The log cabin Democrat., 1914-06-18

tbn denosi,n-s he shall certify all | balances due on guaranteed deposlts 1,.* l any existD to the bank commlsaI1" of | who shall then. upon his approNa' .to | s,1cb certification. draw checks upon tIe 1 State treasurer to be contcrslSneu - | the auditor of State. paNapie out 't '.or | bank depoSitOrS' guaranty Iuiu' ln dne | of each depOsitor for the l'aIau, e.ar l on such proof of claim as herelIiia i " | provided If at any time the aNd.,, l funds in the bank deposltorS qua ''T nII fund shall not be sufficient t22o19 t22 1' flank | guaranteed deposits of any talIe1 3" Cor ! the six assessments herein proNlue" ' l having been made. the bank con ,,Id soner shall pay depositors pro rd'a aitH t | the remainder shall be pald Wien ,5 | next assessment is availahle pIoN ,.,,, Iur. however. that whenever the paiih .,d missioner shall have paid any uiN iN. Niueu. to the depositors of any talIed oa"f t,,nT ! of the bank depostors' guaranty IuH..c s | then all claims and rights or actlot. oI such depositorS so paid small reEtit ett the bank commissioner for the pef.',I of said bank depositors guaranty lUln until said fund shall have been fuily re- fmbursed for payments made on account of such failed bank. with interest theft- on at four per cent per annum
 See & A penalty of fifty per cent o1 the amount of said assessment snail ne added to the assessment Of any bariN not remitting az aforesaid wlthlh thlrtN days after receipt of notice or Sucl as SeSSment from the bank com fnlSSlotitl. and if any bank which shall have been assessed and notified as aforesaid shatl fail to remit the amount Of sald asses
 rr ent as herein provided a Sumeleht amount of it's bonds (together with the uneXpired cOupOnS) shall he 1mmedlatelN sold by the bank commissioner at puplG sale and the proceeds used 10 pay Itt Sa,u assessment Any balance remaining from the proceeds of such sale after the payment of such assessment shaI remain to the credit of the bank Tn the depos!tors' guaranty fund. The said ho1 Ufth t1e lnder or
 the bonds Cor cash in lieu thcreof': shall be forfeited to the bank depositorS
 guaranty fund if the bank does not within sixty days from default in pay ment of such assessment remit the full amount of such assessments and penalty to date, and restore the amount of it's bonds. or money pIedR- ed, evidence of good faith. poh the banks failure to remit its assess ments according to the terms or th1s act the bank commissioner shstf m rnediatelv examine such bank, and 1T 't fs found in his judgment to be m
 solvent he shall take charge of and Tfduidate said bank according to raw If said bank be found .olvenT, the bank commissioner shall cancel its certificate as guaranteed bank and cause to be , displayed in it's banking rooms TIT a consrtciouS place. continuously for s1X months, a card not smaller than zwentv inches by thirty inches, and t1r large plain type reading as follows: This bank has withdrawn from the bank de 
 Of it's deposits will cease on and after
 ........' The date on this card shalF be a date six months after the first posting of such card. Any bank eiertnC . to withdraw from the bank deposftors' guaranty fund may do so by giving no- tice to the bank commiss toner and d g. playing a card az aforesaid. and at she expiration of the six months as afore- said may receive it's bonds (provtde'i always that said bank shall Have paft assessments in full to date) when rhc ire of aI fai1 1eH ba rl< m iiOnid1a.inp at the expiration of said six months shall have been closed up and the sai1' bank shall have paid its assessments on account of same
 Sec '. Deposits which do not bear in terest and the following deposits only shall be guaranteed by this act: Tme' certificates not payable in less than six months from date and not extending for more than one year. bearing interest at not to exceed four per cent per an mum and on which interest shall cease' at maturity. daily deposits not to. eXCeed a greater rate of interest than three per cent per annum. Deposits which arc primarily rediscounts or money Dor rowed by the bank and all deposits otherwise secured shall not be guarau- teed by this act Each guaranteed bank shall certify under oath to the bauk commissioner at the date of each called statement the amount of money if kas deposit, not elfgible,to guaranty under tire provisions of this tact. and in asses sing such bank this amount sf1ed1' he
 
 guaranty as provided fer in this act shall not apply to a banks obligation as endorser upon bills rediscounted nor to bills payable. nor to money borrowr,! temporarily from it's correspondents es others
 Sec. &. rrch bank guaranteed ov this act shan Keep a correct record of the rate of interest paid or agreed to op@ paid to each depositor. and shall make statement thereof under oath to rhc. bank commissioner quarterly IF a bank displays a card or in any manner adver- tises tha5 it's depOsitors are guara anteed
 such bank. if II pays or Sree-s to Tav either directly or indirectly. interest ut any rare greater than four per cent pr.r snnunr upon deposits of any Rind class or character shall state upon or in the same card or advertisement rhat no de- positS are guaranteed which hear 2 greater rate of interest per annum than
 four per cent, and this portion of tb. advertisement must be in type of the same size that is used in sta ting that the deposits in the bank are guaranteed
 No bank which pays interest at a rate
 er eater than four per cent per annum on any form of deposit, or on any time certificate cashed before maturity, shah be permitted to participate in the bene- fits Of this act; provided. however. that
 any existing contracts for higher rates
 Of interest entered into before the pas sage of this act may be earned out un- impaired and such existing contracts shall not disqualfy bank to partici
 pate in the benefits of this act Anv managing OHlcer ol any DanK gQaTanteeJ under this act. or any person. acting in
 it's behalf or for it's benefit who shail thereafter pay or promise to pay any depositor either directly or indfrectlv any rate of interest in excess of or io addition to the maximum rate of inter est permitted by this act, or who shah
 with intent to evads any of tn. pro
 visions of this act. pledge the timo
 certificate or other obligation of such
 bank as security for the personal obl gation of himself or any other person, shall be guilty of a misdemeanor. pun l ishable by, a fine of not less than five | hundred dolisrs nor more than five | thousand dollars, or by impri sonn7ent not exceeding one year. or by such line | and Imprisonment. The display of any l card or other advertisement tending tn
 convey the impression that the dep0s1ts of the bank are guaranteed by the State l of Arkansas, either directly or inlirear- l ly shall be misdemeanor and shall
 subject the offender to a fine of five l hundred dollars, and any bank display l ing a card or advert isement to the eff | hn lrvN