The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1907-12-03


posted subject to the order OF the
state Banking Board for the purpose
aforesaid Ana said fund, together
with the interest or other income
thereon less the expense incurred by
ihe State n administering the pro
visions OF thls section SHOULD be and
remain fund for the aforesaid pur
pose Of protecting aud paying the de
positors of any such bank that may
become insolNeni, or unable tO pay its
deposiiors.
Aflor the collection of said one per
cent, and for the purpose of maintain
inc said Deposltors Guaranty Fund
ai a sum equal TO said original col
lection OF one per cent after the liqui-
! daiion of The liabilities to depositors
of any deiaultng bank said State
Banking Board shall be authorized
and required from time 10 time 10 levy
and collect such additional assess-
mcnis as may be necessary TO main
tain said lund unimpalred, so that the
same shall at all times be equal to
one per cent of the total deposits in
lall banks which may ho entitled to
( The benefit OF said furd
In the event Of the payment out Of
said fund to the deposiiors Of any de-
laulung or insolvent bank, the State
shall have a first lien, for the benefit
OF said Deposltors' Guaranty Fund, TO
| the extent of such payment, upon all
/ the assets of said bank, all statutory
/ liabilities Of stockholders and directors
lof iusolvent banks may likewise be
enforced by the state for the benefit
oi said fund.
The provisions of this section shall
apply TO all banks organized or exist
/ Inr under lhe laws OF this state, and
/ 10 National banks which may volun-
! tarily apply In writing 10, and be ap-
proved by said Banking Board for the
/ benefit to their depositors OF the pro
visions of this section. and contract
to pay such assessments for the pur.
lpOses aforesaid az may be levied up
on them under the provisions hereof.
Provided however, that wherein
any of the provisions OF the banking
laws OF this State as to examination.
7 reserve fund. liquidation. or other pro
visions shall conflict with the laws Of
the United States as TO National
banks. that i'm such case the National
banks shall be deemed to have com
Piled with the provisions of the laws
lof this State upon their compliance
with the laws of the United States.
Banks orguized after the passage
land approval of this law should be
required 90 pay into the Depositors
iGuumnty Fund one per cent OF their
lpald up capital provided, however
utai such payment should not be re-
quirsd of new banks oreanized by the
! consolidation on reorganization of ex'
listing banks which hive previously
complied with this law
Tine Bank Commissioner should de-
4 liver 90 each bank that has complied
with tho provisions 0f this section. a
Iceui0cate in writing. containing taf
name of said bank. and certifying that
I'd has complied with the provisions
lof the laws Of this state for the pro-
tecuon of bank deposiiurs, which Ger
n IfMcales shall be Kept by said bank
ldispiayed m "a puhlic place in its bank
ina room
/ BANK OFFICERS AND DIRECTORS,
Any director, or other officer ot
amy bauk. may he removable from OF
ice Tor ncompelency, dishonesty or
violation off the banking laws OF this
State on recommendation of the Bank
Comm ssioner approved hy the state
thanking Board
The lOanmg oi lHnds of "a bank ~
iauy siockholder. director or other
lonl5er n excess of the limit author
lied hy law. should constitute crime
lunder ne laws of this state ON the
, part OF the borrower and of the onieel
authorizing the loan and De punishable
as in case OF larceny of like amount
DIRECTORS QUALIFICATION ANI
LIABILITY.
no person should be qualified a.
iact as director of any bank Ina this
Estate unless De Is the bona fde ownel
of al least Five nundred Dollars pal
value of fully paid STOCK OF such bank
aud INC directors liability should "a
the same as that oi directors OF Ma
lonal banks.
INSPECTIONS.
I recommend at least Two inspec
lions each year Instead o. one.
CASH RESERVE
The reserve required under IN
/ lpresent law. ! recommend, should b'
Increased ina an cases where the de
poslis exceed double the amoant u