Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-10-26
| posltors' Guaranty Fund Commission al

positors' Guaranty Fund Commission at
the date OF zach January statement az
~~oney it has or deposit not eligible to
.ranty under the provisions OF this act.
d In assessing, such bank this amount
shall be deducted from the total deposits.
Sec, !. Interest on Deposits-No bank
transacting a banking business under this
act shall pay interest on deposits, direct
i've 4 or per 'ne esns Us a per- a s snsaasl '''e '"'''
ANY officer, director or employe OF Il
bank violating the provisions of this sec,
guilty of a felony and on conviction there
OF shall be punished by a fine of not less
than, one hundred dollars or more than
in the state penitentiary for a term Of not
less than one year nor more than three
years. or both. in the discretion of the
court.
Sec. s.. Averaged Annual Statement
False Statemen,s-Penalty--Any. bank
commencing business and receiving de-
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,
eriod during which it has been engaged
IN business and receiving deposits.
Any person making oath to any Of the
same to be false, shall be deemed guilty
Of a felony and be punished by a fine Of
not less than three hundred dollars nor
more than one thousand dollars, or by
imprisonment in the state penitentiary for
Q. term Of not less than one year nor more
than five years, or both, in the discretion
Of the court.
Sec. 8. Voluntary Liquidation or
change to National Bank,If any bank
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 1t to the Depositors' Guar
Gao ? Nv, o,l- A.,r 1o-1, ,~,
lied subsequent to January list, 1916, shall
'ay into the Depositors' Guaranty Fund
IN amount equal to four per cent of it's
business, which amount shall constitute a
credit fund. subject to adjustment on the
:, basis of said banks average daily de-
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
: images in the banking business subse-
/ qulre such bank to contribute to the De-
p%ositors' Guaranty Fund. a just and eauit-
able sum-, and the Depositors' Guaranty
l Fund Commission shall adjust assess
/ ments of such bank so that the first two
assessments. together with the credit fund
5 OF four per cent of the capital stock paid
by said bank when it begins business,
. average daily deposits Of said bank as
SHOWN py the nrst annual statement re-
CURED by section three of this article.
ProViGed, however, that said four per
cent VIII not be required of new banks
G formed by the reorganization or CONSOLE
= datlon OF banks that have previously COM
piled with the terms of this act with ref
n erence to the payment Of assessments.
. Sec. 8. Notice of Assessments-Dis-
G position-Payable on Demand-As soon as
h sad assessments are respectively levied
me banks against which the same are
> levied shall be notified of the amount OF
Sucl assessment 1pyieI oyninst thar, 70.
+ spcctively. by the secretary of the De.
$ positors' Guaranty Fund Commission. ant
sad banks shall thereupon set apart, kee1
# and maintain in their said banks thu
= amount thus levied against them, and TIL,
r amounts thus levied, kept and maintained
designated as a Depositors' Guarant,
e Fund, payable to the Depositols' Guar.
anty Fund Commission on demand. 70
= the uses and purposes provided.
Sec. 8. Guaranty Fund-Assessment-
Failure to Credit-Whenever any banl
d after due notice from the secretary o
4 re DePositors' Guaranty Fund Commits
sion shall fail to pay over or credit o,
e rs books to the Depositors' Guarant,
Fund any assessment as herein provided
TOR a period Of ten days, such bank shall
5e subject to a penalty of ten dollars pc
h day for each day il so refuses or fails t,
II P Fa;, &C over Wtr or credit to such Depositors
PUBIC examiner shall Immediately there
after take possession Of the affairs o
such bank and liquidate its business "a
q " ~ " iiAhlib IlIdi ulSpOSl
e ton OF insolvent banks.
Sec. 10; Depositors' Guaranty Fund
d FIRST Observation-Disclosures an.
bank doing business In this state unde
me provisions of this act shall suspen,
r payment or become insolvent, the amour
of m ! s Gnnq d to the the credit Of the De
= such bank, shall! be a first lien upon tn
Eassets OF such institution; save and ex
lhept funds deposited in such institutio,
~ the public examiner and belonging L
me estate Of any insolvent institution
j. which shall have preference over ali othe
+ f tia,d as provided in Section 10 of Ar
sec. li. Deposits-Payment--When an.
= oanM doing business, under the provision
vent, the public examiner shall forthwitl
proceed to determine the amount neces
y ssaTry to pay the unsecured depositors i,
to to''; the an 1e gaaSe the c same q. to be certiae'
k mission. which shall thereupon draw
,, x against the Depositors' Guaranty Fun
amount thus certified and the treasure
OF said commission shall immediatel.
amin $ t. the ne amount to the public ex
y deposits due such depositors. ~
}, Provided, however, that If there shoul,
q q not be SUFFICIENT funds in the Depositors
d the Depositors' Guaranty Fund Conmis
n sion shall issue a certificate of indebted
!, e ness mess; negotiable in form, against the De
:. such bank, wing interest at the rat
If FIVE per cent per annum which sal,
certificates Of Indebtedness shall becom
n due and payable on the first day of Marc
n next succeeding the date of issue thereof
and shall be paid out OF the first none,
n Fund. -
Such drafts against the Deposjtors
E Guaranty Fund shall be pro rated, a
s91yens,s banks inks wherein gha ne same is a
q ~cordance. with the amounts thereof hel,
by such banks respectively.
y Sec. IL. Subrogation-To the exten
Of the amount paid from said Depositors
Guaranty Fund to satisfy the claims o
said fund. shall be subrogated to ali tn,
shts Of the depositors thus paid. L
l. participate in the assets OF such bank an,
/, the same shall be enforced and coilecte,
when collected shall be placed in sal
fund and deposited by the Depositors
Guaranty. Fund Commission in the sol
vent banks subject to the provisions o
the Depositors' Guaranty Fund. proper
y tomato az to the several deposifs 4
the assessments levied against each O
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