The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-10-26
days after the notice Of assessment shall

company. or. upon their failure to act,
the public may otler sald STOCK
for sale, and sell the same at pubic sac
upon ten days notice TO be given by post
ing copies of such notice OF sale IN i've
public places in the town, village or city
where such bank or trust company is 10
Gated Upon such sale the purchaser
shall forthwith pay the amount OF the
assessment against said stock Inc
amount received from the sale OF such
stock, less the cost and expense 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 make good such impairment OF IT'S
capital stock, the public examiner Is
hereby authorized and empowered 70 take
charge Of it's affairs and wind up It's busi-
ness.
Sec. 10 Delinquent: Public Examiner
May Take observation-disclosures II snail
appear to the public examiner that any
bank or trust company 10 which TINS
chapter is applicable has violated It's
charter or any law OF the state, or is
conducting its business in an unsafe or
unauthorized manner, or II the capltal
stock of any such bank or trust company
is impaired. or If any such bank OF. trust
company shall refuse 10 submit It's DOCKS,
papers and affairs to the inspection OF
any examiner, or If n officer thereon
shall refuse to be amin upon oath
touching the affairs of any such bank or
trust company, or If any such bank or
trust company shall suspend or refuse
20 make payment Of it's Obligations, or II
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 uusound
or unsafe condition To transact the Dusl-
ness for Which II is organized, or that II
is unsafe and ineXpcdicut for it 10 con-
tinue business, or if any such bank or
trust company shall neglect or refuse 10
observe an order of the public examiner
specified In the preceding section, the
public examiner may forthwith take pos
session Of the property and business OF
such bank or trust company II retain
such possession until such BANK or trust
company shall resume business, or It's af-
fairs be finally liquldatcd, as herein pro-
vided.
Whenever any bank refuses or neglects
to deliver pOSSe sslOn of its affairs, as
sets or property OF whatever nature, TO
the public examiner. or to the person
ordered or appointed TO a k charge OF
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 al application to be made
to the circuit court or to any judge there
OF, having jurisdiction of the same, for
an order placing the public examiner, or
the person ordered or appointed by him
to take charge of such bank or trust COM
pany, in charge of such bank or trust
company and its affairs and property;
providing, that II 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
in that case, any judge or the supreme
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
Whenever such bank or trust company
of whose property and business the pub
lie examiner has taken possession. as
aforesaid, deems itself aggrieved there
by 1t la at any time within ten days
after such taking possession, apply to the
circuit court for the county in which
bank or trust company is located
to enjoin further proceedings: the said
court after citing the public examiner
to show cause why further proceedings
not be enjoined and hearing the
allegations and proofs Of the parties and
determining the facts, may upon the
merits dismiss such application or enjoin
the public Examiner from further pro-
ceedings, n direct him to surrender
such business and property to such bank
or trust company.
All proceedings by any bank or trust
to entoin the public examiner
the discharge of his duty shall be a
in the county where said bank or trust
rompany is located or in the supreme
court OF the state.
Sec. 10. Notice-Effect off On taking
of the property and business
Of any such bank or trust company. the
public examiner shall forthwith give
notice of such fact by letter or telegram
to any and all banks or trust companies
or in possession OF any assets of
any bank or trust company: No bank or
company knowing OF such taking
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 ban or trust company, Of
property and business the public
examiner shall have taken possession as
Sec. 10. Resume Business.1 Such bank
CT trust company may upon repayment
of any money advanced by the Depositors'
Guaranty Fund to such bank or trust COM
pany, with the consent of the public eX-
aminer. resume business upon such con-
ditions as may be approved by him.
Sec. IA. ACKNOWLEDGEMENTS
post of Funds-Preference.l Upon taxi
Ing possession of the property and bust
ness OF such bank or trust company, the
public examiner Is authorized to collect
all moneys due to such bank or trust COM
pany, and to do such other acts as are
to conserve It's assets and bust
ness, and shall proceed to llquidate the
affairs thereof as provided in this act.
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
ueDIS, anu oH lihc OINS may bci All VI
any Of the real and personal property of
such bank or trust company on such
terms as the court shall direct, provided.
all sales shall be made on competitive
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-
aminer 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 nave preference over
all other deposits.
Sec. Is. Examiners in Charge-As-
sistants-Appointment.l The public ex-
aminer may, under his hand and official
seal appoint one or more examiners in
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
of the circuit court for the county In
which such bank or trust company is To-
Gated. The public examiner may from
time to time authorize a special examiner
to perform such duties connected with
such liquidation and distribution as he
may deem proper. The public examiner
may employ such counsel and procure
such expert assistance m advice as may
bs necessary In the liquidation and dis
tribution OF the assets Of such bank or
trust company. and may retain such Of
company as he may deem necessary. The
public examiner shall require from such
examiners In charge, special examiners,
counsel n assistants, such security for
the faithful discharge Of their duties, al
he may deem proper.