The Springdale news., 1914-06-12

the amount dr each ifvffen1 to ne Ta7 ! l creditors and the tl4te when such #raN-
 meht Is to Ee made shall me pnalf she [
 IF two consecutive issues ef naHer al general circulation in the county ar ettt in which such failed bank fs located aaH ? corresponding net5ee pa<tet an the door of the receivers office. ano i interest shall cease ua CT | a3t .eHd oH the day named in such notice. The baaA commissioner shall likewise publish d notice of the tate upon which he vii!
 make payments Of any balance due os such proof of claim, and interest shall cease on the day so advertised and said proof of claim shall so state, af
 ter the officer in charge of the bank shall have realized upon the assets of such bank and exhausted the double liability of it's stockholders, and shall have paid all funds so collected in dividends to the depositors, he shall certify all balances due on guaran- teed deposits (if any exist) to the bank commissioner who shall then, upon his approval of such certifica- ton, draw checks upon the State treasurer, to be countersigned by the auditor of State, payable out of the bank depositors' guaranty fund, in fa- vor of each depositor for the balance ude on such proof Of claim as here matter provided. If at any time the available funds in the bank deposit ors guaranty fund shall not be suf- fieient to pay all guaranteed depos- it's of any failed bank, the six as- sessments herein provided for having shall pay depositors pro rata and the remainder shall be paid when the next assessment is available, provid- ed, however, that whenever the bank commissioner shall have paid and di- yidend to the depositors of any fail ed abnk out of the bank depositors' guaranty fund, then all claims and rights of action of such depositt%s so paid shall revert to the bank con- missioner for the benefit of said bank depositors' guaranty fund, un- til said fund shall have been fully re- imbursed for payments made on ac count Of such failed bank. with in terest thereon at four per cent per annum
 Section 6. A penalty Of fifty per cent Of the amount of said assess ment shall be added to the assess ment Of any bank not remitting as aforesaid within thirty days after re- eeipt of notice of such assessment from the bank commissioner, and if any bank which shall have been as sessed and notified as aforesaid shall fail to remit the amount Of said as sessment as herein provided. suffi- eient amount of its bonds together with the anexpred coupons1 shall be sold by the bank con- missioner at public sale and the pro- eeeds used to pay said assessment. Any ablanee remaining from the proceeds of such sale after the payment of such assessrnert shall r main te the credit of the bank in tho dPpositors' cUarantv fund The sail balance together with the remainder of the honas Cor casN in liea thereoft shall be forfrfted 10 -he E4,l fl4a,z5sftore. guaranty funi if the ba K aoes not within sixty days from default IF pae= ment of such assessment remit the full amount of such assessments and penalty to date and restore tha amount of it's bonds or money ple1g ed as evidence of good faith Ipan the banks failure to remit it's assess act. the bank oomwi ssioner shall In mediatels examine such bank and If . is found in his judgment to be ir solvent he shall take charge of ana liauidate said bank according to law If said bank be found solvent, the bank commis soner shall cancel it's certificate as a guaranteed bank and cause ta ha disnlaxed in it's banking rooms in a consnfcious place. continuously for six months. card not smaller than twertv inches hy thirty inches and in large plain type reading as follows. This i bank has withdraw from the hank zfe= pos3tor guaranty fund and the gllaraat.. of its denosits will cease on and after .=.=-=.#..=-z The date on this eaa5 shai. be date six months after tho first posting of such card Any bank eiectfnc to withdraw from the bank aerosftars, i guaranty fund may do so by eIxiHe no ttce to the hank commissioner and dls- playine. card as aforesaid. and at tse expiration of the six months as afare- said may receive its bonds fpr0ridei always that said bank shall have paid assessments in full to date1 wEer th5
 
 at the expiration of said six months shall have heen closed up and the safa bank shall have paid it's assessme ents on account of same
 Sec : Deposits which do not bea interest and the following deposits on1s shall be suaraEteed by this at. Time certificates Lot payable in less than siy months from date and not extending for more than one year, bearing interest it not to exceed four per cent her an nun and on which interest shall cease at maturity. daily deposits not ta exeeel I greater rate of interest than three per cent per annum Deposits which Ire primarily rediscounts or money bor- rowed by the bank and all deposits otherwise secured shall not be Raaran-# teea hy this act Each guaranteed hank shall certify under oath to the ba4 k commissioner at the date of each callea statement the amount of money it has or deposit not eligible to guaranty under the provisions of th Is act. and iu asses sing such hank this amount shall he deducted from its total depos8t Tht guaranty as provided for in this act shall not apply to banks obligation as endorser upon bills redse0unted nor to bills ya hle nor n4Onay h0rragra