The log cabin Democrat., 1914-06-04

have realized upon the assets Of sucp bark ard exhausted the double liab -litv | of i+e stockholders. and shall have paln | ell f-rfs so collected in dividends tn | the deroeitors. he shall certify all bai6ncee due guaranteed deposltS NiI any eviGt) to the bank commissloner who shall then upon his approval of such certification, draw checks upon the State treasurer. to be conterslgned oy the auditor of State. payable out or the bank dapositors' guaranty fund. Tn 1aVor of each depositOr for the balance que on such proof of claim as hereinatter provided. If at any time the avallapic funds in the bank depOsitors' guaranty
 fund shall not be sufficient to pay all guara rteed deposits of any failed bank the six assessments herein provided TOT havirg been made. the bank comm'S. sioner shall pay depositors pro rata and the remainder shall be paid when the next assessment is available; provided. however, that whenever the bank com missioner shall have paid any dividend
 to the depositors of any failed bank out of the bank depositors' guaranty fund. then all claims and rights of action or 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-
 imbursed for payments made on account
 of such failed bank. with interest there
 on at four per cent per annum.
 Sec. 6. penalty of fifty per cent of the amount of said assessment shall be added to the assessment of any bank not remitting 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 fail to remit the amount of said assess
 pent 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 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 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 not full amount of such assessments and penalty to date. and restore. the amount of it's bonds, or money pledg
 cd nviden"A of good faith Upon the banks failure to remit it's assess
 meDts according to the terms of this act, the bank commissioner shall i'm mediately examine such bank, and if 1t is found in his judgment to be in
 solvent. he shall take charge of and nquidate said bank according to law commissioner shall cancel it's certificate as a guaranteed bank and cause to be displayed in it's banking rooms. in conspicious place. continuously 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- positors' guaranty fund and the guaranty of its deposits will cease on and after ........." The date on this card shall be date six months after the first posting of such card. Any bank efecting to withdraw from the bank depositors' guaranty fund may do so by giving mo- tice to the bank commissioner and dis playing a card as aforesaid. and at the said may receive it's bonds (provided always that said bank shall have paid assessments in full to 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. '. 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 shaIT cease at maturity, daily deposits not to exceed cent per annum. Deposits which are primarily redscounts or money bor- rowed by the bank. and all deposits otherwise secured, shall not be guaran- teed 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 be deducted from it's total deposit The guaranty as provided fer in this act shall not apply 60 a banks obligation as endorser upon bills rediscounted nor to bills payable. nor to money borrowed temporarily from it's correspondents or others.
 Sec S. Each bank guaranteed by this act shall keep correct record of the rate of interest paid or agreed Go be paid to each depositor, and shall make statement thereof under oath to the bank commissioner quarterly. If a bank displays card or in any manner adver- tises that it's aepositors are guaranteed. such bank, if it pays or agrees so pay. either directly indirectly. interest at any rate grea ter than four per cert per annum upon deposits of any kind. class or character. shall state upon in tho same card or advertisement that no de- posits 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 in stating that the deposits in the bank are guaranteed. No bank which pays interest at rate greater than four per cent per annum on any form of deposit, or any tielo 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 Q sage of this act may be carried out un- impaired. and such existing contracts shall not disqualify a bank to partic- nate in the benefits of this act. Any managing officer of any bank guaranteed under this act, or any person acting Tn it's behalf or for it's benefit, who shah thereafter pay or promise to pay any depositor. either directly or indirectly any rate of interest in excess of or in addition to the maximum rate of inter est permitted by this act or who shall with intent to evade any of the pro- visions of this act, pledge the time certificate or other obligation of such bank as security for the personal obli- gation of himself or any other person shall be guilty Of a misdemeanor, pun ishabIe by a fine of not less than five hundred dollars nor more than five thousand dollars, or by imprisonment not exceeding one year or by such Iinc and impriSonment The display of any card or other advertisement tending tu convey the impression that the deposits of the bank are guaranteed by the State
 A,.a-e, ait Ii f1a ir0li