The Harrison times., 1914-06-13

| have realized upon the assets OF sucI
| bank and exhausted the double Liability
| OF It's stockholders, and shall have paiu
all funds so collected In dividends 10
| the depositors, he shall certify az
balances due on guaranteed deposlts W
| any eNisO 10 the bank commlssl0het
who shall then, upon his approVal on
such certification, draw checks upon we
| State treasurer TO be conterslBnea py
! the auditor of State, payable out OF tne
bank depositors' guaranty fund IN lhEoI
| Of each depositor for the balance uue
on such proof of claim as herelnalteI
| provided. If at any time the aVaHapic
| funds I'm the bank depositors' guaranty
| fund shall not be sufficient to pay all
guaranteed deposits OF any failed pank.
| the six assessments herein provided TOT
having been made. the bank commlh,
sioner shall pay depositors pro rata ana
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 deposltors of any failed bank OUT
Of the bank depositors' Euarantv tuhu,
then all claims and rights OF action or
such deposltors so paid shall revert 70
the bank commissioner for the benetlt
of said bank deposltors' guaranty funh'
until said fund shall have been fully re.
lmbursed for payments made on account
of such failed bank, with interest there
on at four per cent per annum
Sec g. A penalty Of fifty per cent OF
the amount Of said assessment shall be
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 II any bank which shall have been
assessed and notified as aforesaid shall
fail to remit the amount of said assess
ment as herein provided, sufficient
amount of it's bonds together with the
unexplred cOupons) shall be Immediately
sold by the bank commissioner at public
sale and the proceeds used TO pay Salu
assessment Any balance remaining
from the proceeds Of such sale after
the payment OF such assessment shall
remain TO the credit OF tho bank In tho
depostors guaranty fund, The sald
balance, together with the remainder or
the bonds Cor cash In lieu thereof,
shall he forfeited to the bank depositors
guaranty fund II the bank does not
within sixty days from default In pay
ment Of such assessment remit the
full amount Of such assessments
and penalty TO date and restore the
amount OF It's bonds, or money pledg-
ed, as evidence OF good faith Upon
the banks failure to remit It's assess
ments according to the terms or this
act, tho bank commissioner shall i'm.
medlately examine such bank, and II VI
Is found In his Judgment to be IN.
solvent he shall take charge OF and
If said bank be found solvent, the bank
commissioner shall cancel It's certificate
as n guaranteed bank and cause TO be
dsnlaved IN It's banking rooms, In n
conspicuous place continuously for six
months n card not smaller than twenty
inches by thirty Inches, and In largo
plain type reading as follows This
bank has withdrawn from the bank do
poSitors guaranty fund and the guaranty
OF It's deposits will cease on and after
......" The date on this card shall
be n date six months after tho first
posting of such card Any bank electing
TO withdraw from the bank depositors'
guaranty fund may do so by giving no.
ticc to the bank commissioners and dis
playing a card aS aforesaid, and NJ tho
expiration OF the six months az aforc.
said may receive ita bonds lprovdol
always that said bank shall have paid
assessments I'm full TO date) when tho
affairs Of all failed banks I'm Liquidation
at the expiration OF said six months
shnll have been closed up and tho 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 0ct' Time
| certificates not payable In less than els
months from date and not extending for
moro than one year, bearing interest
| MT not To exceed four per cont ncr am
mum aud on which interest shall cease
| at maturity daily deposits not 20 exceed
a greater rate Of interest than three por
| cent per annum, Deposits which arc
! primarily rodlgcounts or money hOra
! rnwcd bv the bank ana all deposits
! otherwise secured, shall not he gunrnna
! tccd by this act Each guaranteed bank
| shall certify under Onth 10 tho hnrk
| commissioner at tho date OF cnch called
| statement tho amount OF money II hng
on deposit, not eligible 10 guaranty undcr
] ..I. % Ia
| sing such bank this amount shall he
| deducted from la total deposit The
! ruaranty AH provided for I'M thls art
| shall not amply 10 n banks OBLIGATION
nR ondorsor upon bills rcdlscouniod, nor
/ to Bills payable nor TO money borrowed
temporarily from its correspondents or
others
See. 3. Each bank guaranteed by thla
! act shall Keen u correct record OF tho
rate Of interest paid or agreed % be
| paid 10 each dcpoaitor, ana shnll make
n statement thereof under oath 10 tho
hank commissioner dunrtcrlN n q bank
displays card or IN any manner ndyer,
tisea that its dcpoaitora are guaranteed
such bank II II pays or agrees 60 pay
| either directly or indirectly, interest a.
any rate greater than four per cont per
Rnnum upon deposits OF any kind, class
| or character. shall state upon or In tho
same card or NdvertlHement that no do
| poslts are guaranteed which bear a
greater rate OF interest per nunum than
| four per cont, and this portion Of tho
advert lscmont must he IN tvne Of the
same algo that Ia used IN stating that
the deposits IN tho bank are guRrantred
! No bank which pays interest at n rate
| greater than four per cent per Hnnum
! on any form Of deposit, or on any timh
| certificate cpshed before maturity shall
| bo pprmittcd 10 participate IN tho npnr.
! flta OF thls Acti provided, however, tntt
| amy existing contracts for hlghor rntoa
| OF nteroat entered into before the pas
saRe Of this act may be carried out uns
! impaired, and such oNistlng eontFaeia
| shAll not dlsnualfy q bank 10 partialg
| pate IN the benefits OF this act ANY
| mannglhE officer Of any bank guaranteed
| nuder this act or amy person Hotlnr In
| ,ts hehnlf or for lta benefit who Hhnll
! thereafter nay or promise 10 pav anv
! depaslt0r either directly or Indirectly
any rate OF interest IN excess " or I'm
| nddtan 90 the maximum rate OF inter
| eHt permitted by this act or who shall
! with intent 10 evade any OF the pro-
| yisinNa Of this net pledge the timn
! bnnk mn security for tho personal ohi.
| pntIon OF himself or any other person,
| ahall he guilty Of n mlademoUnor. pun.
! iahRhle by n fine ~ not less than five
| hundred dollars nor moro than five
! thousand dollars, or hy imprisonment
| not exceeding one year or hN such lme
| and imprisonment The display of any
| card or other advertisement tending tu
convey tho impression that the iepoHitH
| OF the bank are guaranteed hy the state
! of ArlnnanH either directly or Indirect
! ~ shall bo mlHdemoRuor ana shall
subject the offender 10 a fine of i've