Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1916-10-21

tion 50 10 alter caucel or terminate such
bond shall have been served upon the
public exouiner ard M iiabilify OF any
hondfnr con,uaav vyh5ch shaII have ac-
crued prior 10 the time above mentioned
shali ter,ninats. Within less than one year
after such bond shall have been can
celled
Sec II Directors Meetin1s-.Reports
The hoard OF directors shall hord at least
two regular meetings each wear and these
shall ie held on the second Tuesday in
January and July. or any day thereafter
wlisiia such months. 10 be fixed by the
by-IayqS. and AZ s,1rh meetings a thorough
Examination OF the books records. funds
and securities held by the bank shall be
mace ly the board. or bv a committee of
the sfdi.l,hoiders arpoinfed bv the board
and n report prenared giving in detail ali
itenss included in The assets Of the bank
which they have reason TO believe are
not OF the value AT which thev are being
carried Nv the hank ana giving the value
OF each OF such items a. thev NAV have
determined such report shall be made
under oath and shall be recorded in the
infinite book OF the bank, and duly certi-
tied couy thereof transmitted TO the public
examiner within ten days.
Sec. I3. Must Report ividends--When
sefhi-annually, shall be declared at a
meeting of the board OF directors 10 be
held ON the second Tuesday In January.
or any day thereafter in that month as
provided BY the bylaws, and ii paid semi
annually, at meetings TO be held in Janu-
airy and July as herein provided A full
and complete record of the proceedings
and business of all such meetings shall
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
amount Of the same, the amount OF ex-
pense charge out, the amount carried 10
the surplus. IL any, and the amount OF
dividend declared, and shall also indicate
naming. Within ten days after any
such meeting. the president or cashier
shall transmit to the public examiner q
certified copy OF such record
Sec. J 8, Referring 70 Bylaws ] Before
anv 5ani1 or trust company shall be auth
ovizad TO commence business, the stock
holders OF such institution shaik prepare
and submit to the public examiner for
his approval suitable bylaws for the
government Of the institution. II the
public examiner approves OF them, he
shall file the same In his office and
notify such institution OF his approval
thereof. whereupon such by-laws shall
be adopted by the stockholders and spread
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.
Upon the adoption. by the stockholders
cribed into a book which shall be and
become permanent record of srch in
kutuflDn ana snail De KNOWN as the
Book Of Bylaws"
Any amendments which may be made
from time to time shall be adopted re-
corded. and filed in the same manner as
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 IL, ~ and 13 of this
act. such bylaws must be properly
amended at the next regular annual meet
Ing OF the stockholders.
See. is. Stock Book.l Every bank
shall keep a stock book which shall at
all times during the regular hours OF
business be subject to the inspection OF
no stockholders and creditors Of the bank
Such book shall show a full and correct
list ef the names and addresses Of all
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 bank to exhibit such
an" beraof sba subiyca sneh o
ficer to a fine of fifty dollars In all ac-
tions, suits and proceedings such books
shall be conclusive evidence OF the facts
date June soth Of each even numbered
year, verified by oath of the president
or cashier or owner OF such bank. shall
be transmitted to the public examiner
within ten days.
Sec iS. stockhoiders' Right to Vote
At all stockholders meetings. eaei, share
% ons vo may o.
any meeting of the stockholders by proxy
Sec. IA. Articles May be Amended--A
ton IN any manner not % inconsistent wi with IN
the provisions of law, at any time, by a
vote of it's stockholders representing two.
thirds OF the capital stock. such vote 10
be taken at a meeting called for that pir-
pose, Such amendment, certified by the
president and cashier, shall be recorded
and fled as required for articles of in
Will permit, no Increase Of capital shall
be valid until the amount thereof has
been subscribed and actually paid in
less amount than is REQUIRED % Ie undee s9s the 70
valid or warrant the cancellation Of stock
Stg o. Sinsh un 4hs aaa a
tion has been approved by the public ex-
upon finding by him that the the security &c p.se of
paired by the proposed reduction
Sec. L. Real Estate--How Acquired--A
bank may purchase. acquire; hold and
poses only. - - 80
First. Such as shall be necessary for
the convenient transaction of its business,
including with its banking Offices. other
come
Provided. however. that no bank shall
invest IN a banking office, furniture and
fxturee, an amount greater than forty
per cent Of the capital and surplus. as
herein provided, Of such bank
This limitation need not apply irme-
diately to present holdings OF banks now
doing business, but they shall reduce the
book values OF such holdings at least five
per cent annually until such values are
brought within this limit
II in satisfaction OF debts previously con-
tracted in the course of it's business: pro
vided. however. that NO hank shall invest
In real estate 30 acquired, any amount in
excess OF the amount OF such indebted
ness: and provided further, that real
estate 20 acquires shall be disposed OF
within one year, either by sale or by be-
ing charged out of the banks assets
Third. Such ~ It shall purchase at
ilo on 5udgmcnts, decrees, or mortgage
foreclosure under securities held by It, but
q bank shah not bid at such sale larger
amount than h necessary to satisfy its
debts and c0sts.
Fourth. No real estate acquired in the