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

bank doing business under the provisions
OF TINS act suspends or becomes insol-
vent, the public examiner shall forthwith
proceed TO determine the amount neces-
sary TO pay the unsecured depositors in
tull, and cause the same to be certified
TO the Depositors' Guaranty Fund Com
mission, which shall thereupon draw
against the Depostors Guaranty Fund
on deposit in the several banks In the
amount thus certified and the treasurer
oS said commission shall Immediately
aminer to be applied in payment of the
deposits due such depositors
provided, however, that II there should
not be sufficient funds in the Depositors'
Guaranty Fund to pay said claims then
the Depositors' Guaranty Fund Commits
sion shall issue a certificate Of indebted
ness, negotiable in form, against the De-
DosltOrs' Guaranty Fund and In favor OF
such bank. drawing interest at the rase
OF I'VE per cent per annum, which said
certificates Of Indebtedness shall become
due and paya5le on the first day Of March
next succeeding the date of issue thereof
and shall be pGid out of the first money
accruing to the Depositors' Guaranty
Fund.
such drafts against the Depositors'
Guaranty Fund shall be pro rated, as
nearly s may be, among the several
solvent banks wherein the same rs as
aforesaid kept and maintained. in ac-
cordance with the amounts tb ireof held
by such banks respectively
Sec. II. Subrogation-To the extent
OF the amour paid from said Dcpositors'
Guaranty Fund 10 satisfy the claims OF
=, e ~ 80 80 'iiI.S iS ~ ~
Ia ed ,hu ,,bros,o @ IA ~ ot
ghts Of the depositors thus paid, 10
~ -, ~, ~ 20 li rS-,.l "a D-liN IN 90 ga
& ~. ,,Ilic avs,,,i,1a- ,ccSTSi,Sri, ,,d -
when collected shall be placed in said
,,.,lro,t,r ts,,1S S,Ct,,,,1ssjl,, Il, ~, f
vent banks subject TO the provisions Of
the Deposltors Guaranty Fund. Tropor-
ne ! oesa@sr,ents levied arafust Zach ~
la i,5,f.s
80 IL -Reporte-Tho p,lollc ey-
.,,-i,,C,. or G-sar-ine, In oharpe 81 + sr.,, cils
/ ,ai'Id Cr i,,soIyer+ ba,l- r,-.ess-.'i,,, a.
g-bjrL b9s bren talsen und6r mo pro,i-
ions Of thfs act sh1u make 20 the pa-
noeiioss' guaranty Fund CouuiesiCu NOT
lass than one REPORT GI.qrterIv according
~ eEtb f9r,n ge NAV be nrssrrfbca such
report 10 be verified by his oa1h
So "a Nofines not 0tbrr,gisa Provided
l-rr- Whenever notice is rcogfrcd bv mo
,,rc.,-l-icTis ~ Articles l. . ana 3 Of this
act ana such notice is net otherwise
provided for as to form or manner of serv-
se thereof. the same may bc served in
+bo manner now provided f5r service of
summons I'm civil action. or hy registered
mail. and an affidavit OF such mailing OF
-iIch notice by the person giving or serv-
ing the same, shall be p~ima facie evil
danra Of the service of such notice
Sec Is Comnissioncrs-Qu Qualification
pGrls-O oath and Filing Thereof Within
GftaSn davs from the date of notice az
their appolntment by the governor re-
spectiyelv the members Of the DeDoSitOrs'
Guaranty Fund Commission other than
the public examiner. shall take and sub
scribe the oath of office prescribed by the
CONSTITUTION. and each shall give TO the
state Of South Dakota a surety company
bond in the amount Of ten thousand dol
lars eXcent such colnn1issiorer as shall
he elected treasurer Of the Depostors'
Guaranty Fund Commission who shall
give a bond in the amount OF twenty
Ave thousand dollars. unless the public
eySmineT should be- elected as such treas
urer in which case the bond as herein
before p-ovided for such public examiner
sbau be deemed silffcient. and i'm all
cases where bonds are reouired from the
members Of the Deposiiors' Guaranty
Fund commission for thg faithful a,,tia per- tbc
nreniun1 thereon shall he paid by the
state treasurer from the General Fund
Of the state. All such bonds shall be
subject 10 The approval Of the Governor
Iand togefher With the oath OF office Of
each az such commissioners shall be fled
with the Secretary of State
Sec Ie NIenhers of Deposltors' Guar
anty L1,ind observation-disclosures -Se'action-The
dircctors or each bank shall select a
director of said hank 10 represent il in
mn king Observation-Disclosures To the governor
for the anDoinf,ncnt ~ members Of the
Deoosifors' Guaranty Fund Commission,
said persons SELECTED by the board of di-
rectora of % ob of said institutions shall
constitute > STATE Rankers' A Association,
and such assCciation shall select an Exc
cutive Council Of not less than nine nor
more tboI, tiftea1i members who shall rec
ommend 10 Tho goverpor the names of
nine persons having qualifications pre-
scribed In this act for members of the
Depositors' Guaranty Fund Commission.
from which to select the three members of
the Deposltors' Guaranty Fund Commis-
sion
The governor shall appoint the three
mem hers of the Denositors' Guaranty
Fund Commission FROM the names so sub
nftted
Sec IL Depositors' Guaranty Fund
Commission-Regular Meetings-Dates
Where HeSd1The pepositors' Guaranty
Fund Commission created by the provi-
sions of this act shall hold. at least four
meetings during each calendar year at
sta fed Intervals as follows to-wit:
on the second Tuesday in January,
April July and October, provided that
other meanings of the commission may be
convened upon written request by any two
members OF the commission, served upon
the chairman Of such commission. who
shall upon receipt OF such request give
notice to the secretary of the date when
a meeting shall be held in accordance with
such request, and the secretary shall In
of the commission of the date OF such
meeting SO 10 be held. as hereinafter pro-
vided: and provided further, that when
ever a condition exists affecting the gem
or when there Is sufficient matter in
the office of the public examiner entitled
to receive consideration and disposition by
the Depositors' Guaranty Fund Commits
sion as conteuplafad herein or when
In the oninion Of the public examiner ii
is advisabie TO convene such commits
gi,,, for co,,nseI and direction ON con-
.{ncancies tbat may arisa that would tend
n nrevent hest results from being OBJ
"a i,od hareunder as contemnlated herein
II shall be within his power to convene
,ha aud 10 III end shall give
rntico 20 tbe sccretarv of tho date of such
mailing co to he held and the secretary
shali forthwith give notice of the date
81 S,,cb netting to ali members of the
ca,nmjssion
An meetings of the Depositors' Guar
antv Fund Comnission shall be held in
,ha'ofGca % tba ,uI,Iic axanoiner
Sac IL - Denosifnrs Guaranty Fund
r,o,r,,,,,ssjon Snecifc DntIes-Tt shall be
tba snacitic dntv NJ the Denositors, Guar
t ont RT.na Cor,3paissin,,- ~ mass ,pon the
,, a III - sa,t - a,,erx, H. nlx for