Pocahontas star herald., 1914-06-19

| funds. computed al the minimum rate ~
Z interest provided by law upon the aver
age daily balance OF said fund.
Ser 3. When any bank shall be found
| Go he insolNeut by the bank commits
rIonsE he shall take charge OF such
hank, uH provided By law, and proceed %
| wind up its unalrs; and he shall NJ
tho earliest moment, issue to each de.
| positor certificate. upon proof Of
claim, bearing six per cent interest per
uuuum upon which dividends shall be
entered when paid. except whore a con-
| tract rate exists on the deposit. In
| which case the certificate shall bear
| Interest az the contract rate. notice ~
| the amount uf each dividend 20 be pail
/ creditors and the date when such pay,
ment is 10 he made shall be published
] ln Two CoutecutiVe issues OF a PAPER OF
EDuerl circulation I'm the county OF citx
! In which such failed bank il located
| ana q corresponding notice posted on
me door Of the receivers Once. and
interest shall cease on each dividend on
the day named IN such notice. The bank
commissioner shall likewise publish u
notice OF the date upon which he win
make payments OF any balance due on
such PROOF OF claim. and Interest shall
cease on the day 30 advertised. aud
Fuid proof OF claim shall so state. After
the onlcer IN charge OF the bank shall
have realized upon the assets OF such
bank and exhausted the double liability
of its stockholders, and shall have paid
all FUNDS 30 collected In dividends to
the depositors. ne shall certify all
balances due on guaranteed deposits or
any eNisO Go the bank commissioner.
who shall then, upon his approval OF
such certification, draw checks upon the
state treasurer. 10 be contersigned BY
the auditor OF State, PAYABLE out OF the
bank depositors guaranty fund. In favor
OF each deposltor for the balance due
on such proof OF claim as hereinafter
provided. II at any time the available
funds In the bank denositors. guaranty
fund shall not be sufficient 10 pay all
guaranteed deposits OF any failed bank,
the six assessments herein provided for
having been made. the bank commits.
sioner shall pay depositors pro rata and
the remainder shall be paid when the
next assessment II available: provided.
however. that whenever the hank com
missioner shah have paid any dividend
10 the depositors OF any failed bank out
OF the bank depositors' guaranty FUND.
then all claims and rights of action Of
such depositors 80 paid shall revert 90
the hank 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 az four per cent per annum.
Sec c. A penalty OF fifty per cent Of
| the amount Of said assessment shall be
added 20 the assessment OF any bank
not remittlnE as aforesaid within thirty
/ days after receipt OF notice OF such as
| Fessmsnt from the bank commissioner.
and n 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 suf1olent
amount Of It's bonds together with the
/ une1pired coupons) shall be Immediately
sold by the bank commissioner st public
sale and the proceeds 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
/ the bonds Cor cash In lieu thereof.
| shall be forfeited 20 the bank depository
guaranty fund n the bank does not
within sixty days from default In pay
ment Of such assessment remit the
and penalty TO date. and restore the
amount OF its bonds. or money pledf-
ed. As evidence OF rood faith. Upon
the banks failure 20 remit its assess
| ments according 90 the terms OF thif
act the bank commissioner shall i'm.
mediately examine such bank. and II "
is found In his judgment 70 be In
solvent, he shall take charge OF and
II said bank be found solvent, the bank
commissioner shall cancel its certificate
| as a guaranteed bank and cause TO be
displayed In It's banking rooms. In .
conspicious place. continuously for sly
months. q card not smaller than twenty
inches by thirty Inches. ana In large
plain type. reading as follows: ~Thi,
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 a date six months after the first
posting OF such card. Any bank electins
10 withdraw from the bank depository
guaranty fund may do 80 by giving no
tlce to the bank commissioner and dis
playing a card as aforesaid. and at the
expiration OF the siS months as afore.
said may receive lie bonds (providea
always that said bank shall have paid
assessments in full TO dste) when ths
affairs OF all failed banks in liquidation
at the expiration Of said six months
shall have been closed Up and the ssid
bank shall have paid its assessments on
account or same
Sec. 7. Deposits which do not bear
interest and the following deposits OILY
shall be guaranteed by this act: Timt
certificates not payable In less than sly
montha from date and not extending foi
more than one year, bearing Interest
nt not 10 exceed four per cent per an
mum and on which interest shall ceas,
81 maturity, daily deposits not TO exceed
! greater rate Of interest than three per
cent per snnum. Deposits which are
primarily rsdiscounts or money bor-
rowed by the bank. and all dcposltf
otherwise secured, shall not be guaran-
teed by this act Each guaranteed banf
shall certify under oath 10 the bsnh
I
statement the amount OF money it has
I on deposit, not eligible TO guaranty under
the provisions OF this act. and in asses
sing such bank this amount shall be
deducted from its total deposit. Tn,
, guaranty ss provided for in this act
! shall not apply 90 a banks obligation
az endorser upon bills rediscounted, nor
{ TO bills payable, nor 10 money borrowes
: temporarily from It's correspondents or
| others.
! Sec :. Each hank guaranteed by this
/ act shall keep a correct record OF thr
! rate Of interest paid or agreed 20 bs
i paid TO each deposition and shall make
! statement thereof under oath to thu
i bank commissioner quarterly. II a banh
! | displays a card or In any manner adVer.
q | tises that its depositOrs are guaranteed
4 | such bank " II pays or agrees to pay
i either directly or Indirectly. interest az
, | any rate greater than four per cent pei
| annum upon deposits OF any kind. class
= | or character. shall state upon or I'm tho
| same card or advertisement that no de.
= | posits are guaranteed which bear
q | greater rate OF interest per annum thar
: four per cent, and this portion of the
4 | advertisement must he IN type OF the
4 | same size that Is used in stating that
. the deposits In the bank are guaranteed
. NO bank which pays interest al a rate