The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1911-01-12

Section For the purpose of Gre
ating a depositors' guaranty fund,
each bank, upon taking out a certf
/ icate OF insurance, shall pay an as
sessment equal TO One-twentieth Of
per cent of its average daily de-
posi,s during the past year, and
shall continue 10 pay such annual
assessments until fund, equal to
per cent OF the aggregate deposits
OF all the banks protected by the
guaranty fund, shall have been col
lected.
Power Specified.
Whenever the deposltors guar
anty fund shall have become i'm
paired or reduced below five per
cent Of the aggregate deposits of
all insured banks, by reason OF
payment OF losses on account of
failed banks, the banking board
shall have the power to levy emer-
sency assessments, not exceeding
in the aggregate one per cent of
the average deposits Of the year
just passed, or such portion OF the
year as each bank may have been
in business. until the aggregate
amount of the fund is again re-
stored TO sum equal to five per
cent OF the aggregate deposits in
all the banks.
In case the aggregate amount paid
into the guaranty fund should be
insufficient TO pay all the losses OF
failed banks at any one time, the
banking board shall have power to
issue a certificate bearing four per
cent interest for the payment of
any unpaid balances pledging the
future assessments to the redemp-
ton of said certificates in the or.
der of their registration.
The guaranty fund shall be REIN
bursed by the deposit of all the
assets OF any failed bank or banks
as fast as the same can be con-
yerted into money
Section 6-All moneys collected
under the provisions of law for the
purpose of establishing a depositors
guaranty fund shall be re-deposited
in the various banks in the amounts
contributed by each bank, under the
provisions requiring the said assess
ments; said deposit to bear inter-
est at the rate of three per cent
per annum credited quarterly: said
deposit to be subjec, 70 cali in cur
rency on demand or the banking
board, in such amounts as may be
needed by a pro rata assessment
on all banks holding such deposit:
said deposit to constitute special
account and TO be a first lien upon
the assets of the bank in case OF
failure, by any bank, in which
deposit of the guaranty fund is
made.
Section No deposit otherwise
secured shall be estimated in COM
putting the amount of the average
deposits for the past year. Neither
shall any otherwise secured deposit
be covered by the provisions for
the repayment of deposits out of
the guaranty fund.
shall make and publish a quarterly
report of the expenses of their Of |
flee, the amount paid out and the
balance in the hands of the state |
treasurer. and also a full and com.
plete detailed statement of all |
amounts received and paid out of
the guaranty fund, balance on hand |
and how invested, and the amount
of the guaranty fund deposited in
the various banks.
Special Fund.
Section 9--The present guaranty
fund shall be deposited with the
state treasurer as a special fund:
ana shall be the first used in pay
ment of any losses IN any guaran-
teed bank
Section 1O-In case any bank
under the provisions of
this act, shall, in the judgment of
the bank commissioner, become i'm
paired to the extent of fifty per
cent of its capital. he shall take
charge of the same, and the bank.
ing board shall issue to each de-
positor thereof a certificate for the
tull amount of such deposit, less
the amount which oepositor may
be indebted to said bank Said Ger. {
-iticates to be payable in four
months after date of issue from
ne guaranty fund, and shall bear {
interest at the rate of four nor