The Forrest City times., 1914-07-03

oe Sounterslgned by the auditor of State, TOT the payment of depositors of failed guaranteed banks as hereinafter pro vIoed The State treasurer shall credit 'ils iund quarterly with it's proportion ate snare of interest received from State tunus, computed at the minimum rate Of interest provided by law. upon the aver age daily balance of said fund.
 Sec. 5. When any bank shall be found 10 he insolvent by the bank commits sloner, he shall take charge of such wlhd up it's affairs: and he shall at tle earliest moment issue to each de poSltof a certificate, upon proof of cam bearing six per cent interest per ahhum upon which dividends shall be entered when paid. except where con tract rate exists on the deposit. in Which case the certificate shall bear i.htereSt at the contract rate; notice of tHe amount of each dividend to be pal creators and the date when such pay. inent Is to be made shall be published III two consecutive issues of a paper of Eeherai circulation in the county or city m which such failed bank is located. ana corresponding notice posted on the door of the receivers office, and interest shall cease on each dividend on the oay named in such notice. The bank commissioner shall likewise publish notice of the date upon which he will make payments of any balance due on such proof of claim, and interest shall cease on the day so advertised, and
 
 the ofhcer in charge of the bank shall nave realized upon the assets of such pdhk and exhausted the double liability or it's stockholders. and shall have paid all funds so collected in dividends to the depositors, he shall certify all balances due on guaranteed deposits eff any exfstl to the bank commissioner. who shall then. upon his approval of such certffication, draw checks upon the state treasurer to be contersigned by the 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 fund shall not be sufficient to pay all guaranteed deposits Of any failed bank. having been made the bank commits sioner shall pay depositors pro rata and the remainder shall be paid when the next assessment fs available provided. however, that whenever the bank com missioner shall have paid any dividend to the depositors of any failed bank out or the bank depositors' guaranty fund. then all claims and rights of action of such depositors so paid shall revert to the bank commissioner for the benefit of said bank depositors' guaranty fund, until said fund shall have been fully re- lmburSed for payments made on account of such failed bank, with interest there on at Tour per cent per annum.
 Sec. 6. A penalty of fifty per cent Of the amount of said assessment shall be added to the assessment of any bank not remittfng 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 Tall 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 immediately sold by the bank commissioner at public n Ina 1T 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 depostors' guaranty fund if the bank does not within sixty days from default in pay ment mt Of such assessment remit the full amount of such assessments 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 it's assess ments according to the terms of this act, the bank commissioner shall inn mediatelv examine such bank and if t | 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 it's certificate as a guaranteed bank and cause to be displayed in it's banking rooms in a conspicious place continuously for six months, card not smaller than twenty inches by thirty inches. and in large plain type. reading as Follows: This bank has withdrawn from the bank de- pOsitorS' guaranty fund and the guaranty of it's deposits will cease on and after 1 ........" The date on this card shall be a date six months after the first posting of such card, Any bank electfng 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 expiration of the six months as afore- said may receive its bonds provided always that said bank shall have paid | assessments in full to date) 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 its assessments on account of same
 Sec. '. 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 at maturity, daily deposits not to exceed q 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, snail not be guaran- | teed by this act, Each guaranteed bank l 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 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 l others.
 Sec, g. Each bank guaranteed by this act shall keep a correct record of the l rate of interest paid or agreed to be l paid to each depositor, and shall make | a statement thereof under oath to the | bank commissioner quarterly. If a bank 1 displays a card or in any manner adver- l tises that its depositors are guaranteed 1 such bank if it pays or agrees to pay. ! either directly or indirectly interest t l any rate greater than four per cent per l annum upon deposits of any kind, class 1 or character shall state upon or in the same card or advertisement that no de- l posts are guaranteed which bear a | greater rate of interest per annun than l four per cent, and this portion of the 1 advertisement must be in type of tns l same size that is used in stating that 1 the deposits in the bank are guara n teed No bank which pays interest at a rats