The Nevada County picayune., 1914-07-03
the order of tho bank commissionsr. to

 the order of tho bank commissioner. to be countersigned bv the auditor of State Tor the payment Of depasito"s of Tailed guaranteed banks as het a'raftsr pro Niaed. The State treasurer shall credit ihis fund quarterly with it's proportion ate share of interest received from Statp funds, computed at the minimum rate of interest provided by law upon the aver age daily balance of said fund.
 Sec & When any bank shall be found to be insolvent by the bank commits Stoner, he shall take charge or such bank. as provided by law. and proceed to wind up it's affairs and he shall at the earliest moment, issue to each de- positor a certificate. upon proot or claim bearing six per cent interest per annum upon which dividends shall De entered when paid. except where con tract rate exists on the deposit. III
 which case the certificate shall bear interest at the contract rate; notice or the amount of each dividend to be pal creditors and the date when such pay. lnent is to be made shall be published 'n two consecutive issues of paper or general circulation in the county or city in which such failed bank is located and a corresponding notice posted on tne door of the receivers office. ana interest shall cease on each dividend on the day named in such notice. The bank "om SSioner shall likewise publish q notice of the date upon which he will make payments of any balance due on '''' i'lpDi bi tldliUs anu iuiFlfSt 9ii''i cease on the day so advertised, and said proof of claim shall so state. After the officer In charge Of the bank shali have realized upon the assets of such bank and exhausted the double liability of its stockholders. and shall have paid all funds collected in dividends to the depositors. he shall certify all balances due on guaranteed deposits Off any exisD to the bank commissioner. who shall then. upon his approval or such certification, draw checks upon the state treasurer, to be cOnterstgned Dy the auditor of State. payable out of the bank depositors' guaranty fund. in faNor of each depositor for the balance due 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 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 revert 10 the bank commissioner for the benefit 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. s. A penalty of fifty per cent of the amount of said assessment shall be added to the assessment of any bank not remitting s 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 its bonds (together with the J lt.kn 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 remain to the credit of the bank in the depositors' guaranty fund. Tho said balance. together with the remainder of the bonds Cor cash in lieu thereof), 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 amount of It's bonds, or money pleds- ed. as evidence of good faith. Upon the banks failure to remit Its assess ments according to the terms of this act, the bank commissioner shall im- mediately examine such bank and If It is found in his judgment to be in. solvent. he shall take charge of and liauidate said bank according to law If said bank be found solvent, the bank commissioner shall cancel it's certificate a guaranteed bank and cause to be displayed in it's banking rooms. in a conspicuous place, continuously for six months. a card not smaller than twenty inches by thirty inches and in large. plain type. reading as follows; This bank has withdrawn from the bank ds- pOSitors' guaranty fund and the guaranty of it's deposits 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 a card as aforesaid. and at the expiration of the six months as afore- said may receive its bonds (provided always that said bank shall have paid assessments in full to date) when the affairs of all failed banks in liquidat tion shall have been closed up and the said bank shall have paid Its assessments on 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 cease at maturity daily deposits not to exceed q greater rate of interest than three per cent per annum. Deposits which arc primarily rediscounts or money bor- rowed bv 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 commissioner at the date of each called statement the amount of money fl has on deposit not eligible to guaranty under the provisions of this act and in asses- 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 banks obligation a endorser upon bills redisCounted. nor to bills payable nor to money borrowed temporarily from its correspondents or others.
 Sec B. Each bank guaranteed by this act shall keep a correct record of tho rate of interest paid or agreed to be paid to each depositor. and shall make a statement thereof under oath to the bank commissioner quarterly, If bank displays a 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 indirectly. interest at any rate greater than four per cent per apnum upon deposits of any kind, class or character shall state upon or in the same card or advertisement that no de-