Pocahontas star herald., 1914-06-05


interest provided by law upon the aver
age daily balance OF said fund.
sec, s. When any bank shall he found
70 he insolVent hv the bank commits
aloner he shall take charge OF sueh
bank. as provided by iaw. and proceed 10
wind up lts Affairs. and he shall, Al
the earliest moment. issue 10 each de
positor a certificate, upon PROOF OF
claim, bearing six per cent Interest pei
annum unou which dividends shall De
entered when paid, except where con
tract rate exists on the deposit ~
which case the certificate shall bear
interest az the contract rate notice y.
the amount Of each dividend 10 he pal
creditors and the date when such pay
ment Il TO be made shall be puhlishv
IN two consecutive Issues of a paper OF
seheral circulation In the county or city
IN which such failed bank IL 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 VIII
make payments OF any balance due on
such proof OF claim. and interea shall
cease on the day 30 advertised, and
said proof OF claim shall 50 state. AFTER
the oficer In charge OF the hank shat
have realized upon the assets OF such
bank aud exhausted the double liabslitN
OF its stockholders. and shall have paid
all funds so collected Ia dividends 10
balances due on guaranteed deposits cit
any eNist TO the bank commissioner.
who shall then. upon his approval or
such eertlfication. draw checks upon tue
state treasurer. 10 he eontersigned oy
the auditor OF State. payable out OF the
hank depositors' guaranty fund. In faNor
Of each depositor for the balance due
on such proof OF claim as hereinafter
provided. N at any time the avallahle
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 Of
such denosltors 50 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. 6. A penalty Of fifty per cent Of
the amount Of said assessment shall he
added to 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 N 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 suricient
amount Of its bonds together with the
unexpired couponsl shall be immediatel
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
the payment OF such assessment shall
remain TO the credit of the bank In the
a a
balance. together with the remainder OF
the bonds tor cash In lieu thereof,
shall be forfeited to the bank depositor-'
guaranty fund n the bank does not
within sixty days from default in paw
ment of such assessment remit the
full 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 TO remit its assess
ments according 20 the terms OF this
act the bank commissioner shall Inn
mediately examine such bank. and " q
Is found In his judgment 10 he In
solvent. he shall take charge Of ana
liquidate said bank according 20 Law
n said bank be found solvent. the bank
commissioner shall cancel its certificate.
as guaranteed bank and cause 90 be
displayed In its banking rooms. In
conspicuous place. continuously for six
months card not smaller than twenty
inches by thirty inches. and in large
nlain type. reading as follows: This
bank has Withdrawn from the bank Do
OF its deposits will cease on and after
........' The date on this card shall
be a date six months after the first
posting Of such card ANY bank electing
10 withdraw from the bank depositors'
guaranty fund may do so by giving no
tice to the bank commissioner and dis
playing a card as aforesaid. and at the
expiration OF the six months as afore-
auNA a0.r Aa.N
always that said bank shall have paid
assessments In full 10 date) when tho
affairs OF all failed banks In liquida tion
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. Z. 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 whch-interest shall ceasa
at maturity. daily deposits not TO exceed
q greater rate OF interest than three per
cent per annum. Deposits which are
primarily rediscounts or money bor-
rowed by the bank. and all deposits
otherwise secured. shall not be guaran-
teed by this act. Each guaranteed bank
shall certify under oath to the bauk
commi ssioner at the date of each called
statement the amount OF money Il 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 its total deposit The
guaranty as provided for in this act
shall not apply to banks obligation
as endorser upon bills rediscounted. nor
to bills payable. nor to money borrowed
temporarily from its correspondents or
others.
Sec s. 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. n a bank
displays a card or in any manner adver-
tises that its depositors are guaranteed
such bank. II II pays or agrees TO pay
| either directly or Indirectly. interest o
| any rate greater than four per cent per
annum upon deposits of any kind. class
| or character. shall state upon or In the
| same card or advertisement that no de-
| poslts are guaranteed which bear q
| greater rate Of interest per annum than
| four per cent. and this portion of the
advertisement must be I'm type of the
| same size that is used in stating that
| the deposits in the bank are guara nteed.
| No bank which pays interest at rate
greater than four per cent per annum
| on any form of deposit or on any tims
| certificate cashed before maturity, shall
be permitted to participate in the bene.
| fits OF this act: provided. however. that
/ gsvNs IA