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

from year 10 year according 10 the
arpoant of it's average daily deposits. as
shown by the annual report Of such bank.
as required by this Act. The interest
coupons attached 70 such bonds shall be
removed as they become due and shall
be forwarded 10 the said bank by reg
iStered mail or express, so long as such
nank shall remain solvent. Whenever
any such bank shall withdraw from the
l)eposltors Guaranty Fund in accordance
with me provisions OF this Act, the bonds
SO deposited by IL shall be returned 70
suSh pank py registered mail or express
ana fclTipt therefor shall be forwarded
70 the Treasurer of the State Banking
board, who shall file and preserve the
Sec. IA. Proceeds of Assessments Re-
tanned in Banks-To Draw Interest,"
Whenever the State Banking Board shall
leVN an assessment against the capital
stock of the banks subject to the pro-
visions OF THIS Act, for the DepositOrs'
Guaranty Fund, or whenever any sum
OF money shall be due from any such
bank to said fund, either on account OF
assessment or increased deposits. such
sum shall be etained by such bank and
the amount thereof shall be entered IN
its books as deposit TO the creGit of the
state Banking Board and subject to its
call. Every such bank shall pay interest
at the rate of two percentum per annum
Tor the benefit of the Depositors Guar
anty Fund upon all sums of money in its
possession belonging to said fund and said
interest shall be computed on the last
DAYS of March, June, September and De-
cemOer for the preceding three months
upon the average daily balances and such
interest shall at once be remitted by draft
to the treasurer of the State Banking
Board, and such bank shall at the same
tii"e man a copy oi the remittance sup
has made such remittance. Whenever an
aiil"Iilt siidll pc paced 70 the Gtelll ol
tHc 2tale bAhhlhs Iuafu py any pauH' as
~ 81" pIoEluea' q depoSi uchei sttli pe
made in duplicate and signed by the
.99ttsr ''he uL aucu ugNets % pe Ilalleu
D. ~ si,o " eaSuttL oL l"e otltT ~ , ,@ilhtlls
i,'iIu dhu ti4e eQtuef 70 tHe puuHG tNail-
'it ai.'eH olLlteia s"dH' leSpe' I'' ~
D,.~t tte aHtuuht ~ tiet pophS ~ 'HS
''S.it q suTn p9hha' t =.
~ i"S lre|tsu' g ai'o ,oee'cst5iS
Nt'' L0|Ns-i-ApchSGS F''l--ItcW ne
=, 90 Stgi vltIg ~ We "tttg
i,.,.'flt'.6 lt|IIu SAaii hSt1 hu't i.ls ponA9
" M''.,il '5.''l -, ~ Yl'E Il lG - Sil = U.s.
~ M.+c9 me- s-iaH heeP az aocuf@'f nc ac5
90 t,'I iSl'oett. N'te.t .t''LS r nv @
''lN %, -l3tS al. H.l9"e EF2lt
on we tohuluoh o. sala qnd ana o. lhe
tl'tl.sl .'L3Hs ul lAe Slate LANSING ppdIu
lh ils reports 70 tIe GoNtfhoI' as puhHc
eNaLn.h.f. ne secfetaF3 shaIl aiso ftep
n minute BOOK IN Mhigh ne shal record
~ IlHyg1SSs lus5 Ol ~ litt llANs ~ 'iis
state Bankng Board, ana the expense ot
.t4 blohs' stationery, postage anu Ger
Ltdl Hetp necessary IN carry ths n9I we
In4NisiohS o. .Als ACT shan ai pe pau lol
cut OF the Deposltors Guaranty tHnd
through orders on the treasurer, signed
nF the secretary, ana the treasurer shaI
maze a proper record N nus DOCKS OF
- grger rtturnea 70 MN ior pa9HIThI;
IroNlued, that every slch ofuef shah
shg" Tor what purpose issued.
Sec. l6. Call on Banks-Made, How
whenever IL shall lie necessary to draw
upon the DepOsitors' Guaranty Fund for
the purpose of reimbursing the depostors
or failed banks, the treasurer OF the stale
BanklnE Board shall make q call upon
each and every bank having funds ~ It's
possession to the credit OF the state
BANKING Board, which call shall be IN
proper ratio TO the amount held by each
bank, and shall not be IN excess OF the
sum needed for the immediate purpose for
which it shall be called, nor shall a cai
be made upon any >bank for a greater
sum than Is held in any such bank TO the
credit Of the State Banking Board Upon
iect thereto shall within two days there
after remit by draft 70 the treasurer ot
the State Banking Board, the sum 50 called
ard shall at the same time notify the pub
lie examiner that such remittance has
been made II any such bank shall fail
for period Of ten DAYS TO make such
remit tanCe the treasurer Of the state
Banking Board shall notify the public eX-
aminer Of such failure The failure of
any bank 10 comply with the provisions
Of this Section shall subject such bank to
a fine Of S50000 which fine shall be en-
forced by the attorney general and snall
be covered into the Deposltors Guaranty
Fund.
Sec. H. Public Examiner Take Posses
Observation-Disclosures any bank or
ganized or existing under the laws Of this
state shall voluntarily place itself IN the
hands OF the pablo examiner or whenever
any Judgment shall be rendered by "a court
of competent jurisdiction, ad1udging ana
decreelng such bank lnsolYent, or When-
ever its rights or franchise to conduct a
banking business under the laws OF this
state shall have been adjudged to be for
feited or whenever the public examiner
shah become satisfied of the insolvency
Of any such bank. he may, after due eN-
animation OF its affairs take possession
of said bank and its assets and proceed
to wind up Is affairs and enforce the
personal liability of the stockholders, Of
ficers and directors.
Sec. IS. Depositors Paid in Fuii--ln-
terest Limited TO Contract Rate-ln the
event that the public examiner shall ,aGe
possession of any bank, which is subject
to the provisions OF this Act, the deposit
ors OF said bank shah be paid in fun and
when the cash available. or that can be
is sufficient to discharge its obliga tlons
to depositors, the State Banking Board
shall draw from the Depositors Guaranty
Fund and from special assessment IL
required. as provided in Section five o.
the amount necessary to make mp the de-
ficiency; Provided, that II sufficient
amount is not ayailq bic and cannot be
State Banking Board shall issue Certi-
ficates of Indebtedness TO all such unpaid
depositors 70. any amount so remaining
unpaid to each such depositor as pro-
vilci IN Section six go of this Act Pro-
yilcd. further, that in all cases in which
there shall be a contract rate Of interest
between depositor and any such failed
bank such depositor shall receive no
higher rate Of interest than as provided
In such contract
Sec. 10. Public Examiner Take Charge
Procedure The public examiner shall
take possession Of the books accounts and
assests of every description Of such bank,
collect debts, dues and claims belonging
to it. and upon order OF the circuit court,
or the Judge thereof, may sell or COM
pound all bad or doubtful debts. ard on
like orders may sell all real estate or per-
sonai property OF such nank, upon such
terms as the court, or Judse thefeoI. may
direct, and may, II necessary pay me
dents OF such pank ana ENFORCE tae ma
blllues OF stockholders o1fleers anl 81.
Iectorsi Provlded, that PAD or uounIiui
debts as used IN TINS Sectlon shall not m
clude the llablhty OF stocKholders, oIllcefs