The Springdale news., 1914-06-26

s "A anu exhausted the double IaE Iits. or its stockholders. and shall have rafa all funds SO collected in dividends to tHe deposftors, he shall certify all nalahces due on guaranteed deposits tiff aiy eX1St) to the bank commissioner who shall then, upon his approval nf such certifcation. draw cheeks mon tho state treasurer. to be conterSlened h .he auditor of State payable out of the pahk depositors guaranty fund in favor CT each depositor for the halaroe a,ia on such proof of claim as hereinafter PtoElded. If at any time the available 1ulds Tn the bank deDositors' guarartv luhd shall not be sufficient to pay ali guaranteed deposits nf any failed haak .he SIX assessments herein prov lel fn~ hdVlhg been made the bank conmls Sioher shall pay depositofs pro rata and the remainder shall be nat4 when tho IeNt assessment is available provide ]. however. that whenever the bank ce,n- missioner shall have paid any dividend 10 the depositOrs of any failed bank out oi the bank deposi itors' euarantv rund then q claims and rights of action Of slch denosltorS so paid shall revert tn the hank commissioner for the he-efit or said bank depositors ruarantv fund untli said fund shall have been fully re- le l4lb~ilrsed cursed Tor payments made on account or such failed bank, with interest there on at four per cent per anrum
 Sec. s. A penalty of fifty ner cent of the amount of said assessment shall he added to the assessment of any bank nor remltting as aforesaid within thirty days after receipt of notice of such as sessment from the bank commissioner. and If any bank wh'oh shall have been assessed and notified as aforesaid shall 1aH 10 remit the amount Of said assess ment as herein provided sufficient amount of its bonds (together with the Qnexptred coupons1 shall be immediately sold by the bank commissioner at public sale and the proceeds used to pay said assessment Any balance remaining 0f tnh oia the payment of such assessment shall remain to the credit of the bank Tn the dePostors guaranty fund The satd balance. together with the remainder of the bonds Cor cash in lieu thereof snail be forfeited to the bank 5lepoSitors' guaranty fund if the bank does not within sixty days from default in pav- ment of such assessment remit the and penalty to date. and restore the amount of its bonds, or money pledg- ed. as evidence of good faith Upon the banks failure to remit its assess act the bank commissioner shall i'm mediately examine such bank. and If r Is found in his judgment 10 he tn solvent. he shall take charge of and liquidate said bank according to law If said bank be found solvent. the ba-}: commissioner shall cancel its certificate as a guaranteed bank and cause to ba displayed in it's banking rooms Tn a
 
 months, card not smaller than twenty inches hv thirty inches. and in large plain type reading as follows: "This hank has with lrawn from the bank de posttors' guaranty fund and the guaranty Of it's derosits will cease an and after .=.=........ The date on this card shall be date six months after the first posting of such card Any bank e1ecting ta withdraw from the bank depositors' guaranty fund may do so by giving no t3ee to the bank commissioner and dis nAaAiHg carl as aforesai1 ard at the expiration of the six months as afort- s8td may receive ite bon1s Gprovidea always that said bank shall have paid assessments in full to aate1 when the 2 fairs of all failed banks in tquiaatioa al the expiration of said six months staH have been closed up and the said haHk shall have paid It's assessments on account of same.
 Sc Deposits which d. not heas irterast and the following deposits only shall he euarauteed by this act Time certificates not payable in less than s#x months from date and not extending for more than one year, bearing interest at not to exceed four per cent Ter an mum and on which interest shall eeasa at maturity daily deposits not to exceed q greater rate If Interest than three per cent per annum. Deposits which ara primarily redisCountS or money h0r- otherwise secured, shall not be guara n teed by this act Each guaranteed bank shall certify under oath to the bank commissioner al the date of each called on deposit. not eligible to guaranty under the provisions of this act and in asses sing such bank this amount shall be deducted from its total deposit The guaranty as provided for in this act shall rot apply to a banks obligation as endorser upon bills rediscounted. nor to bills payable. nor to money horrowel temporarily from It's correspondents or others
 Sec < Each bank guaranteed by this act shall keep a correct record of tho rate of interest paid or agreed to@ he paid to each depositor and shall make statement thereof under oath to tEe hank commissioner quarterly If q bank displays card or i0 any manner adver- tises that its dnpositors are gHarantee3 such bank. if it pays or agrees to pay either directly or indirectly. interest at any rate greater than four per cent pe,' annum upon deposits of any kind. elass or character shall state upon or in tAe same card or advertisement that no de- postts are guaranteed which bear greater rate of interest per annum than four per cent and this portion of the advertise Sement must he tr type of t4e same size that is used in stating that the deposits in the bank are guaranteed No bank which paws interest at q rate greater than four per cent per annum on any form of depos1t. OF on any timn certificate CaShed before maturity shall
 
 fits of this act. provided. however that any existing contracts for higher rates Of interest entered into before the pas sage of this act may be carried out un- impaired and such existing contracts shall not disqualifv bank to partfei. pate in the benefits of this act Anv managing officer of any bank guaranteed under this act. or any person acting 1n its behalf or for its benefit who shall thereafter pay or promise to pay any deposttor either directly or indirectly any rate of interest in excess of or l., addition to the maximum rate of Inter est permitted by this act, or who shall with intent to evade any of the pro visions of this act. pledge the tima certificate or other obligation of su@h hank as security for the personal ob1t- gatfon of himself or any other person. shall be guilty of misdemeanor pun ishable by a fine of not less than five hundred dollars nor more than five thousand dollars. or by imprisonment not exceeding one year. or by such line and imprisonment The display of any card or other advertisement tending to convey the impression that the deposits of the bank are guaranteed by the State of Arkansas. either directly or indirect ly. shall be a misdemeanor and shall subject the offender to fine of five hundred dollars and any bank display ing 9 card or advertisement to the ef- feet that it's deposits are guaranteed by the bank de0OS tors guaranty fund 9t the State of Arkansas when not author