Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1916-11-01
No.. a.
RELATING TO BANKING AND
FINANCE.


A BILL For An Act Entitled An Act,
Enacting and Submitting to a Vote of
the Electors of the State a Proposed
Law, Entitled An Act Creating a state
Banking Board and Defining the Pow
ers and Duties: Creating IA Bank De
the Levy of Assessments against Bank
Stock, Providing for the liquidation Of
lnsolvent Banks; Admitting National
creant Officials: Authorizing Rewards
for Criminals,
Whereas. Under the Provisions of Sec
tion l, OF Article 3, of the Constitution OF
the State of South Dakota. and Article 3
Of Chapter ., of the Political Code of SAID
State State, a Petition has been Filed in the
MORE than Five per centum of the
qualified Electors of the State in the
,tioning that the Following Proposed Law
be Enacted and Submitted to Il Vote of
me lslectors of the State at the next
Petition having been Transmitted to the
Senale and House of Representatives by
the Secretary of State.
Be 1T Enacted by the Legislature Of
the State of South Dakota:
Section l. THAT the following Act be
ana the sa::e is hereby enacted and sub
held in the year 1916. for their approval.
AN ACT Entitled. An Act Creating a
State Banking Board and Defining it's
Powers and Duties" Creating a Bank
Depositors' Guaranty Fund; Authorizing
the Levy of Assessments against Bank
Insolvent Banks; Admitting National
Banks: Prescribing Penalties for Re
creant Officials; Authorizing Rewards
Be it Enacted by the People Of the State
of South Dakota.
Section 1. State Banking Board Gre
atedIIThsr is hereby created a state
kota, to be composed of the governor,
state, treasurer and state auditor, which
card snail have the power and it is
enforce the provisions of this act. The
governor shall be ex-offcio president Of
said board. and the state treasurer shall
be ex-Offcio treasurer of said board, and
the said treasurer shall be held account-
able under his official bond for all moneys
coming n into his hands, belonging to the
vided for. The public examiner shall be
ex-ofhcio secretary of said board and
shall combine his duties as such with
the duties required of him as public ex-
aminer.
Sec. 2. Assessments of Bank Stock to
Hsasde an n' assessmen %na agaihst tb is aspitSI
stock of each and every bank, or bank
ing corporation. organized, existing and
laws Of the State Of South Dakota, and
very bank hereafter organized or incor-
porated. under the laws of said state.
the purpose of creating a depositors' guar
anty fund; such assessment shall be due
and payable without notice. one per CEN
such bank within thirty days after the
taking effect of this act. and two mills
on each dollar Of such daily deposits at
the end of each and every year there
after. The average daily deposits of each
bank during the preceding year prior to
the taking effect of this act shall be used
as ,he OASIS Tor computing the amount OF
made.
Sec !. Bank Cashier to Make Report
Credit Assessments-Penalty for Fall
ing effect of this act, the cashier. or
other officer in charge of each and
essry bank, hank organized org and doing bust
shall make a sworn report of the condi.
ton Of such bank in the form now pre-
scrioed 6y law and shall Immediately for
ward said report to the public examiner,
and shall forward a copy thereof to the
treasurer of the State Banking Board.
Said report shall be supplemented by a
statement under oath showing the average
daily deposits of such bank for the pre-
ceding year. or for any shorter period
s such bank : may have ave been organized and
clude funds of the United States govern
ment. otherwise secured. nor public funds
Of this state. and the Depositors' Guaranty
Fund created under the provisions Of this
act shall not be liable. for the, loss Of any
such bank. At the time Of making such
report and statement, the cashier or other
officer in charge Of any such bank shall
Board as a deposit. the amount due the
Depositors' Guaranty Fund as the first in
stallment OF Its assessment, and shall for
vided for by Section Fourteen I4). Any
cashier or other officer in charge Of M
bank. subject to the provisions Of this act,
ton days to comply with the nrov1einne -