The Topeka state journal., 1909-03-10
LEGAL


benefit of said bank depositors' guaraH-
ty fund, until said fund shall have been
account of such failed bank, with inter
est thereon at three per cent per annum-
of the aRoHt of saId % asseEaat pe saii
be added to the assessment of any bank
days after receipt of notice OF such as
sessment from the bank commissioner,
and if any bank which shall have been
assessed and notified as aforesaid, shall
fail to remit the amount of said as
sessment as herein provided, a sufficient
amount of its bonds together with the up-
expired coupons5 shall be immediately
sold by the bank commissioner at public
sale and the proceeds used to pay said
from the proceeds of such sale
after the, payment Of such assess
bank in the depositors' guaranty FUND
The said balance. together with the re
thereof shall be forfeited to the bank
deposItors guaranty fund il the bank
does not, within sixty Gays from default
fun amount of such assessments and pen
atty to date, and restore the amount of
lts ponds, or money pledged. as evidence
OF good talth. Upon the banks failure
to remit its assessments according to the
terms of this act, the bank commissioner
insoIvent he shall take charge of and
liquidate said bank according to law If
said bank be found solvent, the bank
commissioner shall cancel its certificate
played in its banking rooms, in a conspic
nous place continuously for six months,
it GaTu ib noJ d man i tWeIty lHGnes oS
reading as follows: This bank has with
~ fund and the guaranty of its deposits
will cease on and after. The date
this card shall be a date six months
after the first posting of such card.
Any bank electing to withdraw from the
bank depositors guaranty fund may do
so by giving notice to the bank commits
Sioner and displaying a card as afOre-
said. and at the expiration of the six
months as aforesaid may receive its bonds
(proyided always that said bank shall
when the affairs of all failed banks in
iioIidation at the expiration of said six
months shall have been closed up and
the bank shall have paid its assessments
Section 6 Deposits which do not bear
interest and the following deposit only
tificates not payable in less than six
months from date, and not extending for
more than one year, bearing interest at
and on which interest shall cease at ma
turity; savings accounts not exceeding in
amount $4,000 to any one person, and not
subject to check, upon which the bank
has reserved in writing, the right to re-
quire sixty days notice of withdrawal and
bearing interest at not to exceed three
per cent. per annum. Deposits which are
ad b1 t6e I'M and ali denosits other
wise secured shall not be guaranteed by
this act. Each guaranteed bank shall GER
er, at the date of each called statement
the amount of money it has on deposit,
not eligible to guaranty under the pro-
visions of this act, and IN assessing such
bank, this amount shall be deducted from
its total deposit. The guaranty as pro
Vided for in this act shall not apply to
a banks obligation indorser upon
bills rediseounted nor to bills payable,
nor to money, borrowed temporarily from
its correspondents or others.
Section 7, Each bank guaranteed by
this act shall keep a correct record Of
interest agreed
paid to each depositor and shall make a
statement thereof under oath to the bank
plays card, or in any manner adver-
tises that its depositors are guaranteed,
either directly or Indirectly interest at
any rate greater than three per cent. per
or character shall state upon or in the
same card or advertisement that no de-
posits are guaranteed which bear a great
er rate of interest per annum than three
per cent; and this portion of the adver-
tiisement must be IN type of the same
size as that used in stating that the de
posits in the bank are guaranteed. No
Panh Whieh ths Rays PAYS in, interest rest at rate
on any form of deposit or pays any in
terest on savings deposits withdrawn be-
fiore July lst or January lst next follow
ing the date of the deposit or on any time
certificate cashed before maturity shall
be permitted to participate in the benefits
existing contracts fer higher rates of in
terest entered into before the passage of
JhlS act, may be carried out unimpa1red,
and such existing Contracts shall not dis.
qualify bank to participate in the bene- |
fits of this act Any managing officer
any person acting in it's behalf or for its
benefit, who shall hereafter pay or prom
ise to pay, any depnsitor. either directly |
rate of Interest permitted by this act, |
pledge the. time certificate or 9th,
hlr,
security for the personal obligation |
of himself or any other person shall be |
a fine of not less than five hundred dol |
lars nor more than five thousand dol |
year OR bT bofb ecb NOT fi6 e4Geedng @
prisonment The display of any any car card or or
other advertisement tending to convey |
bank are guaranteed by the state of Kan
sas, either directly or indirectly. shall be !
2 mslsdemean9r Itsn t and shall subject the Of
and any bank displaying a card or ad- |
vertisement to the effect that its deposits
guaranty fund of the state of Kansas, !
when not authorized so to do under the |
a misdemeanor, and upon conviction |
thereof shall be subject to fine Of not |
less than five hundred dollars nor more |
than one thousand dollars.
Section s. Any trust company hereto /
fore organized under the laws of this /
state. and now in operation, may re-or- |
ganize as a state bank, under the laws |
Of this state, by filing with the Secretary /
Of State an amended charter signifying |
sueh purpose; to be approved by the /
Charter, Board, and any private bank or
aational bank. having the required cap
tal, and being otherwise qualified, may
re-organfze as a state bank, or any new |
y organized bank taking over the husi-
ness of another bank, otherwise quail |
led, may immediately become a guaran-
.eed bank by depositing bonds, or money.
and paying its assessments and otherwise
complying with the provisions of this act.
SECTION :. solvent bank, upon retir-
ng from business and liquidating its af-
fairs, shall be entitled to receive back !
rom the state treasurer, after all the de-
oositors in such bank have been paid |
n full. its bonds or money nledged but