The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-11-02
No. 4.
RELATING TO BANKING AND
FINANCE.

EnactinE and Submitting to a Vote OF
1hs EI s1tfs, Of the state T. Paop SPsso
Banking Board and Defining the Pow
ers and Duties; Creating a Bank De-
positors' Guaranty Fund; Authorizing
the Levy Of Assessments against Bank
Stock, Providing for the liquidation OF
Insoivent Banks; Admitting National
Banks. Prescribing Penalties for Re-
ereant OFFICIALS; Authorizing rewards
z Whereas, Under the Provisions of Sec
uon /, Of Article 9. OF the Constitution OF
Of Chapter 2, Of the Political Code Of said
State. a Petition has been Filed in the
Office OF the Secretary OF State, Signed by
More than Five per centum Of the
Manner and Form Therein Directed. petit
tionsng that the Following Proposed Law
be Enacted and Submitted to a Vote OF
General Election, Certified Copies of Said
Petition having been Transmitted to the
Senate and House OF Representatives by
the Secretary OF State.
Be II Enacted by the Legislature OF
the State of South Dakota:
Section /. That the following Act be
and the same Is hereby enacted and sub
mitted ito a vote OF the electors OF this
state at the next general election to be
held In the year 1916, for their approval.
AN ACT Entitled. An Act Creating a
State Banking Board Il Defining its
Powers and Duties; Creating a Bank
Depositors' Guaranty Fund; Authorizing
the Levy OF Assessments against Bank
Stock; Providing for the Liquidation OF
Banks: Prescribing Penalties for Re-
creant Officials; Authorizing Rewards
for Criminals.
Be IL Enacted by the People or the state
of South Dakota.
Section 1. State Banking Board Gre
ated-There Is hereby created a state
banking board of the State OF South Da-
kota, to be composed of the governor.
afafQ frQa q1frpr and state auditor which
board shall nave the power and IL Is
hereby made Its duty, to carry out and
enforce the provisions OF this act. The
governor shall be ex-offcio president of
said board, and the state treasurer shall
be ex-officio treasurer OF said board, and
the said treasurer shah be held account
able under his official bon for all moneys
coming into his hands, belonging to the
depositors' guaranty fur hereinafter pro-
vided for. The public examiner shall be
s ssapln cnmb seeret h;s d,,t,es a, 20 s snch w ShS
the duties required Of him as public ex-
apiner.
Sec. Q. Assessments OF Bank Stock to
Create Guaranty F~'und-Therc Is hereby
levied an assessment against the capital
stock OF each and every bank. or bank
ing corporation, organized. existing and
S S~a 81 x. a s banking ns s susipe5 p.S under the the
every bank hereafter organized or incor-
porated. under the laws Of said state,
during It's continuance in business. for
hAtR III RVoG VI itatiflH a ucpOSltOT6 kuaI~
anty fund; such assessment shall be due
and payable without notice, one per GEN.
tum OF the average daily deposits Of every
sucn bank within, thirty lays after the
on each dollar OF such daily deposits at
the end OF a n every year there
after. The average daily deposits of each
bank during the preceding year prior to
the taking effect OF this act shall be used
a. the basis for computing the amount of
the first m Of the levy hereby
sec.l :. Bank Cashier to Make Report
Credit Assessments-Penalty for Fall
ure-Wtthin thirty days after the taxi
ING enecs OF this act. the cashier. or
every bank organized and doing bust
ness under the laws OF his state,
shall make q sworn report OF the condi-
ton OF such bank in the form now pre-
scribed by law n shall Immediately for
ward said report to the public exa
NC shall forward q copy thereof 10 the
Raid report shall be supplemented by a
etatement under oath showing the average
daily deposits Of such bank for the pre-
csding year. or for any shorter period
such bank may have been organized and
doing business. IL less than one year. Said
etatement OF daily deposits shall not in
GUIDE funds Of the United States govern
ment. otherwise secured, nor public funds
secured under the provisions of any law
OF this state, and the Depositors' Guaranty
Fund created under the provisions of this
ASt stAA HOh Ut iiaDit lot the loss OF Anv
auch secured funds. through the failure Of
such bank. At the time OF making such
report and statement, the cashier or other
cfncer IN charge OF any such bank shall
pass to the credit of the State Banking
Board as q deposit, the amount due the
Depositors' Guaranty Fund as the hrst In
stallment OF Its assessment, and shall for
ward the receipted deposit tickets pro-
vided for by Section Fourteen (i4) ANY
oRshicr or other officer In charge of anv
bank subject TO the provisions Of this act,
VINO shall neglect, or refuse for a period OF
ten days to comply with the provisions Of
this section or who shall wllfuily make a
false report of the condition of the bank
under his charge. or OF the amount OF It's
daily deposits. as herein required. shall
be guilty Of a misdemeanor and upon CON
yction thereof by a court of competent
Jurisdiction. shall DC ftned IN a sum not
less than $500 90 or Uore h $500 90 10 be
paid into the Depositors' Guaranty Fund.
Or by imprisonment In the county taii not
exceeding ak months. or by both such
nne and Imprisonment. In the discretion of
Sec, 4 Bank Report Deposits-Basis
and Adjustment OF Assessment-One year
after the taking effect Of this act, and
ness under the laws OF this stale. shall
report to the public examiner the amount
Of Its average daily deposits fors the pre-
ceding year. and, II such deposits are In
excess OF the amount upon which the last
payment OF the levy. hereinbefore provid-
ID for or any special assessment herein
after provided for. shall have been COM
puted, each bank. having such increased
deposits. shall Immediately pay into the
Depositors' Guaranty Fund. a sum sufh-
Client to pay any deficiency OF said last
payment or payments as shown by such
Increased deposits. n III the deposits of
any such bank shall have decreased dur
Ing any year In which any such assess
ment or Assessments shall have been paid,
the excess thereof shall be refunded and
placed TO the credit Of such bank as shall
- entitled thereto by reason OF such de-
creased deposits. In computing the aver
age daily deposits OF any bank. there shall
bS deducted all funds OF the United sta es
6lnfs Of South Dakota, and OF any coun-
~ or other body polite which are other.
G1se secured. AZ provided by law, and
the DeposftoY4 Guaranty Fund snail moi
- liable for the loss OF any such funds
Sec. 81 Special ACKNOWLEDGEMENTS
1lon--Wheneyer. eftes the rat ion Of
the Depository Guaranty Fund shall be-
oome 1mpaired or he reduced below one
Dor oentum Of the average daily deposits
a such banks. BY reason OF payments to
(ooosikore o. failed banks, the State Bank
in& noerd ahail haye the poys5 and 4
.ss3i e s~sins d'i ihs |" c sss xsss u ', each
onk 11b5ocf 70 the provieaop9 ~ this
S8cx a. r6etcro nuc impairmo1< sog re-
IUctfon % IN amount not excoe1HI two
- contun Of the average daily Donits
ss''' ~: ssss;' ss:.ssis q o.: ~ : - sssss y:
Xfsn--If ~ amount n The D.
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