Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1916-11-01

power and it is hereby made their duty to
Immediately make a pro rata assessment
company. to make good such deficiency
and serve notice 10y registered mail. of
such assessment upon each stock!loldcr of
record; and upon the failure OF the said
board OF directors TO act. it shall be the
luty Of the public examiner to make such
pro rata assessment and give such
upon which said assessment shall be due
and payable, which said date shall be not
less than ten days or more than twenty
days after the notice Of assessment shall
have been mailed.
If n %stockholder shall fail or neglect
TO pay the amount of the assessment
same shall have become so due and pay
able. the directors of such bank or trust
mpa or, upon their failure to act.
for sale. and sell the same at public sale
upon ten days notice to be given by post
ing copies OF such notice of sale in five
public places in the town. village or city
Whcre such bank or trust company is To-
Gated. Upon such sale the purchaser
shall $ ssaaIsis forthwith pay the amount of I the
amount received from the sale of such
stock, less the cost and expense Of such
sale. shall be paid to the original owner
of such stock.
If any bank or trust company refuse or
ran Tor thirty days after written notice
10 iaake good such impairment OF its
eea ar ! stock, the public is
hereDy authorized and to take
charge of it's affairs and wind up it's bust
ness.
Sec: 10. Delinquent: Public Examiner
appear to the public examiner that any
bahk or trust company to which this
chsrssr o is applie eM has violated its Is
conducting its business in an unsafe or
unauthorized manner. or if the capital
stock of any such bank or trust company
IS impaired, or il any such bank or trust
company Shall refuse to submit it's books,
papers and affairs to the inspection of
any examiner, or if any. officer thereof
shall refuse to be upon oath
touchlng the affairs of amy such bank or
trust company, or if any such hank or
trust company shall suspend or refuse
to make payment of its obligations. or il
from any examination or report provided
for by this statute. the public examine.
sha.l have reason to conclude that such
bank or trust company is in an unsound
or unsafe condition to transact the BUSH
ness for which IT is organized, or that ii
IS unsafe and inexpsdient for it to CON
trust onpany shall neglect or refuse TO
observe an order of the public examiner
specified in the preceding section, the
public examiner may forthwith take pos
session OF the property and business OF
such bank or trust ompany and retain
such possession until such bank or trust
.:f. S'ihLii u AiiC " llS Il
fairs he finally ii%quidated, as herein pro-
yidcd.
Whenever any bank refuses or neglects
to deliver possession of it's affairs. as
sets or property of whatever nature. to
the public examiner, or to the person
ordered or appointed to take charge of
such bank or trust p according
to the provisions of this act, the public
examiner shall communicate the facts to
the attorney general, or to the states at
torney of the county wherein such bank
or trust company is located, who shall
hereupon cause an application to be made
to the circuit court or to any judge there
OIL, having jurisdiction of the same. for
an order placing the public or
the person ordered or appointed by him
to take charge of such bank or trust COM
pany, in charge of such bank or trust
y and it's affairs and property;
providing, that if the judge of the circuit
court having jurisdiction of the same,
shall be absent therefrom at the time
such application is to be made, then. and
in that case. any judge of the supreme
court may grant such order, and the
petition and order of possession shall be
forthwith ira asnitted to the clerk of the
circuit. court of the county in which such
bank is located.
whenever such bank or trust company
of whose property and business the pub
lie ami has taken possessions. as
by it may, at any time within ten days
after such taking possession. apply to the
circuit court for the county in which
II NN'' .Ath vi u - 10 OSIl
to enjoin further proceedings; the said
court after citing the public xamin
to show cause why further proceedings
should not be enjoined and hearing the
allegations and proofs of the parties and
; determining the facts, may upon the
merits dismiss such application or enjoir
the public from further pro-
ceedings. and direct him to surrender
such business and property to such bank
or trust company.
All proceedings by any bank or trust
p to enjoin the public examiner
i'm the discharge of his duty shall be had
I'm the county where said bank or trust
court of the state.
Sec. -. Notice-Effect off, On taking
possession of the property and business
| Of any such bank or trust company, the
public examiner shall forthwith give
to any and all banks or trust companies
holding or in possession of any assets o.
any bank or trust company. No bank o,
trust company knowing of such taking
notified as aforesaid. shall hav a lien Oh
, charge for any payment, advance. OF
clearance thereafter made. or liability
thereafter incurred, against any of the
whose property and business the public
l examiner shall have taken possession as
8 aforesaid.
Sec. 10. Resume Business Such bank
3 Of any money advanced by the Depositors
r Guaranty Fund to such bank or trust com.
pany. with the consent of the public eX.
aminer resume. business upon such con.
! ditions as may be approved by him.
. Sec. IA. Observation-Disclosures
post of Funds-Preference.] Upon TAX
ing possession of the property n bust.
ness of such bank or trust company, the
public is authorized to collect
all moneys due to such bank or trust com.
nQnv and tn dn C1loh other o0fC a q ur<