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  1. Overview: South Dakota State Constitutional Convention 1889
  2. Full Record: South Dakota State Constitutional Convention 1889
  3. Committee:The Convention
  4. Session: 1889-07-10 14:00:00
  5. Event type: CREATE

South Dakota State Constitutional Convention 1889

Following the rejected 'Sioux Falls' Convention of 1885, the South Dakota Convention met and began the drafting process in July of 1889. They used the articles of the Sioux Falls Convention as starting propositions to begin the amendment process. The South Dakota Constitution was ratified in October 1889.

The Convention

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Session 14708: 1889-07-10 14:00:00

The Convention reads the 1885 Constitution then refers each article to the appropriate committee for approval.

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Article XVIII: Banking and Currency (Sioux Falls Constitution)

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ARTICLE XVIII.

BANKING AND CURRENCY

SECTION 1. If a general banking law shall be enacted it shall provide for the registry and countersigning by an officer of this State of all bills or paper credit designed to circulate as money, and require security to the full amount thereof, to be deposited with the State Treasurer, in the approved securities of the State or of the United States, to be rated at ten per cent below their par value, and in case of their depreciation the deficiency shall be made good by depositing additional securities.

SEC. 2. Every bank, banking company or corporation shall be required to cease all banking operations within twenty years from the time of its organization, and promptly thereafter close its business, but shall have corporate capacity to sue or be sued until its business is fully closed; but the legislature may provide by general law for the reorganization of such banks.

SEC. 3. The shareholders or stockholders of any banking corporation shall be held individually responsible and liable for all contracts, debts and engagements of such corporation to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares or stock; and such individual liability shall continue for one year after any transfer or sale of stock by any stockholder or stockholders.

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