The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1907-12-03
Protection Of Depositors.

tion, be authorized and required to
levy an assessment upon each and
everv bank subject to the provisions
Of the banking laws of this state.
equivalent 10 one per cent OF the
deposits OF such bank Said assess.
ment to be collected by the bank
commissioner In such installmonts.
and at such times as the state
banking board may direct
The amount so collected to consti.
tutc a reserve fund to be known as
the Depositors' Guaranty Fund, for
the protection OF bank depositors In
such Of said banks as may thereafter
become insolyent.
Said fund. so collected, should be
properly safeguardcd, and held or
deposited subject TO the order Of the
state banking board for the purpose
aforesaid. And said fund, together
with the interest or other income
thereon. less the expense incurred
by the state in administering the
provisions of this section, should be
and remain a fund for the aforesaid
purpose of protecting and paying the
depositors of any such bank that
may become insolvent or unable to
pay its depositors.
After the collection of said one
per cent and for the purpose Of
maintaining said Depositors' Guaran-
original collection Of one per cent
after the liquidation Of the liabilities
to depositors OF any defaulting bank,
said state banking board shall be
authorized and required from time
to time to levy and collect such
additional assessments as may be
necessary to maintain said fund un-
impaired. so that the same shall be
at all times equal to one per cent
Of the total deposits In all banks
which may be entitled to the benefit
/ Of said fund.
In the event of the payment out
OF said fund to the depositors OF
any defaulting or insolyent bank,
the state shall have first lien, for
.he benefit of said Depositors' Guar
anty fund. to the extent of such pay
ment, upon all the assets of said
bank; all statutory liabilities of
stockholders and directors of insol.
vent banks may likewise be en-
forced by the state for the benefit
of said fund.
The provisions of this section
shall apply to all banks organized
or existing under the laws of this
state, and to national banks which
may voluntarily apply in writing to
and be approved by, said banking
board for the benefit to their depos
itors of the provisions of this sec
ton and contract to pay such as
sessments for the purposes afore
said, as may be levied upon then
under the provisions hereof.
Provided, however, that wherein
any of the provisions of the banking
laws of this state as to examination
reserve fund. liquidation, or othel
provisions, shall conflict with tn,
| - Ia. fpt, e.
national banks, that in such cas-,
the national banks shall be deemed
to have complied with the provi
sions of the laws of this state upor
their compliance with the laws of tn,
United States.
Banks organized after the passage
and approval of this law should bC
required to pay into the Depositors
Guaranty Fund one per cent of thei
paid up capital; provided, however
that such payment should not b,
required of new banks organized by
the consolidation or reorganization
OF existing banks, which have pre-
yiously complied with this law.
The bank commissioner should de
liver to each bank that has compiled
with the provisions OF this section
a certificate in writing. containing
the name of said bank, and certify
ing that 1t has complied with the
provisions OF this state for the pro
lection OF bank depositors. which
certificates shall be kept by said
bank displayed in a public place in
its banking room
Bank Officers and Directors.
Any director, or other officer, OF
any bank, may be removable from
office for incompetency. dishonesty
or violation of the banking laws OF
this state on recommendation of ;he
| bank commissioner, approved by The