The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-11-02

urer, In which case the bond as hrreip
shall be deemed sufficient. and In -
cases where bonds are required from ~.
members Of the Depositors' Guaranty
Fund Commission for the faithful PEI
Torrance of their respective duties. tbs
premium thereon shall be paid by ts
State Treasurer from the General Fusa
of the state. All such bonds shall 10
subject to the approval of the Goyern~
and together with the oath of office ~
each Of such commissioners shall be hisf
with the Secretary Of State.
Sec. l6. Members of Depositors' Guas-
anty Fund Commission-Selection-Ths
directors Of each bank shall select a
director of said bank to represent it b
making recommendations to the govern9
for the appointment OF members OF the
Depositors' Guaranty Fund SommissiSs,
rectors OF each of said institutions shaA
constitute n State Associatiol
and such association shall select an ENse
cutive Council of not less than nine ne
more than fifteen members who snan rec.
ommend to the governor the names q
nine persons having. qualifications pre-
Depositors' Guaranty Fund Commission.
from which to select the three members e
the Depositors' Guaranty Fund CommiE
The governor shah appoint the thres
members of the Depositors' Guaranty
Fund Commission from the names SO sub
Sec, II. Depositors' Guaranty Funt
Commission-Regular Meetings-Dates
ELxed-Special Meetings1How Called
Where Held-The Depositors' Guaranp
Fund Commission created by the provL
sions of this act shall hold at least lou
meetings during each calendar year az
stated Intervals as follows. to-wtt:
On the second Tuesday in Januars.
April, July and October. provided ma
other meetings of the commission may "
convened upon written request py any wv
members OF the commission. served upos
the chairman of such commission. VIA
shall upon receipt OF such request givs
| ,Atioz - 49, ..ota al ~ thu data WhAI
a meeting shall be held in accordance VIII
such request, and the secretary snan ~
turn give notice thereof to all memeers
of the commission of the date OF sucA
meeting so to be held, as hereinafter pre-
vided: and provided further, that when
ever a condition exists affecting the gen
eral banking business within the statS
or when there is sufficient matter h
the office of the public entities
to receive consideration and disposition ~
the Depositors' Guaranty Fund Commis-
sion, as contemplated herein. or wines
in the opinion of the public examiner "
is advisable to convene such commits
sion for counsel and direction on con-
tingencies that may arise that would tens
TO prevent best results from being OBJ
tanned hereunder as contemplated hereiA
i 4. ss samm be wi5h ana h ao t RHws end 70 sh SIns siVs
notice to the secretary OF the GATE OF sucx
meeting SO to be held. and the secretary
shall forthwith give cue OF the o ~
An meetings OF the Depositors' Guar
anty Fund c2mmission hal be nsid
Sec. is. Depositors' Guaranty Fund
Commission-Specifc Duties-It shall b
the specific duty Of the Depositors, Guar-
anty Fund Commission to pass upon the
qualifications OF each and every bank fof
admission under the depositors' guaranty
fund and their actions b be ma, BOZ
as to Immediate admission or what sha1
be further required Of any bank in orda
to place it in q condition satisfactory =
the commission 80 that 1t may be a.
When the condition Of any bank here
tofore admitted under the depositorS
guaranty fund becomes such as to cause
The public examiner to doubt the advise-
bility OF permitting II to continue In busi-
ness. II shall be within his power to re-
uuire the advice and opinion OF the conn
Of the Commission may be called.
At any regular or called meeting OF the
Depositors' Guaranty Fund Commission
nst = full attendance Of the membership.
II shall be optional with a quorum wheth-
err or not any business shall be transacted
and such quorum may adjourn from time
70 time until such time as there shall be
Sec. is. Notification OF Admission
ed upon favorabiy by the Depository
Guaranty Fund Commission, the secre-
tary shall notify each and every bank g
admitted by mailing inS 2 Gersanca'e the 20 s sucs
=" he signed by the chairman and at
tested by the secretary OF the commission
and bear the seal OF the p PUBLIC exnm, nrs.
served by the bank receiving ths sans
by being framed or otherwise properly
protected. and shall at all times De DIS
lobby OF the bank. -
sec. 20. Forms-Approval-The De-
positors' Guaranty Fund Commission sns1
prescribe all such forms as may be useful
or necessary In carrying out the provi-
sions Of this act.
lerwise Provided-Where no other punish-
ment II provided herein any person VIC.
lating any Of the provisions .of. this act
shall be deemed guilty OF g misnem m
ished by a fine of not less than nifty dol
lars nor more than three hundred dollars
r by imprisonment In the county jan
for not less than thirty nor more. than
ninety days or both. In the discretion Of
the court.
Sec. 90. Saving clause-Nothing in this
act contained, repeating any act for th4
regulation or conduct OF banking, shall
be construed to release any person from
punishment for any acts heretofore COM
mitted violating said act or acts nor at
feet in any manner any existing indict-
ment or prosecution by reason OF such
repeal; and for that purpose such act or
acts shall continue In force and enect
Notwithstanding such repeal. .
Sec. %. National Banks R~eorganizeo
May OBSERVATION-DISCLOSURES nations
/ al DAnk THAT ~ ICVt tAi6 10 q 60
bank as provided herein shall before
Engaging In business under the provisions
OF this act set apart and credit TO the
depositors' guaranty u 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:
Sec. "a Federal Guaranty Law
Whenever by act of congress-, or by deci-
sion of federal court, or departmental
construction OF the national banking act,
national banking associations located am
doing business within this state are p1x1
mitted TO avail their depositors OF the
protection OF the depositors' guaranty
fund, established by the law Of this state
banks, and such association, after exami-
nation at it's expense by the public exam
liner, upon approval as to it's fnandS
condition., may participate In the assets
and benefits of the depositors' guaranty
fund upon terms and conditions in har-
mony with the banking law OF this stats
to be fixed by the said Depositors' Guar
anty Fund Commission; provided. that n
the event national banking association
shall be required by federal enactment
to pay assessment to any depository
guaranty fun OF the federal government
and thereby the depositors In such assoc
cations in this state shall be GUARANTEED
by virtue Of federal laws. that the asso-
benefits OF this act, may withdraw there
from and have returned to them ninety
per cent of the unused portion of all as
sessments levied upon and paid by such
associations.
Sec. 25. Unappropriated Assessmerts