The log cabin Democrat., 1914-06-25

q
 kansas Creating the Bank DepOsi-
 tors Guaranty Fund of the State of
 Arkansas. and PrOyiding Regulations
 Therefor. and Penalties for the Viola
 tion thereof
 FOE ACT No. ?.
 AGAINST ACT No. 9.
 Re It Enacted hy the People or the
 State of Arkansas:
 Section i. The stockholders of ever
 hank doing business in this State. shfH
 ~e held individually responsible. eQUa lE . and ratably and not one for anotHe" t0" ! al contracts, debts and eugagements or 1 ~rch bank to the extent Of three timca ! '.e amount of their stock therein. at the
 aar value thereof in addition to tine . mount invested in suFh stock; proVid- 1 eI. however. that stockholders of such l hanks or trust companies as have dc- i oopted and are participating in the rp e- ! tS of the bank guaranty plan nerefP- i fter provided for, shall only be liable 1 70 it's depos tors in addition to suel2 ] St1ck hel7 h7- sold stockholders one t1,1e i fhe par Vas ,laf-of and no more; pro 1 i'videl. further. that persons holes0@ ! 1tock as executors. administrators. guar i Hans or trustees shall not be rersorailv
 -Ibiect 10 liability as Stockholders. brt i the esta tee and funds in their hands l ~hsfi be liable in like manner and to the
 ward or person Interested in Aich trust fuuds would he. if ltFiae and competent l - act and hold the estate in his owH ] rame
 | HFt' AiN lIit.''Et ldL lt It'i'. trust eOrDauv or savir s bank. doin" i h1sfrnsz in this Statn si1der the general Hanl5luc laws of .Arkansas and any bank l which may after tIn ~a ee4ce of this a"t ne authorized to do H1sinesS in this state. ir hereby authorizes and ernD0Te~- a@ to participate in the sseserneots 7"f erefite and to ha governed by tie re.I- ations o@ the hank depo~itn~e' ellaFantC 7U8s cf the Stata of Nr1onsas hereiv- ftnr provided for. Before any ha oy1 2aH become guaranteed bank wfthfH tAe meaning Of this act. resolution 0r ts Roar3 Of Directors. aUthoriTed l'T tes Stockholders. dul,, certifjol by i-s ~eesfde0t and secretarV. askin" the9e- -.or fr form tO bn provided by tre na E ..an7-niSsi0Fer shall he fled with saj7 4ar1s commissioner. wha shall upon ~he @ling of srcb resoIutton, roa1-e a ririd Sa,o}iration of the a@afrs of such baa'= md if 1t iE fnu07 tn hr solvent tO ha .ror a'iv rrare@ad. aui conducting jts hnefpeSs in st.sot accordance with f'e
 -ar'liry law. he shall. 7ftar the he"'- shall have s7eDCsitca with the Stat frassurer bonds or mauer as hereina 4t-r 0rqvfdes. iesae to s9ot bank certif,- Q t. st4tin-- in substance tHat ss'F haf's haS compiled FTft' the provisions CT -,17ara n feed bI tdo 7.~-,lc dcoUettors' er.s-- antv fund of the State of Arkansas -s herein nr9Tided
 ficatp from the bank coIamfssjoaer. eachz hank ent5tIed 70 tHe sa me qccorl{r~ 10 Section of thie aa= shall as an evt-
 e. . - ~t al. times maintain with tae State
 'easurer. fsuhject t1 t5.e order Of tae < auE commissioner when couDtersi@ned -.E. thn auditor of Ctate1 United States bonds Arkansas Stqfe bonds f-1u-5=-a- art district bon@S municipal Ao0ds r-b0oI Sistrict bonds. with ia tho State of
 rizaasas to the amount If five hun1eed
 afiqrS Tor avery orc hundred thousand .a1Iars pr action thereof of it's average
 aUOsits eligible to gUarautv fIess it's
 .aital and surplus a g shown by is
 .Ts-J,. 1-.A4- tfat each bank shall sO deposit not less . .eau five hunfred dollars. and the Staue : easurer shall issue his receipt there for in trfplicate one to the bank. one t. the auditor Of State. and one to the auk commissioner. Such bonds shall Near the certificate Of the attorney ing that in his opinion said bonds have been legally issued. Said bonds or cash in lieu thereof shall not be charged out of the assets Of the bank, except as hereinafter provided. but shall he car rfed in It's assets under a heading ! "Guarantv Fund with State Treasurer" until such time said bank shall de- 1 fault in payment of assessments hera- matter provided for. Tn lieu of bonds. | the bank at it's option, may deposlt | money which deposit shall be exchange i able for a~2eptable bonds when the bank ! elects to make the substitution. Tn ad- l dition to above each bank shall pay fin cash an amount equal to one-fourth of 1 one per cent of it's average deposits 1 | surplus and the same shall be credited 1 to the bank depositors' guaranty fund 1 with the State treasurer subject to the 1 order of the bank commissioner and 1 inc State treasurer shall issue his re- 1 ceipt therefor in triplicate, one>to the bank. one to the auditor of State, and | one to the bank commissioner: provided. ] that any bank seeking to participate in 1 the assessnent and benefits Of this act ! after the first annual assessment for | tbe year 1915 shall have been made, L,111 ha a6 1 l. | mately equal to its proportionate share ! of the money then in the bank deposi-
 tors guaranty fund after all losses shall | have been deducted, the amount of such 1 assessment to be determined by the 1 bank commissioner. The last above | mentioned assessment, however, shall l not be required of new banks formed by
 the reorganization or consolidation of | banks which have previously compiled 1 with the terms of this act. Upon the
 deposit and acceptance of such bonds 1 Cor money) and the payment of said as | eessr1ent. then the payment of such de
 rosits of said bank as are specified In
 this act shaH be guaranteed IS herein l provided. and the bank entitled to it's
 Sec. 4. The bank commissioner shall
 during the month of January of each l one per cent of the average guaranteed
 deposits. less capital and surplus, of
 each bank until the cash fund ac-
 cumulated and placed to the credit Of
 -ha bank depositors' guaranty fund shall
 be approx brna tely five hundred thousand
 3ol}ars oyer and above the cash de
 nosited in lieu of bonds when ne shal 1 discon tinhe such assessments. Shoul !
 enrh fund become dep. etaG, the bank ] commissioner sN1N make such additional
 seeesueutS from lime to time as mav l Ie.3t-e ueceFSatv to maintain the same
 et7Vidp&. tG1t not more than six such as
 saee7lorts of one-fourth oi one per ceNt
 each shah he ma.!e in any one calendar
 ,ea- The trossu~e~ of the StGte of Al ] .!-4c shall HNEI this fund Tn the Stat
 ro@itorv banks as provided by lav
 ro"ernug other state funds subject t0
 To ordar of tke bank commissioner, r.
 eotrf tcrsfera3 hv fine auditor of Statr
 sr- the raz,nrert Of 5eyeejtore Of faile
 "rauteeI hacks. os hereinafter pro.
 .i 7el The State treasurer shall cred
 his fund quarterly with ] ts pronoruol | ate share of iutores est received from Sta'r 1 funds. computed at the minimum rate
 Interest provided by law upon the aver
 7ce daily balance ef said fund.