Pocahontas star herald., 1914-07-03

guaranteed banks. as hefeinal9' .fstf,
vlded The State treasurer shA, shA,,,,,r,ien,
this fund quarterly with tts prpPp stsss
ate share OF Interest received from 80 ",
funds. computed az the minimum ~. 49,.
interest provided by Law, upon the efe'
age daily balance of said fund, =,
Sec g. When any bank shall be roamu ,,a,"'
20 he inaolvent ~ the hanh s,en
aloner. he shall take charge % ol 80
hank. as provided By law, ana pfe,r9u ", W.
wind up It's afairs' and ne sh ae.
the earliest moment, issue 10 sayW ~,
positor certificate, upon psst nsr
claim, hearlug six per eenl i.'h Shail he
annum upon which dividends sns's .on.
entered when paid. except where tn
tract rate exists on the agpVt, h.ar
which case the certificate ahall
interest az the contract Hie' w. nstl
the amount OF each al'lasun s,eh nav,
ment L. 10 be- made shall be puplls'os
Ia two consecutive issues or a pap'l
general circulation in the county ,vt,se
In which such failed hank " - an
and corresponding notice pn1'' ~
the door Of the reNelFrrs ou,'. an
Interest shall cease on each dlAllehu ~ ~
the day named in such notice. Tue eanN
commissioner shall likewise pNnllan -,
notice of the date upon when w. W" an
make payments OF any balance que III III
such proof Of claim. and interest," hns ad
cease on the duy 20 ADVERTISED s,..' 49,.
said proof OF claim shall 30 state. At.yI
the officer IN charge OF thr nauk s,,,t
have realised upon the assets OF snen ,,.i
hank ana EXHAUSTED the double Liability
Of lts Stockholders ana snail hals 49, ~
an funds so collected fn diNilenah "
the depositors he shau sell.Ss. ~
balances due on guaranteed deposltss ~ W
any EXIST 20 the bank commlEsl9hst,
who shall then. upon his approval or
such certification. draw checks upoh ~ h',
State treasurer. 20 be conteraignea nf
the auditor Of State. payable GUY Or w, w.
hank deposltors' guaranty fln1' ln 49,
Of each deposltor for the bau,n,,s bal,',. s,ar
or such proof OF claim a. herelnetts
provided u at any time the aNalApso
FUNDS in the bank deposltors suAIAl,n
fund shalt not be sufficient 20 pay ~
guaranteed deposits OF any taue1 "a 1',, ser
the elk assessments herein proNidea t"'
having been made. the bank COMMITS,
sioner shall pay deposltors pro rata anu
the remainder shall De paid when the
next assessment is aValiahie: ptoNloeu
however. that whenever the hank com.
missioner shall have paid ianF alNlaena
10 the deposltors of any failed BANK ou'
| OF the bank depositors guaranty tuhu.
then an claims and rights ~ action 81
such deposltors 80 paid shall reNtlt ~, y.
the bank cnmmi sslnner FOR the ufnfl,'
OF said bank depositors' guaranty tund'
until said fund shall have been tully te.
imbursed for payments made on account
OF such failed bank with interest there
on at four per cent per annum
Sec. c. A penalty Of fifty per cent or
the amount of said assessment shall he
added to the assessment of any bank
not remittinE as Aforesaid within thHly
days after receipt OF notice or snch as
sessment from the bank commissioner,
and N any bank which shall have been
assessed and notified as aforesaid shau
fail TO remit the amount OF said assess.
ment as herein provided. sunieient
amount OF It's bonds together with the
uneSpired coupons) shall be Immediately
sold by the bank commissioner az PUBLIC
sale and the proceeds used 20 pay said
assessment Any balance remaining
from the proceeds OF such sale after
the payment OF such assessment shall
remain 20 the credit OF the bank IN the
depositors' guaranty fund. The said
balance. together with the remainder or
the bonds Cor cash in lieu thereof,
shall be forfeited 90 the bank depository
guaranty fund n the bank does not
within sixty. days from default In pay
fun amount OF such assessments
and penalty 20 date. and restore the
/ amount OF its bonds. or money pledg-
ed. as evidence Of good faith. Upon
the banks failure 20 remit its assess
ments according 90 the terms OF this
act the bank commissioned shall inn
mediately examine such bank and if u
Is found In his judgment 20 be In.
solvent. he shall take charge OF and
liauidate said bank according 20 law
commissioner shall cancel H. certificate
| as a guaranteed bank aud caukc 10 be
displayed In It's banking rooms. in a
conspicuous place continuously for six
| months. n 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 its deposits will cease on and after
,....t,." The date on this card shall
be a date six months after the first
posting OF such card. Any bank electing
| 20 withdraw from the hank depositors
| guaranty fund may do - by giving no.
tice 10 the bank commissioner and dis
| playing a card as aforesaid. and at the
cNDiratiOn OF the six months as afore-
said NAV receive It's bonds provided
always that said bank shall have paid
assessments In fun 20 datel when tho
| 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. . 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
NJ not TO exceed four per cent per an
mum and on which interest shall cease
At maturity. daily deposits not 10 ercsei
I e.
| cent per annum. Deposits which arc
| primarily rediscounts or money bor-
| rowed by the bank and an dcposits
| otherwise secured. shall not be gliarap-
| tCed by this act Each guaranteed hank
| shall certify under oath 10 tho bank
| commissioner al the date OF each Gales
statement the amount or money n has
on deposit. not eligible 20 guaranty under
! the provisions OF this act. and I'M asses
sing such bank this amount shall no
| deducted from its total denoslt The
| guaranty as provided for ln this acf
| shall not apply to a banks ObIIgatlon
as endorser upon bills rpiIsoouutcd nor
| TO bills payable. nor o. money horrovel
temporarily from It's correspondents or
| others
Sec. :. Each bank gIarante.d bv this
act shall Keep correct record or mo
| rate Of interest paid ny agreed 10 no
! paid to each depositOr ana shall make
! statement thereof under oath 10 tbo
! bank commissioner quarterly Tr bort
displays "A card or I'm any manner ady.rl
| tises that It's depositOTs are guarantssd
such bank. n Il paws or agraes 10 nov
| either directly or indirectly fntnrsgt -
| any rate greater than four Der cont Nor
aunum upon deposits or any kind cIl gs
| or character shall state uDon on I'm ~.
| same card or advertisement that ro n,
| posits are guaranteed which brar ,
! greater rate Of interest per auuur1 tt,r
I four per cent. and this portion Of ~,
advertisement must be- iu t,pa ~ ~,
/ same size that Is used in gtatipp no,
/ the deposits In the bank are guHrnpf,,,
! No bank which PAYS interest nj 9 r,t.
! ufanteT than four per COM y,.. -