The Nevada County picayune., 1914-06-12

tors Guaranty Fund of the State of | Arkansas, and Providing Regulations 1 Therefor, and Penalties for the Nioa-
 tion thereof"
 FOR ACT No. ?.
 AGAINST ACT No. 2.
 | Be It Enacted by the People of the State of Arkansas:
 Section 1. The stockholders of every l bank doing business in this State. shall 1 be held individually responsible equally | and ratably and not one for another for | all contracts debts and engagements of l such bank, to the extent of three times 1 the amount of their stock therein. at the | par value thereof. in addition to the amount invested in such stock; provtd- l ed however, that stockholders of such l banks or trust companies as have ac- | cepted and are participating in the bene- | fits of the bank guaranty plan herein l 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 holding | stock as executors, administrators, guar | dians or trustees shall not be personally | subject to liability as stockholders, but | the estates and funds in their hands l shall be liable in like manner and to the 1 same extent as the testator. intestate. | ward or person interested in such trust | funds would be. if living and competent | to act and hold the estate in his own | name.
 Sec. 2. Any incorporated State bank. | trust company or savings bank. doing | business in this State under the general
 oanking laws or Arkansas and any bank 1 which may after the passage of this act be authorized to do business in thts | State. Is hereby authorized and empower l ed to participate in the assessments and | benefits and to be governed by the regu-
 lations of the bank depositors guaranty | funds of the State of Arkansas herein after provided for. Before any bank | shall become guaranteed bank within | ant, xE !, ,sa o1.,At4 | it's Board Of Directors. authorized by | it's stockholders. duly certified by It's | president and secretary, asking there 1 for. in form to be provided hy the bank | comm ssioner, shall be filed with said bank commissioners who shall. upon the | filing of such resolution. make a rigid examination of the affairs of such bank 1 and If 1t Is found to be solvent. to he | properly managed and conducting it's | business in strict accordance with the l banking law. he shall. after the bank | shall have deposited with the State | Urea surer bonds or money as hereinafter | provided. issue to such bank a certifi- | cate stating in substance that said bank l has complied with the provisions of
 this act and that it's depositors are | guaranteed by the bank depositors' guar l anty fund of the State of Arkansas. as herein provided.
 Sec. 8 Before receiving such certi- | fiCate from the bank commissioner. each | bank entitled to the same according 10 l Section of this act shall. as an evil l dence of good faith, deposit. and shall ! at all times maintain with the State i treasurer. Subject to the order of the
 bank commissioner when countersgned ! hv the a1ditor of State) United States ! bonds. Arkansas State bonds, improve m"nt district bonds, municipal bonds. school district bonds. within the State of 1 tt'5ansas, to the amouGt of five hundred ! Goilars for every one hundred thousand | dollars or fraction thereof of its average
 deposits eligible to guaranty 0ess it's
 Cbn lN- last four published statements. provided,
 that each bank shall SD deposit not less
 than five hundred dollars. and the State ! tvro Surer Sha issue his receipt there for in triplicate. one to the bank, one
 to the auditor of State, and one to the bank Commi SSiOner. Such bonds shall
 hear tAc certificate of the attorney
 rr.rral of the Stat" of Arkansas. stat
 Ing that in his opinion said bonds b "a
 been legally iseu"d. Said bonds. or caSh
 in ii.u theronf SlHll not be charged out
 or the assets of the bank, except 9s
 hereinafter. provided. but shall he ca"- . ric1 in it's assets under 2 hrrlj0c i "Gua,antN Fund with State TrerSnrrr'' 1 upu such time as said bank shall 5n- l ipafter provided for In lieu ot bonds, i the bank at it's option, may deposit 1 moncv which deposit shall be exchange ] a hle for acceptable bonds when the bank | elects to make the substitution. In ad- | ditiou to ahov" each bank shall pay in 1 ca sh an amount equal to one-fourth of | one per cent of it's average deposits | eligible to guaranty. less its capitol and surplus and the same shall he credited ! to the bank depositors guaranty fund l with the state treasurer subject to tho ! order of the bank commissioners and ! tho State treasurer shall issue his re- l ceipt therefor in triplicate, one to the ! bank one to the auditor Of Stat, aud 1 one to the bank commissioner; provide ! that any bank seeking to participate lN ! inc asscssmeut and benefits of this act
 ~ | inc year 1915 shall have been made, l shall be assessed an amount 'pproxi- | matply equal to its proporttonatt Share l of the money then in the bank depoSi- 1 +ors' guaranty fund after all losses shall ! have been deducted. the amount of such 1 assessment to he determined bv the | bank commissioner. The last above l Dartioned assessment. however, shall ! not be required or new banks formed by l the reorganization or consolidation of | banks which have previously compiled | ,,.itb the terms of this act Ipoo the | JenoSit and accordance of such bonds | ,o- rrnnev) and the payment of said 's- | ssSsnert then the payment of sncN 'r- | no-'ts of said hank as are specified Y | this oct Sl0ll he guaranteed aS BerHiN l provided and the bank entitled {" itS Sec. Tre bank commissioner shall turing the month of January ot each l ,.nar fraEa assessments or onerourtt or l ,-a TaT cent Of tNe average guaranteed | danosits. less capital and surplus of | aoa1 bank until the cash fund ac-
 r,,nulated and placed to tn" credit of 1 the bank depositors' guaranty fund shall | he oppr0Ximarely five hundred thousand | IoIigra oyer and above the cash de-
 nnsitel in lieu Of bonds Wien Le shall l discontinue such assessmentS. should | ,,i,h fund become depleted, the bank | rt,,r,issioner shall make such additional
 es sasgul ents from time to time as may 1 become necessary to maintain. the same ' ~'',(.i Id. that rot more than six such as | .esments of one fourth of one pet cent
 ...rh sbau be made lu any one calendar
 ear The treasurer of the state of Ar
 ,ansas shall hold this fund Tn the sts'e
 .,nyerntng other state funds subject to