The Nevada County picayune., 1914-06-19

TunurSd d0Y1xTs. and any 6enk display ing card or advertisement to the ef- rect Iect that Its deposits are guaranteed by the bank depositors' guaranty fund of me state of Arkansas when not author ized so to do under the provisions O. tnls act shall be guilty of misde' sHeanor, sha,, and upon conviction thereo snail be subject to a fine of not less than five hundred dollars. nor more than one thousand dollars.
 Sec. g. A solvent bank upon retiring rom business and liquidating it's ar fairs. shall be entitled to receive back rom the State treasurer after all the oeposltors in such bank have been paic Tn full, its bonds or money pledged. but not any part of any unused assessment that may be in the bank depositors guaranty fund; provided, however, that should such bank be turning over its business to another bank. it shall not receive back it's bonds, or money de posted in lieu thereof, until the banE receiving Its business shall have de posted with the State treasurer bonds. or money in lieu thereof. according to the requirements of this act.
 Sec. 10. Banks may be permitted, fu the discretion of the bank commission CT to exchange their bonds for others acceptable under this act. or be allowed to deposit in lieu thereof an equal amount in cash, which may in turn be withdrawn upon the substitution Of ponds acceptable under this act.
 oNNs H. II dt any regular UT Spt'lt' examination of a guaranteed bank IT snail be found to be violating any ot the provisions of this act, the bank com missioner shall notify the bank and the bank may be given thirty days In which to comply with the provisions of this act; and If at the expiration of this tune such provisions have not been complied with. the bank commissionei shall cancel it's certificate of member ship fin the bank depositors' guaranty fu1d as herein provided and forfeit it's bonds deposited with the State treasurer for the benefit of the bank depositors guaranty fund.
 Sec. 12. All bonds. and moneys de- posted in lieu of bonds, placed in the state treasury under this act shall be Kept in said treasury separate from all other bonds and moneys, and to the credit of the bond account of the bank depositors' guaranty fund and shall be used for no other purpose. The Stata treasurer shall cause the coupons upon the said bonds to be cut thirty days be- fore maturity and sent or delivered to the bank which deposited them; pro V1ded always. that said bank shall have paid all assessments in full to date.
 Sec. 13. Any national bank in this State may voluntarily avail it's deposi- tors of the protection of the depositors' guaranty fund upon the same terms. payments. conditions. and in the same manner as herein provided for State banks. trust companies and savings banks.
 Sec. IA. It shall be unlawful for any bank guaranteed under the provisions or this act to receive deposits con tln1ouSly for six months in excess of eight times its paid-up capital and surplus, and the viola ton of this sec tion by any bank shall cancel its right to participate in the benefits of tho bank depositors' guaranty fund. and work a forfeiture of it's bonds deposited with the State treasurer for the benefit of such fund.
 Sec. Is. For the purpose of carryins z Into effect the provisions Of this act the bank commissioner shall provide forms and make requisition on the State printer for the necessary blanks. and all sioner shall be preserved by him in his office. The State treasurer is authorized to provide forms and make reouisition on the State printer for tho necessary blanks and record books for his ofYice
 Sec. Is. All acts and parts of acts ir conflict with this act are hereby TO- pealed in so far as they so conflict. or other statute of this State shall n. construed to be amended, modified or repealed. except In so far as necessary to permit the unrestricted operation of this act as applied to banks partici- pating in the privileges of this act
 Sec. IT. This act shall take effect and be In force from and after January 1, 1915
 Filed in the office of the Secretary of State on the 18th day of May, 1si<
 Each elector may vote for or against the above Act
 Witness my official signature this 29th day of May. 1914.
 EARLE w. HODGES.
 tSeAl) Secretary of State.