Pocahontas star herald., 1914-06-26

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"# I.H Stats trtN aNl
f|Ia rrI quarterly WIS., iE nlnnI lnf
sf. s..a 81 Interest rHr'.Jr nom state
1irIs r,urut.l lt the VI .mum mtf OF
Interest provided by aY 1nan the aver
are daily balance Of - fand
sec 8 when any ta d shal! be FOUND
90 be- lnsolysut hy bank eommis-
sionsr hr shall take charge af such
bank as provided hy laN ana ptqeerd 20
wind up its afnlrs' aNa ee ess sn ~
porftor a certificate. upon pfoot OF
claim. bearing six per cent Interest pet
annum upon which dlNldenda snail DC
entered when paid, except Nhere con-
tract rate exists on the aspost IN
which case the certificate shall bear
Interest al the contract rate; notice Or
the amount OF each dividend 20 he pat
creditors and the date when such pay
ment Is TO be made shall he puoishe
IN two consecutive Issues or paper OF
renernl circulation In the county or rttN
la which such failed bank ia located
ana q corresponding notice posted on
the door Of the receivers ONCE, ana
interest shall cease on each dlNlaend 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. ana interest shall
cease on the day 50 advertised, and
said proof OF claim shall 80 state AFTER
the onicer IN charge or the bank shail
have realized upon the assets OF such
bank and exhausted the double liability
OF its stockholders, aud shall have paid
an funds 20 collected IN dividends TO
the depositors. he shall certity All
balances due on guaranteed deposits ut
any exisD 90 the bank commissioner.
who shall then, upon his approval or
such certlfication. draw checks upon the
State treasurer. 20 be contersigned BY
the auditor OF State, payable out or the
bank deposltors guaranty fund, IN tavor
OF each depositor for the balance que
on such proof OF claim as hereinafter
provided. m az any time the available
funds In the hank deposltors' guaranty
fund shall not be sufflclent 20 pay all
guaranteed deposits OF any failed bank.
the six assessments herein provided Tor
having been made the bank commits.
sloner shall paw depositors pro rata and
the remainder shall be paid when the
next assessment n 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 tund.
then an claims and rights of action OF
such denositors 80 paid shall revert 20
the bank commissioner Tor the benefit
OF said hank deposltors guaranty RUM.
until said fund shall have been fully re-
imhursed for payments made on account
OF such failed bank. with interest there
on az four per cent per annum.
Sec. 6. A penalty OF fifty per cent Of
the amount Of said assessment shall be
added 20 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 a. aforesaid shall
fail to remit the amount OF said assess
ment as herein provided, a suhcient
amount OF It's bonds together with the
uneNpired couponsl shall be immedistely
sold by the bank commissioner at public
sale and the proceeds used 20 pay said
assessment Any balance remainin Q
from the proceeds OF such sale after
the payment OF such assessment shall
remain TO the credit OF the bank In the
deposltors guaranty fund. The said
balance, together with the remainder of
the bonds Cor cash In lieu thereof.
shall be forfeited TO the bank depository
guaranty fund n the bank does not
within sixty days from default In pay
ment OF such assessment remit the
full amount OF such assessments
and penalty 10 date. and restore the
amount OF It's bonds. or money pledg-
ed as evidence OF good faith Upon
the banks failure 20 remit It's assess
ments according 90 the terms OF this
act. the bank commissioner shall im-
mediately examine such bank. and n u
Is found In his judgment TO be IN.
solvent. he shall take charge OF aud
liduldate said bank according 10 Law
II said bank be found solvent. the bank
commissioner shall cancel It's certificate
as a guaranteed bank and cause 20 be
displayed In It's banking rooms, in a
conspicuous place. continuously for six
months. card not smaller than twenty
inches by thirty inches. and IN large
plain type. reading as follows: This
bank has Withdrawn from the bank de-
pos tors guaranty fund and the guaranty
OF Its deposits will cease on and after
........." The date on this card shall
be date six months afteI the flrsi
posting OF such card Any bsak ei6cflnc
TO withdraw from the bank deposltors
guaranty fund may do so By giving no
tice to the bank commissioner and dis
playing a card as aforesaid. and az the
cxDirat ton OF the six months as afore-
said may receive Its bonds tprovided
always that said bank shall have paid
assessments In fun 90 date) when tho
affairs OF all failed banks In liquidatio
at the expiration OF said six months
shall have been closed up and the said
bank shall have paid its 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 sly
months from date and not extending for
more than one year. bearing interest
NJ not 70 exceed four per cent Der an
mum and on which interest shall cease
at maturity. daily deposits not to exceed
greater rate Of interest than three Der
Cont Der annum. Deposits which ar.
primarily rediscounts or money boz
rowed by the bank. and an deposits
otherwise secured. shall not be Riiaran.
teed by this act Each guaranteed bank
shall certify under oath 10 the bauk
commissioner at the date OF each called
statement the amount ot money II has
on deposit not eligible 10 guaranty under
the provisions OF this act ahd in asses.
sing such bank this amount shall be
deducted from its total deposit Tho
guaranty as provided for In this aci
shall not apply TO a banks obligation
as endorser upon bills rediscounted. nor
TO bills payable. nor 10 money borrowed
temporarily from its correspondents OF
others
Sec. Each bank guaranteed BY this
act shall keep "a correct record OF Tho
rate OF Interest paid or agreed 20 BE-
paid TO each depositor. and shall make
statement thereof under oath 10 the
bank commissioner quarterly N bank
displays card or iu any manner adver.
tises that It's depOsltors are guaranteed
such bank, IN II PAYS or agrees to nav
either directly or Indirectly interest nj
any rate greater than four per cent pri
aunum upon deposits OF anv kind. class
| or character shall state upon or In tho
same card or advertisement that no de.
posits are guaranteed which bear y
greater rate of interest Der aunun than
four per cent and this portion OF the
advertisement must be IN type OF ths