Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1916-11-01

'naGlonai 1amK Will honor all assessments
-, .:.e i.peousitors' Guaranty Fund, arc
q al ottss respects comply with and De-
sub1cct t. tie provisions OF this act. reia.-
ns 10 std.e banks. insofar rs the ann
United States: Provided, that il, after
any such contract shall he entered INK,
tween such bank and the State Balm
snail enact a law for the insurance OF a.
p~ositors in National Bank. or II the
Soinptroller of the Currency shall pro-
:ne provisions of this Act. or ii suc,.
bank shall. of its own %volition, desire to
withdraw and no longer claim the pro-
lection of the Depositors' Guaranty Fund
Or it's depositors. amy such bank shat be
released by the state Banking Board
Guaranty Fund shall no longer be liable
or losses to the dcpositors of such bank,
but no such bank shall he released from
the conditions of this Act or its contract
with the state Banking Board until after
1t has made application in writing and
shall have received a release in regular
signed by its President and Secretary,
which shall be issued only'in pursuance
Of IN examination OF such bank by the
public examiner. showing the said bank
10 be solvent. Provided further. that all
assessments which slall have been paid
to the Depositors' Guaranty Fund, by
any such National Bank. so Withdrawing,
which have not been paid and are not
due to dcpositors of failed banks. less
ten per cent of such assess ments. so re-
manning unappropriated, shall be rcfund-
ed to said bank but no srcn bank shall
be allowed to withdraw until all assess
ments levied against it as hereinbefore
provided, an amount equal to its proper
proportion of all outstanding certificates
of indebtedness. and all interest due shall
haye been paid as provided by this Act:
Bonds-No National Bank shall be adj
mitted to participate in the benefits of
the Depositors' Guaranty Fund for the
nrOfOnttnn ~ tfG 1ann,itnyc tn1nC ~ c1n1
have deposited with the Treasurer Of the
State Banking Board. bonds of the United
States. of the State Of South Dakota, or of
any county, school district or municipality
OF said state, in an amount equal to five
per centum of the average daily deposits
1i such bank; during the preceding, year:
but such bonds shall not lie accepted until
after they have been examined and APP
proved by the attorney general. when
detail by the Treasurer of the State Bank
be replaced from time to time by other
i SSsSa 81 be s app : Gnb sv fhe at Which shall senn
eral; and receipted for by the treasurer
Of the State Banking Board. Such bonds
S sanN a rema aha,, the ens pT1psrty OF + any such
sets. but if any such bank shall fail, the
said saalo bonds may be sold and the proceeds
Guaranty eHn.ror eG Fana. tor 'r't the 'h Sene nfifpo Of }be
depositors of such bank. The amount Of
such bonds on,sd,s SO deposited by any such
OAuns oHu Oc Increased OF decreased
amount Of its average daily deposits, as
shown by the annual report Of such bank,
coupons attached to such bonds shall be
removed as they become due and shall
be forwarded to the said bank by reg
bank shall! remain solvent. Whenever
any such bank shall withdraw from the
DePositors, Guaranty Fund. in accordance
10 deposited by II shall be returned to
such bank by registered mail or express
t fn ,s 2 receipt sreal therefor shall be forwarded
Board. who shall file and. preserve the
same.
Sec; u. Proceeds of Assessments Re-
TIMED In Banks-To Draw Interest
levy an assessment against the capital
stock OF the banks subject to the pro-
visions of this Act. for the Depositors'
Of money shall be due from any such
bank to said fund. either on account of
assessment sh.,1 or Increased deposits, such
tne amount thereof shall be entered in
ITS books as a deposit to the credit of the
STATE banking Board and subject to it's
call. Every such bank shall pay interest
at the rate Of two percentum per annum
Tor the benefit of the Depositors' Guar
AMY Fund upon all sum OF money in it's
interest shall be computed on the last
days of March, June, September and De-
ceInper Tor the preceding three months,
upon the average daily lance and such
interest shall ut once he RENTED by draft
to the treasurer of the State Banking
Hoard. and such bank shall at the same
20 the public examiner showing that it
mas made such remittance. Whenever an
amount shall be placed to the credit of
herein provided, Il deposit ticket shall be
cashier ,sa one Of such tickets to be mailed &c
Board and the other to the public EXAM
liner. which officers shall. respectively,
enter the amount in their books to the
credit OF such banks.
sec. 10. The Treasurer and Secretary
MK eeI , Eooks-lExpenses Paid-How-The
which shall he duplicates in all respects.
IN which they shall keep an accurate ac-
Gun OF the Depositors' Guaranty Fund
OF the condition OF said Fund and Of the
t1ansactlons of the State Banking Board
an ~. nas reports rs to the Governor, as public
2 minute book in which he shall record
the proceedtngs of all meetings of the
sr's sod HaniSing Board, and the expense Of
isal help necessary In carrying out the
lfrrvisions Of this Act shall be paid for
.,nt Of the Depositors' Guaranty Fund
by the secretary. n the treasurer Shall
maze q proper record in his books Of
f sron,d Grder returned to him for payment;
show for what purpose issued.
w sec; Is; Can : ab. on Banss-Made. How
upon the Depositors' Guaranty Fund for
the purpose Of ~reinbursing the depositors
o. faiied banks; the treasurer OF the State
each and every bank having funds In it's
possession to the credit OF the State
Bankin Board. which call shall be In
hank. and shall not be- In axcaaa of fho