The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-11-02


such bank by registered mall or express
and a receipt therefor shall be forwarded
to the Treasurer Of the State Banking
Board. who shall file and preserve the
same.
Sec. IA. Proceeds Of Assessments Re-
tanned in Banks-To Draw interest
Whenever the State Banking Board shall
levy. an. assessment against the capital
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 retained by such bank and
the amount thereof shall be entered in
Its books as a deposit to the credit OF the
state Banking Board and subject to its
call Every such bank shall pay interest
at the rate Of two percentum per annum
for 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
lays or March, June. september and De-
cember for the preceding three months,
upon the average daily balances and such
Interest shall at once be RENTED by draft
Board, and such bank shall at the same
time mail a copy of the remittance slip
to the public, examiner showing that 1t
has made such remittance. Whenever an
amount shall be placed to the credit Of
the State Banking Board by any bank, as
herein provided, a deposit ticket shall be
made In duplicate and signed by the
cashier, one OF such tickets to be mailed
to the treasurer OF the State Banking
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
Keep Books-Expenses Paid-How-The
Treasurer and Secretary of the State
Banking Board shall keep suitable books
which shall be duplicates In all respects.
In which they shall keep an accurate &C
count of the Depositors' Guaranty Fund
and the Secretary shall include a report
OF the condition OF said Fund and Of the
transactions OF the State Banking Board
in his reports to the Governor, as public
examiner. The secretary shall also keep
a minute book in which he shall record
the proceedings of all meetings of the
State Banking Board, and the expense Of
all books. stationery, postage, and cler-
zeal help necessary in carrying out the
provisions Of this Act shall be paid for
out of the Depositors' Guaranty Fund
through orders on the treasurer, signed
by the secretary, and the treasurer shall
make a proper record In his books of
each order returned to him for payment;
Provided, that every such order shall
show for what purpose issued.
Sec. is. Call on Banks-Made, How
Whenever II shall be necessary to draw
upon the Depositors' Guaranty Fund for
the purpose of ~reimbursing the depositors
OF failed banks, the treasurer Of the State
Banking Board shall make a call upon
possession to the credit of the State
Banking Board, which call shall be in
proper ratio TO the amount held by eacn
bank. and shall not be in excess Of the
sum needed for the immediate purpose for
which It shall be called, nor shall a call
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
the receipt of such call every bank sub
ject thereto shall within two days there
after remit by draft to the treasurer Of
the State Banking Board, the sum 80 called
and snail at the same time notify the pub
lie examiner that such remittance. has
L hAAa rna1a TO nnxf ct,rh hanL ohnm foil
for a period OF ten days to make such
remittance the treasurer Of the State
Banking Board shall notify the public ex-
aminer of such failure: The failure of
any bank to comply with the provisions
Of this Section shall subject such bank to
a fine of $4,000 which fine shall be en-
be covered into the Depositors' Guaranty
Fund.
Sec. IL. Public Examiner axe Possess
Observation-Disclosures any bank or
ganited or existing under the laws Of this
state' shall voluntarily place itself in the
hands Of the public examiner Or whenever
of competent Jurisdiction. a~djudging and
decreeing such bank insolvent, or when
ever its rights or franchise to conduct a
banking business under the laws of this
state shall have been a~djudged to be for
feited or whenever the public examiner
shall become satisfied of the insolvency
animation of its affairs, take possession
OF said bank and its assets and proceed
to wind up its affairs and enforce the
personal liability of the stockholders, Of
ficers and directors.
Sec. IS. Depositors Paid in Full-In-
terest Limited to, Contract Rate:-In the
event that the public Xamine shall take
possession of any bank, which Is subject
to the provisions OF this Act, the deposit
ors of said bank shall be paid In full and
when the cash available, or that. can be
made immediat ely available of said bank,
Is sufficient to discharge its obligations
to depositors. the State Banking Board
1 - 49,, $780, AL~ ~ N.a rn - 80
Fund and from a special assessment, II
required, as provided in Section five 90,
the amount necessary to make up the de-
ficiency; Provided. that II a sufficient
amount is not available and cannot be
made available within thirty days, the
State Banking Board shall issue Certi-
ficates of Indebtedness to all such unpaid
depositors To-. any amount so remaining
unpaid to each such depositor, as pro-
vided In Section six (6) of this Act; Pro-
vided, further. that in all cases In which
there shall be a contract rate of interest
between q depositor and any such failed
bank, such depositor shall receive no
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 1t, and upon order Of the circuit court,
or the Judge thereof. may sell or COM
pound all bad or doubtful debts, and On
like orders may sell all real estate or per-
sonal property or such bank, upon such
terms as the court, or judge thereof, may
direct, and may, IL necessary, pay the
debts of such bank, and enforce the LA
bilities Of stockholders, officers and d.
~rectors: Provided. that bad or doubtful
debts as used in this Section shall not in
clude the liability OF stockholders. officers
or directors.
Sec. 20. Certificate Furnished-Bank
May ADVERTISE How-Penalty for yio-
iatfon-The Public Examiner shall de-
liver to each bank that has complied with
the provisions Of this Act, a certificate,
stating that said bank has complied with
the laws of this state for the protection
of bank depositors. and that safety to its
depositors Is guaranteed by the Deposit
ors' Guaranty Fund OF the State Of South
Dakota. Such certificates shall be con-
spicuously displayed In it's place of busi-
ness and said bank may print or engrave
upon its stationery and may advertise in
any other legal manner that it's depositors
are protected by the Depositors' Guaranty
Fund Of the State of South Dakota, but
no bank shall be permitted to advertise its
deposits as guaranteed by the State Of
South Dakota and any bank, bank Of
ficer or employee who shall advertise
contrary TO the provisions Of this Act,
conviction thereof shall be punished by a
fine OF not less than $780, 90 or more than
$500. 90 TO be paid to the Depositors' Guar
anty Fund, or by Imprisonment In the
county jail not exceeding six months or
by both such fine and Imprisonment in
the discretion OF the court.
Sec. q. Insoivent Bank May Open,
When, Duties OF Public Examiner
latter the public examiner shall nave taken