The Springdale news., 1914-06-05
PROPOSED BY rN-TT aT1vE PETITION
 ACT No. 2.

Arkansas. and Providing Reculattons
 Therefor, aaa Penalties for the Viola
 tion thereof
 FOR ACT No 2
 AGAINST ACT No. 2.
 Be It Enaftea hy the People of the
 Section The stockholders of every bank doing h9siaess in this state, shaI Y. and ra tabiy and not one for another fo~ all contracts debts and engagements of such bank, to the extent of three times the arohnt of their stock therein, at the amouhl invested in such stock. provid- ed. however that stockholders of such banks or trust comoanieS IS have ar- cepted and are nartfripating in the heHe- fits of the bank guaranty plan herein after provided for. shall only be liable to It's depositors in addition to such stock held by said stockholders one tune the par value thereof and no more; pro vided. further. that persons holdsag stock as executors. administrators. guar dians or trustees shall not he personally subject to liability as stockholders, but the estates and funds in their hanas shall be liable in like manner and to the same extent as the testator intestate ward or person interested In such trust funds would he if living and competent to act and hold the estate in his own name
 Sec. ?. Any ineofporated State bank. trust company CT sayin@s bank doing E banking laws of AHIz=aSas. and any bank which may after the passage of this act be authorized to da business In this State is hereby aufha~fIp and empower ed to participate in tAe assessments and benefits and to be governed by the rcgn- lations of the hank #depositors' guarahtT funds of the State of Arkansas herein after provided for Before any ha k shall become a guaranteed bank within the meaning of this act resolution of its Board of Directors, authorized hN its stockholders. dnlH certified by its president and secretary, asking theee= for. in form to he nNeHiaed hy the bank commissioner. shall he filed with said bank commissioner *ho shall. upon .he filing of such resolution. make a riei5 examination of the affairs of such bank and if # Is found te be solvent, to he properly managed and conducting it's business in strict accordance with the banking law he shall. after the bank shall have deposited with the State treasurer bonds or money as hereinafter provided. issue to snc6 bank a certifi- cate stating in substance that said bank this act, and that it's depositors are guaranteed by the bank depositors' guar anty fund of the State of Arkansas. herein provided.
 Sec g. Before receiving such certi- ficate from the bank commissioner each bank entitled to the same according to dence of good faith. deposit and shall at all times maintain with the State treasurer Subject to the order of the bank commissioner when eountersig gnsd by the auditor of Statel United States bonds, Arkansas State bonds improve nent district bonds municipal bonds school district bonds. within the State oe Arkansas to the amount of five hundred dollars for every one hundred thousand dollars or fraction thereof of it's average deposits eligible to guaranty Qess it's capital and surpiasA as shown hy ite last four published statements: provided that each bank shall SC deposit not less than five hundred dollars and the State treasurer shall issue his receipt there for in triplieate one to the bank. one to the auditor of State and one to the bank commissioner. Such bonds shaH bear the certificate of the attorney general of the State of Arkansas. stat been leeallv issued Said bonds or ca sh in lieu thereof shall not be charged ont of the assets of the hank. eXcant as hereinafter provided. but shall be car '"Guarantv Fund with State Treasllre until such time as said bank shall de fault in payment Of assessments here tnafter provided for. In lieu of bonds the bank at it's antion. may denoslt money. which deposit shall be exchan ge- able for acceptahle honds when the bank elects to make the substitution Tn aa- dition to above. each bank shall nav in cash amount canal to e-fourth of one per cent of it's average deposits eligible to guaranty. less its capital anf EnfGinS. ana the Sd me small be credited to the bank depositofs guaranty fund with the State treasurer. subject to the order of the bank commissioner and the Stgte treasurer shall issue his re ceipt therefor in triplicate one to the bank, one to the auditor of State and one to the bank comm ssioner; provided that any bank seeking to participate in the assessment and benefits of this act after the first annual assessment for the year 1915 shall have been made. shall be assessed an amount approx- mately equal to its proportionate share of the money then In the bank deposi- tors guaranty fund after all losses shall have been deducted. the amount of such assessment to be determined by the bank commissioner. The last above mentioned assessment. however. shall not be required of new banks formed bv the reorganization or consolidation of banks which have previously complied with the terms of this act Upon the deposit and acee-tance of such bonds Cor moneyl and the payment of said as sessment then the payment of such de- posits of said hank as are specified in this act shall be guaranteed as herein provided and the bank entitled to it's certificate.
 Sec 1 The bank commissfoner shah. during the month of January of each year make assessments Of onerourth op one per cent of the average guarantee3 deposits. less capital and surplus. of cumulated and rlare3 to the credit Of the bank depos tors guaranty fund shall be approximately five hundred thousand dollars over and aheve the cash le posited in lieu of bonds. when he shai discontinue saeh assessments Should such fund become 8enleteA. the bank Commissioner shall make such additional a assessmeHts from time to time a < may become necessary r. maintain the same provided. that not more tfaH six snrh AS sessntents of ene-taH#3H #s 8He par cent each shall be male in anH ane calendar year The tfeasaEEf of the State of Ar kansas shall hnid ttls fund fN tle State depoSitar haeksZ Zas HfaFided hv la governing otler StIfe Ian subject ta the order Of t}fe bank eanami isei0net. r. ha e9uHtersiened Av the aa3 ftar of Stase tor The faY0ent af zeEds tors Ct f155a gia rahtee1 hanks aS herefaafter pao-
 he Stlfe treasurer shall cred fittN flln4 z4ffa1-tesl wit tts nrof tf@H- z l- aEe af EfzfaH&zH 5zs#eH&e3 fr4r1 -ta zE 7. iE r9ianE e5 te minimum iate lHteFt 9t ngorite1 hz law gf1n tle ake fe F aHiaHe. lit aHH
 Sec E When a.s. 5.#k shal ra rttI to 4e insalRett h. fha H4Hl. Ca'rnt siof F he shall taAe charge of sHe hafk as provided aS law a-4 r~oeee ta tind un it's affairs and he shah at ti5F earn lest faat#se1 esie t2 taH eertif5es te Urpn In If TT ts3ttft. heaF1Ete sis par eeEt irtF