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

persons, except as herein otherwise pro-
yided. II any bank shall for a period Of
ten days neglect or refuse to credit any
assessment, or to remit to the treasurer
of the. State Banking Board In response to
any call for the funds deposited In such
bank, or any part thereof to the credit
of said board, or any interest due on daily
balances, as in this Act provided, such
bank shall be liable in addition to the
assessment or interest SO due, to a PEN
atty In an amount equal to such assess
ment, or interest or such amount so call
ed, which penalty shall be RENTED by
ing Board and notice of such remittance
shall be forwarded by such bank TO the
public examiner. Whenever any bank
shall be in arrears for a period of ten
public examiner to make good sucn
arrearage and penalty and If such bank
shall fail or refuse so to do for a period
of ten days thereafter, the public exam
liner shall Immediately proceed to make
an examination of the affairs of such bank
and If he shall find it to be insolvent ne
shall take possession of it's books, accounts
and assets and wind up its affairs in the
manner prescribed by law. If the public
examiner shall upon due examination,
find said bank to be solvent and honestly
managed, and the said bank shall still re-
fuse to pay such assessment, or to remit in
response to such call, or TO remit such in
%terest and the penalty provided for by
this Section, he shall bring an action
against the said bank for the recovery
thereof in the name of the State of South
Dakota for the benefit of the Depositors'
Guaranty Fund, and such action shall be
prosecuted by the attorney general: pro-
vided, that the remedies herein prescribed
shall be in addition to such as are else
where provided in this Act for delinquency
of bank officials.
Sec. 90. Una%ppropriated Assessments
Observation-Disclosures any bank organized
under the laws of this state, having paid
any assessment or assessments to the De-
positors' Guaranty Fund shall liquidate
and go out Of business, or shall desire to
organize as a national bank and with
draw from the protection of the De-
positors' Guaranty Fund for its depositors,
the portion of such assessment, or assess
ments, which shall not have been paid
TO depositors OF failed banks, under the
provisions of this Act, less ten per cent,
shall be refunded to any such bank by
the State Banking Board; Provided, that
no such bank shall be released from its
obligation to the DepositOrs' Guaranty
Fund until 1t shall have paid its proper
proportion of all outstanding certificates
of Indebtedness issued to the depositors
Of failed banks under the provisions of
this Act, nor until II shall have received
permission in writing so to do from the
public examiner of this state after an ex-
animation of it's condition.
Sec. "a. Rare of Interest on Deposits
Observation-Disclosures hank subject to
the provisions of this Act. shall keep p
correct record OF the interest rate and
terms of deposits, upon which il has
agreed to pay interest, and shall submit
the said record for examination by the
public examiner upon demand, No such
bank shall pay, or agree to pay a higher
rate of interest for deposits of any de-
scription, nor to allow interest on time
certificates for a shorter period, than be
throughout the same county in which such
shall be located. Any bank, or bank
ing corporation, proven guilty of a viola
ton of this Section in any court Of COM
petent jurisdiction shall be fined in a sun
not less than $500. 90 or more than $4,000
and such fine h be covered into the
Depositors' Guaranty Fund for the benefit
of the depositors of failed banks. The
public examiner shall make careful in
quiry to ascertain If any bank be violat-
ing the, provisions of this Section and II
he shall be able to adduce sufficient evi-
dence, he shall institute an action against
any such bank for the recovery of tie fine
herein provided for and such action shall
be prosecuted by the attorney general Of
See. Is. Northumberland May Be
Offered.-The State Banking Board shall
have power to offer and pay out Of the
Depositors' Guaranty Fund, under such
conditions as it may deem proper, and
not to exceed the sum of s500.05 In my
one case, rewards for the arrest and con-
viction of any officer, agent, director or
employee of any bank charged with viola
ting any of the laws of this state relating
to banks and banking for which 4 GRIM
fnal penalty is provided.
Sec. rs. Recreance to Duty-Additional
Penalties.-H any bank official or other
person shall fail or refuse for a period of
ten days to perform any duty required by
him TO be performed, or shall. wilfully and
knowingly perform any duty required to
be by him performed under the provisions
of this Act, In any other manner than as
herein directed, in every such case, for
which nc penalty is hereinbefore pre-
scribed, such official or other person so
offending, shall be deemed guilty Of a
m~isdemeanor and upon conviction thereof
shall be fined in a sum not exceeding
$4,000 for the benefit Of the Depositors'
Guaranty Fund, and the cost of the ac-
ton. or may be imprisoned not to exceed
ninety days in the county jail or both
such fine and imprisonment in the dis
of the court; Provided, that IL such
shall be the public examiner or
any deputy or assistant public examiner,
he shall In addition to the other penalties
herein prescribed, be held liable under
his official bon for any loss which may
he sustained by the Depositors' Guaranty
Fund by reason OF such recreance or de-
linquency, and the attorney general shall
any such action upon the duly
verified complaint of any citizen OF this
state II he shall deem the evidence suf-
ficient to warrant an action.
Sec. q. Repeal.-All Acts and parts
OF Acts In conflict with the provisions Of
this Act are hereby repealed but 20 pro-
visions Of any banking law or other
statute of this state, shall be construed
to be amended, modified or repealed ex-
cept insofar as may be necessary to per-
nit the unrestricted operation of this Act.
Sec. %. Emergency.-There being no
South Dakota for the protection of bank
depositors. al emergency is hereby de-
clared to exist Inc this Act shall tax eff
feet and be in force from and after the
have been approved by the people.
Approved March 18th, 1915.