The Forrest City times., 1914-06-19

,tIu. me state treasurer shall credit
 'his iund quarterly with it's proportion
 ate share of interest received from State
 iunds computed at the minimum rate of
 interest provided by law. upon the aver
 age daily balance of said fund.
 to sec, 5. When any bank shall be found ~ oe lnsolVent by the bank commis-
 sloner, he shall take charge of such
 pank' as provided by law, and proceed to wHnd up Its affairs; and he shall at
 the earliest moment. issue to each de
 positor a certificate. upon proof of
 ctalm' bearing six per cent interest per
 anhum upon which dividends shall be
 entered when paid, except where a con
 tract .raCt rate exists on the deposit. in whlch case the certificate shall bear interest at the contract rate: notice of
 the amount of each dividend to be pail eteuitofS and the date when such pay
 i i,e1it IS to be made shall be published III two consecutive issues of a paper of seHerai circulation in the county or city
 III which such failed bank is located
 ahu corresponding notice posted on the door of the receivers office and .nte.est shall cease on each dividend on the uay named in such notice. The bank | commissioner shall likewise publish a
 notice or the date upon which he will make payments of any balance due on l such proof of claim. and interest shall | cease on the day so advert ised, and sald proof of claim shall so state After tne onicer in charge of the bank shall nave realized upon the assets of such | bank and exhausted the double liability | or US stockholders, and shall have paid aail funds so collected in dividends to the depositors. he shall certify all balances due on guaranteed deposits eff any eHtst to the bank commissioner.
 who shall then, upon his approval of l such certtfication, draw checks upon the ! state treasurer. to be contersigned by tue auditor of State payable out of the bank depoSitors guaranty fund. in favor or each depOsitor for the balance due | on such proof of claim as hereinafter ! provided. If at any time the available funds in the bank depositors' guaranty tund shall not be sufficient to pay all guaranteed deposits Of any failed bank. the SIX assessments herein provided for haNing been made, the bank commls sloner shall pay depositors pro rata and the remainder shall be paid when the next assessment tS available: provided. ! however that whenever the bank com
 missioner shall have paid any dividend 10 the depositors of any failed bank out
 Of the bank depostors' guaranty fund, then all claims and rights of action of such depositors paid shall revert to
 s the bank I commissioner for the benefit
 of said bank depositors guaranty fund. until said fund shall have been fully re- 1mbursed for payments made on account 1 Of such failed bank, with interest there on at four per cent per annum.
 Sec s. penalty of fifty per cent of the amount of said assessment shall be added to the assessment of any bank not remltting s aforesaid within thirty daYs after receipt of notice of such as- SeSSment from the bank commissioner and if any bank which shall have been assessed and notified as aforesaid shall fail to remit the amount of said assess ment as herein provided, a sufficient | amount of it's bonds (together with the unexpired coupons) shall be imm mediateIy sold by the bank commissioner at public sate and the proceeds used to pay said
 essessment Any balance remaining from the proceeds of such sale after Qb remain to the credit of the bank in the depositors' guaranty fund The said balance. together with the remainder of the bonds Cor cash in lieu thereof
 shall be forfeited to the bank depositors' guaranty fund if the bank does not
 within sixty days from default in pay
 ment fnI or such assessment remit the
 and penalty to date. and restore the amount of its bonds, or money pledg- ed as evidence of good faith. Upon
 the banks failure to remit its assess
 ments according to the terms of this act, the bank commissioner shall im-
 mediately examine such bank. and if # is found in his judgment to be in solvent, he shall take charge of and liquidate said bank according to law
 If said bank be found solvent, the bank commissioner shall cancel its certificate as guaranteed bank and cause to be | displayed in it's banking rooms. in a
 conspicious place, continuously for six months, a card not smaller than twenty
 inches by thirty inches, and in large | plain type, reading as Follows: This l bank has withdrawn from the bank de- positors' guaranty fund and the guaranty of its deposits will cease on and after .,......' The date on this card shall be a date six months after the first posting Of such card. Any bank electing | to withdraw from the bank depositors | guaranty fund may do so by giving mo- | tice to the bank commissioner and dis playing card as aforesaid, and at the
 
 | said may receive its bonds (provided always that said bank shall have paid
 assessments in full to date) when the 1 affairs of all failed banks in liouidation l shall have been closed up and the sa i'd bank shall have paid its assessments on account of same
 Sec. z Deposits which do not bear | interest and the following deposits only shall be guaranteed by this act: Time 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 1 at maturity, daily deposits not to exceed a greater rate of interest than three per cent per annum. Deposits which are primarily redisCounts or money bor- rowed by the bank and all deposits otherwise secured shall not be guaran- l teed by this act Each guaranteed bank
 shall certify under oath to the bank
 
 statement the amount of money if has
 on deposit, not eligible to guaranty under 1 the provisions of this act and in asses sing such bank this amount shall ba deducted from it's total deposit The guaranty as provided for in this act shall not apply to a banks obligation as endorser upon bills rediscounted nor to bills payable. nor to money borrowed temporarily from it's correspondents or others.
 Sec & Each bank guaranteed by this act shall keep correct record of the rate of interest paid or agreed to be paid to each depositor and shall make statement thereof under oath to the l bank commissioner quarterly. If a bank displays a card or in any manner adyer- tises that it's depositors are guaranteed such bank, if 1t pays or agrees to pay. either directly or indirectly, interest at any rate greater than four per cent per | 9nnum upon deposits of any kind class or character. shall state upon or in the same card or advertisement that no de l positS are guaranteed which bear A | greater rate Of interest per annum than | four per cent and this portion of inc | advertisement must be in type of the | same size that is used in stating that | the deposits in the bank are guaranteed | No bank which pays interest at a rate | grester than four per cent per annum | on any form of deposit. or on any tins | certificate cashed before maturity. shall | be permitted to participate in the ben.- | fits of this act; provided. however that l any existing contracts for higher rates