The Dermott news., 1914-06-25


for the payment of depositors OF failed
guaranteed banks. as hereinafter pro
vided. The State treasurer shall crealt
this fund quarterly with its proportion
ate share Of interest received from STATE
funds computed at the minimum rate OF
interest provided b. law. upon the aver
age daily balance OF said fund.
Sec s When any bank shall be found
to he insolvent by the bank commits
sioper he shall take charge OF such
bank. as provided by law. and proceed 10
wind up its affairs, and he shall. At
the earliest moment. issue to each De.
positor a certificate, upon PROOF Of
claim bearing six per cent interest per
entered when paid. EXCEPT where n con
tract rate exists on the deposit. IL
which case the certificate shall bear
interest at the contract rate, notice Af
the amount Of each dividend to be pa
creditors and the date when such pay
ment is to be made shall be publishe
in two consecutive issues of a paper or
general circulation in the county or CITY
in which such failed bank is located
and corresponding notice posted on
the door Of the receivers office. ana
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
the officer in charge OF the bank Shali
have realized upon the assets of such
bank and exhausted the double liah.ltF
OF Its stockholders. and shall have PAID
all funds collected in dividends To
the depositors. he shall certify all
balances due on guaranteed deposits tit
any eHist to the bank commissioner
who shall then. upon his approval OF
such certiftCation, draw checks upon the
state treasurer. to be conterstgnef ny
The auditor OF State. payable out OF the
bank depositorT guaranty FUND. IN iaNot
of each deposjtor for the balance duo
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 commits
sioner shall pay dcpositors pro rata ard
the remainder shall he 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 dep0Sitors guaranty fund.
then all claims ard rights OF action or
such dcpositOrs 50 paid shall revert %
the bank commissioner for the benefit
of said bank deUositorc' 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 Cert per annhu
Sec s \ penalty OF fifty per cent or
tho amount of said assessment shall DO
added to the assessment of any bank
not RENTING as aforesaid within fAlTt2
DAYS after receipt OF notice of such as
sessment from the bank commissioner
and II any bank which shall have beeH
assessed AID notified as aforesaid shall
fail to remit the amount Of said assess
ment as herein provided a sufficient
amount OF it's bonds together With tha
unexplred eoupousA shall I've Immediately
sold h the bank commissioner at pubic
sale and the proceeds used to pay Said
assessment ANY balance remaining
from the proceeds Of such sale afte~
the payment Of such assess ment shall
remain to the credit OF tho bank In tho
deposttors guaranty fund The SAID
balance. together with the remainder Of
the bonds COR cash in lieu thereof.
shall be forfeited 10 the bank deposttors'
guaranty fund # the bank 'docs not
within sixty days from default In paw
ment Of such assessment remit TIE
and penalty to date and restore the
amount OF it's bonds or money pledg
ed a. evidence OF good faith. lpon
the banks failure to remit it's assess
ments according to tho terms Of thi-
act the bank commissioner shall I'm
mediately examine such bank and II =
Is found in his judgment to be in
solvent. he shall take charge of and
liquidate said bank according to law
II said bank be found solvent. the bank
commissioner shall cancel its certificate
as guaranteed bank and cause 70 %"
displayed IN its banking rooms. in a
conspicuous place continuously for SIX
months a card not smaller than twenty
inches by thirty inches and in larLe
plain type. reading as follows This
bank has withdrawn from the hank te
positors guaranty fund and The guaranty
OF its deposits will cease on and after
......" The date on this card shs Y
be n date six months after the FIRST
posting Of such card Any bank "leCting
-S.N g4D
guaranty fund may DO so nv giving no
tice to the hank commissioner and dis
PLAYING n card as aforesaid. and at the
cV0iration OF the six months as afore-
said NAV receive it's bonds fproVtur1
ALWAYS that said bark shall have paid
assessments In full to datel whom the
affairs OF all failed banks IN liquidation
Mt 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 he guaranteed by this act: Time
certificates not paVaNle IN less than SIX
months from date and not extending FOR
more than one year bearing intercs,
nj not 10 exceed four per cent per an
mum and on which interest shall ceasa
at maturity. daily deposits not 70 exceed
n greater rate ~ interest than three por
cent per aunum Deposits which arc
primarily redlscourts or money Dor
rowed hy the bank and all deposits
otherwise secured, shall not be cuaran.
teed Ivy this act Each guaranteed bank
shall certify under oath TO tho bark
commissioner at the date or each called
statement the amount ot money Il has
on deposit. not eligible to guaranty unde-
the provisions OF this act. and I'm asses
sing such hank this amount shall DO
deducted from It's total deposit Tho
guaranty as provided for IN this act
shall not apply to a banks obligation
as endorser upon bills r~discounted. nor
to bills PAYABLE. nor to money borrowC1
temporarily from It's correspondents OF
others.
Sec 4 Each bank guaranteed by THIS
act shall keen correct record OF the
rate OF interest paid or agreed 10 -
paid 70 each depositor. and shall make
a statement thereof under oath 10 N.
hank commissioner quarterly II a hank
displays a card or IN any manner adver
tises that its deposltors are guaranteed
such bank. II II paws or agrees TO pay
either directly or indirectly, interest ~
any rate greater than four per cent pCi
annum upon deposits OF any kind, class
or character. shall state upon or I'm n,
same card or advertisement that no de