The Springdale news., 1914-07-10


 cease on the day SO advert tsed. and said proof of claim shall so state After the officer in charge of the bank shall have realized upon the assets of such bank and exhausted the double liah .llt@ or It's stockholders, and shall have paid all runds go collected In dividends to the depositors. he shall certify all balances due on guaranteed deposits eff any eXist) to the bank commissioner Who snail then. upon his approval or such certification, draw checks upon the state treasurer to be conterstgned b9 the auditor of State. payable out of the oank depositors guaranty fund. in favor or each depositor for the balance aua on such proof of claim as hereinafter provided. If at any time the available funds in the bank depositors' guaranty luna snail not be sufficient to pay al! guaranteed deposits of any failed bank the SIX assessments herein provided for having been made. the bank commits sioner shall pay depositors pro rata and the remainder shall be paid when the reXt assessment Is available; provided. however, that whenever the bank com missioner shall have paid any dividend to the depositors of any failed bank out then all claims and rights of action of such depositors so paid shall revert to the hank commissioner for the benefit of said bank depositors' guaranty fund. until said fund shall have been fully re- imbursed for payments made on account of such failed bank with interest there on at four per cent per annum.
 Sec. G. A penalty of fifty per cent of the amount of said assessment shall be added to the assessment of any bank not remitting as 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 aforesaid shall fail to remit the amount of said assess ment as herein provided. sufficient amount of its bonds ftegether with the El1at. t.ff sold by the bank commissioner at public sale and the proceeds used to pay said assessment Any balance remaining from the proceeds of such sale after the payment of such assessment shall 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 no. within sixty days from default in pay ment Of such assessment remit the full amount of such assessments amount of its bonds. or money pledg- ed, as evidence of good faith. Upon the banks failure to remit it's assess ments according to the terms of this mediately examine such bank. and If t Is found In his judgment to he in solvent. he shall take charge of and liauidate said bank according to law If said bank be found solvent the bank commissioner shall cancel its certificate as a guaranteed bank and cause to be displayed in its banking rooms in i canspicious place. continuously for stx months. a card not smaller than twenty inches hv thirty inches. and in large plain type. reading as follows: This hank has withdrawn from the bank de positers' 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 posting of such card Any bank electing ta withdraw from the hank depositors guaranty fund may dc SO by giving no t{ee to the bank commissioner and dis rfaYfrg a card aS afaresafi and at the expiration of the six months as af0re- said may receive It's bonds provided always that said hank shall have paid assessments in full to date) when the affairs of all failed hanks in liquidation at the expiration of said sly months shall have been closed ID and the sail Eank shall have paid It's assessments on account of same
 Sec ! Deposits which do not hear interest and the following deposits anly shall be guaranteed by this act: Time certificates not raSaEle tn less than six months from date and not extending for more than one year. bearing interest at not to exceed four Der cert per an mum and on which interest shall ceasa at maturity. daily deposits not to exceed q greater rate of interest than three per cent PCT annqIn Deposits which are
 
 rowed by the bank and all deposits otherwise secured shall not be guaran- tee1 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 1t has on deposit. not eligible to guaranty under the provisions of this act and in asses sing such bank this amount shall te deducted from its total deposit The guaranty as provided for in this act shall not apply to A banks obligation as endorser upon bills redscounte6. nor to bills payable. nor to money borrowe7 temporarily from its cores spondents or others.
 Sec s Each bank guaranteed by this act shall keep a correct record of tho rate of interest pai4 or agreed to he paid to each depositor. and shall make a statement thereof under oath to the hank commissioner quarterly If hank displays a card or in any manner adYer- tfses that fits depositors are guarantees. such bank. if 1t pays or agrees to pay either directly or indirectly. interest at any rate greater than four per cent per annum upon deposits nf any kind class or character. shall state upon or fn thr nesits are guaranteed which bear q greater rate of interest per annum than four per cent. and this portion of the advert iSement must be fin type of tae same size that is used tn stating thu, the deposits in the hank are guaraute eeG No bank which pays interest at rate greater than four per cent per annum on any form of deposit or on any tImo certificate cashed before maturity. shall be permitted to participate in the bene- fits of this act, provided, however that any existing contracts for higher rates of interest entered into before the pas sage of this act may be carried out un- impaired. and such existing contracts shall not disqualify a bank to partiei= pate in the benefits of this act Any managing officer of any bank guarantee under this act. or any person acting Tn it's behalf or for it's benefit, who shall thereafter pay or promise to pay any depositor either directly or indirectly any rate of interest In excess of or f7 addition to the maximum rate of Inter est permitted by this act, or who shal' with intent to evade any of the pro visions of this act, pledge the tim certificate or other obligation of such bank as security for the personal ohlf- gation of himself or any other person shall be guilty of misdemeanor. pun ishable by a fine of not less than five hundred dollars ner more than five thousand dollars. or by Imprisonment not exceeding one year, or by such line and imprisonment. The display of any card or other advertisement tending to convey the impression that the deposite of the. bank are guaranteed by the State of Arkansas either directly or indirect. f 1rh