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

vdual members of any o-partnershlp do
ing a banking business in this state shall
be permitted 20 attach, or seize under
any writ Of attachment or execution. or
to hold liable for such individual indebt-
edness any OF the assets of the bank, un-
I'll all the depostors and creditors OF such
bank have been fully paid.
Sec. 25 Public Examiner 70 Call
Meeting of Stockholders When. When
ever the public examiner shall have paid
TO each end every depositor and creditor
Of such bank or trust company, mot in
cluding stockholders), whose claim or
claims as such depositor or creditor have
been duly proved and allowed, the fun
amount OF such claims, and shall have
made proper provision for unclaimed and
unpaid deposits or dividends and shall
have paid all the expenses Of the liquida
tion, the public examiner shall call a
meeting Of the stockholders OF such Lank
or trust company by giving notice there
OF for thirty days in one or more news
papers published in the county where
such bank or trust company is located
At such meeting, the stockholders shall
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
SO determining the said stockholders 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 il is determined to con-
tnue the liquidation under the public
examiner, he shall complete the liquida
tion of the affairs OF such bank or trust
company, and after paying the expenses
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 IL is
determined to appoint an agent or agents
To hquldate, the stockholders shall there
upon select such agent or agents by ball
lot, majority Of the stock present and
voting, in person or by proxy, being
| necessary TO choice Such agent or
agents shall execute and file with the
public examiner, bond to the stoclxhold-
ess of such institution in such amount,
| with such securities, and in such form
rs shall be approved by the public eX-
formance OF all duties of his or their
trust, and thereupon the public examin-
er shall transfer and deliver to such agent
or agents all the undivided or uncollected
or other assets OF such bank or trust com
pany IN his hands; and upon such trans
ier and delivery, the public examiner
ther liability 20 such bank or trust COM
pany and its or their creditors.
Sec. q. Assets-Distribution OF Prop
erty. Such agent or agents shall con-
vSrt the assets coming into his or their
possession into cash and shall account for
ana make disposition of the property of
said bank or trust company, as is herein
provided IN case of distribution by the
public examiner, except that the expenses
thereof shall be subject TO the direction
and control of the circuit court In case
of death, removal. or refusal to act of
any agent or agents, the stockholders, on
the same notice, to be given by the pub
Tic 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 snail have the same powers and be
subjected 10 the same liabilities and
Sec 2S, Attorney General-Duty OIL
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
general
Sec 90. Copies as Evidence. Copies
OF all records and papers in the office of
the public examiner, certified by him and
authenticated by his seal OF office. shall
be evidence in all cases equally and of
Ike erect as the original.
Sec 80. 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 10 be furnished by him, the pub
lie examiner shall be entitled TO fee of
ten cents for each folio for making such
copy or copies and fifty cents for each
certificate. All such fees shall be paid
by the public examiner into the state
treasury 10 the credit OF the Contingent
Fund Of the public examiner.
Sec 81. Department - Contingent
Fund. All fines collected and all fees
received by this department for regular
or special examinations Of banks or trust
compan nies or for taking charge of in
solvent banks or trust companies, shall
be reported in detail to the State Treas
urer by the public examiner, and all funds
so received shall be by him deposited
monthly with the State Treasurer to the
credit Of the Contingent Fund of this de-
parlment. which 10 hereby created.
This Contingent Fund" shall be held
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 payment of
salaries and any and all other proper ex-
penses, the same az though appropriated
Sec 32 Commission or Brokerage Fees
Misdemeanor.] Any public examiner
or deputy public examiner soliciting or
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.
Sec. 33. Public Examiner TO Make Re-
port On or before the thlrtieth day OF
october OF every even numbered year,
the public examiner shall make a report
10 the governor of the state, covering the
biennial period ending the thirtieth day
of June preceding, which report shall be
published
Such report shall contain a statement
OF the condition OF every bank and trust
company from which reports have been
received, giving a tabulated statement OF
all resources and liabilities of each bank
or trust company.
Such report shall also show the last
statement of any bank or trust company
whose business has been closed during
the period, and the amount paid TO the
creditors OF any and all insolvent banks
or trust companies. also a list Of banks
and trust companies organized and dis
continued during the period. Such re-
port shall also give the names of the di-
rectors OF each bank and trust company,
as last reported, together with list of
the stockholders with their postoffice
addresses and the amount OF stock held
by each.
The public examiner shall also report
the names and compensation of all per-
sons employed in his department and the
partment OF Banking ana Finance during
the period. The public examiner shall
also report the names of banks or trust
companies taken possession Of and liquid
ated and the same of unclaimed and un-
paid deposits or dividends with respect to
each of them respectively, and he shall
include a statement Of the amount of in
terest earned by such unclaimed div-
dends
Article 2.
Section /. Defining Banks and Bank
ing.l For the purposes Of this act every
corporation. association, firm or indi-
vidual in South Dakota whose business,
in whole or in part, consists of the TAX
ing of deposits or buying and selling ex-
change shall be held to be and Is hereby
declared TO be a bank, and as thus de-
fined such individual member OF such
corporation, association or firm Except
as TO national banks) shall be subject to
the provisions OF this act.
Where reference herein is made to
bank, trust companies or the business
of banks or trust companies In any man
ner. the same shall be construed as ap-
plying to any such corporation, associa-
ton, firm or individual so engaged in
business as herein defined. and the pro-
visions of this act shall So far as may be
applicable thereto, extend TO and govern
ness under the provisions OF Chapter 255
OF the Sessions Laws OF 1911 and as con-
templated under the provisions of Section