The log cabin Democrat., 1914-07-02

such proof of claim. and interest snail cease on the day advertised anu | said proof of claim shall so state. N.i NtIi i the officer in charge Of the paS panS s,'cn have realized upon the assets Tah Ii,v | bank and exhausted the douple iidp-lliSs sof it's stockholders, and shall nave P" .e | all funds so collected in. dlVluenus Ii m | the denosttors he shali certlE %is balances due on guaranteed depoSitS VI any evist to the bank comInIsS.JIi nf who shall then upon his appfoNa' pI Silch Certificatiou. draw "heckS upoI M state treasurer to he contefSls"es .t the auditor of State. payable 9ut os r, ,r bank depositors' guaranty funG, unaa In d'Je of each denoSitOr for the balance s s.I an such proof Of claim as here,Itt'ih, tIo provided. Tf at any tine tnP ,,,arantv ! funds in the bank derosltors sudl .t e' Il fund shaN not be sufficient 10 pay ft' guaranteed deposits of any faiIe1 I' Fnr the six assessments herein pToNlueu bal-inp been made. the bank co1h"iiH, sioner shall pay depositors pro rata t,lP
 the remainder shall. be paid when. tH next assessment is available; ptoN .,, .uu-'. however. that whenever the panMh M ,,,t missioner shall have paid any dlNlueN. ,o the depositors of any failed nailh out of the bank depositors guaranty IuH,t; then all claims and rights Of actlon ol such depositors so paid shall revert e., Se the bank commissioner for the peMe1z' of said bank depostors' guaranty Iulll' until said fund shall have been iullE fmbursed for payments made on acGoua.' 
 on at four per cent per annum-
 Sec. 6 A penalty of fifty per cent or rhe amount of said assessment shail pc added to the assessment or any paih not remitting as aforesaid w1tiln JhiltF days after receipt of notice Of such as sessment from the bank commlsSlohet' and if any bank which shall nave 3 pee3 assessed and notified as aforesaid Shai fail to remit the amount of said assess
 nent as herein provided. a sufficient amount of it's bonds (together with the unexpired c0upons) shall he immedlateiF sold by the bank commissloner al pupiif sale and the proceeds used to pay sald pssessment Any balance remaining from the proceeds of such sale after the payment of such assessment snaI3 remain to the credit Of tho bank m the depos;tors guaranty fund The sai1 balance together with the remaAnter or
 the bonds Cor cash in lieu ~ereof1. shall he forfeited to the bank dnposltor@ guaranty fund if the bank does nof within sixty days from de+ault in nav ,nent of such assessment remit the full amount Of such as&ossments amount of it's bonds or money pledg- ed as evidence of good faitA. phn the banks failure to remit it's assess rocr+e according to the terms of this pct The bank commissioner shall im- r1ediatelv examine such bank. and 1T 't is found in his judgment to Dc ID
 solvent. he shall take charge of and Tauidate said bank according to law If said bank be found solvent the bank commissioner shall cancel its certificate as guaranteed bank and cause to Do displayed in it's banking rooms. in 2 conspfcious place. continuously for
 n1ortPS a card not smaller than t~-"ntr inches pv thirty inches. and f1 I1rge plain type reading IS foIrv-S fh'e bank has Withdra Wn from tae bank de positors' guaranty fund and the guaranty of it's deposits will cease on and after ........" The date on this card shall be a date six months after the first Of tHh "a rd hl Tk aln to withdraw from the bank depos tors guaranty fund may do so by giving ro- tire to the bank commissioner and ais Tiaying a card as aforesaid and at the eyriratfon of the six months as afore said may receive it's bonds (providef always that said bank shall have paid assessments in full to date1 when the affairs of all failed banks in liquidation at the expiration of said six months shall have been closed up and the said bank shall have paid it's assessments on account of same
 Sec 7 Deposits which do not bea7 interest and tho following deposits onlv 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 et not to exceed four ner cent per an mum and on which interest shall Ceass at maturity. daily deposits not to exceed n greater rate of interest than three per cent per annum Deposits which are primarily rediscounts or nroney bor- rowed by the bank. and all deposits otherwise secured. shall not be guaran- teed by this act Each guaranteed bank shall certify under oath to the bank commissioner at the date of each called statement The amount of money it has on deposit, not eligible to guaranty under the provisions of this act. and in asses sing such bank this amount shall be deducted from its total deposit The guaranty as provided for in this act shall not apply to a banks obligation endorser upon bills rediscounted. nor to bills payable, nor to money borrowed temporarily from it's correspondents or others.
 Sec 8. Each bank guaranteed by this act shah keep a correct record of the rate of interest paid agreed to be paid to each depositorJ and shall make . statement thereof under oath to the bank commissioner quarterly. If a bank displays a card or in any manner adver- tises that it's depositors are guaranteed such bank. if 1t pays or agrees to nav either directly or indirectly, interest at any rate greater than four per cent per annum upon deposits of any kind, class or character. shall state upon or in the same card advertisement that no de- posits are guaranteed which bear greater rate of interest per annum than four per cent. and this portion of the advertisement must be in type of the the deposits in the bank are guaranteed No bank which pays interest at a rate greater than four per cent per annum on any IOT1n Ol deposit, or on any t1Uno certificate cashed before maturity shall bs permitted to participate in the bena- fits of this act; provided howaver. that any existing contracts for higher rate. of interest entered into before tho pas sage of this act may be carried out un- impaired, and such existing contracts shall not disqualify a bank to partici- pate in the benefits of this act. Any managing ofncer of any bank guaranteed under this act. or any person acting in its behalf or for its benefit who shall depositor. either directly or indirectly. any rate of interest in excess of or in addition to the maximum rate of inter est permitted by this act. or who shall with tAtspa 70 svads any of the pro visions of this act. pledge the time certificate or other obligation of such bank as security for the personal obli- gation of himself or any other person. shall be guilty of misdemeanor, pun