The Harrison times., 1914-07-11

have realized upon the assets Of such
! bank and exhauGted the double liability
| Of its stockholders, and shall have PAID
| all funds so collected in dividends TO
| tho depositors, he shall certify all
balances due on guaranteed deposits or
! any eYist TO the bank commissioner.
/ who shall then, upon his approval or
| such certification, draw checks upon the
| State treasurer, to be contersigned by
| the auditor OF State payable out or the
bank depositors guaranty fund, in favor
OF each depositor for tho balance que
| on such proof OF claim as hereinafter
| provided. II at any time tho available
| funds In the bank depositors' guaranty
| fund shall not be sufficient TO pey an
| 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 he paid when the
next assessment is available provided
| however, that whenever the bank com
missioner shall have paid any dividend
| 10 the depositors Of any failed bank out
| Of the bank deposltors guaranty fund,
then all claims and rights Of action or
| such deposltors SO paid shall revert 70
| the bank commissioner for tho beneft
OF said bank deposltors' guaranty fund
until said fund shall have been fully re-
| mbursed for payments made on account
OF such failed bank, with interest there
on at four per cent per annum,
SEQ. s. A penalty Of fifty per cent Of
| the amount Of said assessment shall be
| added to the assessment Of any bank
not remlttlng as aforesaid within thirty
days after receipt OF notice or such as
sessment from the bank commissioner
and II any bank which shall have been
assessed and notified as aforesaid shall
fail 10 remit the amount OF said assess
ment as herein provided, q sufiicient
amount OF its bonds together with the
uneNpred cOupons) shall be Immediately
sold by the bank commissioner at public
sale and the proceeds used 10 pay said
assessment Any balance remaining
from the proceeds OF such sale after
the payment OF such assessment shall
remain 10 tho credit OF the bank In tho
deposltors' guaranty fund. The said
balance, together with tho remainder OF
the bonds Cor cash In lieu thereof,
Shall be forfeited to tho bank deposltors'
guaranty fund II the bank docs not
within sixty days from default In pay
ment Of such assessment remit the
full amount of such assessments
and penalty 10 date, and restore the
amount Of It's bonds, or money pledg-
ed, as evidence Of good faith. Upon
the banks failure 10 remit Its assess
ments according 10 the terms Of this
act, the bank commissioner shall I'M
medlately examine such bank, and if u
II found IN his Judgment 10 be In
solvent he shall take charge OF and
lOuldate said bank according 20 law
II snid bank be found solvent the bank
commissioner shall cancel It's certificate
as guaranteed bank and cause 70 be
displayed I'm It's banking rooms, in n
conspicuous place, continuously for six
months, card not smaller than twenty
inches by thirty inches, and In large
plain type, reading as follows; 'oThls
bank has withdrawn from the bnnk de-
positors' guaranty fund and the guaranty
OF It's deposits will cease on and after
..,sr" The date on this card shall
be date six months after the first
posting Of such card Any bank electing
guaranty fund may do 80 by giving no,
tlce 10 the bank commissioner and dis
playing card as aforesaid, and at the
expiration OF the six months az aforrs
said may receive its bonds (proylded
always that said bank ahall have paid
assessments IN full to date) when the
affairs Of all failed banks IN liquidation
at the expiration OF said ak months
shall have been closed up and the said
bank shall have paid It's assessments on
account OF same
Sec, z, 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
NJ not 10 exceed four pcr cent pcr an
mum ana on which interest shall cease
0t maturity daily deposits not 20 eXceod
n Ntcr rate Of interest than three por
cent per Onnum, Deposits which are
primarily rodiscountN or money h0ra
rOwed by the bank and all dopoglta
otherwise secured shall not be glnran.
tccd by this act Each guaranteed bank
commissioner at the date OF each called
statement the amount OF money II has
on deposit, not eligible 10 guaranty under
tho provisions Of this act ana I'm asses.
sing such bank this amount shall he
deducted from lts total deposit Thc
guaranty M provided for IN this act
shall not apply 10 a banks obligation
as endorscr upon bills rcdlacountcd nor
10 bills payable, nor tO money borrowed
temporarily from lts correspondents or
othcra,
Sec, g. Each bank guaranteed by this
act shall keep correct record OF tho
rate or interest paid or agreed 20 bo
paid 20 each depositor and shall make
a statement thereof under oath 10 tho
bank commlssIoucr quarterly n n bank
displays a card or I'm any manner advcrs
tlaca that It's depoators are guaranteed
such bank II II pays or egrces 20 pay
either directly or indirectly interest ~
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 dea
poHlta hre guaranteed which bear
grcntor rate of interest per annum than
four por cent. nnd this portion or tho
ndyortacmcnt must be IN type VI Tho
Hnmo Hi2c that la uacd IN stating that
tho deposits In the bank are guaranteed,
No bank which pays interest A. a pto
pfeHlrr than four per cent beF Rnnum
ON any form OF deposit or on any ilmN
certificate cHHhod before maturity Rhnll
ho permitted to participate In tho bone.
fits uf thu act, provided, however, that
any existing oOntrAotH for hlgher rates
of interest entered into before tho pas
Hbge OF this act may he carried out uRs
iWpatrpd ana such eKiHting contracts
shall not diRUuHlify a bank 90 partifs
nate in the benefits OF this act Anv
managing officer Of any bank guaranteed
undor this act or any porauu acting IN
iis behalf or for its benefit who shall
thereafter rny or promise to nay any
depoHlt6T Nlther directly or indireetly
any rate of interest IN excess ~ or In
addltlhn 20 tho maximum rate Nf ntArr
est permitted by this ace or who Hhail
with intent 20 evade any or tile bF6a
yinidns OF thH act pledge tho time
certificate or 0ther obligation Of such
hank pH security for tho personal obli.
ghnll he guilty ~ n mlHdemonnor, pun
ishablo by rlno of not less than five
hundred dollars nor more than five
thousand dollars, or by imprisonment
not exceeding ono year or by such line
and imprisonment Tho display or any
card or othsr Advertisement tending tO
convey the impression that the denoHitH
on tho bank ara guaranteed by the state
OF Arkansas, either directly or Indirect
lY shall he a mlHdemehner ana shall
subject the offender 20 flne Of five
hundred dollars ana any bank display