Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-10-26
days after the notice OF assessment shall

Ady > dkIcE liz NOlICc OF aH4CSHIl&nI Hnall
have been mailed.
II any stakeholder shall fail or neglect
70 pay the amount OF the assessment
against his stock for ten days after the
ann shall have become so due and pay
able. the directors of such bank or trust
company, OF. upon their failure to act.
the public examiner may offer said stock
for sale, and sell the same at public sale
upon ten days notice to be given by post
ing copies Of such notice of sale in five
public places in the town. village or city
where such bank or trust ompan Is To-
Gated. Upon such sale the purchaser
shall forthwith pay the amount OF the
assessment against said stock. The
amount received from the sale OF such
sale. shall be paid to the original owner
Of such stock.
II any bank or trust company refuse or
fail for thirty days after written notice
to al good such impairment of its
capital stock. the public examiner is
hereby authorized and empowered to take
charge of Its affairs and vino up it's BUSH
ness.
Sec. 10. Delinquent: Public Examiner
May Take Observation-Disclosures it shall
appear to the public examiner that any
bank or trust company to which this
chapter is applicable has violated its
charter or any law of the state, or is
conducting its business in an unsafe or
unauthorized manner, or if the capital
stockaof any such bank or trust company
Is impaired, or If any such bank or trust
company shall refuse to submit It's books,
ape and affairs to the inspection Of
any examiner, or ii any. officer thereof
touching the affairs OF any such bank or
trust company, or If any such bank or
trust company shall suspend or refuse
to make payment OF its obligations, or if
from any examination or report provided
FOR by this statute. the public examiner
shall have reason to conclude that such
bank or trust company is in an unsound
or unsafe condition to transact the bust
ness for which If is 4nrU9niZp6 nr -thpt ff
Is unsafe and inexpedient for 1t to con-
tinue business, or If any such bank or
trust company. shall neglect or refuse to
observe an order of the public examiner
specified In the preceding section, the
public may forthwith take pos
session of the property and business Of
such possession until such bank or trust
company shall resume business, or its af-
fairs be finally ,iquidated, as herein pro-
vided.
Whenever any bank refuses or neglects
to deliver poss ession of its affairs, as
sets Or. property of whatever nature. to
ans public examiner, or to the person
such bank or trust company according
to the provisions of this act, the public
examiner shall communicate the facts to
the attorney general, or to the states at
torney of the county wherein such bank
or trust company is located, who shall
hereupon cause an application to be made
TO the circuit court or to any judge there
VI, HlNltS JuTlSQlCllOn Oh lle same, lor
an order placing the public examiner. or
the person ordered or appointed by him
to take charge of such bank or trust COM
M in charge of such bank or trust
and it's affairs and property;
providing. that if the judge Of the circuit
court having Jurisdiction OF the same,
shall be absent therefrom at the time
such application is to be made. then. and
court may grant such order, and the
petition and order of possession shall be
forthwith transmitted to the clerk of the
circuit court Of the county in which such
bank is located.
Sec. IL. Injunction Proceedings. I
Whenever such bank or trust company
lie examiner has taken possession. as
aforesaid, deems itself aggrieved there
by 1t may. at any time within ten days
after such taking possession. apply to the
such bank or trust company is located
to enjoin further proceedings: the said
court after citing the public examiner
should not be en ns and hearing tie
allegations and proofs Of the parties and
determining the facts, may upon the
merits dismiss such application or enjoin
ceedlngs, and direct him to surrender
such business and property to such bank
or trust company.
company to enjoin the public examiner
in the discharge of his duty shall be had
in the county where said bank or trust
company is located or in the supreme
Sec. 70. N~otlce-Effect OFT On taking
possession of the property and business
Of any such bank or trust company. the
notice of such fact by letter or telegram
TO any and all banks or trust companies
holding or In possession OF any assets Of
any bank or trust company. No bank or
possession by the public examiner. or
notified as aforesaid. shall have a lien or
charge for any payment. advance. or
thereafter incurred. against any Of the
assets Of the bank or trust company. Of
whose property and business the public
examiner shall have taken possession as
Sec, 10. Resume Business Such bank
CIR trust company may upon repayment
OF any money advanced by the Depositors'
Guaranty Fund to such bank or trust COM
aminer. resume business upon such con.
ditions as may be approved by him
Sec. "a. Observation-Disclosures
ing possession of the property and bust.
ness OF such bank or trust company, the
public examiner Is authorized to collect
pany. and to do such other acts as are
necessary TO conserve its assets and bust
ness, and shall proceed to liquidate the
affairs thereof as provided in this act.
. uo pupiS eNatiitIICl Silot SotSSl All
debts due and claims belonging to it.
and may upon order OF the circuit court,
after having made application therefor,
sell or compound all bad or doubtful
debts. and on like order may sell all or
any of the real and personal property of
such ban or trust company on such
terms as the court shall direct. provided,
all sales shall be made on competitive
bids after advertisement for ten days in
the official papers in the county In
which the property is located
The moneys collected by the public ex-
amtner shall be. from time TO time. de-
posted in one or more state banks or
trust companies. and In case OF the sus-
pension or Insolvency OF the depository.
such deposits shall rave preference over
all other deposits.
Sec. Is Examiners in charge-As-
sistants-Appointment.] The public ex.
aminer Dsay. under his hand and official
seal app0tst one or more examiners in
charge. A. agent or agents to assist him
n the duty Of liquidation and distribution;
the certificte Of appointment to be filed
in the office OF the public examiner, and
a certified copy In the office OF the clerk
Eof the circuit court for the county in
which such bank or trust company Is 10.
Gated. The public examiner may from
time 10 time authorize a special examiner
Ito perform such duties connected with
such liquidation mi distribution as he
may deem proper. The public examiner
may employ such counsel and procure
such expert assistance and advice as ma
he nocnrnaP ~ In fhA humiliation and dis.