The Miller press. [volume] (Miller, S.D.) 190?-current, 1922-10-26


thereon In the Bank OF South Dakota, the
period OF such postponement not to ex.
| coed six months.
Provided. further. that where branch
banks have been established in any city
or cities within such county the funds Of
the county. townships. municipalities and
school districts within such county, shall
be deposited with such branch banks.
FUNDS are now loaned by authority Of
law under a contract terminating at a
funds in the Bank OF South Dakota shall
not be required until two months after
the time OF expiration OF such contract.
Any person who shall violate any Of the
provisions OF this section shall be guilty
OF a misdemeanor and upon conviction
Thereof shall be punished by imprison-
ninety days. and BY a fine OF not less
than one hundred dollars.
Section l9. Whenever any Of the public
funds herinbefore designated shall be
deposited in the Bank OF South Dakota.
as hereinbefore provided, the official hav-
ing control thereof. and the ~suretIes on
empt from all liability by reason Of loss
q any such deposited funds while 40
deposited.
kota may receive deposits from any source
Including the United States Government
and any foreign or domestic individual.
bank or government. Funds may be de-
posted to the credit OF the bank OF
South Dakota In any bank or agency APP
Section I'll. All deposits in the Bank
Of South Dakota are hereby guaranteed
by the State. Such deposits shall be
exempt from State. county and NUM-
Section 20. Funds deposited by State
Banks In the Bank OF South Dakota shall
be deemed available funds" and shall
non productive purposes, nor shall the
funds OF the Bank OF South Dakota to be
loaned for speculative purposes. For
banks that make the Bank OF South Da-
kota a reserve depository. II may perform
the functions and render tie services OF
a clearing house, including all facilities
for providing domestic and foreign ex-
change, and may re discount paper. on
such terms as the Industrial Commission
shall provide.
sion. unless otherwise limited by law, shall
from time to time fix the rates of inter-
est allowed and received in transactions
OF the Bank. Such rates shall be as near
ly uniform and constant as practicable.
and shall not be fixed or changed TO work
any discrimination against or in favor OF
any person or corporation. But in re-
spect to time deposits received by the
Bank, transactions may be bly,
classified as to the amounts and the dur
alton OF time involved. and a reasonable
differentiation OF interest rates based on
such classification may be allowed When
interest Is allowed on any deposits 1t
shall not be less than one or more than
seven per cent. The Industrial Commits
sion shall also fix reasonable charges,
without unjust discrimination, for any
and all services rendered by the Bank.
Section "a Ali checks and other In
strumepts and items of exchange payable
on demand. sent by the Bank of South
pako,a TO any state bank or banking
ton. shall be such state bank or banking
association RENTED for at par to the
corporation who shall violate any OF the
provisions OF this section shall be guilty
Of a mlsdemeanor.
Section rs, The Bank OF South Da-
kota may deposit funds in any bank or
banking association within or without the
State upon such terms and conditions as
the Industrial Commission shall deter.
mine.
Section 26. The Bank OF South Da-
kota may transfer funds to other depart
nients. institutions, utilities, industries,
enterprises or business projects of the
State. which shall be returned with in
terest to the Bank. II may make loans
10 counties. cities or political subdivis.
ions or the State, or to State or national
banks. or 10 individuals. associations.
and private corporations. on such terms,
and under such rules and regulations, as
the Industrial Commission may determine
and u may make loans or give its credit
10 any individual. association or private
corporation secured by duly recorded
State OF South Dakota in amounts not 10
exceed one-half the value OF the security,
or secured by warehouse receipts issued
ny the tnuuStElat commission or Dy any
licensed warehouse within the State. in
a%rnount not to- exceed ninety per cent OF
tho value of the commodities evidenced
thereby. II shall not. however. loan on
cent OF Its capital, nor In addition thereto.
more than twenty per cent of it's de-
poslts; additional funds. that may be re,
be procured from the sale OF State bonds
as maj be provided by law.
Section a.. The industrial Commission
shall nraxrriha fha fnrnQ IF anp1ioattnu
for q mortgage loan on real estate. and
shall. provide for appraisal Of the pro-
posed security. Until otherwise provided
for q mortgage loan on real estate is
made. II shall be referred to the Com
missioner Of School and. Public Lands.
The Commissions OF School and Public
Lands shall thcrcupon promptly cause Ii
TO be appraised In the same as
school lands are appraised, and upon
completion OF such appraisal shall return
the application. together with the APP
praisai. to the Bank. T%hereupon the
Bank shall promptly determine whether
10 grant or refuse any part or all of such
loan. Provided that no loans shall be
made 10 any but actual farmers residing
at the time ON the premises to be mort
gagged.
Section 2s. Every such mortgage shall
contain an agreement providing for the
repayment OF the loan on an amortization
plan by means of a fixed number of
annual tnsfallments sufficient TO cover.
lirSt. a charge on the loan at a
rate not exceeding the interest rate In
the last series OF real estate loan bonds
issued. N any. by the State OF South
Dakota: second. a charge for admins
~iration and surplus. at a rate not exceed
Ing one per cent per annum on the un-
paid principal. said two rates combined
constituting the interest rate on the mort
gage. and. third. such mounts 10 be APP
piled on the principal as will ~extinguish
tho debt in not less than ten nor more
h thirty years; provided, however,
annual installmcnts. for the reduction Of
the. principal. or the payment of the
entira principal. may be made at any
regular installment date: and. provided
| further. that In case OF a crop failure
which reduces the ~mortgagor's reason
able crcp Income by one-half. all pay
ments under said mortgage may. in the
be extended for one year. upon condition
thai on the payment OF all installments.
such further annual payment shall be
made as will pay tho interest. with In
terest thereon. for the years for which no
payments we're made. The Industrial
Commission shall determine whether a
mortgagor Is entitled to an extension OF
the payment OF any installment under
tie provisions of this section.
Section 20. Every such mortgage, and
the note or other obligation thereby Sc
cured. shall run to The Manager OF the
Bank or South Dakota, his successors In
office or his assigns" as payee and
mortgagee. and shall contain a recital
that II Is executed and delivered In con-
formity with and upon the conditions ex-
pressed In this Act. designated by its
title and the date Of its approval. After
having been duly recorded sN each county
la which the andS therein Described are