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

such bank by registered mali or express
and a receipt therefor shall be forwarded
to the Treasurer OF the State Banking
Board, who shall file and preserve the
same.
Sec. II. Proceeds Of Assessments Re-
Whenever the State Banking Board shall
evy, an assessment against the capital
stock of the banks subject to the pro-
Guaranty Fund, or whenever any sum
of money shall be due from any such
bank to said fund. either on account Of
assessment or increased deposits. such
sun shall be retained by such bank and
the amount thereof shall be entered in
its books as a deposit to the credit of the
State Banking Board and subject to it's
call. Every such bank shall pay interest
at the rate of two percentum per annum
for the benefit of the Depositors' Guar
anty Fund upon an sums Of money IN its
interest shall be computed on the last
days of March. June, September and De-
cemDer for the preceding three months,
upon the average daily balances and such
interest shall at once be RENTED by draft
to the treasurer of the State Banking
Board, and such bank shall at the same
time mail a copy of the remittance slip
to the public showing that it
has made such remittance. Whenever an
amount shall be placed to the credit of
he State Banking Board BY any bank. as
herein provided, a deposit ticket shall be
made in duplicate and signed by the
cashier, one of such tickets to be mailed
Board and the other to the public exam
iner, which officers shall, respectively,
enter the amount II their books to the
credit of sEsh banks.
Sec. IS. The Treasurer and Secretary
Keep Books-Expenscs Paid-How-The
treasurer and Secretary of the State
Banking Board shall keep suitable books
which shall be duplicates in all respects,
| in which fhau sholl lynon "a N appiJratn
count of the Depositors' Guaranty ind
and the Secretary shall include a report
of the condition of said Fund and of the
trans >tions of the State Banking Board
IN his reports to the Governor, as public
examiner. The secretary shall also keep
a minute book in which he shall record
state Banking Board, and the expense of
I sll books, stationery, postage, and cler-
cal help necessary. in carrying out the
cut of the Depositors' Guaranty Fund
through orders on the treasurer, signed
by the secretary, and the treasurer shall
each order returned to him for payment;
Provided, that every such order shall
show for what purpose issued.
Sec. 16. Call on ,Banks-Made. How
Whenever 1t shall be necessary to draw
upon the Depositors' Guaranty Fund for
the purpose of reimbursing the depositors
Of failed banks, the treasurer of the State
each and every bank having funds in it's
possession to the credit OF the State
Banking Board. which call shall be in
bank, and shall not be in excess of the
sum needed for the immediate purpose for
which it shall be called. nor shall a call
be made upon any bank for a greater
sum than is held in any such bank to the
credit of the State Banking Board. Upon
the receipt Of such call every ban sub
Jet thereto shall within two days there, :,
the State Banking Board. the sum SO called
and shall at the same time notify the pub
lie examiner that such, remittance has
for a period of ten days to make such
remittance the treasurer OF the State
Banking Board shall notify the public ex,
II bank to comply with the provisions
of this Section shall subject such bank tic
q fine Of $4,000 Which fine h be en-
forced by the attorney general and shall
be covered into the Depositors' Guaranty
Fund.
Sec. II. Public Examiner Take Posses
ganized or existing Under the laws Of this
state shall voluntarily place itself in the
hands of the public examiner or whenever
any lndgment shall shall be 3et rendered asf,d BY y,a a eo nni
decreeing such bank insolvent, or when
ever it's rights or franchise to conduct 8
banking business under the laws of thi:
state shall lave been adjudged to be for
feited or whenever the public examin
shall become satisfied of the insolvenc'
of any such bank, he may, after due ey'
animation of its affairs, take possess
of said bank and its assets and proce,
to wind up its affairs and enforce T.
personal liability of the stockholders, of
Sec. 1s. Depositors Paid in Full-In
terest Limited to Contract R%ate.--In tn,
event that the public examiner shall talk
possession of any bank, which is subjec
to the provisions of this Act. the deposit
ors of said bank shall be paid in full ant
when the cash available, or that. can b
is sufficient to discharge its obligation
to depositors, the State Banking Boar,
shall draw from the Depositors' Guarant;
Fund and from qna,,aaa spe in se a ) fiTa 4
the amount necessary to make up the de
ficiency; Provided, that If a sufficien 7
amount is not Available and cannot b
State Banking Board shall issue Cert
l%icates of Indebtedness to all such unpai
> depositors TO. any amount so remainin
unpaid to each such depoSitor, as pro
vided in Section six CD of this Act; Pro
vided, further, that in all cases in whic
. there shall be a contract rate of interes
between a deposition and any such faile'
{ bank, such depositor shall receive n
higher rate of interest than as provide
! in such contract.
-Procedure.-The public examiner. sha
/, take possession of the books, accounts an
assests Of every description of such banl
|, collect debts, dues and claims belongin
to it, and Upon order of the circuit cour
8 or the judge thereof, may sell or com
pound all bad or doubtful debts, and O
e like orders may sell all real estate or per
sonal property Of such bank, upon sue
. terms as the court. or judge thereof, ma
t direct, and may, If necessary, pay til
I debts of such bank, and enforce the liza
d billties OF stockholders. officers and d
r ~rectors; Provided, hat bad or doubtfl
d debts as used in this Section shall not In
clude the liability Of stockholders, officer
E Sec. 20. Certificate Furn+ahed-Ban
< May Advertise, How-Penalty for Vic
lation.-The Public Examiner shall de
u liver to each bank that has compiled wit
y the provisions of this Act, 81 certificat
stating that said bank has complied Wit
the laws Of this state for tae protectio
of bank depositors, and that safety to il
depositors is guaranteed by the Deposit
. ors' Guaranty Fund of the State of Sout
Dakota. Such certificates shall be cor
spicuously displayed in it's place of bus!
ness and said ban may print or engrav
upon Its stationery and may advertise /
any other legal manner hat its deposition
Il are protected by the Depositors' Guarant
t Fund of the State of South Dakota, br
no bank shall be permitted 10 advertise IL
: deposits as guaranteed by the State {
South Dakotn and any bank, bank OF
e ficer or employee who ahali advertis
contrary TO the provisions of this Ac
shall be guilty of a misdemeanor and upo
d conviction thereof shall be punished by
I fine of not less than 10000 or more tina