Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-11-02
No.. T..
RELATING TO BANKING AND
EINANCE
Mssch 18th. 1916.

= BILL For Al Act Entitled An Act
Enacting and Submitting to a Vote OF
Law. Entitled An Act Creating a state
Banking Board and Defining the Pow
ers and Duties; Creating a Bank De
positors' Guaranty Fund: Authorizing
Stock, Providing for the liquidation of
Insolvent Banks; Admitting National
Banks. Prescribing Penalties for Re
creant Officials; Authorizing Rewards
for Criminals.
Whereas, Under the Provisions of Sec
Ton ], OF Article 3, of the Constitution OF
the State Of South Dakota, and Article 3
Ct Chapter 2, Of the Political Code of sad
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
tioning that the Following Proposed Law
Re Enacted and Submitted to a Vote of
the Electors of the State at the next
Petition having been Transmitted to the
SENATE and House of Representatives by
the Secretary of State.
BE 1T Enacted by the Legislature of
the State of South Dakota:
Section l.. the following Act be
end the same lis hereby enacted and sub
mitted to a vote of the electors of this
AN ACT Entitled. An Act Creating q
State Banking Board and Defining it's
N = dIlu DuNlGSp aSIcdllIS IL JJlIlh
Depositors' Guaranty Fund; Authorizing
the Levy of Assessments against Bank
Stock; Providing for the Liquidation of
Rih anks: pre sanhs; Af Penalties f for ReA
creant Officials; Authorizing Rewards
for Criminals.
Ss It Enacted by the People of the State
OF South Dakota
ated-There is hereby created a state
banking board of the State of South Da-
kota, to be composed of the governor,
state treasurer and state auditor, which
board shall a the power and it Is
hereby made its duty. to carry out and
enforce the provisions Of this act. The
governor shall be ex-of1cio president Of
said board, and the state treasurer shall
be ex-officio treasurer of said board, and
the said treasurer shall be held account
able under his official bond for all moneys
coming Into his hands. belonging to the
depositors' guaranty fund hereinafter pro-
vtded for. The public examiner shall be
ex-offcio secretary Of said board and
shall combine his duties as such with
the duties required OF him as public ex-
Sec. g.. Assessments of Bank Stock to
Create Guaranty Fund-There is hereby
levied an assessment against, the capital
ing corporation. organized. existing and
conducting a banking business under the
laws OF the State Of South Dakota. and
porated, under the laws of said state.
during its continuance In business, for
the purpose Of creating a depositors' guar-
anty fund; such assessment shall be due
and payable without notice, one pr cen
tum Of the average daily deposits of every
such bank within thirty days after the
taking effect OF this act, and two mills
the end of each and every year there
after. The average daily deposits of each
Gank 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 payment Of the levy hereby
made.
Sec. :. Bank Cashier to Make Report
Gre--Within thirty days after the TAX
other officer in charge Of each and
ness under the laws of this state,
b make a sworn report of the condi-
tlon Of such bank in the form now pre-
scribed by law and shall Immediately for
ward said report to the public examiner,
and shall forward a copy thereof to the
treasurer of the State Banking Board.
Said report shall be supplemented by a
statement under tn showing the average
ceding year, or II any shorter period
such bank may. have been organized and
doing business, II less than one year. Said
statement of daily deposits shall not IN
clude funds of the United States govern
ment, otherwise secured. nor public funds
secured under the provisions of any law
" NIX oSSitS, aito CiG DepOSlCOTS GUARANTY
Fund created under the provisions of this
act shall not be liable for the loss of any
suci secured funds. through the failure OF
such bank. At the time of making such
report and statement,sthe cashier or Other
officer In charge of any such bank shall
pass to the credit of the State Banking
Board as a deposit. the amount due the
Dep,ositors' Guaranty Fund as the first in
etallnnept of Its assessment, and shat for.
ward the receipted deposit tickets pro-
yideds for; By. Section Fourteen (14). Any
bars, subject to the provisions Of this act
WHO shall neglect or refuse for a period OF
ten days to comply with the provisions OF
this section or who shall wilfully make a
Under his charge. or of the amount Of its
daily deposits. as herein required, shall
pe guilty Of Q m~isdemeanor and upon con
y s1,c ! ;saao. thereof a.. BY |, a court OF competent
less than 100000 or more than $500. 90 to be
paid into the Depositors' Guaranty Fund,
or by imprisonment in the county Jail not
exceeding Six months. or by both such
fine and imprisonment. In the discretion OF
the court.
Sec. 4 Bank Report Deposits-Basis
after the taking effect of this act, and
annually thereafter, ach bank doing busi-
ness under the laws of this state, shall
report to tiic public examiner the amount
Of Its average daily deposits for the pre-
ceding year, and, II such deposits are in
excesS OF tire amount upon which the last
peyMent Of the levy hereinbefore provid-
liter pr % s1s ior''s shall dTs haye been ne eem-
;puted, each bank, having such Increased
deposits, shall Immediately pay into the
pspoosttors. Guaranty Fund. 4 sum suff-
payment or p payments as shown by such
tncEeasan deposits, and IL the deposits of
any such bapk Hhall have decreased dur
mont orsnssessments shall have been paid,
the excess thereof shall be refunded and