The Springdale news., 1914-06-19


 said proof Of claim shall 90 state. Aft4r the officer in charge of t'a ha.'. shau have realized unen the as=ats of ST n bank and exhausted the loshi lat fly oI us stockholders. and shall have patd all funds so collected in dividends n the depositors he shall certify all balances due on guaranteed dernsits fif any eXlstl to the bank commissioner. who shall then, upon his approval or such certification. draw checks a~on the state treasurer to be nrterstgNed bY the auditor of State. payable ont Of the hank depositors' guaranty fund. in favor of each depos'tor for the hala~on d,1e on such proof of ciai n as herei.sa* *tAr provided. If at any time the available funds Tn the bank derositors guaranty fund shall not be sufficient to pay aU guaranteed deposits ef any faile4 bank, the six assessments fAreir provided for having been made. the hank commits. sloner shall pay denositers pro rata a"d the remainder shall be natl when tee next assessment is available: providei. however, that whenever the hank cNr1- missioner shall have raid any divt lend to the depositols of any failed hank olt of the bank depositors guaranty Iund, then all claims and rights of action Of such deDositors so nai shall revert to the hank commissioner for the he0"ttt of said bank depositors' guarantw fund. until said fund shall have been fTllv ~e- fmbursed for payments made OF account of such failed bank with interest the.a- on at four per cent per annum
 Sec. s. penalty of fifty Ter cent of the amount of said assessment shall be added to the assessment Of any bank not remitting as aforesaid within thirts' days after receipt of notice of such as sessment from the bank comm irsiore~ and If any bank which shall have bean assessed and notified as aforesaid shall fail to remit the amou~t of said aesess- ment as herein provided q s2'tf1cient amount of its bonds ftoeether with tse nneNpired eo0Rons4 shall he immediately sold by the bank commissioner at pubic sale and the proceeds used to nay saf4 assessment. Any balance remaint~g from the proceeds of such sale after the payment of such assessment shal' remain to the credit of the bank In the depositors guaranty fund The sail balance. together with the remainder of the bonds Cor cash In lieu thereof, shall be forfeited to the bank derosttofe' guaranty fund if the bank does not within sixty days from default in pay ment of such assessment remit the and penalty to date and restore the amount of it's bonds. or money ule1e- ed, as evidence of gooa faith. Gran the bank. failure t0 remit it's assess ments according to the terms of this act, the bank commissioner shall im- me83atefE examine such bank ard ff ft is found in his judgment to he In solvent, ha shall take charge of anA I#aHiaate said bank according to law If sai bank be found solvent. the bank commissioner shall cancel it's certificate T displayed in it's banking rooms ina eonsrieious place continuously for six months. a ear3 not smaller than twenty inches hE thirty inches and in large nlaf9 tEpe rea5ing as follows sTfze hank has withdrawn from the bank te- pos tors gafa a~apty fund and the guarantr af is deuasits will cease eH and after =...#=#. .#z#.# Tie date on this card shall he a date six months after the firEt posting of such card Any bank electing t3 withdraw from tha bank 9oSator<a guaranty fund may do sa hx giving rnz tAne te the tafak e0rsr,iss ozzer sI5 l :. sz playing a card as aforesaid ar3 at tie exTifat5on of tlHe six months as aserts= Sa fd mCv receive its hards Earax=ia4j always that said hank shall have paid assessments ta fa}l ta 8ate4 when tke affairs of all failed hanks in liquidatfan at the expiration of said six =f7ertiF sfHtf have been closet up and tlsa said fank shall have naid=tts assessments on account of same
 See : Deposits which aa rat bear interest and the following appasits= =oH1ss shat te caaran teed hy this=aet= Tine certificates not payable in less thaH s4z months from date and not extending far more than one year. bearing interest at not t0 exceed four per ee,t =ner= =at4- mum and on which interest shall cease st ma t0fitX daily deposits not ta excel q greater rate of interest than tfree nor cent per anunm. Deposits which Aee primarily red4scounts or money hor- aewe1 by the bank and all aeposit.-
 
 tte4 by this art Each guaranteed bar \ shall certify under oath to the bank commissioner at the date of each called statement the amount of monev il has on deposit. not eligible to guaranty under the provisions of this act. and in asses sing such bank this amount shall ha deducted from its total deposit The guaranty as provided for in this act shall rot apply to banks obligation as euGorser upon bills redisc0unteI nor to bills payable nor to money horrowe.l temporarily from it's respondents or others
 Sec. Each hank guaranteed by this act shall keep a correct record of the Fate ot interest paid OF aerced t0 he faid te each depesitor, and shall make a statement thereof under oath to the Bank commissioner qaarterly ff q bank displays Q card or in any manner adver- tses that it's dap0sjtofs are guaranteed saeH haik T PaNs or agrees to pay either directly OF indirectly interest at any rate greater than four per cent DOT arHHn1 upon deposits of any kind cla ss CT eharae ter shall state unan aF ia tie same card or advertisement that no la- roSits are guaranteed which bear a greater rate of interest Fer annum fhan four per cent and this port ion of the advertisement must he in tyre of taa same size that Is used in stating that the deposits in the bank are R1lara ea4tz No hank which pays interest at n ratn greater than four CT cent per annu0 on any form of deposit. of or anv tttna certificate easHed before maturity shall he permitted to participate in the hene. fits of this act. provided. however. tn4t any existing contracts for hieher rates Of interest entered into before the pas sa ge of this act may be carried out un- impaired. and such existing contracts shall not disqualify a bank to partiej- nate in the benefits of this act An managing officer of any bank guaranteea under this act. or any person acting in ite behalf or for its benefit who shall thereafter pay or promise to pay any depositor either directly OF indirectly any rate of interest in excess of or io addition to the maximum rate of fnfar. est permitted bY this act, or who shall with intent to evade any of the pro visions of thIs act pledge the time certificate or other obligation of such bank as security for the personal ohlt- eation of himself CT any other person. shall be guilty of misdemeanor. pun tshahle by fine of not less than five hundred dollars nor more than five thousand dollars, or by imPrisonment not exceeding one year. or " such line ani imprisonment The display of anv card or other al ertisement tending re convey the impression that the deposits of the bank are guaranteed by the State ot Arkansas, either directly or indirect ly, shall be a misdemeanor and shall .I.fs1