The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1909-01-22


the Banking Board shall issue and deliver o each eposor
having any such unpaid deposit certificate Of Indebtedness fer
tie amount OF his uupad deposit bearing six per cent interest
Said certificate shall be consectyc numbered and shall be pay
able upon the el Of the State Banking Board in like manner As
Slate warntsarc paidby State asurcr irhe orth "A
their issue outof ve cmersehcy lew Areaer radc and tht
State banking Board shall from year year levy emergency ass
sessmcnis crcnbciorc provided against the capital ocof al
banking corporations and trust companies doing business n this
Until all such certificates OF Indebtedness with the accrued m
cst thereon shall have been iay paid As rapidly as tho assets o
failed banks quated and realized upon By oc Bank Con
missioner The shall be applied first after the payment Of The
expense Of liquidation the repayment to HE dcpostos ca
aucc fund oi all money paid Of said fund ne deposiors
Of such failed bank and shall be applied by the State ankng
Board towards ciundng any emergency assessment levied b
reason Of The failure Of such lquitalcd bank
SECTION I. Section Ten Of Article Two Of Cinrdcr Sis
Of the Session Laws Of Oklahoma nineteen hundred and
eight be aud the same is hereby amended 70 read as follows
Any bank trust company that has complied with tic pro
visions Of this Act shah be eligible depository State
funds any fund under the control Of the State OF any occ
thereof or Of anJ county city township school district or other
municipality Of the State without being required 10 give any col
lateral Or security for such deposits
SECTIONS Section Eleven Of Article Ono Of e!Npcr sx
Of the Session Laws Of Oklahoma nineteen hundred seleu ai
eight be and hc same hereby amended to read as ,lows
Section ~ Every bank doing business under hc laws Of
this State shall have hand all times available funds the
following SUMS owt Banks located in towns al ccs having
population Of less than twenty-five hundred persons m amona
equal to twenty per cent Of their entire deposits banks To-
atcd IN cities having over twenty-five hundred population an
amount equal to twenty-five per Of their entire deposits two
thirds Of snch may consist Of balances due to them from
good solvent banks selected from time to time with the approval
ol The Bank Commissioner and oncd shall consist Of actud
cash Provided that any bank has been made the dcposovg
or The reserve OF any other bank banks shall have on hand AZ
all times in the provided herein twenty-five per cent Of IT'S
deposits Whenever the available funds in any bank shall bc be-
low the required amount such bank shall not increase IFS lab
cs by making any loans discounts otherwise than tc
dscountng purchasing bills Of exchange payabe at sph MIR
make any dividends Of its profits until the required proportion be-
tween inc aggregate amount OF It's deposits and It's lawful money
reserve has been restored and the Bank Commissioner shall no
~ any bank whose lawful money reserve shall be bcov hc
amount required be kept hand to make good such rcscry
and such bank association shall fail to do so for pcrios 81
y days after SUCH notice shall be deemed to be insoycm
and the Bank Commissioner shall take posscssione the same and
proceed IN the manner provided in this Act relating to nsovet
banks te Bank Commissioner may refuse consider as pat
Of rs reserve balance due any bank from INV otrr ani al
information rs he may require from tme to time relating 10 s
sociaton which shall refuse neglect 10 furnish him with sueb
business with any other bank ong business under this Act which
shal enable hm to determine It's solycncy Provided that m
SAVING associations which do not transact general banking us
ness shall bc required to keep hand at ali times In actual cash
sum equal to ten per cent Of their deposits and Shall be ean
o. 2'ac county school district or municipal bonds Of the State
g Neep sc SUM invested IN good bonds Of the United States
Oklahoma. worth moi less tan par
Provided That any bank or trust company opcraop p.e
lhe deposiors guaranty law Of tho State OF Oklahoma sa ea
Is ega reserves and surplus reserves cxcepg sieR amounts
a may be carried ~ cash in is safe and vault wih banks
within The State Of Oklahoma operating under hc guaranty v
and approved yte Bank Commissioner or with banks located h
recognized reserve ecc subject to clearing house examinations
of Oklahoma
shCIloNo Section -Four Of Article Two Of Chapter sx
o he session Laws Of Oklahoma nineteen hundred seven and
eight, is hereby repealed
SECTION For the preservation Of hc public peace anI
safety an emergency hereby declared exist by reason where
s m m sna take effect and be in force from and after s pas
sage and approval