Pocahontas star herald., 1914-06-12

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llr.H llHn w.gH lIt'i.l.' .h.i.
.,srrl whsn ra.l rEtent "lee con-
raet mtg rE.ftF on hg d.p9st ~
which cree Ie ttrfugatf shan bear
IufHH1rt uf flr contract r.fr. HWIrr ~
We amount ol each dividend a" hr lhl
greaitgrH and tnv dutr when rAeh iA'
m'.t ls 20 he made shall D. punll.Ng
Efuerul circulation In the county ur r'tN
n which such failed bank Pr located
NM roffespundiuE notice poftfa "e
ne door Of che receivers once ono
interest shall cease on each dividend on
The day named in such notice. Tie bank
commissioner fhall likswifo publish q
notice uf The date upon which hf VII
make payments of any balance due on
s, such proof of claim. and inte.res. 'a9il
snid proof OF claim shall go state Atte,f
The ofhcer On charge OF the bank shat
have realized upon the HfsptH ~ tueh
bank ana exhausted the double liability
Of ifs stockholders. and shall have pAla
all funds 81 collected ln dividends e.
the depositors be shall certify all
balances Que on guaranteed deposits CIT
any eyisb 20 the bank commlaslonef
Who shan then, upon HE appfofh or
such certlficntion. draw checks upon the
state treasurer 10 be- coutorsigncd hy
The auditor of state payable out or the
hank deposItors Eunrauty fund. IN iHNof
of each depositor Tor The balance due
on such proof OF claim aH hereinnitef
provided m at any time Tho aNauahlo
Funds Ir the hnrk dsuoaltnrH' guaranty
fund SHAH not be sufhcieut 90 pay ai
guaranteed deposits or any failed bank
The aiN assessments herein provided Tor
having been made tile bank commif.
Fiouer shall pay deposItors pro rata and
the remainder shall be paid when the
next assessment a. available, provided,
however. that whenever the bank com.
missioner shall have paid any dividend
% the derostors or any failed bank out
~ the hank deposltors' Fuaranty fuud.
then an claims and rights Of action Of
such denositors so paid shall revert %
the hank commissioner Tor the heneft
~ said bank dcpositors guaranty fund,
until said fund shall have been fully re-
imhursed for payments made on account
OF such failed bank. with interest there
on AZ four per cent per annum.
Sec. g. A nsnaltv of fifty per cent OF
the amount ~ said assessment shall be
added 10 the Assessment OF any bank
not RENTING AZ aforesaid within thirty
scesmert from the hank commissioner,
and M any bank which shall have been
aFfeFscd and notified az aforesaid SHAH
fan 20 remit the amount OF said assess
ment as herein provided. n sufficient
amount of its bonds together with the
uneNpircd oouponsl shall BE- Immediately
sold by the bank commissioner az public
sale and the proceeds used TO pay said
gfsessment Any balance remainirr
from the proceeds of such sale after
the payment OF such assessment shall
remain 20 the credit OF the bank In the
depositors guaranty fund The said
balance together with the remainder or
the bonds Cor cash in lieu thereof.
shall be forfeited 10 the bank depositors'
Ruarnnty fund n the bank does not
within sixty dnys from default I'm paw
ment of such assessment remit the
ful amount OF such assessments
amount OF It's bonds, or money pledg-
ed as evidence OF good faith. Upon
the banks failure 10 remit It's assess
ments according 20 the terms OF this
act. the bank commissioner shall inn
mediately examine such bank. and n u
rs found IN his Judgment 10 be IN.
solvent. he shall take charge OF and
liQuidnte said bank according 90 law
m said bank he found solvent the bank
commissioner shall cancel its certificate
ne guaranteed bank and cause 20 be
displayed IN It's banking rooms m a
conspicuous place continuously for elk
months n 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-
pnsitors' guaranty fund and the guaranty
OF its deposits will cease on and after
........." The date on this card shall
be a date six months after the frs,
posting OF such card. Any bank electing
10 withdraw from the bank deposltors
guaranty fund may do so by giving no
tice 10 the bank commissioner and die
playing a card as aforesaid. and az the
expiration OF the six months as afore-
said may receive its bonds provided
always that said bank shall have paid
assessments IN full 10 date) when tho
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 It's assessments on
account OF same.
Sec. Z. 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
NJ not 20 exceed four per cent per an
mum and on which Interest shall cease
~ maturity, daily deposits not TO exceed
a greater rate OF interest than three per
cent per annum. Deposits which are
rowed by the bank and all deposits
otherwise secured. shall not be guaran-
teed by this act Each guaranteed bank
shall certify under oath 20 the bank
commissioner at the date Of each called
statement the amount OF money II haR
on deposit. not eligible 20 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 70 a banks obligation
as endorser upon bills redlscounted nor
TO bills payable. nor 10 money borrowed
temporarily from its correspondents or
others.
Sec. 3. 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
bank commissioner quarterly II a bank
displays a card or In any manner adyer-
tses that its depositors are guaranteed
such bank. II IL pays or agrees TO pay
either directly or indirectly. interest at
any rate greater than four per cent pcr
anuum upon deposits OF any kind class
or character. shah state upon or in the
same card OF advertisement that no de-
posts are guaranteed which bear
greater rate Of interest per annum than
four per cent, and this portion Of the
advertisement must be IN type Of the
same size that Is used I'm 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 tima
certificate cashed before maturity shall
be permitted TO participate IN the bene.
any existing contracts for higher rates
Of lad fsvaaf rntarnH into hafoWa f1a nos.