The Dermott news., 1914-07-09

Arkansas, and Providing Regulations
Therefor. and Penalties for the Viola
tion thereof"
FOR ACT No. >
AGAINST ACT No. .
Re II Enacted by the People OF the
State Of Arkansas:
Section / The stockholders OF everv
| bank. doing business in this state shall
| he held individually responsible. equally
and ratably and not one fer another Ter
all contracts, debts and engagements OF
such bank to the extent of three times
the amount Of their stock therein. at the
par value thereof. in addition - tire
amount invested in such stock. PROVED
| ed however. that stockholders of such
banks or trust companies have &c
Cepted and are participating IN the bone
I fits OF the bank guaranty plan hNre'n-
after provided for shall only be lahle
to its deposttors in addition 10 such
stock held by said stockholders ore time
the par value thereof and no more. pro
Vided further. that persons hol3snE
stock a $ executors administrators, guar
dams or trustees shall NOT be personally
subject 70 liability as stockholders, but
the estates and funds in their hands
shall be liable In like manner and to the
same extent as the testator. interstate.
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 ANY Incorporated state bank
trust company cr savings bank doing
business IN this state under the general
banking laws of Arkansas. and any bank
which may after the passage or this act
he authorized TO do business in this
State. is hereby authorized and empower
ed 10 participate in the assessments ard
benefits and 10 he governed by the rcgu-
lations of tho bank deposttors guaranty
funds Of the State Of Arkansas herein
after provided for. Before any bank
shall become guaranteed bank within
the meaning of this act. resolution of
its Board OF Directors. authorized "
I its stockholders. duly certified nv It's
/ president and secretary. asking thee
/ for. in form to he provided by to bank
/ commissioner. shall be filed with said
bank comm ssioner who shall upon the
( filing Of such resolution. make a rigid
/ examination o. the affairs Of such hank
/ and II Il Is found to he solvent. to ~
I properly managed and conducting It's
/ business In strict accordance with the
! banking law. he shall. after the hank
+ shall have deposited with the State
/ trea surer bonds or money as hereiuaftcr
/ provided issue 10 such bank certtfi
ca te stating In substance that said hank
+ has complied with tho provisions Of
/ this act and that IS depo-itors are
/ guaranteed hv the hank depositars' guar
4 auty fund Of the State q Arkansas, Ms
/ herein provided
Sec. Before receiving such cert
/ ficate from the bank commissioner. each
/ bank entitled to the same according to
/ Section Of this act shall as on ~
(
/ at all times maintain with the Stat"
/ treasurer. Subject to the order ~ tfe
/ bank commits stonpr when couutArSi oil
hv the auditor Of Statc1 United states
. bonds, Arkansas State bonds Improve
/ nent district bonds municipal bonds
school district bonds. within the state 90
/ Arkansas 70 the amount Of five hundred
dollars for every one hundred Thousand
4 dollars or fraction thereof Of its average
+ deposits eligible 10 guaranty 0ess It's
capital md surplus1 as shown hv to
/ last four publ shed statements provided,
that each hank shall so deposit not less
than five hundred dollarR aU1 tho State
/ treasurer shall issue his receipt there
+ FOR IN trtplIeate one 10 the bank. one
to the auditor Of State. and one 70 the
! bank commits slorer. Such bonds shall
/ bear the certificate OF the attorney
/ general Of the State Of Arkansas. stat
= ing that In his opinion -eid bonds have
I been legally issued Said bonds or cash
( IN lieu thereof shall not be charged out
, Of the astets OF the hank. except As
/ hereinafter provided, but shall he car
/ RED in its assets under heading
I Guaranty Fund with State Treasurer
untN such time as said bank shall de
/ fault In payment If assessments hcre-
( matter provided for In llru OF bonds
/ the bank Mt It's option. may depos I
/ MONEY which deposit shall be exchange
, able for acceutable bonds when the bank
/ elects to make the substitution In al
] ditton to above each bank shall pay IN
/ cash an amount equal TO nUc-fourth OF
! one per cent or fts average deposits
/ eligible TO guaranty. less it, capital and
| surplus. and tho same shall he credited
I to the bnnk deposltors guaranty fund
I with the state trea Surcr. subject 10 the
order Of the bank commissioner and
| the state trca shall issue his re
! cent therefor In triplicate. one TO the
/ bank. one TO the auditor Of state. ami
I one to the bank comm iSsiOner, provided
that any bank seeking 20 rartictnate In
/ the assessment and benefits of this act
after the first annual assessment fer
the year 1915 shall have been made.
I shall be assessed an amount approx F.
/ matelv equal 10 its proportiouate share
Of the money then I'm the bank depos'-
tors guaranty fund after all losses shall
have been deducted. the amount OF such
assessment to be determined by the
bank commits sioner The last above
| mentioned assessment, however. shall
| not he required Of new banks formed by
banks which have previously compiled
! with the terms OF this act. Upon the
| deposit and acceptance OF such bonds
! Cor money! and the payment Of said as
sessment. then the payment Of such d.
posits OF said bank as are specified II
this act shall he guaranteed as nereiu
provided and the bank entitled TO its
certificate.
Sec 4 The bank commissioner shall
during the month OF January OF eacr
year make assessments OF onefourth ~
one per cent of the average guarantee
deposits. less capital and surnlus ~
each bank until the cash fund &C
cumulated and placed to the credit %
the bank depositors guaranty fund shall
be approximately five hundred thousand
dollars over and above the cash de-
posted IN lieu Of bonds when he shall
discontinue such assessments Should
such fund become depleted the bank
commissioner shall make such additional
assessments from time 70 time az may
become necessary 70 maintain the same
provided that not more than six such as
sersments OF ne-fourth OF one per cent
each shall he made in any one calenda
| year. The treasurer Of the State of Ar
| kansas shall hold this fund in the State
depository banks as provided by law
| governing other State funds, subject to