Omaha daily bee., 1899-01-29

together with 8 per cent interest per annum
on the amount due TO said fund from time
10 time, on his account. IL the amount
realized from the assets OF said bank shall
not be sufficient to fully reimburse said
funds as above. the receiver shall collect
the liability n stockholders and remit all
collections on this account. less expenes al
lowed by the court, TO the state treasurer,
until said funrs are fully reimbursed.
Sec. 10. The state treasurer shall credit
all money received from tns receiver ~
his account and shall place the same in the
reserve fund until IL has been fully reim-
bursed; thereafter all receipts from such
receiver shall belong to the guaranty fund
and Immediately upon receipt OF any money
from such receiver he shall re-ieposit or re-
invest the same as provided In this act.
Sec. 16. When any bank which has COM
piled with the provisions Il this act shall
pay of all OF its liabilities and present to
the state treasurer a certificate setting
forth that fact, signed by It's president and
cashier, certified by a notary public and APP
proved by the state banking department, he
shall! return TO such naak the amount to
its credit in tne bank reserve fund.
Sec. II. II the state treasurer shall hold
n certificate or deposit or any insolvcnt
bank. he shall, Immediately upon the APP
pointment Of a receiver, notify the surety
company whose pond is security for such de-
post OF the failure Of tne said bank aud
make a demand for the payment OF said GER
tiflcate ard IL not paid within thirty DAYS
proceed to the collection OF the same by
aw.
Sec. Is. When two or more banks shall
consolidate, the amount 20 the credit OF the
bank or banks retiring from ~usiness. In
the bank reserve fund, may be transferred
to the bank continuing business, by the re-
quest of the officers Of such retiring banks,
approved by the state banking department,
and 1t shall be the duty Of the state treas
urer to make such transfers ON his books
upon receipt OF such request.
Sec. 10. Any banks organized during any
year shall, on the first day II the third
month after commencing business, remit to
the state treasurer a sum equal to 8 per
cent OF its total deposits at the close or
business on the preceding day and shall, on
the first day Of the third month thereafter,
until the close of the calendar year, remit
TO the state treasurer a sum equal to 3 per
cent Of the increase Of its deposits, If any,
during the preceding three months.
Sec. 20. ANY bank which shall fail to
comply with the provisions of this act shall
be deemed to have forfeited its right TO
transact business and the state banking de-
partment shall revoke its authority to trans
act such business.
Sec. 81. The state treasurer is hereby
made the trustee, to receive, invest, care
for and disburse the said bankers reserve
fund and the bankers guaranty fund, herein
provided for, which funds shall be trust
funds for the purposes herein named: and
the state treasurer shall give a surety COM
pany bond running to the state of Nebraska
and to be approved by the state banking
board. in the sum of s., conditioned for
the faithful discharge Of the duties per-
tanning to the safe keeping, investment and
disbursement of said deposits and all other
duties pertaining thereto. Any state treas
urer who shall misappropriate C" convert
I, his own use any Ct the funds which shall
come into his possession by reason of this
act, or who shall invest the same in any
manner other than, or without requiring the
security herein required, shall be deemed
guilty of a felony and upon conviction
thereof shall be punished by a fine Of not
less than 81 900 and not more than $4,000,
or by Imprisonment in the state penitentiary
for a term of not less than one year and not
more than five years, or by both such fine
and Imprisonment.