Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-11-02

bearing interest at the rate of six pei
cent per annum, which certificates shall
signed by the treasurer of said Board
and shall be negotiable; said certificates
snail be consecutively numbered and shall
be Bile out of the Depositors' Guaran-
State Banking Board, in the order of their
Issue, in like manner as state warrants
are paid by the state treasurer. A cop of
said call shall be mailed under first class
postage to the holder of every such GER
%tiflcate, at his last known postoffice adj
Dress and three days thereafter interest
for payment: Provided, that If any such
Certificate of Indebtedness shall be drawn
m payment of a deposit for which a con-
arast rate OF interest existed between
sticl failed bank and such depositor, no
hlsher rate shall be allowed than was
provided for by said contract.
Sec. T. Certificate of Indebtedness Paid,
fiownIhe State Banking Board shall,
as hereinbefore provided, against the cap
itall stock of all banks, subject to the pro
visions of this act, until such certificate
Indebtedness, with the accrued interest
leIeon, shall have been fully paid, ana
'ntil the Depositors' Guaranty Fund shall
ne restored to an amount equal TO two
per centum of the average daily deposits
of said banks.
Sec. $. Assets of Failed Ranks-How
Applied-As rapidly as the assets of
failed banks are liquidated end realized
upon by the public examiner, the pro-
ceeds thereof shall be applied first after
me payment of the expense of liguida-
non, 10 the repayment to the Depositors'
Guaranty Fund OF all money paid out of
SAID fund to the depositors of such failed
bank and the remainder, if any. shall be
applied by the State Banking Board to-
ward refunding any special assessment
ievled by reason Of the failure of such
Guaranty Fund shall be restored to two
per centum of the deposits as hereinbefore
provided,
Sec. 9. Assessment Suspended-When-
whenever the Depositors' Guaranty Fund
shall reach an amount equal to three per
centum of the average daily deposits OF
an banks subject to the provisions of
this act. and after al deposits of failed
banks nave been fully paid and all GER
State Banking Board may suspend the
yme Of annual assessments as provid-
ed for in Section two (2). until the said
OF the average daily deposits of said
banks; Provided, that no annual assess
h!ent hereinbefore levied shall be suspend
ed until notice Of such suspension shall
Board to said banks subject thereto.
Sec. TO-. State to Have First Lien on
Assets.l The State of South Dakota shall,
after the expense of LIQUIDATION of any
such failed bans has been paid. have a
first lien upon the proceeds of the assets
OF such bank and the liabilities of all
Stockholders, officers and directors there
Of. as we'll rs against all other persons,
tlrns or corporations obligated to the said
bauk. and the attorney general shall
upon REQUEST of the public examiner. en-
n" name of the State of South Dakota
Tor the benefit of the Depositors' Guar
anty Fund.
SEC IL New Banks-Assessment Ler-
e~d-How-Al banks organized under
.he laws o. this state. subsequent to the
taxing erect of this act, or less than n
ear previous thereto, shall pay into the
Of the amount of their capital stock when
they. open for business, which amount
shaJ constitute a credit fund, subject to
adjustment. on the basis Of It's deposits,
year o. moro. which adjustment shall be
made ore year from the date such bark
commenced business, and thereafter the
b. the same as other banks subject to the
provisions of this act; Provided, said
.iree per cent payment shall not be re-.
CURED Of new banks formed by the ro-
organization of banks which have prevl-
ouslN complied with the terms of this
aes.
Sec. p. Deposits in National Banks
located in the State of South Dakota,
may secure Tor its depositors the profec,
ton, provided for depositors In STATE
ION in Msiting to the State Banking Boar
and submitting it's account and asses
to examination by the public examines.
Of TINS state. in like manner as now Pts
pubfte exa miner shall approve of the coz
dltioEs OF sIcn National Bank, its presi-
dent. and secretary shall. with the appr1v-
a. OF the hoaru of directors thereof, entet
Board ag.9eing 10 transmit reports u
the condition of such bank whenever CALI
ed for by the cubic examiner and to SUB
nit to said nua.ic examiner, as often as
ne may require. the accounts and asset
OF such bark, for examination. The said
contract sbaii also condition that the sad
TOR ,,le Deposltors' Guaranty Fund. and
In all ether respects comply with and sc
SUBJECT to the provisions of this act. reia,l
ms 10 sta.e panks. insofar as the salris
"le not IN conflict with the laws OF tae
United States; Provided, that if, after
n sucll contract shall be entered inta
letween such bank and the State Barn.
nall enact a law for the Insurance OF ae-
p~ositors in National Banks, or II the
olaptroller of the Currency shall pro-
ilhtt such bank from availing Itself c.
bank shall, of its own volition, desire to
withdraw and no longer claim the pro-
lection OF the Depositors' Guaranty Fund
released by. the State Banking Board
from all liability to further assessm ents
under this Act. and the Depositors'
s@ah iosses to tut the s aepos no longer af ru BE III Labs nk
but no such bark shall he released from
the conditions of this Act or its contract
with the State Banking Board until after
1t has made application in writing and
shall a received a release In regular
form from the State Banking Board
signed by its President and Secretary,
which shall be issued only in pursuance
of an examination of such bank by the
public examiner, showing the said bank
to be solvent. Provided further, that all
assessments which shall have been paid
to the Depositors' Guaranty Fund, by
any such National Bank, SO withdrawing,
which hay not been paid and are not
due to depositors of failed banks, less
ten per cent of such assessments, so re-
naming unappropriated, shall be refund
ed to said bank but no such bank shall
be allowed to withdraw until all assess
ments levied against 1t as hereinbefore
provided, an amount equal to its proper
proportion of all outstanding certificates
of Indebtedness, and all Interest due shall
" been paid as provided by this Act.
Sec. 10. National Bank Must Deposit
Bonds-No National Bank shall be adj
mitted to participate in the benefits of
the Depositors' Guaranty Fund for the
protection If its depositors. unless it shall
nave deposited with the Treasurer of the
State Banking Board, bonds of the United
States, of the State OF South Dakota, or of
n county. school district or municipality
of said state, in an amount equal to five
per centuln of the average daily deposits
of such bank, during the preceding year,
but such bonds hall not be accepted until
after they have been examined and APP
s1rnvn1 nv tha aftnrpoy, pnporo1 uhop