Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-10-26

be held in the month Of January of zach
year as hereinafter provided, and shall
cessors are elected and qualified, unless
sooner removed by the board.
All officers and employees having ac-
of the bank, must furnish a surety COM
pany bond in the minimum amount of
five thousand dollars (S5. 100000 which
examiner before it can be accepted: and
when. the same shall have been accepted
by the board Of directors of the bank or
trust company. it shall be filed with the
approved and accepted as h~ereinbefore
provided for, may be altered. cancelled
or terminated. by n one. until after
thirty lays written notice of the inten-
ton so to alter, cancel or terminate such
bond. shall have been served upon the
public and no liability of any
crued prior to the time above mentioned
shall! terminate within less than one year
after such bond shall have been can
celled.
Sec. y. Directors Meetings-Reports.l
The board Of directors shall hold at least
two regular meetings each year and these
h be held on the second Tuesday, in
January and July, or any day thereafter
within such months, to be fixed by the
bylaws, and at such meetings a thorough
examination Of the books, records, funds
and securities held by the bank shall be
made by the board, or by a committee of
the stockholders appointed by the board,
and a report prepared giving in detail all
items included in the assets of the bank
which they have reason to believe are
not Of the value at which they are being
carried by. the bank, and giving the value
determined. Such report shall be made
under oath and shall be recorded in the
min book Of the bank, and a duly serti-
examiner within ten days.
Sec. 10. Must Report Dividends-When
Declared. ] All dividends. unless paid
meeting Of the board Of directors to be
held on the second Tuesday in January,
or any day thereafter in that month as
provided by the bylaws, and if paid semi
annually. at meetings to be held in Janu-
airy and JGly as herein provided. a full
and complete record of the proceedings
and business of all such meetings han
be spread upon the banks minute book:
such record shall show the disposition OF
profits in detail, by indicating all poor
or worthless items charged out and the
pense charge out, the amount carried to
the surplus, if any, and the amount Of
dLyidend declared, and shall also indicate
naming. Within ten days after any
shall transmit to the public examiner a
certified copy of such record.
Sec. IA. Referring to By-Laws.J Before
any bank or trust company shall be auth-
orized to commence business. the stock
holders OF such institution shall prepare
his approval suitable bylaws for the
government OF the institution. If the
public examiner approves of them, he
shall file the same in his office and
notify such institution of his approval
thereof, whereupon such bylaws shall
be adopted by the stockholders and spread
at length upon the minute book of the
bank as a part of the proceedings of the
meeting at which they are adopted. If
the PUBLIC examiner does not approve of
such bylaws, or any of them, he shall
notify such institution of such fact and
any bylaws not approved shall not be
adopted by the stockholders.
Of such bylaws, they shall be trans
cribed into a book which shall be and
become a permanent record of such in
stitution and shall be known as the
Book of Bylaws"
Any amendments which may be made
from time to time shall be adopted, re-
provided for original bylaws and all of
the same shall be subject to the approval
of the public examiner.
In all cases where a banks bylaws
provide for meetings on dates which con-
flict with sections II, u and 10 of this
amend such h by by-l laws ra must be properly
ing of the stockholders.
Sec. Is: Stock Book.l Every bank
shail t;n Keep a stock BIC book, which shall at
business be subject to the inspection Of
he stockholders and creditors of the bank.
Sueh book ok shall show a full and correct
llSl VI lIlo HdINeS ana addresses OF AN
stockholders in the bank and the number
of shares held by each.
A list of the owners of private banks
shall be kept in like manner. A refusal
by the officers of a bank to exhibit such
book to any person rightfully demanding
inspection thereof, shall subjuct such Of
ficer to a fine OF fifty dollars. In an ae-
tons, suits and proceedings such books
shall be conclusive evidence Of the facts
therein stated. A copy of such list as Of
date June 3oth OF each even numbered
| year rlf nv 10 III NJ Tho
or cashier or owner OF such bank, shall
be transmitted to the public examiner
within ssd ten s GAYS saSsiho,. n;n,.
At all stockholders meetings, each share
Of stock shall entitle the owner Of record
to one vote: a stockholder may vote at
Sec. II. Articles May be Amended-A
bank may amend Its articles of incorpora-
ton in any manner not inconsistent with
vote of it's stockholders representing two
thirds of the capital stock, such vote to
be taken at a meeting called for that p,r-
president and cashier, shal be recorded
corporation. Unless the required surplus
be valid until the amount thereof has
been subscribed and actually paid in.
No reduction Of capital shall be made to
provisions of this act for capital, nor be
valid or warrant the cancellation of stock
certificates or diminish the personal la
bility of stockholders until such reduc-
ton has been approved " the public ex,
upon a finding by him that the security OF
the existing creditors will not be i'm
Sec. 18. Real Estate-How Acquired-A
bank a purchase, acquire, hold and
convey real estate for the following pur-
poses only:
First. Such as shall be necessary for
the convenient transaction of its business.
including with its banking Offices, other
apartments to rent as a source Of IA
come.
Provided. however. that no bank shall
invest in a banking office, furniture and
fixtures, an amount greater than forty
per cent of the capital and surplus, as
herein provided. OF such bank.
This limitation need not apply name
diately, to present holdings Of banks now
doing business, but they shall reduce the
per cent annually, until such vakes are
brought within this limit.
Second. Such as shall be conveyed to
IT in satisfaction Of debts previously con-
tracted in the course Of its business: pno-
vided, however. that ne bank shall invest
IN real estate SO acquired, any amount IN
excess OF the amount of such indeSfe6.