The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-04-03

Published in The Topeka State Journal
April 5, 19111
HOUSE BILL No. 140.

HOOSE BILL NJ A10-
An Act amending section 81 Of , chapter r ~
of. the General Statutes of 1903. peillS
general section No. $40 of the Gen ea a.
Statutes of 1903, being An act provlutin ne
for the security or deposltors III oresting
corporated banks of Kansas Cfeas4iIS
the bank depositor's guaranty Iuia "a
the state of Kansas, and provldlng resu-
lations therefor and penalties Tor lHs
violation thereof" and repeating said
section No. 81 of said chapter 10 the
Be 1t enacted by the Legislature OF the
State of Kansas: -
Section / That section 81 of chapter ~
of the General Statutes of the STATE %
Kansas of 1909, being general sectlo1 ~ ~.
$40 of said General Statutes, pe, an naad "a. as
same is hereby amended SO as TO reao ~
follows: Sec. 81. When any pank snaA
be found to be insolvent by the bank conf
missioner, he shall take cnaIee oa SO 70
bank, as provided by law, ana proceSu "
wind up its affairs; and he shan AZ tns
earliest moment, issue TO eacn oSpoSl.con
a certificate upon proof of claim, oearlns
Six per cent Interest per annum, upon
which dividends shall be entered W nen
paid, except where contract rate ex IiHs
on the deposit, in which case the cert11-
cate shall bear interest at the conT rae
rate. Notice of the amount OF each olVi-
dend to be paid creditors and tne 0Ate
when such payment is to be MADE snail DC
published in two consecutive issues OF a
paper of general circulation IN the county
or city in which said failed bank Is 40.
Gated, and corresponding notice posted
on the door of the receivers QffIce, ana
interest shall cease on each dividend on
the day named in such notice. The bank
commissioner shall likewise puDllSn a no
tice of the date upon which he will make
payments of any balance due on SUCH
proof Of claim, and interest sna id cease
of claim shall so state. After the oftlcer
in charge of the bank shall have realized
hausted the double liability of its stock
holders, and shall have paid all funds SO
collected in dividends to the creitors, he
shall certify all balances due on guaran-
t66d deDOSitS (if eXiStl TO the bank
commissioner, who shall then, upon his
approval of such certification, draw
checks upon the state treasurer, to be
countersigned by the auditor of state,
payable out OF the bank depositor's guar
anty fund in favor of each depositor for
the balance due on such proof of claim as
hereinafter provided. If at any time the
available funds in the bank depositor's
guaranty fund shall not be sufficient to
pay all guaranteed deposits of any failed
bank, the five assessments herein pro-
Vtded for having been made, the bank
commissioner shall pay depositors pro
rata and the remainder shall be paid
when the next assessment is available;
provided, however, that whenever the
pank commissioner shall have paid any
dividend to the depoSitors of any failed
bank out OF the bank depositor's guar
anty fund, then all claims and rights of
action of such depositors so paid shall
revert to the bank commissioner for the
benefit of said bank depositor's guaranty
fund, until said fund shall have been fully
relmbursed for payments made on ac-
thereon at three per cent per annum.
Sec. p That section 81 of chapter 10 of
the General Statutes of 1909, being gen
eral section No. $40 of said General Stat
uteS, be and the same is hereby repealed
Sec 3. This act shall take effect and be
IN force from and after its passage and
publication in the official state paper
L hereby certify that the above bill orig
mated IN the House, and passed that body
January &c, 1911,
G. H. BUCHANAN,
speaker of the House.
EARL AKERS,
Chief Clerk of the House.
Passed the Senate March g. 1911
RICHARD J. HOPKINS,
President of the Senate.
WALTER A. JOHNSON
Secretary of the Senate
Approved March Is, 1911,
W.. r. STUBBS,
Governor.
State of Kansas
Office of the Secretary of State.
I, CHAS. H. SESSIONS, Secretary of
State of the State of Kansas do hereby
certify that the above and foregoing is a
now on file in my office
IN TESTIMONY WHEREOF, I have
hereunto subscribed my name
[Seall and affixed my official seal,
this IS day of March 1911
CHAS. H. SESSIONS,
Secretary of State,
BY ]. T. BOTKIN.
Asst. Secretary of State.