The Dermott news., 1914-07-02


| for the payment of depositors of FAILED
guaranteed banks. as hereinafter pro
| Vided. The State treasurer shall credit
| this fund quarterly with it's proportion
| ate share OF interest received from state
| FUNDS. 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
| TO be insolvent by the bank commits
| sioner. he shall take charge of such
| bank. az provided by law, and proceed tn
| wind up its affairs; and he shall nj
| the earliest moment. issue to each de
| positor certificate, upon proof OF
| claim, bearing six per cent interest per
| annum upon which dividends shall be
| entered when paid. except where CON
| tract rate exists on the deposit. II
| which case the certificate shall bear
| interest al the contract rate: notice ~
| the amount OF each dividend to he PAL l
| creditors and the date when such pay
ment is to he made shall he puhlishe
| in two consecutive issues of a paper OF
ceneral circulation In the county or CITY
in which such failed bank is located
and corresponding notice posted on
| the door of the receivers Office. and
interest shall cease on each dividend on
the dav named I'm such notice. The bank
commissioners shall likewise publish n
notice Of the date upon which he VIII
make PAYMENTS of any balance due on
such proof of claim and interest shall
cease on the daV advert spd and
said proof of claim shall so state. A't"r
the officer IN charge of the bank shall
have realized upon the assets OF such
bank and exhausted the double lab litY
- is stockholders. and shall have paid
all rerGs so collected in dividends 10
the deposito-S, he shall certify all
balances due or guaranteed deposits Of
any EXIST 70 the bank comm Sstoner
who shall then. upon hts approval or
such certification. draw checks upon tic
state treasurer. 70 be contersigHed bE
the auditor Of State PAYABLE out of the
ayelF 10,
Of each drpositor for the balance dug
on such proof OF claim as hereinafter
provided. II at any time the available
funds I'm the bank dCrositors' guaranty
fund shall rot he Sufficient to pay all
guaranteed deposits OF any failed bank
the six assessments herein provided for
having been made. the hank commits
siouer shall pay deposftors pro rata aud
the remainder shall be paid when the
next assessment is available provided
however, that whenever the bank c'u1-
missioner shall have paid any dividend
to the depOsttors Of any failed bank ont
Of the bank derositors. Guaranty tNu3
then al claims ard rights ~ action of
such deDositors 50 paid shall revert T.
the hank commissioner for the benefit
OF said bank dcupsf tors guaranty fun1#
Hnti said fund Shall have been fully re
inhursed fo~ PAYMENTS made on account
of such failed bank with interest there
on at four per cent per anrum
Sec \ p"nHttv ~ ftfty rer Nert Of
TIC amount t1I sac assessment S14fI 20
added II tie Assessment o. any hark
rot reufttinc as aforesaid within thirtv
DAYS after receipt OF notice 81 such ~
sessrert from the hank commissioner
and " any hnnk which shall have hen
assessed and notified as aforesaid shall
fail to remit the amour, Of said ar.~sS
mont ms herein provided a sufficient
amount Of its bonds tto~cther With H.
unevpired eoupors1 shall he trnme iiatelv
sold nv the bank cor,inissinrer NJ puht1e
sale and the proceeds used to my sad
assessment ANY balance remaining
from the proceeds of surh sale ,rte--
the nayment OF such assessment shall
itn' II 10 tho cteitt OF thr baNk In ~"
denoSfors guaranty fund The sat-
baianee. together With the rem9'a'er ~
the honds tar cash In li"n thereof.
snail he forfeited 10 the bark dcnosttors.
guaranty fund II the haHk docs not
withln sixty days FROM '"fHu't ~ pav@
nent or such assessment r""1it the
fotl amount o. saeh at~"setnertS
and pena Y 10 date. and r"Stn~" t.
amount of lis bonds or money plefEs
81 as "v'f"no" or good t9ztn nom
the banks failure - rer'ft - assess
meufS according 10 tic ferfuS - fHfs