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

Banking business and to establish a sys.
TEN of Banking under the Name OF
the Bank of South Dakota. Operated by
the state, and Defining the Scope and
Manner of it's Operation and the Powers
and Duties OF the Persons Charged With
its Management: Making an kppropri-
alton Therefor. and Providing Penalties
for the Violation of Certain Provisions
Thereof"
Whereas Under the Provisions of Section
of Article 3 of the Constitution of the
state of South Dakota and Sections
5067 to SOFA Inclusive OF the South Da-
kota Revised Code of 1919 a Petition
has been Filed in the Office of the
Than Five Per Centum of the qualified
Electors o. the State in the Manner
that the Following Proposed Law be
Enacted and Submitted to a Vote OF
the : E5eet HIsof Of the STATE at the Mex.
said Petition Having Been Trans
mitted to the Senate and House ~
REPRESENTATIVES by the Secretary of
Be 1t Enacted by the Legislature Of the
State OF South Dakota:
Section l.. That the following Act be
and the same Is hereby enacted and sub
State at the next general election to be
held in the year 1922, for their approval.
An Act declaring the purpose OF the
state OF South Dakota to engage in the
Banking Business and to establish a
system of banking under the name OF the
Bank OF South Dakota. operated Wy the
manner of its operation and the powers
ana duties OF the persons charged with
therefor: and providing penalties for the
violations Of certain provisions thereof.
BE 1T ENACTED BY THE PEOPLE OF
SOUTH DAKOTA: !,
Section l.. For the purpose OF Develop
ing the resources and improving the
| economic facilities of Sanfh" DaE0t1 thu
State of South Dakota shall engage in
the business of banking, and for that
a system of banking owned, controlled
and operated by it. under the name Of
the Bank Of South Dakota.
Section 2. "A commission is hereby
created and established TO conduct and
manage, ON behalf CT the State of south
Dakota, the system OF banking hereby
the Industrial Commission Of south Da.
kota. but may be designated as the In
Commission shall consist Of three menu
bers, namely:
The Governor, the Attorney General.
and the State Auditor, of the State OF
South Dakota. Two members SHAH con-
stitute g quorum for the transaction Of
business. The first meeting OF the CONF
mission shall be held in the office OF the
Governor. Its meetings thereafter shall
be held al such times and places as tho
Governor or a majority OF the Commits.
by the proper authorities With suitably
furnished offices at the seat OF Govern
ment. +
Section 3. Tho Industrial Commits.
sion shall operate, manage and control
the Bank of South Dakota, locate and
maintain its places Of business. " which
the principal piece shall be within tho
State, and make ard enforce orders,
rules. regulations and bylaws. for the
transaction of its business. The busi-
ness Of the Bank, in addition 90 other
matters herein specified. may include
anything that any bank may lawfully do,
| nNHprt J0 herein restricted bnt fhia urn.
vision shall not be held In any way TO
limit or Qualify either the powers Of the
the functisRs Of said Bank herein de-
fined. The Industrial Commission shall
meet within twenty dagS srter the
gin the organization Of the Bank
Section 4. To accomplish the purpose
Of this Act, tire Industrial Commission
shall acquire, BY purchase. lease or by
exercise OF the right of eminent domain,
as provided by Section 10. OF Article 8
OF the CONSTITUTIONS OF the State Of South
property rights, ard may construct re-
Hsd ss,,a and rep gbr R ssadls, comm,.s,,r
stall obtain SUCH assistance as in its
jndsement may bs necessary for tho
ton of the bank. TO that end IL shah
apiloSDt a manager, and may appofnr
such subordinate officers and employees
as iC may Judge expesient. 1t may con-
stituts such managers its general AGENT
in respect to the functions of said Bank
| put Subject. neNertnelCAE, In sum aRencYt-
to the supervision. limitation and con-
troll 90 the commission IT shall employ
such contractors, arossitects. builders,
accountants. and other experts, agents
and servants as In the judgment OF the
commission the interests " the state may
require and shall define tho duties. des-
ignate tie titles. and fGa the conpensa-
ticn and bonds OF all such persons so
ject to tise control and regulations Oh the
commission, the manager OF the Bank
cashiers, %tellers, and supcrdinates, and
such contractors, architects, builders
attorneys, clerks, accountants and othet
experts. agents and servants, as he SHAH.
in his judgment. deem are required by
TIC interests 81 Inc baTTN. I'm total
nIoveas, tagctber With ofIfsr evnandiffIres
for the operation and maintenance OF the
Bank, a3issll remain withiTs the appropri-
each year for such purpose. All officers
and employees of the Bank engaged up
entering apon their duties, respectively
furnish good and sufficient bonds TO the
state IN such amount and upon such
conditions as the commission may require
and approve; but tho bond OF the Man.
ager shall not be less ran fifty thou.
Section 8. The Industrial Commission
may remove and discharge any and all
persons appointed in the exercise of the
powers granted by this Act. whether by
the Commission or by the Manager Of the
BanE, Hf1u any Sucn REMOVAL may De
made whenever in the Enjoyment OF the
Commission the public interests require
IL; proVIded, however, mat all appoint-
Tnenfs aad removals contemplated by
this Act shall be so made MS the Conn
mission shall deem most tit 10 promote
the efficiency OF the public service.
Sact0t9 Z. The Bank shall be open and
!, shall proceed to transact business when-
ever there shall be delivered to the In,
dustrial Commission bonds in the sum OF
two million dollars issued by the State. as
; hereinafter provided FOR such purpose.
: The fund procured by the negotiation
z land sale OF such bonds is hereby ~designat-
] ed and shall be knovn as the capitali Of
said sank.
( section s. The State Treasurer ID
: hereby directed forthwith to prepIna, ~
! issue. and the Governor and the STAT
Treasurer are hereby authorized. en-
a powered and directed to issue, nogoti-
( able bonds OF the STATE OF South Dakota
0 in the aggregate amount OF two fnillioa
dollars. They shall be executed by the
q Governor and the State Treasurer under
{ the Great Seal of the state and shall be
d attested by the Secretary OF Slate. The
5 Auditor and Secretary OF State ssiatf en-
dorse and sign on each bond a oeesificats
z showing that It's issued pursuant "a
q J law and Is within the limit OF indebted-
v ness allowed for such purposes. Tht
bonds so Issued shall be designated
Bonds OF South Dakota. Bark Series
Section o. The bonds so Issued shall
be payable to the purchaser or bearer
% They shah be issued in demonstrations Of
d from five dollars to tsn thousand dollars
II L and shall be. payable in not less than ter