The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-11-02

RELATING TO BANKING AND
FINANCE.

To AND
FINANCE.
AN ACT Entitled. An Act Providing for
the establishment OF a Department or
Banking and Finance, Defining the
Powers and Duties of Such Department.
and the Officers Thereof, and Provide
ing for the Compensation and Expenses
of Such Officers; Providing for the
Organization, Regulation and Control
of Banks, Trust Companies and tho
Banking Business. and to Bring the
Business OF Banks and Trust Compan-
les More Fully Under the Control of the
Department OF Banking and Finance;
to Prevent Fraudulent Banking and
Provide Penalties Therefor; Providing
for the Establishment of q Depositors'
Guaranty Fund to Guarantee Payment
OF General. Deposits and the Establish,
ment Of n Commission TO Supervise and
Control Such Fund; Providing for the
Liquidation OF Insolvent Banks, and to
Repeal Chapter 70 of the Session Laws
- of 1903, Chapter "A of the Session Laws
OF 1908, Chapter - of the Session Laws
of.1so7, Chapter 222 of the Session Laws
OF 1909. Chapter 299 Of the Session
sion Laws of 1911, and Chapter los Of
the Session Laws of 1918.
BE it Enacted by the People OF the
State of South Dakota.
Article l.
Section I. Department IL Banking and
Observation-Disclosures There is hereby
established in this State a panking de-
partment which shall have charge of the
execution of the laws relating to banks.
trust companies, and the banking busis
ness in this state. Such department shah
be designated as the Department OF
Banking and Finance and shall beNunder
the management and control OF h eNpub-
ic examiner, who shall be ex-offico super
intendent of banks and trust companies
and chairman OF the Depositors' Guar
anty Fund Commission.
Sec. 2. Depositors' Guaranty fun
Commission Established Compensation
-EXpenses.) There Is hereby established
a Depositors' Guaranty Fund Commission
OF the State of South Dakota, to be COM
other persons, which persons shall be app
pointed by the governor. by and with the
advice n consent of the Senate, no n
OF whom snai ss &c aiiicerSp director
shall hold office concurrently with the
Governor, unless for good cause, they
shall be sooner removed by him; n as
soon as said members are appointed under
the provisions of this act, the commits
sion shall select one of Its members as
treasurer and said appointment shall be
made within ten days after the passage
and approval of this act. The members
of the commission, other than the public
examiner. shall receive no compensation
for their services, but they shall be paid
their actual and necessary expenses In
Cured In the performance OF their duties.
the same to be paid out Of the general
fund Of the state; The public examiner
Said commission shall have the super
vision and control of the Depositors'
Guaranty Fund and shall have the power
to adopt all necessary rules and regula-
lions, not inconsistent with the law, for
the management and administration OF
said fund. II vacancies shall at any time
occur in said commission, the governor
hall fill the same by appointment as here
matter provided.
Sec. 8. Public Examiner. Deputy Pub
cial Examiners. Examiners In Charge.
Clerks, ACKNOWLEDGEMENTS -
Expenses The public examiner shall
the ADVICE and consent Of the Senase ana
shall hold office for the term OF four
years and until his successor shall have
been appointed and qualified, unless soon.
err removed by the governor for good
cause. The public examiner may, by ana
with the consent and approval of the gov
ernor, appoint a deputy, and an attorney
duties imposed by the provisions Of this
act and he revoke such appointments
at pleasure. providing that no person
examiner, or deputy, without first having
had at least three years actual practical
experience in the general banking busi-
banking department Of this or some other
state.
Such deputy shall possess all the pow
ers. and perform the duties attached to
the office OF the public examiner during
a vacancy In such office and during the
absence or inability of his principal.
Such attorney shall be a. regularly adj
mitted practitioner at law before the bar
of the state. He shall render to the pub
lfc examiner, deputy public examiner, ex-
aminers, special examiners, examiners IN
Guaranty Fund Commission, and to an
employees of the department., legal advice
on all questions arising out OF the per-
fgr%a m s,f Of a Their or s several duties tie .b as na ds-
direction of the public examiner
a9d an attorney anSy 4. fene iitis;at,o eavs n charge ass
manner connected with the Department Of
Banking n Finance or any OF the Of
ficers or employees thereof as such. He
lie examiner. have supervision OF any
and all actions commences by the public
examiner or that may be brought against
the liquidation of the assets of any In
solvent bank or trust company in his
possession; but nothing herein contained
shall smnIoy prevent ntns the od pTSais e. s,a ,nks oh from (
of or assist In the preparation and trial Of
cases in connection with the liquidation
Of the assets Of any insolvent institution
The public examiner may also employ
from time TO time with the consent and
approval of the governor, such examine
ers. special examiners, examiners in
necessary to assist him, his deputy, and
his attorney In the discharge of the sew
erai duties imposed upon them by this
act.
IN salary Of the public examiner shall
be t~hirty-five hundred dollars per annum:
the salary of the deputy shall be twenty
-four hundred dollars per annum; the SAL
airy of the attorney shall be three thou
sa nd dollars per annum. The salary OF
examiners shall be not to exceed tive
thousand dollars per annum, and the SAL
airy of special examiners shall be not to
exceed fifteen hundred dollars per an~5
num-. each Of which shall be fixed by the
public examiner. The salary of the ex-
aminers IN charge shall be fixed by the
public examiner as hereinafter provided.
and the salary OF such clerks as may be
employed shall be at such rate per an
mum as the public examiner shall decide
not. however. to exceed thirteen hundre4
dollars for any other. Provided. that no
public examiner. his deputy. attorney Or
any OF his examiners, special examiners,
or examiners In charge, shall be . sf~skN