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

rositors' Guaranty Fund Commission a,
the date of each January statement as
he~reinbefore provided. the amount OF
money II has on deposit not eligible to
guaranty under the provisions OF this act,
shall be deducted from the total deposits.
Sec. 4. Interest on Deposits-No bank
transacting a banking business under this
act shall pay interest on deposits, direct,
Ave per cent $50 per annum
Any officer, director or employe OF a
bank viola ting the provisions Of THIS sec.
ton, directly or indirectly, shall be deemed
guilty Of a felony and on conviction there
Of shall be punished by a fine of not less
than one hundred dollars or more than
IN hss the eu stats pe soItersi ~ for sy a n term Of not
less than one year nor more than three
years, or both. in the discretion of the
court.
Sec. S. Averaged Annual Statement
False Statements-Penalty-Any bank
commencing business and receiving de-
posits less than twelve months prior to
in section three is required to be made
and filed shall show the average daily de-
posits for that portion of the said annual
period during which II has been engaged
In business and receiving deposits.
Any person making oath to any OF the
statements herein required, knowing the
same to be false, shall be deemed guilty
OF a felony and be punished by a fine of
not less than three hundred dollars nor
more than one thousand dollars, or by
Imprisonment in the state p~enitentiary for
than five years. or both, in the discretion
of the court.
Sec. s. Voluntary Liquidation or
Change to National Bank-If any bank
desires to go into voluntary liquidation or
change to a national bank before the as
sessments provided for in the last section
become due and payable, the provisions
Of this act shall not release said bank
from the paymen of any assessments
then due from 1t to the Depositors' Guar
Sec. 4. New Banks-Any bank organ
lied subsequent to January LIST, 1916, shall
pay into the Depositors' Guaranty Fund
an amount equal to four per cent OF its
capital stock, when such bank opens for
business, which amount shall constitute a
credit fund, subject to adjustment on the
basis of said banks average daily de-
posts, as shown by the first annual state
ment required by section three of this
article.
| Tho Depositors' Guaranty Fund Com
mission is authorized and empowered to
make such an adjustment of the rates of
assessment TO be paid by any bank which
engages in the banking business subse-
quent to January list, 1916, and shall re-
quire such bank to contribute to the De-
p~ositors' Guaranty Fund, a just and equit-
able sum-, and the Depositors' Guaranty
Fund Commission shall adjust assess
ments OF such ban SO that the first two
assessments, together with the credit und
OF four per cent of the capital stock paid
by said bank when 1t begins business.
shall at least equal one per cent OF the
average daily deposits of said bank as
shown by the first annual statement re-
CURED by section three of this article.
PROVIDED, however, that said four per
cent Will not be required OF new banks
FORMED by the reorganization or CONSOLE
dalton Of banks that lave previously COM
pied with the terms of this act with ref
erence to the payment Of assessments.
Sec. 3. Notice Of Assessments-Dis-
position-Payable On Demand-As soon as
said assessments are respectively levied.
the banks against which the same are
such assessment levied against them re-
spectively. by the secretary of the De-
posters Guaranty Fund Commission, and
said banks shall thereupon set apart, keep
ana maintain In their said banks the
amount thus levied against them, and the
amounts thus levied, kept and maintained
shall be and constitute what shall be
Fund, payable to the Depositors GUAR
anty Fund Commission on demand, for
the uses and purposes provided.
sec. y Guaranty Fund-Assessment-
Failure to Credit-Wherever any bank
after due notice from the secretary of
Inc Depositors' Guaranty Fund Commits
son shall fail to pay over or credit OF
Fund any assessment as herein provided,
for a period Of ten days, such bank shall
be subject to 2 penalty Of ten dollars per
Gay Ior each cay Il SO refuses or fails to
Guaranty Fund, such assessment, and the
pubic examiner shall Immediately there
after take possession Of the affairs OF
herein provided for making final dispose
ton Of insGlvent banks.
Sec. 10; Depositors' Guaranty Fund
tnst Observation-Disclosures any
bank doing business i'm this state undo
the provisions of this act shall SUSPEND
payment or become insolvent, the amount
81 money standing to the credit Of the De-
! NOgitOrS' Guaranty Fund ON Jaana;3 4.
such bank, SHAH be a first lien upon the
assets Of such institutions; save and ex-
cept funds deposited in such Institution
by the public examiner and belonging 10
the estate. Of any insolvent institution,
which shall have preference over all other
claims as provided in Section 10 Of Ar
ticle ! of this act.
Sec. IL. Observation-Disclosures any
hank doing business under the provisions
OF this act suspends or becomes insoI-
vent, the public examiner shall forthwith
proceed to determine the amount neces-
gary to pay the unsecured depositors in
tull, and cause the same to be certified
to the Depositors' Guaranty Fund Com
mission. which shall thereupon draw
against the Depositors' Guaranty Fund
on deposit IN the several banks. I'm fhe
amount. thus certified and the treasurer
OF sald commission shall Immediately
transmit the amount to the public ex-
aminer to be applied in payment of the
deposits due such depositors.
PROVIDED. however, that IL there should
- " ~ uith III liz IteDOSJfO rg'
Guaranty Fund to pay said claims, then
the Depositors' Guaranty Fund Commis-
lsion shall issue a certificate OF indebted
ness, negotiable in form, against the De-
positors' Guaranty Fund and IN favor OF
such bank, drawing interest at the rate
OF nye per cent per annum, which said
certificates Of Indebtedness shall become
due and payable on the first day Of March
next succeeding the date Of issue thereof
and snail be paid out of the first money
accruing to the Depositors' Guaranty
Fund.
Such drafts against the Depositors.
Guaranty Fund shall be pro rated. as
nearlys as may be, among the seyeral
solvent banks wherein the same is as
aforesaid kept and maintained. in ac-
~cordances with che amounts thereof held
by such banks respectively.
Sec. T. Subrogation-To the extern,
Of the amount paid from said DeDosi.ors'
Guaranty Fund to satisfy the Claims q,
depositors, the Depositors' Guaranty Fund
Commission, for the use and benefit IA
said fund, shall be subrogated to ali the
hits of the depositors thus paid. Ia
participate in the assets of such bank and
the same shall be enforced and COLLECTED
by the public examiner accordingly. and
when collected shall be placed in said
fund and deposited by the Depositors,
Guaranty Fund Commission in the sol
vent banks subject to the provisions OF
the Depositors' Guaranty Fund. propor-
donate as to the several denosite 10
said banks.
Sec. 13. Same-Reports-The public ex-
aminer or examiner in charge of any sus-
pended or insolvent bank, possession M
which has been taken under the provi.
IONS of this act, shall make to the De-
less than one report quarterly. accordino
TO such form as may be prescribed e,,oL