Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1916-10-21
No. g.
RELATING TO BANKING AND
FINANCE

'~NaA-HN-Aes
A BILL For IN Act Entitled An Act,
Enacting and submitting TO a Vote OF
the Electors Of the State a Proposed
Law Entitled An Act Creating a state
Banking Board and Defining the Pow
ers and Duties; Creating a Bank De-
poStors Guaranty Fund.- Authorizing
the Levy Of Assessments against Bank
stock, Providing for the liquidation Of
lnsolVcnt Banks; Admitting National
Banks, Prescribing Penalties for Re
creant Officials; Authorizing Rewards
for Criminals
Whereas, Under the Provisions Of Sec
! tion !, Of Article 3, Of the Constitution Of
The state of South Dakota, and Article 3
OF Chapter .. OF the Political Code Of SAID
! state Petition has been Filed Ia the
OtHce OF the Secretary Of State. Signed by
Qualified Electors Of the State in tho
Manner and Form Therein Directed. petit
| tioning that the Following Proposed Law
be Enacted and submitted TO a Vote OF
| General Election Certified Copies OF said
Petition having been Transmitted 90 the
Sen2te and House Of Representatives by
the Secretary OF state.
BE ii Enacted by the Legislature of
the State OF South Dakota
Section /. That the following Act be
and the same is hereby enacted and sub
mitted to a vote of the electors Of this
| state at the next general election 70 be
held IN the year 1916. for their approval.
AN ACT Entitled An Act Creating
State Ranking Board and Defining its
Powers and Duties: Creating a Bank
Depositors Guaranty Fund: Authorizing
the Levy OF Assessments against Bank
Stock; Providing for the Liquidation OF
Insolvent Banks; Admitting National
Banks; Prescribing Penalties for Re
creant Officials: Authorizing Rewards
for Criminals.
Be it Enacted by the People Of the state
of South Dakota.
Section L state Banking Beard Gre
ated--There IS hereby created n state
banking hoard of The pf South ~
kota, to he composed OF the governor.
state treasurer and state auditor, which
oard shall have the power and IL is
hereby made its duty. TO carry out ana
enforce the provisions OF this act Tho
governor shall be eX-Cffcio president OF
said board, and the state treasurer shall
be eS-oficio treasurer OF said board. and
the said treasurer shall be held account
able under his official bond for all moneys
coming into his hands, belonging 20 the
depositors' guaranty fund hereinafter pro-
vided for The public examiner shall be
ex-officio secretary OF said hoard ana
shall combine his duties as such with
the duties required OF him as public ex-
Sec. g Assessments of Bank Stock TO
Create Guaranty t'und-There is hereby
levied an assessment against the capital
stock OF each and every bank. or bank
ng corporation, organized, existing and
conducting banking business under the
avs OF the State. Of South Dakota. and
very bank hereafter organized or incor-
porated, under the laws of said state
during its continuance in business, for
the purpose OF creating depositors' guar
anty fund; such assessment shall be due
and payable without notice, one per cen
tum OF the average daily deposits of every
such bank within thirty days after the
taking effect of this act and two mills
on each dollar of such daily deposits at
the end Of each and every year there
after. The average daily deposits of each
the taking effect OF this act shall be used
as the basis for computing the amount of
the first payment OF the levy hereby
made.
Sec. 3. Bank Cashier to Make Report
Credit ssessments-Penalty for Fail
ure-Within thirty days after the TAX
ing effect OF this act, the. cashier or
every bank organized and doing busi-
ness under the laws of this state,
SHAH make sworn report of the condi-
scribed by law and shall Immediately for
ward said report to the public examiner,
and shall forward copy thereof to the
treasurer of the State Banking Board
Said report shall be supplemented by a
statement under oath showing the average
daily deposits OF such bank for the pre-
ceding year, or for any shorter period
such bank may have been organized and
doing business. II less than one year. Said
statement of daily deposits shall not in
clude funds of the United States govern
ment, otherwise secured. nor public funds
secured under the provisions Of any law
Of this state, and the Depositors' Guaranty
ruHu crehteu unuer tllc pTovlSlonS OF this
act shall not be liable for the loss OF any
such secured funds. through the failure Of
such bank. At the time of making such
report and statement, the cashier or other
officer in charge Of any such bank shall
pass to the credit OF the State Banking
Board as a deposit, the amount due the
Depositors' Guaranty Fund as the first in
stallment of its assessment, and shall for
ward the receipted deposit tickets pro
vided for by Section Fourteen CG ANY
cashier or other officer in charge OF aDv
bank, subject to the provisions of this act
who shall neglect or refuse for a period OF
ten days to comply with the provisions of
his section or who shall wilfully make a
false report of the condition OF the bank
under his charge, or of the amount of it's
daily deposits. as herein required shall
he guilty Of a misdemeanor and upon con-
viction thereof by court OF competent
Jurisdiction. shall be fined IN sum NOT
less than 100000 or more than 100000 to be
paid into the Depositors' Guaranty Fund
or by Imprisonment in the county iafl not
exceeding six months, or by both such
fine and Imprisonment. in the discretion OF
the court.
Sec. A. Bank Report Deposits-Basi.
and Adjustment of Assessment-One wear
after the taking effect of this act and
annually thereafter each bank doing b,E,i-
ness under the laws of this state allll
report to the public examiner the amount
of It's average daily deposits for the pre-
ceding year. and, IL such deposits are I'm
payment on the levy hereinbefore provid-
ed for or any special assessment herein.
after provided for, shall have been COM
puted. each bank, having such Increased
deposits, shall immediately pay into the
Depository Guaranty Fund, q sum suffi-
payment ar payments as shown BY such