Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-11-02
No.. 8.
RELATING TO BANKING AND
FINANCE.

RELATING It TO b AND
AN ACT Entitled, An Act Providing for
the Establishment OF a Department OF
P Pa~lsIns ana and 6ut tina IN s;,oh Defining nn n Is; the
and the Officers Thereof, and Provid-
ing for the Compensation and Expenses
OF %rps snsh offieeer eg;u,d progidi nna for enrt THE
Of Banks, Trust Companies and the
Banking Business, and to Bring the
Business of Banks and Trust Compan-
les More Fully Under the Control of he
Department ey Banking and Finance:
to Prevent Fraudulent Banking and
Provide Penalties Therefor; Providing
for the Establishment of a Depositors'
Guaranty Fund to Guarantee Payment
of General Deposits and the Establish.
Control Such Fund; Providing for the
Liquidation of Insolvent Banks. and to
Repeal CHAPTER 70 of the Session Laws
of 1905, Chapter IS of the Session Laws
of 1907, Chapter 222 of the Session Laws
of 1909, Chapter 299 OF the Session
sion Laws of 1911, and Chapter los OF
the Session Laws of 1913.
BE it Enacted by the People Of the
State of South Dakota.
Section 1. Department of Banking and
Finance-Established;l There is hereby
partment which shall have charge of the
execution of the laws relating to banks,
trust companies, and the banking bust.
ness in this state. Such department shall
be designated as the Department OF
Ranking and Finance and shall be under
the MANAGEMENT and control Of the pub
intendent of banks and trust companies
and chairman Of the Depositors' Guar
anty Fund Commission.
Sec. 2. Depositors' Guaranty Fund
Commission Established Compensation
-Expenses.). There is hereby established
of the State of South Dakota, to be COM
posed of the public examiner and three
other persons, which persons shall be APP
pointed by the governor, by and with tho
advice and consent of the Senate, no one
of whom shall be an officer or director
of q national bank. Said three members
Governor. unless for good cause, they
shall be sooner removed by him.; and as
soon as said members are appointed under
the provisions of this act, the commits
treasurer and said appointment shall be
made within ten days after the passage
of the commission, other than the public
examiner, shall receive no compensation
for their services, but they shall be paid
their actual and necessary expenses in
CURED in the performance of their duties.
the same to be paid out of the general
fund of the state. The public examiner
Said commission shall have the super
vision and control of the Depositors'
Guaranty Fund and shall have the power
tions, not inconsistent with the law, for
the management and administration Of
said fund. If vacancies shall at any time
occur in said commission, the governor
nall fill the same by appointment as here
matter provided.
Sec. s.. Public Examiner, Deputy Pub
cial Examiners, Examiners in Charge,
Clerks. ACKNOWLEDGEMENTS
Expenses The public examiner shall
the advice and consent Of the Senate and
shall hold office for the term of four
years and until his successor shall have
been appointed and qualified, unless SOON
er removed by, the governor for good
cause; The public examiner may, by and
with the consent and approval of the gov
ernor, appoint a deputy, and an attorney
to assist him in the discharge Of the
duties imposed by the provisions Of this
act and he may revoke such appointments
shall be eligible for the office of public
examiner, or deputy, without first having
had at least three years actual practical
experience in the general banking BUSH
ness, or served for a like period in the
banking department of this or some other
state.
Such deputy shall possess all the DOW
ers, and perform the duties attached to
the office of TIE public xamine during
a ab vaeasr sr in 3na snfh of IF his and nri do;Td,yS the
Such attorney ehall be a regularly adj
mitted p@actitione,, at law before the bar
lie eSami,:sr, deput. public examiner, es-
aminers, sFecial examiners, examiners IN
charge, ms mbers of the Depositors..
employees Of the department, legal advice
on all questions arising out of the per-
formance of their several duties as de-
il i'e e )" mine md shall. " ander pt the
direction of me public examiner
a ar amt SttoT anG a fene litlsatio nnve in charge ags
manner connected with the Department OF
Banking and Finance or any of the Of
ficers or employees thereof as such. He
and all actions commenced by the public
examiner or that may be brought against
the public examiner in connection with
the liquidation Of the assets of any in
possession; but nothing herein contained
employing other counsel to take charge
of or assist in the preparation and trial of
cases in connection with the liquidation
The public examiner may also employ
from time to time with the consent and
approval of the governor. such examin-
charge, and clerks. as he shah deem
necessary to assist him, his deputy, and
his attorney in the discharge of the sew
eral duties imposed upon them by this
act.
Tine salary Of the public examiner shall
be thirty-five hundred dollars per annum:
the salary of the deputy shall be twenty
four hundred dollars per annum; the SAL
airy of the attorney shall be three thou
sand dollars per annum. The salary OF
thousand dollars per annum and the sal
airy of special examiners shall be not to
exceed fifteen hundred dollars per an
mum, each of which shall be fixed by the
public examiner. The salary Of the ex-
aminers in charge shall be fixed by the
public examiner as hereinafter provided,
employed shall be at such rate per. an-
mum as the public examiner shall decide
not. however, to exceed thirteen hundred
dollars for any other. Provided, that no
public examiner. his deputy. attorney OF