The Harrison times., 1914-06-06

subject the offender TO fine of five
hundred dollars, and any/bank display
ing card or advertisement to the ef-
feet that its deposits are guaranteed by
the bank depositors' guaranty fund or
the State Of Arkansas when not author
lied so to do under the provisions OF
this act shall be guilty Of a misde-
meanor and upon conviction thereof
shall be subject TO a fine of not less
than five hundred dollars, nor mcNe than
one thousand dollars,
Sec. 9. A solvent bank upon retiring
from business and lquidating it's ar
fairs, shall be entitled to receive back
from the State treasurer after all the
depoBitors In such bank have been PAID
In full, it's bonds or money pledged, but
not any part Of any unused assessment
that may be in the bank depositors
guaranty fund; provided however, that
should such bank be turning over ITS
business to another bank, 1t shall not
receive back its bonds, or money de-
posted in lieu thereof, until the bank
receiving It's business shall have de-
posted with the state treasurer bonds
or money in lieu thereof, according to
the requirements Of this act,
Sec, 10. Banks may be permitted, In
the discretion Of the bank commission
er, TO exchange their bonds for others
acceptable under this act, or be allowed
TO deposit in lieu thereof an equal
amount in cash, which may in turn be
withdrawn upon the substitution or
bonds acceptable under this act
Sec. II. II at any regular or special
examination Of n guaranteed bank II
shall be found TO be violating any OF
the provisions OF this act, the bank com
missioner shall notify the bank, and the
bank may be given thirty days I'm which
to comply with the provisions OF this
HCtt and IN nj tho pynipo tinn Of ting
time such provisions have not been
complied with, the bank commissioner
shall cancel It's certificate Of member
ship in the bank deposItors' guaranty
fund as herein provided and forfeit ito
bonds deposited with the State treasurer
for the benefit Of the bank depositors
guaranty fund
Sec, 70, All bonds and moneys de-
posted In lieu Of bonds, placed in the
state treasury under this act shall be
Kept In said treasury separate from all
other bonds and moneys, and TO the
credit Of the bond account OF the baul,
depository guaranty fund, and shall be
used for no other purpose. The State
treasurer shall cause the coupons upon
the said bonds to be cut thirty days be-
fore maturity and sent or delivered to
the bank which deposited them pro-
Vided always that said bank shall have
paid all assessments In full to date
state may voluntarily avail It's ,cposI-
tors Of the protection OF tho deposltors
guaranty fund upon the same terms.
payments. conditions, and In the same
manner as herein provided for state
banks, trust companies and savings
banks
Sec. IA, It shall be unlawful for any
bank guaranteed under the provisions
Of this act to receive deposits con-
tinuously for six months IN excess OF
eight times Its paid-up capital and
surplus and the violation Of this sec
tlon by any bank shall cancel It's right
TO participate IN the benefits OF the
bank depositors' guaranty fund, and
work a forfeiture Of It's bonds deposited
with the state treasurer for the benefit
Of such fund
Sec. 10. For the purpose OF carrying
INTO effect the provisions OF this act
the, bank commissioner shall provide
forms and make requlsItlon on the State
printer for the necessary blanks, and all
reports received by the bank commits
SlonCr shnll be preserved by him In his
office. The State treasurer II authorized
10 provide forms and make reduisltiOn
on the state printer for the necessary
blanks and record books for his office
Sec, 10, All actH ana parts Of acts In
conflict with THIS act are hereby re-
pealcd IN so far as they 80 conflict
but no provision Of any banking law
or other statute Of this State shall Dn
construed to be amended, modified or
repealed, except In so far as necessarY
TO permit the unrestricted operation or
TINS act as applied TO banks pHrticl.
putlug IN the privileges Of this act
Soc, H. This net shall take effect aud
1918
Filod IN the office Of the Secretary Of
state on the 18TH day Of May 1914,
Each elector may vote for or against
the above Act
WitncHs my official signature this
goth day Of May 1914,
EARLE W, HODGES,
(Seal) Secretary OF state