provided further, that when-
ever a condition exists affecting the gen
eral banking business within the state
or when there is sufficient matter y
the office of the public entltics
TO receive consideration and disposition ~
the Depositors' Guaranty Fund CofnInu-
sion, as contemplated herein, or WHO'S
in the opini~-. OF the public examiner z
is advisable to convene such commits
sion for counsel and direction on con.
tingencies that may arise that would tens
to prevent best results from being OBJ
tanned hereunder as contemplated nereih.
it shall be within his power to convens
the commission and to that end shall give
| notice to the secretary Of the date of sucA
meeting so to be held, and the secretary
shall forthwith give notice OF the date
| Of such meeting to all members OF tnA
commission.
All meetings Of the Depositors'. Guar
anty Fund Commission shall be heid "
the office C. the public examiner. -
Sec. Is. Depository Guaranty runo
| Commission-Specihc Duties-lt shall o
the specific duty of the Depositors' Guar
anty Fund Commission to pass upon tnA
| qualifications Of each and every bank foe
admission under the depositors' guaranty
fund and their actions shall be ma, pot9
as to immediate admission o. wnat sn..
to place 1t In q condition satisfactory Y
the commission 30 that 1t may DO 40
When the condition Of any bank here
tofore admitted under the depository
guaranty fund becomes such as to Gauss
the public examiner to doubt the advisa-
bility q p perm I'll g, i to SGnt poWsr IN to ou rs-
quire the advice and opinion OF the com
mission and for that purpose, a meeting
Of the commission may be called. a..
Depositors' Guaranty Fund Commission
as herein provided, at which there u
not a full attendance Of the membership
N shall be optional with a quorum wheth.
err or not any business shall be transacted.
and such quorum may adjourn from time
to time until such time as there snail o.
Sec. 10. Notification of Admission
certiHcate-Immediately after being pass.
ed upon favorably by the Depository
Guaranty Fund Commission, the secre-
admitted by mailing a certificate to such
bank showing such admission, the same
to be signed by the chairman and at
tested by the secretary OF the commlssioh
Such certificate shall be carefully pre-
served by the bank receiving the same
by being framed or otherwise properly
protected, and shall at all times be dis
played In a conspicuous position In thu
lobby Of the bank.
sec. 20. Forms-Approval-The De-
positors' Guaranty Fund commission snal
or necessary In carrying out the provi-
sions of this act.
Sec. q. Punlshment-Where Not 9th
erwise Provided-Where no other punish
ment Is provided herein any person vic.
lating any Of the provisions OF this act
shall be deemed guilty OF a
and upon conviction thereof shall be pun
ished by a fine Of not less than fifty dol
lars nor more than three hundred dollars
" by imprisonment In the county jan
for not less than thirty nor more than
ninety lays or both, In the discretion Of
Sec. %. Saving Clause-Nothing in this
act contained, repeating any act for .thS
regulation or conduct OF banking, shall
be construed to release any person fronn
punishment for any acts heretofore COM
mitted violating said act or acts nor az
feet in any manner any eAistlHB Huic.-
ment or prosecution by reason of such
repeal: and for that purpose such act o.
acts shall continue in force n enect
not withstanding such repeal.
Sec. 23. National Banks R~eorganlzed
May Qualify-Requirements-Any nation
al bank that has r~eorganized as a state
bank as provided herein, shall before
engaging in business under the provisions
Of his act set apart and credit to the
depositors' guaranty fund such an amount
as will place them on an equal basis N
such respect, with other state banks here
tofore admitted. computed on the aver
aged daily deposits of such bank during
the prior calendar year.
Sec. "a. Federal Guaranty Law
Whenever by act OF congress, or by dect-
sion of federal court, or departmental
construction of the national banking act
national banking associations located anf
doing business within this state are per.
mitted to avail their depositors of th<
protection OF the depositors' guarsR1J
for the repayment of deposits In closed
banks, and such association, after exami.
nation at its expensc By the public exam.
liner, upon approval as to its financial
condition, may participate In the assetl
and benefits Of the depositors' guaranty
fund upon terms and conditions in har'
mony with the banking law of this state
70 be fixed by the said Depositors' Guar,
anty Fund Commission; provided. that n
the event national banking association
shall be required by federal enactment
to pay assessment to any depository
guaranty fund Of the federal government
and thereby the depositors in such asso.
cations in this state shall be guarantee
by virtue Of federal laws, that the. asso.
Citations having awaited themselves OF thu
be nefits of this act, may withdraw there
from and have returned to them ninety