The log cabin Democrat., 1914-07-09

c,cb Droof of claim. and interest shall cease on the day so advertiseo' a
 said proof of claim shall go state. 1i the officer in charge of the pahk .,roh have realized upon the ssseis sI U.h iitv bank and exhausted the double hdo.ltss of if. stockholders and shall nave pN ~ all funds so collected in dtvidenus U the depositors. he shall certiy Uf balances due on guaranteed uep;onsr any exist) to the bank commlsslIThe,, r, who shall then, upon his approVd ui such qualification. draw checks upol, 'hv h, State treasurer. to be conterslsh1 .he the auditor of State, payable out of bank depositors' guaranty funu. III s,T. of each depositor for the balance @ uur on such proof of claim as herelinatI provided. If at any time thc r.ntv funds in the bank depos1tors sua t ai, fund shall not be sufficient 10 pay Guaranteed deposits of any failed panH the six assessments herein proNlueu
 having been made. the bank co'ih sioner shall pay depositors pro IAta t.. the remainder shall be palo wrou,ded however, that whenever the bank con- missioner shall have paid any diVioem. to the deposftors of any failed nahk ou of the bank depositors suaIsh.y. s.,ar or such depositors so paid shall rever. .V the bank commissioner for the peno.' of said bank depositors' guaranty Iun.i' until said fund shall have peen iuaiy cornt
 
 of such failed bank, with interest ths'e on at four per cent per annum.
 Sec G. A penalty of fifty per cens oI ehe amount of said assessment sna,l pe added to the assessment or any pa
 not remitting as aforesaid within tnirtN days after receipt of notice of such as- sessment from the bank comm1ssioner and if any bank which shall nave peer, assessed and notified as aforesaid sna.i fail to remit the amount of said assess provided, amount of it's bonds (together with tne unexpired coupons) shall be immedlateiy sold by the bank commissioner al pupliG sale and the proceeds used to pay sa1d assessment Any balance remaining from the proceeds of such sale after the payment of such assessment snail remain to the credit of the bank in tho depositors guaranty fund The sain balance together with the remainder or the bonds Cor cash in lieu thereof9: i: shall be forfeited to the bank depositors guaranty fund If the bank does no. 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 pIedg- ed. az evidence of good faith. Upon the banks failure to remit it's assess ments according to the terms Of this act. the bank commissioner shail i'm mediateIy examine such bank, ana IT '' Is found in his judgment to be Tn, solvent. he shall take charge of and iiouidate said bank according to law If said bank be found solvent the bank commissioner shall cancel It's certi1icate as a guaranteed bank and cause to be displayed in it's banking rooms. in a conspfcfous place. continuously for siv months. card not smaller than t"'enty inches by thirty inches. and fn large plain type. reading as follows: This bank has withdrawn from the bank de positors' guaranty fund and the guaranty of it's deposits will cease on and after ........." The date on this card shall be . date six months after the first posting of such card. Any bank electine to withdraw from the bank depositors guaranty fund may do so by giving mo- tice to the bank commissioner and dis playing card as aforesaid and at the expiration of the six months as afore- said may receive it's bonds (provided always that said bank shall have paid assessments in full to date) when tho affairs of all failed banks in liquidation 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. '. 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 which interest shall cease at maturity. daily deposits not to exceed n greater rate of interest than three per cent per annum Deposits which arc 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 .he bank commissioner at the date of each called statement the amount of money it has on deposit, not eligible to guaranty under the provisions of this act. and in asses sing such bank this amount shall be dedyYCfe6 he guaranty as provided fer in this act shall not apply to a banks obligation as endorser upon bills rediscounted. nor to bills payable, nor to money borrowed others.
 Sec 8 Each bank guaranteed by this act shall keep correct record Of the
 rate of interest paid or agreed to be
 paid to each depositor. and shah make
 a statement thereof under oath to tho
 bank commissioner quarterly. IF a ba nls displays a card or In any manner adver- tises tha. it's depositors are guaranteed
 such bank. if it pays or agrees to pay either directly or indirectly interest n | any rate greater than four per cent DOT snnum upon deposits of any kind, cia IS or character. shall state upon or in the posits are guaranteed which hear q greater rate of interest per annum than four per cent and this portion of tha advertisement must be in type of the
 same size that Is used in stating that the deposits Tn the bank are guaranteed No bank which pays interest at a rat. greater than four per cent per anDnm on any form of deposit, or on any tir,o certificate cashed before maturity shal) be permitted to participate in the bene- 1 fits Of this act; provided. however. th+, | any existing contracts for higher rates | of interest entered into before the na e. l sage of this act may be carried out nm. | impaired. and such existing contrac.s | shall not disGualify a bank to parttcl. i pate in the benefits Of this act An,
 managing officer of any bank euaranteei ] under this act. or any person acting ir | it's behalf or for its benefit who shal | thereafter pay or promise to pav any l depositOr, either directly or inAlTeotlv
 any rate of interest in excess of or ir l addition to the maximum rate of inter
 est permitted by th1a act or who shai with inteut to svAds any of ths nru.
 visions of this act pledge tho i'm, certificate or other obligation of sucp 1 bank as security for the personal obIt | CF Lt cole