Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-11-02

lnS GATE OF 0aCn january statement Az
hereinbefore provided, the amount of
~oney 1t has on deposit not eligible to
lranty under the provisions OF this act,
shall be deducted from the total deposits.
Sec. I. Interest on Deposits-No bank
transacting a banking business under this
act shall pay interest on deposits, direct
i've per cent Bisj per asn nr,S 'A'e "N'
Any officer, director or employe of a
ton, directly or Indirectly, shall be deemed
guilty Of a felony and on conviction there
OF shall be punished by a fine of not less
five hundred dollars, or by Imprisonment
in the state pen~itentiary for a term of not
less than one year nor more than three
years, or both. in the discretion of the
court.
Sec. 5. Averaged Annual Statement
False statements-Penalty-Any bank
posts less than twelve months prior to
the date when the statement referred to
IN SECTION three is required to be made
and filed shall show the average daily de-
Dosits for that portion of the said annual
eriod during which it has been engaged
IN business and receiving deposits.
Any person making oath to any of the
statements herein required, knowing the
same to be false, shall be deemed guilty
n nf a felony and be punished by a fine Of
more than one thousand dollars. or by
Imprisonment in the state ~penitentiary for
a term of not less than one year nor more
than five years, or both, in the discretion
of the court.
Sec; g. Voluntary Liquidation or
desires to go into voluntary liquidation or
change to a national bank before the as
sessments provided for in the last section
become due and payable, the provisions
Of this act shall not release said bank
from the payment of any assessments
then due from it to the Depositors' Guar
Sec. Z. New ~Banks-Any bank organ
lied subsequent to January LIST. 1916, shall
Nay into the Depositors' Guaranty Fund
IN amount equal to four per cent Of it's
'apital stock, when such bank opens for
business, which amount shall constitute a
credit fund, subject to adjustment on the
posits, as shown by the first annual state
article.
The Depositors' Guaranty Fund Com
mission is authorized and empowered to
make such an adjustment of the rates of
assessment to be paid by any bank which
quent to January LIST. 1916, and shall re-
qulre such bank to contribute to the De-
p1sltors, Guaranty Fund, a Just and equit-
able sum, and the Depositors' Guaranty
Fund Commission shall adjust assess
ments OF such bank so that the first two
assessments, together with the credit fund
or four per cent of the capita stock paid
by said bank when it begins business,
shall at least equal one per cent of the
average, daily deposits of said bank as
SHOWN by the first annual statement re-
quired by section three of this article.
Provided, however, that said four per
cent VIII not be required of new banks
formed by the reorganization or CONSOLE
datlon or banks that have previously COM
piled witt the terms Of this act with ref
eren enc 70 the payment of assessments
positlon-Payable on Demand-As soon as
SAID assessments are respectively levied,
the banks against which the same are
, levied shall be notified of the amount of
such assessment levied against them re-
+ spectivelys by the secretary OF the De-
posltors' Guaranty Fund Commission, and
said banks shall t%hereupon set apart, keep
+ and maintain in their said hanks the
amount thus levied against them, and the
, amounts thus levied, kept and maintained
shall be and constitute what shall be
t designated as a Depositors' Guaranty
; Fund, PAYABLE to the Depositols' Guar
{ anty Fund Commission on demand. for
the uses and purposes provided.
Sec. 8. Guaranty Fund-Assessment-
!, rallure to Credit-Whenevcr any bank
! Ne Depositors' Guaranty Fund Commits
; is books to the Depositors' Guaranty
= fund any assessment as herein provided
!. Tor a period of ten days, such bank shall
r pc subject to a penalty of ten dollars pc,
day for each day it so refuses or fails tc
I pay over or credit to such Depositors
Guaranty Fund, such assessment. and the
:. pnnilc shall Immediately there
t a a1ch h take IKE posseession Of the affairs o
herein provided for making final disposi.
a ton Of lnsolvent banks.
: Eoee' ~ ioeposltors Guaranty Fund
First Observation-Disclosures an,
! bank doing business in this state under
: the provisions of this act shall suspend
r paymen or become insolvent: the amount
81 money standing to the credit of the De.
: 9ositors' Guaranty Fund on deposit If
such bank, shall! be a first lien upon the
assets asse OF sueh Institution; save and ex.
~ the public examiner and belonging r.
. me estate OF any insolvent Institution
Which snail nave preference over all othe,
= Claims as provided In Sarfjon I Q 10 A.,
( ticle l of this act.
r Sec. II. Observation-Disclosures an,
| bank doing business under the provision
of this act suspends or becomes insol.
vent, the public examiner shall forthwith
proeee 20 to determine the amount neces.
= fun; and cause the same to be certified
to, the Depositors' Guaranty Fund Com.
mission, which shall t%hereupon draw
I on deposit in the several banks. in III,
I. amount thus certified and the treas1,re,
9 tran s $ con f66mmlssion shall Immediately
: amlner to be applied in ymen OF tht
deposits due such depositors.
! tr6 6 ] however, that Il there should
4 not ne sufneient funds in the Depositors
guaranty FUND to pay said claims. ther
the Depositors' Guaranty Fund Commis..
S,on s naaot lss ne q certificate Of indebted.
l posters Guaranty Fund and in favor Of
such bank. drawing interest at the rate
cert tic psf Of Gei ind Pfs; annum .n Which sait
n due and payable on the first day of Marcf
! neSt succeeding the date of issue thereof
u ana Shall be paid out of the first mono,
!, accruing to the Depositors' GuarantS
: Such drafts against the Depositors,
Guaranty Gea ira y Fund msd shall be pro rated, a,
solvent banks wherein the same is a a.
! adodesaid kept and maintained. in ac.
; by such banks respectively. "'
= Sec. IL. subrogation-To the exten,
Guaranty Fund to satisfy the claims o
: depositors. the Depositors' Guaranty F,,nf
e Commission, for the use and beneft ~
: said fund. shall be smbrogated to all the
shts Of the depositors thu paid. t.
: participate in the assets Of such bank anf
the same shall be enforced and collected
I when collected shall be placed in sait
: fnnd = deposited by the .Depositors
I vent banks subject to the provisions o.
ne Depositors' Guaranty Fund, proper.
the assessments levied against each O
Z Ser IA Ga~e-Pnpor%. NJ