The Nevada County picayune., 1914-07-03

subject tue offender - . fiss of five hundred dollars and any bank display ing card or advertisement to the si fect that its deposits are guaranteed ps the bank depositors guaranty fuhu v the State of Arkansas when not authV. : fZed so to do under the provisions ol thls act shall be guilty or Inlsue meanor, and upon conviction tne,eo. shall be subject to a fine of not .lss, less than five hundred dollars. nor more tiah one thousand dollars
 Sec. 9. A solvent bank. upon retiring from business and liquidatfng it's ai fairs. shall be entitled to receive Dtcst rom the State treasurer. after all tts ts depositors in such bank have been pau Tn rull, it's bonds or money pledged ou. not any part Of any unused assessment that may be in the bank deposltofS guaranty fund; provided. however tnat Ea should such bank be turning over 1tt business to another bank, 1t shall not receive back it's bonds. or money de posited in lieu thereof, until the banF receiving it's business shall have ue- posited with the State treasurer bonds, or money in lieu thereof, according to the requirements Of this act
 Sec 10. Banks may be permitted. In the discretion of the bank commission CT, to exchange their bonds for others acceptable under this act. or be aIloWFI to deposit in lieu thereof an equal amount in cash. which may in turn be withdrawn upon the substitution ot bonds acceptable under this act
 Sec II: If at any regular or specla examination of a guaranteed bank II shall 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 or thlS act; and If at the expiration of this tune such provisions have not been compiled with. the bank commissioners shall cancel it's certificate of member ship in the bank deposftors' guaranty fund as herein provided and forfeit ts bonds deposited with the State treasurer Tor the benefit of the bank depositors guaranty fund
 Sec 12. All bonds. and moneys de- postted 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 State 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 vided 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 pdHhS' trust companies ana SANlnSS banks.
 Sec. 14. It shall be unla wful for any bank guaranteed under the provisions or this act to receive deposits con tinnously for six months in excess of elght times its paid-up capital and surplus. and the violation 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. B. For the purpose of carryinc into etfect the provisions Of this act rorms and make requisitton on the State printer for the necessary blanks. and all reports received by the bank commits sfoner shall be preserved by him in his office. The State treasurer is authorized to provide forms and make acquisition on the State printer for the necessary blanks and record books for his office
 Sec 1s. All acts and parts of acts ir conflict with this act are hereby re- pealed in so far as they so conflict put no provision of any banking law or other statute of this State shall p- 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 1915. ~
 Filed in tn. office of tn. Secretary of state on the 18th day Of May. 1914.
 Each elector may vote for or against the above Act
 Witness my official signature thi, 2sth day of May.1a1
 EARLE W. HODGES,
 NoeaL) Secretary of State,