The Forrest City times., 1914-06-12

A"i tiN payment or UeptSltOTS Ol Ihltcu guaranteed banks. as hereinafter pro Nided. The State treasurer shall credit ms iund quarterly with its proportion ste snare of interest received from state iunds, computed at the minimum rate or interest provided by law. upon the aver age daily balance of said fund.
 Sec. 5. When any bank shall be found 10 be insolvent by the bank commits s1oner he shall take charge of such bank, as provided by law and proceed to wind mp it's affairs; and he shall. at the earliest moment, issue to each de posltor certificate. upon proof or cialm, bearing six per cent interest per snnum upon which dividends shall be entered when paid. except where con tract rate exists on the deposit. Tn "hlch case the certificate shall bear interest at the contract rate; notice or the amount of each dividend to be pal creditors and the date when such pay ment is to be made shall be publishe m two consecutive issues of paper or general circulation in the county or city in which such failed bank is located and a corresponding notice posted on the door of the receivers office. and interest shall cease on each dividend on the day 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 said proof of claim shall so state. After the officer in charge of the bank shall have realized upon the assets of such bank and exhausted the double liability or it's stockholders, and shall have paid all funds collected in dividends to the depositors. he shall certify all balances due on guaranteed deposits (if any eyist) to the bank commissioner who shall then. upon his approval of such certification. 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 0pnOSitOr 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, the six assessments herein provided for having been made, the bank Commis 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 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- 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 remtting 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 ment as herein provided. a sufficient amount of its bonds (together with the uneXpired coupons) shall be immedia tely sold by the bank commissioner at public sale and the proceed. used to pay said 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 shall be forfeited 10 the bank depositors guaranty fund if the bank does not within sixty days from default in pay ment 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, IS evidence of good faith Upon the banks failure to remit it's assess act, the bank commissioner shall inn mediately examine such bank. and if t is found in his judgment to be in. liquidate said bank according to law If said bank be found solvent, the bank commissioner shall cancel it's certificate as guaranteed bank and cause to be displayed in its 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 :..,..:" The date on this card shall be a date six months after the first posting of such card. Any bank electing to withdraw from the bank depositors' guaranty fund may do so by giving mo- tice to the bank commissioner and dis a l expiration of the six months as afore- said may receive it's bonds (provided always that said bank shall have paid assessments in full to date) when the affairs of all failed banks in liquida tion 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 year bearing interest nt not to exceed four per cent per an mum and on which interest shall cease at maturity, daily deposits not to exceed n greater rate of interest than three per cent per annum. Deposits which are primarily rediscouRts or money bor- rowed by the bank. and all deposits otherwise secured, shall not be suaran- teed by this act. Each guaranteed hank 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 az provided for in this acr shall not apply to a banks obligation as cndorser upon bills rediscounted nor to bills payable nor to money borrove1 temporarily from it's correspondents or others
 Sec. & Each bank guaranteed bv this act shall keep 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 card or in any manner adver- ttses that its deposltors are guaranteed such bank, 1T IL pays or agrees to pav either directly or indirectly, interest at any rate greater than four per cent per 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 2 greater rate of interest per annun than four per cent and this portion of the adYerTlsement must be Tn type of inc same size that is used III stating that the deposits in the bank are e-uarantee0 No bank which pays interest at a rafe eIeater than four per cent per annurn on any form Of deposit or on any tinlo Csrtif icate CaShed before maturity shall t. Ay AH ag4