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

20 the public examiner Immediately fol-
lowing such transfer.
Sec. AZ. Transfer OF Stock by Debtor
to Bank-Efect-No transfer of stock Of
valid as against the bank so long as
the registered holder thereof shall be
liable: either as principal, debtor, surety.
debts which shall be due and unpaid: nor
in such cases, shall any dividend, inter-
est. or profits be paid on such shares, so
long as such liabilities continue; but all
such dividends, interests and profits, shall
be retained by the bank, and applied to
the discharge of such liabilities: and no
stock shall. be transferred upon the books
of the bank without the consent OF a ma
jority of the directors, while the regis
tered holder is indebted to the bank
Sec. As. Deposits by Minors and I'm
married Females-Trust Deposits-When-
ever any deposits shall be made in any
bank by. and in the name of any minor,
or female, being or thereafter becoming
a married woman, the same shall be held
Tor the exclusive light and benefit of such
minor or female, and free from the con-
troll or lien of all persons whomsoever,
except creditors, and shall be paid with
any interest due thereon, to the person in
whose name the deposit shall have been
made, and the receipt of such minor or
female shall be a sufficient release or
discharge for such deposit to the bank.
whenever any deposit shall be made by
any person in trust for another. and no
~ Va wv
ana terms of a legal and valid trust shall
nave been given In writing to such bank,
in the event Of the death of the trustee,
the same or any part thereof, and any in
terest due thereon, may be paid to the
person for whom said deposit was made.
Sec. 49,. Receiving Deposits When In
soIvent-lf any banker, or n president,
director, manager, cashier, or other Of
1cet, or agent, clerk or employe of any
bank, bank or banking Institution, doing
business In this state, shall receive or as
Ennf m fhn VT 80 .~xv 1AaA-ft -
money, or other valuab thing, in such
bank, or II any such banker, officer or
agent snail create or assent to the crea-
ton, of any debt or Indebtedness by such
banker, bank or banking institution, In
Consideration or by reason of which in
debtedness any other valuable property
shan be received by such banker or into
such bank or banking institution, or with
holds the proceeds of any collection made
from the person entitled to receive remit
lance Or symen therefor, after he shall
nave had knowledge of the fact that such
banking institution is iI-solvent, he shall
Ipon conviction thereof be punished by a
line not less than one thousand dollars nor
more h five thousand dollars, or by
Imprisonment in the state penitentiary for
a term of not less than two nor more
than Ave years, or by both such fine and
Imprisonment in the discretion of the
court.
Sec. so. When Insolvent-A bank shall
be deemed to be insolvent when the actual
cash market value of it's assets is insult
nclent to pay its liabilities, or when 1t is
unable to meet the demands of its credi-
tors In the usual and customary manner,
or when it shall fail to make good its
reserve as required by law, or when the
stockholders upon notice from the public
examiner shall fail to make good an i'm
pairment In the capital thereof.
Sec. 81. Unlawful Banking-It shall be
unlawful for any individual, firm or cor
wise represent that they are engaged in
the banking business, without first hav-
ing obtained authority from the public
as Herein provided. Amy such
Individual or member of any such Arm,
or officer of any such corporation. so Of
Tending shall be deemed guilty OF a mis-
demeanor and upon conviction thereof
shall be punished by a fine of not less
than three hundred dollars nor more thar
one thousand dollars in the discretion OF
the court.
Sec. So. Officers Removed-Any officer
of the bank found by the public examin-
er to be dishonest, reckless, incompetent
or dilatory, shall be removed from office
by the board of directors of the bank OF
which he Is an officer, on the written or
der of the public examiner,
Sec, %. Public Extminer May Make
Rules-How-Ths public exc miner by and
with the approval of the governor and
make such rules and regulations for the
government of the banks of this state as
may In his Judgment seem wise and ex-
pedient; provided, that no such rules OF
regulations shall in any way conflict with
any or the laws made for the control OF
such banks.
Sec, 3D.. All Banks Subject to Provi-
sions of Act-The provisions Of this act
shall extend to and govern all banks ex-
lstlng and doing business within the state
and all banks that may hereafter engage
IN the business. All the powers priyi-
leges, duties and restrictions conferred
ana imposed upon any bank existing and
doing business under the laws of this
state, are hereby abridged. enlarged OF
| nndthPn &c anph W. rtip,,lan aa,o
qulre, TO conform to the provisions OF
this act.
Article 8.
Section l.. Guaranty Fund-Assessment
For the purpose of providing a De
posters Guaranty I'll for the protec-
tlon OF depositors in banks, every banl
engaged in the business of banking under
TO assessment to be levied, kept, col
iected and applied as hereinafter pro-
| vided.
Sec. 2. Examination of Ranks-Ap.
prevail or L~iquidation-It shall be the dut,
OF the public examiner of this state tc
examine every state and private banI
doing business in this state, within six
months from the passage and approval Of
MS act, and no assessment shall, be
levied upon any bank by the Depositors
Guaranty Fund Commission until its con-
dition shall be approved by the Deposit.
ors' Guaranty Fund Commission Ever,
oank whose condition has not been an.
proved by the Depositors' Guaranty Func
Commission and which shall not have
complied with conditions imposed by saic
Depositors' Guaranty Fund Commission
by January l., 1916, hail Immediately be-
liquidated as herein provided in this act
for the liquidation Of insolyent banks.
Sec. 3. Filing Observation-Disclosures.
ments-On the first day of January, 1916
and on the first day of January of each
year thereafter, every bank engaged IL
he business of banking in this state Shall
make and file with the Depositors' Guar.
anty Fund Commission, q statement IN
writing, verified by the oath OF it's presi.
dent, yice-president or cashier, Showing
me average daily deposits in its banI
for the preceding twelve months.
On the first day of the month next sue.
ceeding the date fixed for the making-ant
fling OF such statement, the Depositors
Guaranty Fund Commission shall lev,
assessments against he's assets Of each OF
said banks as follows:
On the first day of February. 1916. one.
fourth OF one per cent on the averag.
daily deposits as shown by the first state.
ment OF such average daily deposits re.
CURED to be made and filed by the proyi.
sions of this section.
On the first day of February of eacr
and every year thereafter, one fourth Of
one per cent of the average daily de.
\ posits as shown by the statements re.
| luired to be made and filed on the f1rst
day OF January in each year, until the
total amount OF money in the Guaranty
und reaches one and one-half per CEN
Of the average daily deposits.
| Due and legal notice of such assessment
shall be deemed TO have been given wher
| such notice as shall be prepared by The
secretary OF the commission has beer
placed in an envelope, securely sealed
postage prepaid, directed to each OF said
banks and deposited in the United States
mail.