The Springdale news., 1914-06-05


 all funds so collected in dtviteu $ to the daneeitors. he shall eentis,. alt aa3 anees due aH EUataataei ieoastts sif anE eSist4 to the bank sazls#45 s5lzsat who shall then ur~a' his ap~royal nf such eeetifiration draw checks upon the state treasurer. to be eontefst tgHed Ia# the auditor of State paTable o4t of the hank daBDSitans' gliararty fund m favor of each aerosttar for the balance aHa on such proof Of claim as hereinafter provided. If a any time the aNallapIe funds in tho bank 1auoeitars' @Harant@ fund shall not he sufficient to pay all guaranteed deposits of any failed hank tie six assessments herein provided foa haVine beaH made. the bank commits sienef shall pay depositors pro rata aa3 the remainder shall be paid when tho next assessment is available. provided however. that whenever the bank com missioner shall have paid any dividend to the deposit tors of any failed hank out of the bank depositors' e1iarantv fnn7 then al claims and rights If action of such dep0SttCrS so paid shall revert 10 the hank commissioner for the benefit of said bank depositors' guaranty fund until said fund shall have been fully re- imhurSe1 for pavments made on account of saeh failad bank. with interest there on at four per cent Der annum.
 Sec :. \ penalty of fifty ner cent Of the amount of said assessment shall he added to the assessment of any bank not remittine aforesaid within thirtv aaXs after receipt of notice of sneh as- SeSSneHt rom the bank F0mmtSSieEef and if any bank which shall have been assessed aH3 notified as aforesaid etzatt fail to remit the amount of said assess ment as herein provided. sufficient amount of its bonds ltogether with the anexnlrea coupons shall be immediately sold hv the bank commissioner at pubic sale and the proceeds used to pay sail assessment. Any balance remaining from tho proceeds of such sale aftee the payment of such assessment shall remain to the credit of the bank in the depes1t0fs. guaranty fund The sail balance together with the remainder nf the bonds Cor cash In lieu thereof shall he forfeited to the bank depositors' guaranty fund if the bank does Hat within sixty days from default in pa.- meut Of such assessment remit the full amount of such assessInaUfs and penalty to date and restore the aH49iIfat=8f its bonds, or money nledg- eI. as evidence of good faith. Don the banks failure t0 remit it's assess mentS according to the terms of this act the bank commissioner shall i'm medtatelE examine such hank and if tt is found in his judgment to he fn solvent he shall take charge Of and Haaidate said bank according To law IT said bank be found solvent, the bank commissioner shall cancel it's certificate as a guaranteed bank and cause to ha displayed in its banking rooms. in q eenspieioas place, continuously for six months card not smaller than twenty inches hY thirty inches. and in large As bank has withdrawn from the hank de= positors guaranty fund and the guaranty of it's aeposts will cease on and after .=.#.#.4s..4 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 no tfce to the bank commissioner and dis playing a card as aforesaid and at the expiration of the six months as afore- said may receive its bonds epfevided always that said bank shall have paid assessments in full to date1 when the affairs of all failed banks in liqnffa ton al 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 nnlv shall he guaranteed by this at Tine certificates not payable in less than six months from date and not extending far more than one year. bearing interest at not to exceed four per cent ner an hnm and on which interest shall cease at maturity. daily deposits not to exceed greater rate of interest than three per cent per annum Deposits which 4re primarily rediscounts or. money has- rowed by the bank. and all deposits otherwise secured, shall not be gaaran- teea hX this act. Each guaranteed bank shall certify under oath to the bank commissioner at the date of each called statement the amount of money 1t has
  the provisions of this act and in asses sing sueh bank this amount shall ha deducted from it's total deposit The guaranty as provided for in this 4Pr shall not apply to a banks obIfaatfon as endefser upon bills redtscoHntea nor to bills payable. nor to money harrowe! temporarily from its correspondents or others.
 See s Each bank guaranteed hv this act shall keep correct record of tho rate of interest paid or agreed to be paid 10 each iepositor, and shall make a statement thereof under oath to tba hank commissioner quarterly If bank displays card or in any manner adver- tises that it's depositors are guaranteed such bank. if 1t pays or agrees to pay either directly or indirectlV interest at any rate greater than four per cent nar annum upon deposits of any kind. class or character shall state upon or in the same card or adverttsement that no de posits are guaranteed which bear a greater rate of interest per annnnn than four per cent. and this portion of tbe advertisement must be in . of the same size that Is used in stating tbst the deposits Tn the bank are guaranteea No bank which rays interest f4t a rate greater than four per cent per annun, on any form of deposit. or on any timn eertifTcate cashed before maturity shan be permitted 10 participate in inc nere fits of this act provided however fb.+ anN existing contracts for higher rates of interest entered into before tho ,95s sage of this act may he carried ont m impaired and such existing contracts shall not diS1ualifv bank "a 6arti5. pate in the benefits of this act 81v managing officer of any bank eaarsrfeaf under this act, or any person acting f It's behalf or for it's benefit who shah thereafter pay or promise to pay am. depositor. either directly or indi~eetIs. any rate of interest in excess of or l. addition to the maximum rate 0f i4ztet est permitted hY this act or who shall with intent to evade any of the pro visions of this act pledFe the ffra, certificate or other ohlIeation of surlI bank as security for the personal ahI. gatten Of himself OF any other nersrn shall he guilty of a misdeIaeanor# #Ui3n-# ishahfe hY fine of nat less linn ffra hundred dollars nor more than five thousand dollars. or hY imp sannfent not exceeding one Year 8e hV sf4r6 4ga an4 Imprisonment Ehe dEs#l#e af s#v Hard tt GtHrr tlsewpuf tending Fg aaHFe# f impress oa that tAe deposste at tHe ate guaranteed a tae Stt e4ttl-H ltte -t4e #sf8##H iE sf1ai he mis iemeauor and sEall ezfHz5z=t t3Is afFen4ef- e#zze=s= tztn6Eed d9Ilaes and auy hank dHsszaY-=
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