The log cabin Democrat., 1914-06-11

| oil f,.r,is so collected in dividends to fhe dnpositors. he shall certiIN aaif aif | balances due on guaranteed dep"SIttS | any exist to tie bank commlssLJ,Hv c ] 1hO shall tren upon his approNal VI l such certification draw checks upon t,le ne | State +-oa <l.rar. tN be conterSigheu ,N | 'hn auditor Of State. payable ont "s ., ,.,r | bark dpO0SitbrS' guaranty fund I'll lo Not ! of each Ir90sito- for the balance uu. | on such proof of claim as herelnAaltt trl provided. ff al any time the anar",It, funds in thN bank deDositorS GuaIdit,, 1 fund shall not be sufficient to pay a | guaranteed deposits of any talle6 ,d F .tI | tho six assessments herein proNlue" to having benu made. the bank comm cofnn.S5 .S | sioner shall pay depositOrs pro rata ah" | the remainder shall be paid when tHf | next assessment is available: prov lue"' 1 however, that whenever the bank Cn.ut T1isSioner shall have paid any ,' dlvlde'T, o',t | to the depoSitorS of any failed bank ou' of the bank depositors guaranty lui',.c then all claims and rights Of acton o1 W such depositOrS so paid shall revert et 1 the bank commissioner for the peutI It of said bank depositors' guaranty fuhH' until said fund shall have been fuilN re imbursed for payments made on account of such failed bank. with interest tie'' on at four per cent per annum'
 Sec 6 X penalty of fifty per cent or the amount of said assessment shall ne added to the assessment of any pa.h not remitting as aforesaid W1tillh ttititS days after receipt of notice of such as seSsment from the bank commlsSloher, and if any bank which shall have peer, assessed and notified as aforesaid shall fail to remit tho amount or said assess rpent as herens provided, sufflclehl amount of it's bonds (together with the unexpred coupons) shall be immedlateiS
 sold by the bank commissioner at pupliG sale and the proceeds used 10 pay salu @ assessment. Any balance remaining from the proceeds of such sale aIter The payment of such assessment shall remain to the credit of the bank in the
 S1
 balance. together with the remainder or | sf1e bonds Cor cash In lieu thereon. :. shall he forfeited to the bank deposltors
 guaranty fund if the bank does no, within sixty days from default in pay
 ment of such assessment remit the
 full smo,rnt of such assessments
 and penalty to date. and restore the amount of it's bonds, or money pledg
 ed as evidence. of good faith. Upon
 the barrks failure to remit it's assess- merts according to the terms or thlS act, the bank commissioner snail I'm.
 mediatelv examine such bank, and IT 9t
 ts found in his judgment to be in,
 solvent he shall take charge of and liuuidate said bank according to raw If 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 ln' consptcious place. continuously TOT SIX
 months a card not smaller than twenty inches by thirty inches, and in large: plain type, reading as follows: This bar has withdrawn from the bank de- positors' guaranty fund and the guaranty of it's aeposits will cease on and after ........" The date on this card shall be 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 mo- tice to the bank commissioner and dis playing card as aforesaid. and at the expiration of the six months as afore- said may receive it's bonds (provided always that said bank shalt have paid assessments in full to date) when the 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 an mum and on which interest shall cease at ma turty, daily deposits not to exceed ! cent per annum. Deposits which arc prima rily rediSCountS or money bor- rowed by the bank, and all deposits otherwise secured, shall not be guaran | teed by this act. Each guaranteed bank | shall certify under oath to the bank l commissioner at the date of each called statement the amount of money if has 1 on deposit not eligible to guaranty under
 
 ! sing such bank this amount shall bs 1 deducted from it's total deposit The l guaranty as provided fer in this act 1 shall not apply to a banks obligation l as endorser upon bills rediscounted nor l to bills payable nor to money borrowed l temporarily from Is correspondents or l others.
 | Sec g. Each bank guaranteed by this | act shall keep a correct record of tn e l rate of interest paid or agreed to be 1 paid to each depositor, and shall make | statement thereof under oath to the ] bank commissioner quarterly If bank 1 displays a card or in any manner adVer- | tises that it's depositors are guaranteed | such bank, if it pays or agrees to pay. l either directly Ot Indirectly interest at | any rate greater than four per cent Dor | annum upon deposits of any kind class l or character. shall state upon or in the l same card or advertisement that no de | posits are guaranteed which bear e ! greater rate of interest per annum than ! four per cent, and this portion of the
 advertisement must be in type of the 1 same size that is used in stating that l the deposits in the bank are guarauteen l No bank which pays interest at a rate l g1 eater than four per cent per anDun
 on any form of deposit, or on any tirla l certificate cashed before maturity shall | be permitted to participate in the bene- | fits of this act; provided, however. that 1 any existing contracts for higher ra tes 1 of interest entered into before the pas-
 sage of this act may be carried out un- | impaired. and such existing contracts
 shall not disqualify a bank to partici-
 pate in the benefits of this act Any l managing officer of any bank guaranteed 1 under this act. or any person. acting In | it's behalf or for it's benefit, who shall l thereafter pay or promise to pay any | depositor either directly OF indirectIv.
 any rate of interest in excess of or in
 addition to the maximum rate of inter
 est permitted by this act or who shall
 with intent to evade any of the pro
 visions of. this act. pledge the time 1 certificate or other OhligaftOu of eucb
 bank as security for the personal obli-
 gatior Of himself or any other person.
 shall be guilty of a mlsdemeanor pun
 ishabe hy q fine of not less than five
 hundred dollars nor more than five thousand dollars, or by imprisonment not exceeding one year. or by such line
 ! and imprisonment The display of any
 1 card or other advertisement tending to
 convey the impression that the deposits
 of the bank are guaranteed by the State of arFanSas. either directly or indirect
 lv. saall be misdemeanor and shall
 subject the offender to a fine of five ! hundred dollars and any bank display