The log cabin Democrat., 1914-06-25

| bank and exhausted the douDlr lldD D.i. i,
 Of it's stockholders. and shall nave pa 1 ell funds so collected in dividenGS
 the deposltors he shalf certify f;t balances due on guaranteed 3"pNS- iE,.
 any eNisj to the bank eoh'AlS2..ti oe who shall then. upon his "HrI'N'' Al ] such certiftc4tfou draw checks HNofl t,' E! State treasurer to be cout"FSl+'e,t
 the auditor of State. raEabi" obt o5 !'.,r hank aapOsitorr' guaranty funo. 'I' i0 of each derositar for the 'tl't'. -4.. i on such proof of claiu as H'1el'.:li '.:li. i provided. If at any time t'e aNt.., l fundS in tho bank deN9site'@ 7, ] fund shall not be sufficient to H7 t. | guaranteed deresifs af any ia!ta tha six assassuentS herein pr"E'et
 l having hcan made thc hanS con i sioner slaH pay 1en0sita~s Tro rfi#
 1 next assessment is aNailahlH. ia'h. , however. that whenever the haIN 1 missioner shall have paid any .HE. 1 to the depositors of any failed hthN ..' of fbe bank denositors' euarantT fut' l then a1I claims and rights oT acton o' such depoSitorS so paid shall ie,'
 the bank commissioner for th' 1 of said bank deDnSitOrs' Guafant ~ i"t i until said fund shall have been faI'N Is 1 imbursed for pavments made on arcouII. l of such failed bank. with interest tasff- l on at four per cent per anunm.
 Sec G \ penalty of fifty per cent at { the amount of said assessment shaii t' added to the assessment or any 2aLt not rer05ttins as aforesaid within thlrtE days after receipt of notice ot SA'' srSemrrt from tHe hank commission CT and if any bank which shall haEe n1a1
 assessed and notified as aforesaid s'fh fail to remit the amount of said assess pent as herein pFoR laea. a S8..,#
 amount of i-s bonds ft0setArr with .' UneNDired coupOns' shall Ie ''nmealate5N
 s0Id bv the hank commissioner aft pH'L5n sale and the nro-oads used to nay s5t2i aseessment Any balance rerraf fniFs from the proceeds of such sale afte- the UayT5eut of such assessment SNa1 remain ro tue orediC of tho bank m tae
 denos:tors' enarantv fund I.5e sa5l
 balance. together Hith the remainder of
 the bonds (or cash in lfnU 5Horon . eha7l he forfeited to the hank douositors
 euaca7ltE fund if t1a bank does not tctthia ytv days froen default in pav-
 fuIi amount of sach assessments and Yenalty to date. and restore the
 amount of it's bonds or money pleFi2-
 ed, as cVidoree of @aod .aitn- poh
 tho banks failure to remit it's asses&-
 mente according to the terms Of tnls
 act the bank commissioner shall in5-
 ts found in his judgment to he ln
 solvent he shall take charge of an
 Iicuidare said bank according to iaV
 ff said bank be found solvent, tie bars commissioner shall cancel it's oertittca as q qua "a nteed bank and cause tn h@
 displayed in it's banking rooms. in
 consriciottS place, continuously for
 months. a card not sna Ter tha0 sH'. inches ny thirty inches aa' rTa
 plain tyne, reading as fe'' .sh@
 bank has withdrawn from s4c bank .'a- ppsitors' guaranty fInd and the guaranty Of Its aerositS will Cease o8 and Ter
 ...-..-." The date on this card sf7'i
 be a date siX months after the fire5
 posting Of s1Ch card. AnN bank "I Ia'' '''e
 to withdeaw from tHe bank 3apos lars
 guaranty fund may do SO hE eiEir@ no t#ce to the hank ron1rnfs as oae~ and d,s- Vfng a card as aforesaid. aad at inc
 ration of the s.Z months aa ,are-
 afr Tsf.r. alwa that said hal'. shall haze H7i8 aeses. .11ents in fall to datet when the affairs of all failed haHls tH lfaH etio#
 at tne expiration Of said sig months
 shall hasl heel closed up and the sat5 baM11 shall have paid it's assesemoats 0e. account of same.
 interest ard tI fesfoWire= #e.HsI ts oflz=
 sHaf1 ne guaranteed E# t=i~ a#t. .raHa
 certificates nor ravab'a Ia Iese#tHan months from date and Hot n.fH HHafur E.
 more than one year baar.us inter $. at not to exceed f0t4 rf#rf rar 1f.- mum and on which 5ute.est shall ceaSs at maturity. daily deposits not to exceed
 q greater rat" of interest than tbrae aer
 cent per anruf1. Deposits which are
 primarily redis"ounts or aaeY hor-
 rowed by the hank. and all deposits
 otherwise secured. shall not he guarau-
 teed by this act. Each guaranteed bank
 Commissioner al the date of each called
 statement the amount of money if has
 on deposit, not eligible to guaranty undcr
 the provisions of this act. and in asses
 sing such bank this amount shall be
 deducted from it's total deposit The
 guaranty as provided fer in this act
 shall not apply to a banks obligation
 as endorser upon bills redscOunted nor
 to bills payable, nor to money borrowed
 temporarily from its correspondents or
 others.
 Sec. &. Each bank guaranteed by this
 act shall keep a correct record of tho
 rate of interest paid or agreed to ba
 paid to each depOstor, and shall make
 8 statement thereof under oath to the bank comm issioner quarterly. If bank
 displays card or in any manner adver- tises that it's depositOrs are guaranteed such bank. if II pays or agrees to pay.
 either directly or indirectly interest at
 any rate greater than four per cent Der annum upon deposits of any kind class or character. shall state upon or in the same card or advertisement that no de- poSitS are guaranteed which bear a greater rate of interest per aunum than four per cent. and this portion of the advertisement must be in type of inc
 same size that is used in stating that ] the deposits in the bank are guaranteed No bank which pays interest at a rate greater than four per cent per annum on any form of deposit, or on any tinno certificate cashed before maturity. shall be permitted to participate in the bene- fits Cf this act; provided. howeyer that 1 any existing contracts for higher rates | of interest entered into before the pas n- i impaired, and such existing contracts
 shall not disqualiffy bank to partici- ! pate in the benefits of this act Any 1 managing officer of any bank guarantnea
 under this act, or any person acting in | it's behalf or for it's benefit who shall 1 thereafter pay or promise to pav any | depositor. either directly or indirectIv
 any rate of interest in excess of or in l addition to the maximum rate of inter 1 est permitted by this act or who sbaT
 with intent to svads any of tn. pro 1 visions of this act. pledge the time l certificate or other obligation of sncb l bank as security for the personal obu
 gation of himself or any other person.
 shall be guilty of misdemeanor, pun ! ishable by a fine of not less than ffve 1 hundred dollars nor more than five l thousand dollars, or by Imprisonment not exceeding one year, or by such line 1 and imprisonment The display of any card or other advertisement tending 10
 convey the impression that the deposits ! of the bank are guaranteed by the State
 of Arkansas, either directly or indirect l ly. shall be a misdemeanor and shall
 1o Dnf1V