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

lIlStllDSES Ol ltlc LIZ tlOlo "uNA 49, ~
Torrance Of their re tive duties, the
mium thereon shs be paid by tnS
of the state. All such bonds shall be
subject to the approval Of the. Goyernee
and together with the oath OF Office g
each Of such commissioners shall be nleo
with the Secretary Of State.
Sec. Is. Members of Depositors' Guar
anty Fund Commission-Selection-Ths
directors of each bank shall select .
director of said bank to represent 1t Ia
making recommendations to the governor
for the appointment Of members OF the
said persons selected by the board OF al.
rectors Of each OF said institutions shan
constitute a State Bankers AssoclaIaon
cutive Council of not less than nine nor
more than fifteen members who shall rec.
onmend to the governor the names on
se:ibed in this act for members OF the
Depositors' Guaranty. Fund Commisslonl
from which to select the three members: o.
the Depositors' Guaranty Fund Commits
sion.
The governor shall appoint the three
members of the Depositors' Guaranty
Fund Commission from the names SO sub
mitted.
Sec. T. pspositors' Guaranty Fund
Fixed@speeial Meetings-How Called.
Where Held-The Depositors' Guaranty
Fund Commission created by. the Prov.
sions OF this act shall hold at least four
meetings during each calendar year at
stated intervals as follows, to-Wit:
On the, second Tuesday in January.
other meetings of the commission may DO
convened upon written request by amy two
members of the commission, served upon
the chairman Of such commission, who
shall upon receipt OF such request give
notice to the secretary of the date when
meeting shall be held in accordance with
urn give notice thereof to all member
of the commission of the date of such
meeting SO to be held, as hereinafter pro-
vided: and provided further, that whom
ever a condition exists affecting the gem
eral banking business within the state.
or when there is sufficient matter IN
to receive consideration and disposition py
the Depositors' Guaranty Fund Commas
sion, as contemplated herein. or when
in the opinion of the public examiner IL
is advisable to convene such commis-
sion for %counse and direction or, con.
tingencies that may arise that would tend
to prevent best results from being op-
tanned hereunder as contemplated herein.
it shall be within his power to convene
the commission and to that end shall give
notice to the secretary of the date OF sucn
meeting so TO be held, and the secretary
shall forthwith give notice OF the date
of such meeting to all members OF the
All meetings of the Depositors' Guar
anty Fund Commission shall be held in
the office of the public examiner.
Sec. is. Depositors' Guaranty, Fund
Commission-Specific Duties-1t SHAH Do
the specific duty of the Depositors' Guar
anty Fund Commission to pass upon tne
qualifications of each and every bank LOT
admission under the depositors' guaranty
fund and their actions shall be final, both
as to immediate admission or what snhil
be further required OF any bank IN order
TO place it in n condition satisfactory 70
the commission so That 1t MAY be ad-
mitted later.
tofore admitted under the depositors,
guaranty fund becomes 'tch as to cause
the public examiner to Eoubt the asvisa-
bility of permitting IT to continue IN bust
ness, it shall be within his power to re-
quire the advice and opinion Of the COM
mission and for that purpose, a meeting
of the commission may be called.
Depositors' Guaranty Fund Commission
& herein provided, at which there 10
il shall be optional with a quorum wheth-
~ or not any business shall be transacted.
and such quorum may adjourn from tune
TO time until such time as there shaH Do
!, a full attendance.
Sec. 19. Notification of Admission
; Observation-Disclosures after being pass.
ed upon favorably by the Depositors'
T Guaranty Fun Commission. the secre-
tary shall notify each and every bank 60
admitted by mailing a certificate to such
bank showing such admission, the same
to be signed by the chairman and at
tested by the secretary OF the commission
and bear the seal Of the public exalnlner.
served by the bank re' ng the same
BY being framed or o Use properly
protected, and shal at ines Inc De BE- d az.
lobby Of the bank.
Sec. 20. Forms-Approval-The De.
p~ositors' Guaranty Fund Commission shall
prescribe all such forms as may be useful
or necessary In carrying out the provi-
sions of this act.
Sec. 81. Punishment-Where Not 9th
, erwise Provided-Where no other punish-
Hating any Of the provisions Of this act
shall be b deemed eems;at guilty tye OF q ahsn m nun.
ished by a fine Of not less than fifty dol.
lars nor more than three hundred dollars
for tp by not ''n Ieas ihan thirty TT ' NOR G more than 1s,,
ninety days or both, in the discretion OF
the court.
act contained, repeating any set for the
regulation or conduct of banking, shall
be construed to release n pcrGon from
mitted violating said act or acts nor a.
feet in any manner any existing indict-
ment or prosecution by reason OF U
acts shall continue in force and effect
Notwithstanding such repeal.
Sec. 90. National Banks R~eorganissd
May Oualifv-Requirements-Any nation
al bank that has .reorganized as a state
bank as provided herein, shall before
engaging in business under the provisions
depositors' guaranty fund such an amount
as will place them on an equal basis in
such respect, with other state banks here
tofore admitted, computed on the aver
!; aged daily deposits Of such bank during
| the prior calendar year.
whenever by act Of congress, or by deet.
construction of the national banking act,
national banking associations located and
doing business within his state are peg
mitted to avail their depositors Of ths
{ fund. established by the law Of this state
, for the repayment Of deposits in closed
, banks. and such association. after exami-
nation at its expense by the public exam.
iner: upon approval as TO its financial
and benefits Of the depositors' suarenty
, mony with the banking law Of this state
to be fixed by the said Depositors' Guar
anty Fund Commission; provided, that In
. the event national banking assoclations
I shall be required by federal enactment
to pay assessment to any depositors'
and thereby the depositors in such, asso.
Citations in this state shall be guaranteed
by virtue Of federal laws, that the asso-
Citations having awaited themselves Of the
benefits Of this act, may withdraw there