Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1908-01-24
Caaplab's Guaranty Bill.
SENATE BILL NO. Sc.
eBY SENATOR CHAPMAN.

state banks, and for other
purposes.
Be it enacted by the Legislature
OF rhe State OF Kansas:
Section l. That in every case
where any state bank which &C.
cepts the'provision of this act be
comes insolvent or is unable to pay
its. deposits, in whole or in part,
all state banks which shall accept
the provisions of this act shall
pay whatever may be due the de-
positors of such bank which it is
unable immediately to pay, and
the amount to be paid by each of
said banks shall oe in proportion
to the combined caoital and sur
plus Of each. as shown by the state
ment of the condition of the banks
made te the state bank commits
sioner next preceding the insol-
Vency or failure to pay deposits.
BY deposits. as herein used. is
meant individual deposits subject
to check and which bear interest
as savings deposits: Provided,
however. That such deposits shall
bear interest at the rate of six
per cent tum from and after such
insolvency or failure to pay the
deposits until paid.
Sec. 2. That whenever any
state bank which accepts the pro-
visions OF this act shall become in
solvent or is unable to pay depos-
its. in whole or in part. it shall
be the duty of the state bank
commission. in addition to the
duties now devolved upon him by
law with reference to insolvent or
failed banks. as specify as practi-
cable to assess all state bank which
f. have accepted the provisions of
this act their pro rata of the in
debtedness due depositors by such
bank, as provided in the foregoing
section and to collect and pay the
same 70 the depositors entitled
thereto. The necessary expenses
incident to the enforcement of
this act shall be paid as in other
cases of insol vent or failed banks:
: provided that the depositos shall
be paid in full; provided further,
that after exhausting all the re
sources of such insolvent or failed
bank and the liabilities of the
stockholders therein, and paying
all necessary expenses incident to
the settlement of the affairs of
such bank, the state bank CON-
missioner shall refund to the re.
spective banks which contributed
their pro rata to the payment of
the deposits in such insoIvent or
failed bank the balance, if any. in
proportion to the contributions
d OF such banks.
Sec. 3. That Immediately after
the passage of this act the state
bank commissioner shall address a
communication to each state bank
then in operation. inclosing a CODY
of this act, inquiring if the bank
will accept the provisions thereof.
All communication of the banks
IN reply to such inquiry shall be
filed and preserved by the state
bank commissioner as a part of the
archives of his Office. The bank
which accept the provision of this
act shall be held and bound tn ere
by and the liability may be enforc.
ed by the state bank commissioner.
In case any bank shall decline to
accepts the provision of this act,
or shall fail to reply to the com.
munication of the state bank com.
, missioner on the subject within
twenty DAYS. such hank and tba
deposltors therein be denied all
= benefit arising under that act
Provided, That as additional state
banks are organized they shall
have ten days from the date of
their charters to avail themselves
of the provisions of this act. and
upon failure to file their accep.
tance thereof within that time such
Al