The Harrison times., 1914-06-20

shlu proof OF claim Snau 50 btdle' - ~,
the officer in charge Of the bank shall
have realized upon the assets OF such
bank and exhausted the double liability
OF It's stockholders and shall have palu
all funds so collected In DIVIDENDS 10
the depostors. he shall ceruty az
balances due on guaranteed deposits VI
any EXIST to the bank commissioner:
who shall then, upon his approval or
such certification, draw checks upon the
State treasurer, to be contersigned py
the auditor of State, payable out OF tne
bank depositors' guaranty fund' IN Iayor
of each depostor for the balance que
on such proof OF claim as hereinafter
provided. II at any time the available
funds in the bank depostors guaranty
fund shall not be sufficient TO- pay az
guaranteed deposits of any failed Dalk,
the six assessments herein provided lot
having been made, the bank commits,
sioner shall pay depositors pro rata ana
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 tuhu,
then all claims and rights OF action or
such depositors so paid shall revert 70
the bank commissioner for the beneflt
of said bank depostors' guaranty tund'
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
SEQ. G. A penalty of fifty per cent or
the amount Of said assessment shall be
added to the assessment of any BANK
not remitting as aforesaid within thirty
days after receipt of notice Of such as
sessment from the bank comm ssioner
and If any bank which shall have been
assessed and notified as aforesaid shall
fail to remit the amount Of said assess
hapAIp npOVide1 gnf1p1nnt
amount Of its bonds (together with the
unexpired eoupons) shall be Immediately
sold by the bank commissioner at pubic
sale and the proceeds used TO pay salu
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
deposltors' guaranty fund The said
balance, together with the remainder Of
the bonds Cor cash In lieu thereof) I,
shall be forfeited to the bank depositors
guaranty fund II the bank docs not
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 as evidence of good faith, Upon
the banks failure to remit its assess
act, the bank commissioner shall i'm
medIately examine such bank, and II IT
is found in his Judgment TO be In.
solvent he shall take charge OF and
llquIdate said bank according TO law
II said bank be found solvent the bank
commissioner shall cancel It's certificate
as n guaranteed bank and cause TO be
displayed I'm It's banking rooms In n
conspicuous place, continuously for six
months, n card not smaller than twenty
inches by thirty inches and In large.
plain type, reading as follows; "This
I, h.9 ,,stNhAro uyf fran, tba hn flF do
positors' guaranty fund and the guaranty
of its deposits will cease on and after
,,,,,..u" The date on this card shall
be n date six months after the first
posting Of such card, Any bank electing
TO withdraw from the bank depositorR'
tce to the bank commissioner and dis
playing q card rs aforesaid, and at the
expiration OF the six months as afore-
said may receive It's bonds (proVlded
always that said bank shall have paid
assessments I'm fun 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 T. 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 am
mum ana on which interest shall cease
at maturity, daily deposits not to exceed
greater rate OF interest than three per
cent rer annum, Deposits which arc
primarily rcdiscounts or money bor-
rowed by the bank and all deposits
otherwise secured shall not be guaran-
tcod by this act Each guaranteed bank
shall certify under oath 20 the bank
| At IA IL D., 40 ,u1lgJ
statement tho amount OF money II has
on deposit, not eligible to guaranty under
the provisions OF this act, and In asaoAa
sing such bank this amount shall hc
deducted from It's total deposit, The
guaranty M provided for IN this act
shall not apply 10 banks obligation
M endorscr upon bills rediscounted, nor
to bills payable, nor TO money borrowed
temporarily from IFS correspondents OF
others
Sec, 3, Each bank guaranteed by THIS
net shall keep correct record OF the
rate OF interest paid or agroed 20 be
paid 20 each depositor, and shall make
statement thereof under oath to Tho
bank commissioner quarterly If q bank
displays card or IN any manner ndyer'
tiaes that its dep0sit0fs are guaranteed
such bank, II II pays or agrees 60 pay
either directly or indirectly interest M
any rate greater than four per cent pet
nnnum upon deposits OF any Kind, class
or character, shall state upon or In the
same card or advertisement that no do,
poalta are guaranteed which bear y
greater rate OF interest per Hnnum thar
four per cent and this portion OF the
advertisement must be IN type OF The
same size that IN used IN stating that
the deposits IN the bank are guaranteed
No bank which pays interest nt rAtr
gteatcr than four per cent per annuu
on any form Of deposit or on any time
certificate cNshod before maturity shall
be permitted 20 participate In the beno,
fltA Of this aeti provided however that
any existing contracts for higher rates
OF interest entered Into before tho pas
sage Of this act may be carried out un.
impaired, and such existing contracts
shnll not dlaQualfy u bank 10 partlcl,
nate In tho benefits Of this act, ANY
managing officer OF any bank guaranteed
under this net, or any person acting IN
its behalf or for ite benefit, who shall
thereafter pay or promise 10 pay anN
depostof either directly or Indirectly
any rate OF interest In excess Of or N
addition Go the maximum rate OF intsr.
cat permitted by this act or who shel
with intent 10 evndo any OF tho pro-
Visions of this act, pledge the tim,
Certificate or other obligation OF aueh
bank as security for the personal obli
gatien OF himself or any other person
shall be guilty OF a misdemeanof pun
ishabie by flne OF not less than five
| hundred dollars nor more than five
| thousand dollars, or by imprisonment
not exceeding ono year, or by such lin,
| and imprisonment The dHplny OF ans
card or other advertisement tending u
convey the impression that tho deposits
| OF the bank are guaranteed by tho stat,
Al A a.ta all la an lad IIY.. "A