The Harrison times., 1914-07-04

bank and exhauGted the double liability
OF Its stockholders. and shall have palu
all funds so collected in dividends 20
the deposltorH, he shall certify all
balances due on guaranteed deposits or
any eXist) TO the bank commissioner:
who shall then. upon his approval OF
such certiflcation, draw checks upon the
state treasurer, to be contersigned by
the auditor of State, payable out or the
bank depositors' guaranty FUND IN tavor
OF each depositor for tho balance due
on such proof of claim as hereinafter
provided, II at any time the available
funds In the bank depositors guaranty
fund shall not be sufficient to pay all
guaranteed deposits of any failed bank
the six assessments herein provided Tor
having been made. the bank commits
sioner shall pay depositors pro rata and
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 fund.
then all claims and rights OF action, or
such depositors so paid shall revert0 TO
the bank commissioner for the beneflt
Of said bank depositors' guaranty fund,
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.
Sec. 6. A penalty OF fifty per cent Of
the amount OF said assessment shall be
added TO the assessment Of any bank
not remittlng as aforesaid within thirty
days after receipt Of notice of such as
sessment from the bank commissioner,
and n any bank which shall have been
assessed and notified as aforesaid shall
fall 10 remit the amount OF said assess
ment Ms herein provided, sufficient
amount Of It's bonds together with the
uneXpired coupons) shall be Immediately
sold by the bank commissioner at public
sale and the proceeds used to pay said
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
depositors guaranty fund The said
balance, together with the remainder OF
The bonds Cor cash In lieu thereof,
shall be forfeited TO the bank deposltors'
guaranty fund II the bank does not
within sixty days from default In pay
ment OF such assessment remit the
and penalty 70 date, and restore the
amount OF It's bonds, or money pledg-
ed, as evidence OF good faith Upon
the banks failure TO remit It's assess
ments according to the terms Of this
act, the bank commissioner shall I'm
medlately examine such bank, and if Vt
Is found In his judgment TO be In.
lquidate said bank according 70 law
II said bank sbe found solvent, the bank
shall cancel It's certificate
as guaranteed bank and cause TO be
displayed IN It's banking rooms, In n
place, continuously for six
months a card not smaller than twenty
inches by thirty inches, and in large
plain type, reading az follows This
bank has withdrawn from the bank do
positors guaranty fund and the guaranty
Of It's deposits WIN cease on and after
The date on this card shall
posting OF such card. Any bank olecting
TO withdraw from the bank doposItors
guaranty fund may do 80 by giving no
tIce 10 the bnnk commissioner and dis
playing n card MS aforesaid, and at the
expiration OF the six months as afOre-
said may receive its bonds (proyIded
always that said bank shall have paid
In fuli 10 dote) when tho
affairs Of all failed banks IN liquidation
nt 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. 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 qlS
months from date and not extending for
more than one year bearing interest
NJ not 20 exceed four per cent per am
mum ana on which interest shall cease
NJ maturity daily deposits not 10 exceed
n greater rate OF interest than three per
cent per Nnnum Deposits which arc
redlscounts or money hors
r0wed hy the bank and all deposits
otherwise secured shall not he guArana
tced by this act Each guaranteed bank
shall certify under oath 70 tho bank
commissioner nt the date OF each called
ltI I.t. al l..
on deposit, not eligible 10 guaranty undcr
the provisions Of this act ana I'm asses
sing such bank this amount shall ho
deducted from It, total deposit The
guaranty ns provided for In this act
shall not apply ~ a banks obligation
ns cndoraor upon bills rcdlscomicd, nor
10 bills payable nor TO money borrowed
temporarily from It's correspondents or
others,
Soc g. Each bank guaranteed by this
not shall Keep "a correct record OF tho
rate Of lntoreet paid or agreed 20 be
paid 10 each depoHltor, and shall make
n abatement thereof under oath 10 the
hank commissioner quarterly n bank
displays a card or I'm any manner Adyors
tlsos that It's doposltors Hre guaranteed.
such bank N n pays or ugrceH to pay
either directly or indirectly interest AZ
any rate greater than four per cent per
lnnum upon deposits OF any Kind, clRaa
OF NIlNINilNIH NIlNIl NlNlN NINl UT w lnF
same card or advertisement that no daa
n0siia are guaranteed which bear
greater rate OF interest per annum than
four por cent ana THIS portion OF tho
advertisement must br I'm type Of tho
Rnmo ni2o that W. used I'm stating thnt
the deposits I'm the bnnk are guaranteeh
No bank which pays interest nt rate
gttRtor than four per cent por annum
ON any form OF deposit or ON NHy tlma
certificate eAHhed before maturity shall
he permitted 90 participate IN the benrs
rtH Of this act provided, however, mat
amy cNlHtlug contracts for hlrher rates
Of interest entered into before the pas
ango Of this act may be carried out unr
impaired. ana such existing contracts
shall not diHuuRllfy u bank to parliait
nate in the benefits Of this act ANv
MANAGING officer OF any bank guaranteed
under this act or any person acting IN
its behalf or FOR its benefit who shall
thereafter nay or promise TO pay any
dcpoHItOr, clthor directly or Indirectly
any rate of interest I'm excess VI or In
addition IN the maximum rate Of lntsr
ont permitted by this act, or who shall
with intent td eVade any OF tho pro-
visions Of this act pledge The time
certificate or other obligation W such
bank ne security. for tho personal oblls
rhnu he guilty " n mlademranor, pun.
lthnhlp by flno " not less than five
hundred dOllnru nor more than five
dollars, or by imprisonment
not exceeding ono year or by such Ilne
aud imprisonment The display OF any
convey the Impression that tho deposits
af the bank are guaranteed by the state
of ArknntbH, either directly or Indirect.
~ shall hn n mlademoanOr and shall
subject The offender 60 fine Of five
hundred dollars and any bank display
al "a tina HFH