The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-11-02

Sec. a.. Transfer OF Stock by Debtor
any bank formed under this act shall be
vand as against the bank so long as
the registered holder thereof shall be
liable, either as principal. debtor. surety,
or otherwise, to the association for any
debts which shall be due and unpaid: nor
In such cases, shall any dividend, inter-
est, or profits be paid on such shares, 80
long as such liabilities continue; but all
such dividends, interests and profits, h
oe retained by the bank, and applied to
the discharge of such liabilities; and no
stock shall be transferred Upon the books
OF !he bank without the consent OF a ma
Jority OF the directors, while the regis
tered holder is indebted to the bank
Sec. 4S. 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
Tor the exclusive right and benefit of such
minor or female. and free from the con-
troll or lien of all persons whomsoever,
except creditors, and shall be paid with
any interest due thereon, to the person in
whose name the deposit shall nav been
MADE, and the receipt of such minor or
iemale snail be a sufficient release or
discharge for such deposit to the bank
whenever any deposit shall be made by
any person in trust for another, n no
other or further notice of the existence
and terms OF a legal and valid trust shall
nave been given In writing to such bank,
in the event of the death Of the trustee,
the same or any part thereof, and any in
reres. que thereon, may be paid to the
person for whom said deposit was made.
Sec. 40. Receiving Deposits When In
soIvent-lf any banker, or any president,
director, manager, cashier, or other Of
ncer, or agent, clerk or employe Of any
bank, 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
Ing INK M y 49, $50 49, IL 3D. -.
agent shall create or assent TO the crea-
ton of any debt or indebtedness by such
banker, bank or banking institution, In
consideration or by reason of which in
shah be received by such banker or into
such bank or banking institution, or with
noids the proceeds of any collection made
from the person entitled to receive remit
lance or payment therefor, after he shall
have had knowledge of the fact that such
banking institution is i~I.solvent. he shall
lpon conviction thereof be punished by a
line 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 I'VE years, or by both such fine and
court.
Sec. so. When Insolvent-A bank shall
De deemed to be insolvent when the actual
cash market value of its assets is insult
hcient to pay it's liabilities, or when it is
unabie4o meet the demands of it's credi-
tors in the usual and customary manner,
or when it shall fail to make good its
reserve as required by law, or when the
stockholders upon notice from the public
examiner shall fail to make good an i'm
pairment in the capital thereof.
Sec. 81. Unlawful Banking-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-
ing obtained authority from the public
individual or member Of any such Arm,
or officer of any such corporation, so Of
Tending shall be deemed guilty Of a mis-
demeanor and upon conviction thereof
than three hundred dollars nor more than
one thousand dollars in the discretion OF
the court.
Sec. s.. ofhcers Removed-Any officer
OF the bank found by the public examin-
er to be dishonest, reckless, Incompetent
or dilatory, shall be removed from office
by the board of directors of the bank OF
Wnicn ne Is an ofncer, on the written or
der OF the public examiner.
Sec. 90. Public Extminer May Make
Rules-How-The public examiner by and
with the approval of the governor and
the attorney general, shall have power "a
make such rules and regulations for the
government of the banks of this state a.
may In his Judgment seem wise and ex-
pedient; provided, that no such rules OF
regulations h in any way conflict with
any of the laws made for the control OF
such banks.
Sec. 81. All Banks Subject to Provi-
SONS or Act-The provisions Of this act
shall extend to and govern all banks ex-
listing and doing business within the state
and all banks that may hereafter engage
IN the business. All the powers, priyi-
leges, duties and restrictions conferred
and imposed upoa any bank existing and
doing business under the laws of this
state, are hereby abridged, enlarged OF
modlned as each particular case may re-
quire, to conform to the provisions OF
this act.
Section 1. Guaranty Fund-Assessmen,
For 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
The laws of this State, shall be subject
70 assessment to be levied, kept, COL
lected and applied as hereinafter pro-
vided.
Sec. 2. Examination of Banks-Ap-
prevail or Liquidation-It shall be the duty
or the public of this state to
examine every state and private bank
doing business In this state, within six
months from the passage and approval OF
ais act, n no assessment shall be
levied upon any bank by the Depositors
Guaranty Fund Commission until its con-
dition shall be approved by the Deposit.
ors' Guaranty Fund Commission Ever,
bank whose condition has not been APP
PIOFSu ny lie otpOSlIOTS Gu4rantV E1nC
Commission and which shall not have
complied with conditions imposed by sait
Depositors' Guaranty Fund Commission
by January l.. 1916, shall Immediately be
for the liquidation of insolvent banks.
Sec. Filing Observation-Disclosures
ments-On the first day of January, 1916
and on the first day of January Of each
the business of banking in this state shall
make and file with the Depositors' Guar.
anty Fund Commission, a statement IN
writing. verified by the oath of it's presi.
the average daily deposits in its banl
for the preceding twelve months.
On the first day of the month next sue.
ceeding the date fixed for the making ant
hling OF such statement, the Depositors
Guaranty Fund Commission shall lew
assessments against the assets OF each o.
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.
quired to be made and filed by the proyi.
sions of this section.
On the first day Of February OF each
and every year thereafter, on~e-fourth OF
one per cent of the average daily de.
posits as shown by the statements re-
luired to be made and filed on the fra
day of January i'm each year, Until ths
total amount of money in the Guaranty
Fund reaches one and one-haif per cen,
of the average daily deposits.
Due and legal notice or such assessment,
shall be deemed to have been given wher
such notice as shall be prepared by fhs
secretary of the commission has beer
placed In an envelope. securely sealed
postage prepaid, directed to each Of. said
banks and deposited in the United States
mail.
Provided, that when the Depositors
Guaranty Fund reaches the total sum OF
one and one-half per cent of the ayerae e
daily deposits. said assessments ayains