The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-10-26

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before provided for sucn puouc -xAEnftlS
shall be deemed sufficient, and IN Ali
eases where bonds are required rom TIE
Fund Commission for the faithful per-
Torrance Of their respective duties, the
premium thereon shall be paid by the
State Treasurer from the General Funf
OF the state. All such bonds shall be
subject TO the approval of the Governor
and together with the oath Of of1cs q
each of such commissioner shall De nsed
with the Secretary Of State.
Sec. l6. Members OF Depositors Guar
anty Fund ACKNOWLEDGEMENTS
director of said bank TO represent II IN
making Recommendations 10 the governor
for the appointment of member OF the
Depositc-s' Guaranty Fund Commission,
said persons selected by the board of u.
rectorS Of each Of said institutions sfA2i
constitute a State Bankers Association.
and such ASSOCIATION shan selset an ~
cutive Council Of not less than nine nos
more than fifteen members who shal rec.
onmerd to the governor the names OF
nine persons having qualifications pre-
Depositors' Guaranty Fund Commission.
from which TO select the three members OF
the Depositors' Guaranty Fund Commas
sion.
The governor shall appoint the three
members OF the Deposi,ors Guaranty
Fund Commission from the names SO SUD-
Sec. II. pepositors' Guaranty Fund
FtNed-Special Meetings-Ecw Called
Where Held-The Depositors' Guaranty
sions Of this act shall hold at least iour
meetings during each calendar year al
stated intervals as ,olows; to-~'f ,av
April, July and October, provided that
other meetings Of the commission may De
convened upon written request oy any I~o
members of the commission. served upon
the chairman OF such commission. VINO
shall upon receipt of such request give
notice 20 the secretary of the date wnen
a meeting shall be held in accordance WITH
such request, and the secretary shall IN
turn give notice thereof 20 all members
OF the commission of the date OF sucn
meeting so to be held. as hereinafter pro-
vided: and provided further. that when
ever a condition exists affecting the gen.
eyal banking business within the state,
or when there is sufficient matter in
the Office OF the public examines entitled
20 receive consideration and disposition oy
the Depositors' Guaranty Fund Commas
sion, as contemplated herein. or ~heh
IN the opinion OF the public u
IS advise bic 20 convene such cofnnis-
SIGN for counsel and direction on con.
tingencies that may arise that wouid teno
20 prevent best results from being OBJ
tanned hereunder as contemplated herein.
IL shall be within his power to convene
the commission and TO that end shall give
notice 10 the secretary of the date of such
meeting so 10 be held. and the secretary
shall forthwith give notice OF the oate
OF such meeting TO all members OF the
commission.
All meetings Of the Deposi.ors' Guar
anty Fund Commission shall be held In
the office Of the public examiner.
Sec. IS. Depository Guaranty rund
Commiss!on-Specifc Duties-It shall Do
the specific duty OF the Depositors GUAR
anty Fund Commission to pass upon the
qualifications OF each and every hank TOT
fund and their actions shal be anal. both
as TO Immediate admission or what shan
be further required Of any bank In ordc
TO place IL In a condition satfsiacsory 70
the commission so that II may be ad-
when the condition Of any bank here:
tofore admitted under the depositors
the public examiner TO doubt the aeyfsa-
biIlty Of permitting II to continue in eusi-
ness, IL shall be within his power TO re-
nuire the advice and opinion OF the conn
OF the commission may be called.
At any regular or called meeting OF me
Depositors' Guaranty Fund Commission
not q full attendance OF the membership
IL shall be optional with a quorum wheth-
er or not any business shan De transacted,
and such quorum may adjourn from time
| 20 time unit such time as there SHAH Dc
a fun attendance.
Sec 10. Notification Of Admission
ICertiacate-rmmediately after being pass.
ed uuon favorably by the Depository
| Guaranty Fund Commission. the secre.
fary shall notify each and every bank so
/ afntyt@1 DIV TDalttNE a CrttljtaAC- " SAN
hans showing such admission. the sams
n be signed by the chairman and at
tested by the secretary OF the commission
and bear the seal OF The pubic sxsminer.
/ served by the bank receiving the same
by being framed or otherwise properly
protected. and shall at all times be dis
PLAYED in a conspicuous position in the
sec. 20. Forms-ApprovalLThe De-
p~ositors' Guaranty Fund Commission shan
or necessary In carrying on, the provt-
Sec. 81. Purishment-where Not 9th
aruise Proytded-where no other punish
ment Is provided herein any person vic.
lating any OF the provisions of this act
shall be deemed guilty OF a m~isdeneanor.
nd upon conviction thereof shall be pun
ished by a fine OF no, less than city dol
lars nor more than three hundred dollars
= bv imprisonment in the county jail
for not less than thirty nor more than
ninety lays or both, In the discretion or
Sec %. Saving Clause-Nothing in this
act contained. repeating any act for ths
regulation or conduct OF banking. shan
he construed TO release any person from
punishment for any acts heretofore conn
nitted violating said act or acts nor af-
ment or prosecution by reason of such
repeal: and fer that purpose such, act or
acts shall continue in force and eject
Notwithstanding such repeaL
-EA 80
Nav Oualify-Pequirements-Any nation
ri bank that has r~eorsanized as a state
bank as provided herein. shall before
engaging In business under the provisions
~ this act set apart and credit TO the
deposifors' guaranty fund such an amount
as viii place them on an equal basis in
such respect. with other state banks here
tofore admitted. computed on the aver
| ared daily deposits Of such bank during
re prior calendar year
Sec. "a Federal Guaranty Law
! Whenever by act OF congress-. or by deci-
sion OF federal court. or departmental
construction OF the national banking act,
! M tional banking associations located and
doing business within this state are per-
| mitted TO avail their deposi!ors If the
| protection Of the deDos'to-s' guaranty
fund. ests blished by the law OF this state
for the repayment OF deposits in closed
banks. and such association, after esafrfis
ration at It's expense by the public exam.
liner. upon approval as to its financial
condition. may participate I'm the assets
and benefits Of the depositors' guaranty
fund upon terms and conditions i'm h9r-
mony with the banking law Of this state
~ be fixed by the said Depositors' Guar
anty Fund Commission: provided. that IN
the event national banking associations
shall be required by federal enactment
to pay assessment to any depositors'
guaranty fund OF the federal government
and thereby the depositors In such ASSOC
Citations In this state shall be guarantees
by virtue Of federal laws thar fha as.o-