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

bank doing business under the provisions
OF this act suspends or becomes insol-
proceed TO determine the amount neces-
sary TO pay the unsecured deposi;ofs in
full, and cause the same to be certified
to the Deposiiors' Guaranty Fund Com
mission, which shall thereupon draw
against the Depositors' Guaranty Fund
on deposit in the several banks, In the
amount thus certified and the treasurer
OF said commission shall Immediately
transmit the amount to the public ex-
aminer to be applied in payment of the
deposits due such depositors
Provided. however. that IL there should
not be sufficient funds in the DepostOrs'
Guaranty Fund TO pay said claims then
the Depositors Guaranty Fund Commtg-
sion shall issue q certificate of indebtcd-
ness. negotiable in form. against the De-
positcrs Guaranty Fund and In favor OF
such bank, drawing interest al the rate
~ five per cent per aunum, which said
certificates of Indebtedness shall become
due and paya5le on the first day Of March
next succeeding the date Of issue thereof.
and shall be paid out OF the first money
accrung to the Depositors' Guaranty
Fund.
such drafts against the Depoetors'
Guaranty Fund shall be pro rated, as
nearly as may be, among the several
solvent banks wherein the same is as
aforesaid kept and maintained, in ac-
cordance with the cmounts In reof held
by such banks respectively
Sec. u. SubICgation-ro the extent
OF the amorr 1ald from said Depositors'
Guaranty Fund to satisfy the claims OF
depositors, the Depositors' Guaranty Fund
Commission for the use and benefit OF
said fund, Shall be subrogated 10 an the
ghts Of the depositors thus paid 10
participate in the assets OF such bank and
he same shall De enforced and collected
by the public examiner accordingly and
when collected shall bc placed iu said
osnd and deposited by the paDositors
Guaranty Fund Commission IN the sol
vent banks subject 20 the provisions OF
the Dcpcsitors Guaranty Fund, proper
ionate as 20 the several deposits 70
1 the assessments levied against each Of
said banks
sec l3 Gamc-Eeport THE puolic e&-
amincr or examiner in charge az amy sus-
! which has been taken under ite pf9Vi-
.1ug OF this act shall make 10 tna hc-
uositors' Guaranty Fund Commission not
less DIAN one report quarterly. according
so such form as may be prescribed, SUCH
rfport to be verified 10y his oaJh
Sec. A. Notices not OTHERWISE provided
/ For--W Whenever notice is required by the
provisions OF Articles j., ana or ihlS
ct, and such notice is not Otherwise
/ provided ior as 20 form or manner OF seiN-
/ ice thereof the saIne may ue served m
/ the manner now provided for service OF
summons in civil action, or Try registered
mail, and an af1o1Vlt of sUco mailing or
such notice oy tne person elfH'F OF 9cI
/ ing the same sh3ll pe prlnld nee tNi-
deuce Of the service Of such notice.
Sec. 10. COmmiSsloners-t}u QUALIFICATION
/ Eonds-Cath, and tlinE lheIcol- w lthlIt
fifteen days from me Gate on l1liVe OF
/ their appointment bN lhe governor, re-
| spcCtively, the members Of the l}eposltora
Guaranty thnd CoinhdHSloh "1utI ih., u
] the pubic examiner sh"u take ara Nup-
/ scribe me oA'n OF otlGe II,i-' .U'u ~ ~ ~
/ Constitution, ana eatn shal give 20 tlle
state oI Sou.h L@kpi" n surely company
4 bond IN the "nount 81 teh Ilousano qolI q,lil
/ lars, except su'h comm. Sl"i-eE rs ei'dii
be elected treasurer of the pepostors,,
! Guaranty VIZ. elpi9j 3ioh VINO slall
give bona - - amount o. Ntnty-
I five thousaw 4. trs. unless tHG pupic
urer, in whicE ,as, tha bond as herein
/ before provided tue such public examiner
! shail be deemed SUFFICIENT ana m aN
members of the pcposltors' Guaranty
4 Fund Commission iot inr iai,n'o PeI
! formance Of their respective d4Asa, the
I memium thereon snail he pa'1 ~ Il'5 lne
I state Treasurer from he, General hund
. ~ the state All such hond1 sAau pe
subject 10 tho approval or ths Governor
/ and together with the o~'4 on otice oi
/ each of such commissioners ahd4l pe H4cu
/ with the Secretary of State
Sec l6, Members OF Deposltora Nusf-
/ anty Fund Couimi ssiou-c election ne
/ directors oI eacn 6auE stsaI sttett a., "a
! director Of said bank to represent " IN
/ making recommendations 10 the governor
for the appc ntmcnt Of members oI the
I Depositors' Guaranty Fund Commls
! said persons selected by the boafd OF al,
rectors Of each Of said institutions shah
constitute a State Bankers ASsochlloh'
/ and such association snali select an hNe-
| cutive Council of not less than nine nor
more than fifteen members who shah rec.
] ommend to the governor the names OF
nine persons having qualifications pre-
scFihed in this act Tor mehpers ol tle
! DeDOSitors' Guaranty Fund COMMISSION,
from which to select the three menoerS OF
the Depositors' Guaranty fund Colilhls-
sion. -,
The governor shall appoint me ulres
members of the Depositors Guaranty
Fund Commission from the names so suO-
mitted. ,.s
sec. II. l1eroSitors t5uatahty p.'l ulu
Commission-Regular Meetlhss-ii - u ~ ~ ses
Where Held-The Depositors' Guaranty
Fund Comrnission created Dy Ine pr"Ni- ~
| sions OF this act shall hoid AT least lou,
| meetings during each calendar year al
| stated intervals as follows, to-wlt
On the second TUESDAY IN janu
april July ana OctoDer, ploFiu1u va ht
other meetings OF the commission MAY M pe
convened upon written request Ny any w. ~
members OF the commlsslon' serVen upbbr bn
the chairman OF Sucn conlndssloi, VIZ VIZ
shall upon receipt of such request Nv
notice 10 the secretary OF the uate WIFI
meeting shah be heid In accoratiiGe ', wiin " !;
such request, ana the secIetstIs at,I,ar. n.%i'
of the commission OF the date OF sucn
meeting so to be held. as hereinafter pro
| Vlded; ana PROVIDED Iurtner, tldt WIZ @
ever c9ndltion eAlsts aneSirhs he ,ne statn
eral banking business WITHIN the state,
or when there ~ sutncient hlaller ~
the Office OF the pubic % eNah1imea NV
TO receive consideration ana ulSpoS - tloIl ~. ~
the Depositors' Guaranty tund toinl,lis- lII,ls.
sion. as contemplated nereih' OF WIZ. =,
in the opinion OF the pubhc eNaIiliiIer ~
is advisable to convene such comnis-
| sion for counsel and direction on con ,,
tingencies that may arise that Woulu teiu
| o prevent best results IRON pslIS W W
tanned hereunder as contemplated hereln
I shall be within ms power 20 c1iNgme ,, .',,ie
the commission and 10 that end shaii give
notice 10 the secretary of the date OF such
meeting so to be held, and the secretary
shall forthwith give notice OF the dare
OF such meeting to all members OF the
commission. 1
All meetings of the Depositors' Guar
anty Fund Commission shall be held IN
the office OF the public examiner
Sec. IS. Depository Guaranty Eu1
Commssion-Spo Dutie5-it shail be
the specific duty Of the Depositors Guar
antv Fund Commission 70 pass upon the
qualifications Of each and every bank Tor