The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-10-26

10 one vote, and the majority of the stock
present and voting shall be necessary IN
the determination.
Sec. 26. Liquidation Continued-Pro-
cedure.l In case it is determined to con-
tinue the liquidation under the pubic
examiner, he h complete the l:qu-da-
company, and after paying the expenses
thereof, shall distribute the proceeus
among the stockholders in proportion TO
the several holdings OF stock in such man
ner and upon such notice as may be Ill
rected by the circuit court. In case IT IS
determined TO appoint an agent or agents
to liquidate, the stockholders shall there
upon select such agent or agents by bal
voting, in person or by proxy, being
necessary to a choice. Such agent or
agents shall execute and file with the
public examiner, a bond to the ~stockhold-
ers of such institution in such amount,
with such securities, and in such form
as shall be approved by the pubic ex-
Torrance OF all duties Of his or their
trust, and thereupon the public eXamin-
er shall transfer and deliver to such agent
or agents all the undivided or uncollected
or other assets of such bank or trust COM
pauy in his hands; and upon such trans
fer and delivery, the public examiner
shall be discharged from any and all fur
Their liability to such bank or trust COM
pany and it's or their creditors.
Sec. II. NEUTRALITY-SUSPICIOUS. of Prop
erty.l Such agent or agents shall con-
vert the assets coming into his or their
possession into cash ana shall account for
and make disposition of the property Of
said bank or trust company, as is herein
provided in case of distribution by the
public examiner, except that the expenses
thereof shall be subject to the direction
and control of the circuit court. In case
of death, removal, or refusal to act OF
any agent or agents, the stockholders, on
the same notice, to be given by the pub
lie examiner upon proof of such death.
removal, or refusal to- act being filed
with him, and by the same vote as here
inbefore provided, may elect a successor,
who shall have the same powers and be
subjected to the same liabilities and
duties as the agent originally elected.
Sec. %. Attorney General-Duty Of.
All suits and proceedings arising out of
state or any of its officers or agents shall
he parties, shall be conducted under the
direction and supervision of the attorney
general.
Sec. 20. Copies as Evidenced Copies
Of all records and papers in the office of
the public examiner, certified by him and
authenticated by his seal of office, shall
be evidence in all cases equally and of
like effect as the original.
Sec. 80. Fees for Certified Copies.
Whenever any certified copy or copies of
any records or papers filed in the office
of the public examiner shall be lawfully
required to be furnished by him, the pub
lie examiner shall be entitled to a fee of
ten cents for each folio for making such
WY VI NopitS allh my civ ~ an
certificate. All such fees shall be paid
by the public examiner into the state
treasury to the credit of the Contingent
Fund Of the public examiner.
Sec. 81. Department - Contingent
Fund. All fines collected and all fees
received by this department for regular
or special examinations of banks or trust
companies or for taking charge Of in
solvent banks or trust companies, shall
be reported in detail to the State Treas
urer by the public examiner, and all funds
so received shall be by him deposited
monthly with the State Treasurer to the
credit of the Contingent Fund Of this de-
partment. which is hereby created,
This contingent Fund shall be held
any balance remaining in this fund at the
end of any fiscal year shall not revert to
the general fund of the state.
Any balance remaining in this fund at
of the department for the payment of
salaries and any and all other proper eX-
penses, the same as though appropriated
for such purposes.
a Misdemeanor. Any public examiner
or deputy public examiner soliciting or
receiving any commission or brokerage
fees in the sale of any bank or bank
stock shall be deemed guilty of a mis-
demeanor, and shall forfeit his office.
Sec. 80. Public to Make Re-
port. On or before the thirtieth day of
October of every even numbered year,
the public amir shall make a report
to the governor Of the state, covering the
biennial period ending the thirtieth day
of June preceding, which report shall be
published.
Such report shall contain a statement
of the condition of every bank and trust
company from which reports have been
received, giving a tabulated statement of
all resources and liabilities of each bank
or trust company.
such report shall also show the last
statement of any. bank or trust company
whose business has been closed during
the period, and the amount paid to the
creditors of any and all insolvent banks
or trust companies. also a list of banks
and trust companies organized and dis
port shall also give the names of the di-
rectors of each bank and trust company,
as last reported, together with a list of
the stockholders with their postoffice
addresses n the amount Of stock held
by each.
The public examiner shall also report
the names and compensation of all per-
sons employed in his department and the
whole amour of the expenses of the De-
partment of Banking and Finance during
the period. The public examiner shall
also report the names of banks or trust
companies taken possession Of and liquid
ated and the same Of unclaimed and I'M
paid deposits or dividends with respect to
each of them respectively, and he shall
include a statement Of the amount of in
terest earned by such unclaimed divi-
dends.
Article 2.
Section 1. Defining Banks and Bank
ing.] For the purpose of this act every
corporation, association, firm or indi-
vidual in South Dakota whose business,
in whole or in part, consists of the TAX
ing of deposits or buying and selling eX-
change shall be held to be and is hereby
declared to be a bank, and as thus de-
fined such individual member of such
corporation, association or firm Except
as to national banks) shall be subject to
the provisions of this act.
Where reference herein is made to
bank, trust companies or the business
of banks or trust companies in any man
ner, the same h be construed as APP
plying to any such corporation, associa-
ton, firm or individual so engaged in
business as herein defined, and the pro-
visions of this act shall so far as may be
applicable thereto, extend to and govern
all corporations existing and doing bust
ness under the provisions of Chapter 255
of the Sessions Laws Of 1911 and as con-
templated under the provisions of Section
2 of said chapter, any amendments,
Arrangements or re-enactmentS Of such
chapter or any act hereinafter enacted
by the legislature of the state of South
Dakota for the supervision and control OF
trust companies.
Sec. 2. Who May Incorporate-Capital
sAis. not less than. five, who are resi-
dents of South Dakota may associate to
establish a bank under this chapter, upon
the terms and conditions and subject to
the liabilities prescribed in this act.
The op0reuQto amount Of the cnpjtal