Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1916-11-01

that the assets Of such institution are in
efficient to pay it's liabilities. 1t shall be
nediately institute proceedings for the
collection OF the liability of the stock
holders OF such bank or trust COMPANY.
All sums so collected shall be deemed a
part OF the assets of such bank or trust
company, and be distributed pro rata 10
the creditors thereof. in the same manner
as other funds. No action by any cred
itor against any stakeholder OF sucn bank
or trust company for the recovery Of such
ability shall be maintained, unless it
shall appear to the satisfaction of the
court that the public examiner has re-
fused to commence action as herein pro-
vided.
Sec. "a. Creditors OF Private Banks
May Not Attach. No creditor or cred
itors of any individual bank or of indi-
ing a banking business in this state. shall
be permitted TO attach. or seize under
any writ of attachment or execution. or
to hold liable for such individual indebt-
til all the depositors and creditors OF such
bank have been fully paid.
Meeting of Stockholders. When. ] whel-
ever the public examiner shall rave pair
to each and every depositor and creditor
Guiding stockholdersl. whose claim or
claims as such depositor or creditor have
been duly proved and allowed. the full
made proper provision for unclaimed and
unpaid deposits or dividends, and shall
have paid all the expenses of the liquida-
ton, the public examiner shall call a
meeting OF the stockholders of such bank
or trust company by giving notice there
of for thirty days in one or more news
such bank or trust company is located.
At such meeting. the stockholders snail
determine whether the public examiner
shall be continued as liquidator and snail
wind up the affairs Of such bank or trust
company, or whether an agent or agents
shall be elected for that purpose, and in
60 dpfprC1ininv the said SfOCkho1dCvS shall
vote by ballot. in person or by proxy.
each share of stock emitting the holder
TO one vote, and the majority of the stock
present and voting shall be necessary in
the determination.
Sec. 26.. Liquidation Continued-Pro-
cedure. In case it is determined to con-
tinue. the liquidation under the public
examiner, he shall complete the liq u.da-
ton of the affairs of such bank or trust
thereof. shall distribute the proceeds
among the stockholders in proportion to
the several holdings of stock in such man
ner and upon such notice as may be di-
rected by the circuit court. In case it is
determined to appoint an agent or agents
to iquidate, the stockholders shalt there
lot. a majority Of the stock present and
voting. in person or by proxy. being
n neenss sb, to e a ch1ice and sq a;is a a,Ien tS or
public examiner. a bond to the %stockhold
ers of such institution in such amount,
with y a,s such n securities, and in such form
W liz PUoAS Va
aminer. conditioned for the faithful per
lornance OF all duties of his or their
. sh t.. and 40, , thsren apo the public ,o sSa min,
or agents all the undivided or uncollected
or other assets of such bank or trust COM
pany in his hands; and upon such trans
shall be discharged from any and all fur
ther liability to such bank or trust COM
Sec. u. Observation-Disclosures of Prop
erty. Such agent or agents shall con-
vert the assets coming, into his or their
and make disposition of the property of
said bank or trust company. as is herein
provided in case of distribution by the
thereof shall be subject to the direction
and control of the circuit court. In case
OF DEATH. removal, or refusal to act of
the same notice. to be given by the pub
J lie examiner upon proof of such death.
removal. or refusal to act being filed
with him, and by the same vote as here
inbefore provided, may elect a successor.
who shall have the same powers and be
subjected to the same liabilities and
Sec. IS. Attorney General2Duty Of
All suits and proceedings arising out of
the provisions of this act in which the
be parties. shall be conducted under the
direction and supervision of the attorney
Sec. 90. Copies as Evidenced Copies
Of all records and papers in the office OF
the public anime mi certified by him and
be evidence in all cases equally and OF
like effect as the original.
Sec. 30. Fees for Certified Copies. ]
Whenever any certified copy or copies OF
any records or papers filed in the office
of the public examiner shall be lawfully
! required to be furnished by him, the pub
lie examiner shall be entitled to a fee OF
ten cents for each folio for making such
o or copies and fifty cents for each
by the PUBLIC examiner into the state
treasury to the credit Of the Contingent
. ru nsf. All s1ii fines psp eo'laeaed and S0n All fees
received by this department for regular
or special examinations of banks or trust
companies or for taking charge of i'm
solvent banks or trust companies, shall
be reported in detail to the State Treas
SO received shall be by. him deposited
monthly with the State Treasurer to the
credit of the Contingent Fund of this de-
pa ,rn; which is hereby created.
always for the use of this department and
! any balance remaining in this fund at the
end of any fiscal year shall not revert to
! the general fund of the state.
Any balance remaining in this FUND at
any time shall be available for the use
of the department for the paymen OF
salaries and any and all other proper ex-
, penses, the same as though appropriated
for such purposes.
Sec. 80. Commission or Brokerage Fees
a Misdemeanor Any public examiner
receiving any commission or brokerage
fees in the sale of any bank or bank
stock shall be deemed guilty of a mis-
demeanor and shall forfeit his office,
port. On or before the thirtieth day of
October of every even numbered year,
the public examiner shall make a report
to the governor of the state covering the
biennial period ending the thirtieth day