The Forrest City times., 1914-06-26

1 Nlded. The State treasurer shall credit | lnls iuhd quarterly with its proportion- que snare Of interest received from State iunds' computed at the minimum rate of interest provided by law, upon the aver aSe daily balance of said fund.
 Sec, 5. When any bank shall be found lo ne insolvent by the bank commis- sloner he shall take charge of such | bank, as provided by law and proceed to wind up it's affairs; and he shalt at the earliest moment, issue to each de- poSltor a certificate, upon proof Of cialm, bearing six per cent interest per | annum upon which dividends shall be entered when paid, except where a con tract rate exists on the deposit, in Wulch case the certificate shall bear interest at the contract rate; notice of the amount of each dividend to be pail creditors and the date when such pay hent IS to be made shall be published III two consecutive issues of a paper of EeHeral circulation in the county or city Tn which such failed bank is located, ana corresponding notice posted on tIle door of the receivers office and interest tho rest shall cease on each dividend on tue day named in such notice. The bank commlsSioner shall likewise publish hotlce 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 Sald proof of claim shall so state After tne officer in charge of the bank shall nave realized upon the assets of such l b1Ilh ana exhausted the double llaD .lltY | or its 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 eXfst to the bank commissioner, who shall then, upon his approval of l Such certification, draw checks upon the | state treasurer, to be contersigned by 1 the auditor of State. payable out of the 1 bank depositors' guaranty fund. in favor of each depositor for the balance due l on such proof of claim as hereinafter l provided. If at any time the available l Iunds in the bank depositors' guaranty ] fund shall not be sufficient to pay all ! guaranteed deposits Of any failed bank, i the six assessments herein provided for | having been made. the bank commits l Sloner shall pay depositOrs pro rata and | the remainder shall be paid when the 1 next assessment fs available: provided. l however, that whenever the bank com l missioner shall have paid any dividend i to the depositors of any failed bank out l or the bank dcpositors' guaranty fund. 1 then all claims and rights of action of 1 such depositorS so paid shall revert to l the bank commissioner for the benefit l of said hank depositors' guaranty fund, 1 until said fund shall have been fully re- l imbufsed for payments made on account 1 of such failed bank. with interest there i on at four per cent per annum.
 :, Sec. 6 A penalty of fifty per cent of the amount of said assessment shall he l added to the assessment of any bank ] not remitttne as aforesaid within thirty l days after receipt of notice of such aS- l seSsment from the bank commissioner and if any bank which shall have been 1 assessed and notified as aforesaid shall l fall to remit the amount of said assess ment as herein provided. a sufficient amount of it's bonds CoFether with the l uneNpired coupons) shall be immediately sold by the bank commissioner at public l sate and the proceeds used to pay said 1 assessment. Any balance remaining
 from the proceeds of such sale after 1 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 he forfeited to the bank depoSitors
 guaranty fund if the bank does not
 within sixty days from default in pay inent or 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 im- mediately examine such bank. and if 1t
 is found in his judgment to be in
 solvent he shall take charge of and liqudate said bank according to law | If said bank be found solvent, the bank 1 commissioner shall cancel it's certificate
 as a guaranteed bank and cause to be
 displayed in it's banking rooms. in a ! conspicious place, con tinuously for six
 months, a 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- posttors 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 eleeting | 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 it's bonds (provided l 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
 a 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 shall not be giaran.
 teed by this act. Each guaranteed bank
 shall certify under oath to the bank | commissioner al the date Of each Calle
 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 ac,
 shall not apply to a banks obligation
 as endorser upon bills rediscounted. nor
 to bills payable. nor to money borrowe5
 temporarily from it's correspondents or
 others
 Sec s, Each bank guaranteed by this
 act shall keep a correct record of the
 rate of interest paid or agreed to be
 paid to each depOsitor. and shall make
 a statement thereof under oath to the
 bank commissioner quarterly If bank
 displays a card or in any manner adver.
 tises that it's depositors are guaranteed
 such bank, if it pays or agrees to pay
 either directly or indirectly interest al
 any rate greater than four per cent peI
 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 g
 greater rate Of interest per annum thar
 four per cent, and this portion of tn.
 advertisement must be in type of tn,
 same size that is used in stating tha'
 the deposits in the bank are guaranteed
 No bank which pays interest at a rat.
 greater than four per cent per annun
 on any form of deposit, or on any tim,
 certificate cashed before maturity, shal