The Forrest City times., 1914-06-05

Tor the payment of depositors of failed susrahteed banks. as hereinafter pro
 'his fund quarterly with it's proportion ste snare of interest received from State .unos' computed at the minimum rate or
 interest provided by law. upon the aver age daily balance of said fund,
 Sec 5 When any bank shall be found
 10 be insolvent by the bank commis sioher. he shall take charge of such pahk as provided by law. and proceed to
 Wlhd UP it's affairs; and he shall. at the earliest moment. issue to each de posltor certificate, upon proof or claim, bearing six per cent interest per anhum upon which dividends shall be tract rate exists on the deposit, in Whlch case the certificate shall bear l interest at the contract rate; notice of | the amount of each dividend to be pal creditors and the date when such pay | ment Is to be made shall be pubiishe | Tn two consecutive issues of paper of general circulation in the county or city | in which such failed bank is located ana corresponding notice posted on the door of the receivers office. and interest shall cease on each dividend on
 the day named in such notice The bank commissioner shall likewise publish a l notlce of the date upon which he will | make payments of any balance due on | such proof of claim and interest shall
 cease on the day so advertised and said proof of claim shall so state. After | the officer in charge of the bank shall | nave realized upon the assets of such | pank and exhausted the double liability | or its stockholders. and shall have paid all funds so collected in dividends to the depositors, he shall certify all balances due on guaranteed deposits eff
 any exist to the bank commissioner | such certification, draw checks upon the State treasurer. to be contersigned by | the auditor of State. payable out of the
 bank depostors' guaranty fund in favor t1n ho1a I'm | on such proof of claim as hereinafter provided If 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 for | having been made. the bank commits sioner shall pay depositors pro rata and | the remainder shall be paid when the | next assessment h available: provided, | however, that whenever the bank com | missioner shall have paid any dividend
 to the depositors of any failed bank out or the bank depositors' guaranty fund, then all claims and rights of action of such depostors so paid shall revert to the bank commissioner for the benefit l of said bank depoSitOrs' guaranty fund. until said fund shall have been fully tmbursed 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 sa i'd assessment shall be added to the assessment of any bank not remitting IS aforesaid within thirty days after receipt of notice of such as seSSment from the bank commissioner. and if any bank which shall have been assessed and notified as aforesaid shall fail to remit the amount of said assess ment as herein provided a sufficient amount of it's bonds (together with the
 unexpired coupons shall he immediately sold by the bank commissioner at public
 sale and the proceeds used to pay said
 assessment Any balance rema ming
 hn
 the paymsnt of such assessment shall
 remain to the credit of the bank in the
 deposltors guaranty fund. The said
 balance. together with the remainder of
 the bonds Cor cash In lieu thereof
 shall be Forfeited to the bank depositors
 guaranty fund if the bank does not
 within sixty days from default in pay
 ment of such assessment remit the
 full amount of such assessments
 and penalty to date. and restore the
 amount of its bonds, 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 inn
 mediatejy examine such bank and if t
 is found in his judgment to be in.
 solvent. he shall take charge of and
 liquidate said bank according to law
 If said bank be found solvent. the bank
 commissioner shall cancel its certificate
 displayed in it's banking rooms in a
 conspicious place, continuously for six
 months, card not smaller than twenty
 inches by thirty inches and in large
 plain type, reading as Follows: This
 bank has withdrawn from the bank de-
 positors' guaranty fund and the guaranty
 of it's deposits will cease on and after
 ......... The date on this card shall
 be a date six months after the first
 posting of such card Any bank eiecting
 to withdraw from the bank depositors'
 guaranty fund may do so by giving no
 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 shall 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
 account of same
 Sec. : 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 ceas.
 at maturity, daily deposits not to exceed
 a greater rate of interest than three per
 cent per annpm. Deposits which are
 primarily rediscouNts or money bor-
 rowed by the bank. and all deposits
 otherwise secured, shall not be guaran-
 teeh by this act. Each guaranteed bank shall certify under oath to the bank commiss sioner a the date of each called statement the amount of money 1t has on deposit. not eligible 10 guaranty under the provisions of this act and in a.se.- sing such bank this amount shall be deducted from it's total deposit The guaranty as provided for in this act shall not apply to A banks obligation
 eudorser upon bills rediscounted nor to bills payable. nor to money borrowe!
 temporarily from its correspondents or others
 Sec < Each bank guaranteed by thi. act shall keep a correct record of tho rate of interest paid or agreed to be paid to each depositor. and shall make stateNent thereof under oath to the bank commissioner quarterly. If a bank displays card or in any manner adver- tises that its depositors are guaranteed such bank, If 1t pays or agrees to paw either directly or indirectly, interest a any rate greater than four per cent pcr annum upon deposits of any kind class or character. shall state upon or in the same card or advertisement that no de posits are eudrs snteed which bear a greater rate Of interest per annum than four per cent, and this portion of th. advertisement must be Tn type of the same size that is used In stating that the deposits iu the bank are glIaranteea No bank which pays interest at rate sIefter than four per cent per annur, on any form of deposft or oo apy tir,.