The Harrison times., 1914-06-06

guaranteed banks, as hereinafter pro
yided, The State treasurer shall credit
this fund quarterly with It's proportions
ate share OF interest received from state
funds, computed at the minimum rate Of
interest provided by law, upon the aver
age daily balance OF said fund.
Ssc. s. When any bank shall be round
to be insolvent by the bank commits
sloner he shall take charge of such
bank. as provided by law, and proceed TO
wind up its affairs; and he shall nt
the earliest moment, issue to each, de-
positor a certificate, upon PROOF OF
claim, bearing six per cent interest per
annum upon which dividends shall be
entered when paid, except where a CON
tract rate exists on the deposit. IN
which case the certificate shall bear
interest at the contract rate notice ot
the amount Of each dividend TO be pail
creditors and the date when such pay,
ment Is TO be made shall be published
In two consecutive issues OF a paper OF
general circulation in the county or city
in which such failed bank Is located
and corresponding notice posted on
the door OF the receivers once, ana
interest shall cease on each dividend on
the day named In such notice. The bank
commissioner shall likewise publish a
notice OF the date upon which he will
make payments OF any balance due on
such proof Of claim, and interest shall
said proof,of claim shall so state, After
the officer in charge Of the bank shall
have realized upon the assets OF such
bank and exhausted the double liability
OF its stockholders, and shall have pald
all funds so collected In dividends 20
the deposltors, he shall certify az
balances due on guaranteed deposits or
any eYisD TO the bank commissioner.
who shall then, upon his approval or
such certifiCatlOn, draw checks upon the
state treasurer, to be conterslgned by
the auditor Of State, payable out or the
bank deposltors' guaranty fund, In iayor
lof each depositOr for the 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 10 pay all
guaranteed deposits Of any failed bank
the six assessments herein provided Tor
having been made, the bank commits,
soner shall pay depositors pro rata and
the remainder shall be paid when the
next assessment Is avallable provided
however, that whenever the bank com
missioner shall have paid any dividend
10 the depositors OF any failed bank out
OF the bank depostors' guaranty fund.
then all claims and rights Of action OF
such depositors so paid shall revert 20
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 G. penalty Of fifty per cent OF
the amount Of said assessment shall be
added 10 the assessment Of any bank
not remitting as aforesaid within thirty
days after receipt OF notice Of such as
sessment from the bank commissioner,
and IF any bank which shall have bcon
assessed and notified as aforesaid shall
fail TO remit the amount OF said assess
mont as herein provided a sufficient
amount OF Its bonds ttogether with tho
unexplred coupons) shall be Immediately
sold by the bank commissioners 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 20 the credit Of the bank In tho
dcpositors' guaranty fund, The said
balance together with the remainder of
the bonds COR cash In lieu thereof
shall be forfeited 20 tho bank depositors'
guaranty fund II the bank docs not
within sixty days from default I'm pay
ment OF such assessment remit the
fun amount OF such assessments
and penalty 20 date and restorc the
amount Of its bonds or money plcdg-
ed, az evidence Of good faith Upon
the banks failure 20 remit its assess
mcnts according 20 the terms OF this
act the bank commissioner shall I'M.
mediatcly examine such bank and N u
solvent, he shall take charge Of ana
liQuldnte said bank according 20 law
lf said bank be found solvent, the bank
commissioner shall cancel its certificate
Ms guaranteed bank and cause 10 ho
displayed IN ita 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 M follows "fhIs
bank has withdrawn from the bank de-
poetors' guaranty fund and the guaranty
OF lts deposits viii cease on and after
.,,,r,,n" The date on this card shall
be date ak months after the first
postlAg Of such card Any bank clcctlnE
20 Withdraw from the bank deposltors'
guaranty fund may do 80 by giving no.
tlco TO the bank commissioner ana dis
playing u card as aforesaid, and ~ the
expiration OF the six months M afOre-
said may receive lls bonds (proyldol
always that said bank shall have paid
assessments I'm full 10 dUtel when the
affairs Of all failed banks In liquidation
NJ tho expiration or said six months
shall have been closed up aud tho said
bank shall have paid lts assessments on
account OF same,
Sec 2, Deposits which do not bear
interest ana the following deposits only
shall he guaranteed by thlH act Time
certificates not payable IN less than dix
months from date ana not extending for
more than ono year bearing interest
NJ not to exceed four per cent per an
mum and on which Interest ahal cease
At maturity, daily deposits not ~ exceed
a greater rate of Interest than three nor
cent per Nnnum Deposits which are
primarily rodiHC0unta or money h6rs
rowcd by the bank ana all dopoalta
otherwise secured, shall not hc gunrhna
tced by this act Each guaranteed bank
shall certify under oath 10 the hRuk
cOmmlHhlOnor ~ tho date Of each called
statement tho amount NJ money II has
ON deposit not ellglhle Nv guaranty under
the provisions Of this act, ana I'm assess
sing such bank this amount shall hp
deducted from ils total deposit The
shall not apply to a hhnks obligation
ma pndorHer ipon bills rediscuurtcd. nor
to bills payable, nor 10 money borrowed
temporarily from ia correspondents cor
others
See, g. Each bank guaranteed by thla
act shall kerp a correct record OF tho
rate Of interest naid or agreed tA hs
paid 90 each deposition, and shall make
4 statement thereof under oath 10 the
bank commissioner quarterly N bank
displays card or IN any manner adver.
tlurs that ltp depOstorH are guaranteed,
such bank " N pays or agrees tn nay
either directly or Indirectly interest ~
any rate greater than four per cent per
annum up0n deposits " any kind, class
or character shall state upon or iH The
same card or advertisement that no do
pOHltH are guaranteed which bear n
greater rate Of interest per nnnum than
four per cont ana this portion Of tho
advertisement must he IN tyre 0f the
b t4 Nt.