Pocahontas star herald., 1914-07-10

Tor nm. nayment or depositors or talisu
guaranteed banks. as harelhatt1' Ps,i,
Vided The State treasurer sna'.,a,,r, 90
this fund quarterly with w. ss,,r, state
ate share OF interest received lIoW -,
fipds committed al the minimum iate OF
interest provided hy Law. upoh wv
age daily balance 0f said Fuhh
Ser & when any bank shall he faana
% he i,sDlyant hv the bank e9tnlnls
aiarar. he shall take charge ~
banE rs provided hy law, 'i,l Pssb,tI M
~ ~ s,Tii.st mowant. issue 20 each Dc.
pasltsr m certificate upon proc. or
claim. bearing six PEE sfl' ,h'..g,ft -
aunum upon which llF.lrl3s - 60
entered when paid, "Aarnl Na.,,'tt la
tract rate exists on the drP,9t n
which S9se lie certificate shall heaF
interest at the contract rate N3.. -
the amount af each IiN''Hfl % y" 80
creditors aul the date when .tflltl
meut Is tn he made shalt ga 49,, -
iu two consecutive issues or a HAP'l ~
rrpargI circulation in the county or CIV
In which such failed bank is llssirl
and a corresponding notice plls'' -"
the door o. the receive. . 'N. -
interest shall cease on n1'h A.--l ~ ~ ~
the day named iu such uoN-, -.,IfsH
commissioner shall liEeWls' al,Al as
notice of the date upon Wh.6h he VII
make pavmrnts or aUy balance llH on
such proof or claim. aHi lnl.
cease on the day - awe. ' s'l
said proof or claim shau 20 .N.. Ntss
the officer IN charge % the hAaS sna,i sna
have realized uphn the assets nt aarh
hank and exhausted the lpu1.. l'AAAltE
oF lis stnrEholhers. ami shall nav" PAla
nll funds so collected in dlN.lE.th ~
the drpositors he shall rrrllt ~
balances due on guaranteed dHpnalta 'lt
nnv eyIsD 10 tie bank cowwissianer.
who shall then. upon his aphIaEa' w
such eertifIratIon. draw checks HNnn the
state treasurer % be gnrirfstsIrl nN
the auditor ~ State. paNahlr 9"i ~ Wv w
bank dep0sltOrs guaranty tlh1. LH - -.
Of each deposltor for the baian,T ~. ~
on surh proof of claim as hereinafter
nrovIdad II al any time tNs hFalAn'N
funds IN the hank denosltnra gAtFah,E
fund shall not be sufAeleut % pay ~
guaranteed deposits or any iAN-i 1A..N.
the six assessments herein provided inr
having bssn made the bank commits. .
sinner shall pay denos'tnrs NEn lA'a nMH
the reminder shall be- nHii WAHN lh-
next assessment n nNuIl1hr. nfNNlQrn'
however that whenever the hAnH com.
missioner shall have paid any t''l ienu
To- TIE dsposItars of any failei bank out
of the hank dsbasitnrs' rUlrntF thhu
then al claims and rights n action ot
such drnos'tnTs 50 paid N|AII revert -
the hank commissioner FOR iH' Nrl't Y
% said bank derositors guaranty lNh''
until said fund shall have been iuliN re-
Inlbursrd FOR payments made on account
OF such failed bank. with Interest there
on AZ four per cent per aunum
Sec. 6. A penalty % fftV per cent or
the amount ~ said assessment FhAll %
added 20 the assessment Or any hanh
not remitting as aforesaid within thirtN
days after receipt Of notice OF such as
sessment from the hank commissioner.
and N any bank which shall have been
assessed and notified ag aforesaid shall
fail 10 remit the amount ~ said assess.
ment as herein provided. a suficient
amount ~ it's bonds together with the
urexpired couponsl shall he Immediately
sold by the bank commissioner ~ 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 20 the credit Of the bank tr the
depositors' guaranty fund The said
balance. together with the remainder OF
the bonds Cor cash in lieu thereof, f,
shall be forfeited 90 the bank depositorT
guaranty fund II the bank does not
within sixty days from default In paw
ment of such assessment remit the
fun amount OF such assessments
and penalty 20 date and restore the
amount or its bonds, or money pledg-
81. as evidence OF good faith. Upon
the banks failure 10 remit its assess
act. the bauk commissioner shall i'm
mediately examine such bank. and n q
n found IN his Judgment 10 be IN.
solvent. he shall take charge of and
llquidate said bank according 20 law
n said bank be found solvent the hank
commissioner shall cancel is certificate
as n guaranteed bank aud cause 70 be
displayed In - banking rooms I'm a
conspicuous place. continuously for six
months n card not smaller than twenty
inches by thirty inches and In large
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 the first.
posting OF such card. Any bank elertinr
20 withdraw from the bank dsposltors'
guaranty fund may do 40 by giving no
tice 10 the bank commissioner and dis
playing a card as aforesaid and at the
expiration OF the six months as afore-
said may receive lts bonds provided
always that said bank shall have paid
assessments IN full 20 datel when tho
affairs OF all failed banks iu LIQUIDATION
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. 7. Deposits which DO not hear
interest and the following deposits only
shall be guaranteed By this act. Time
certificates not payable in less than gIy
months from date and not extending FOR
interest
NJ not 10 exceed four per cent psr am
mum and on which interest shall cease
~ maturity, daily deposits not to exceed
greater rate OF interest than three par
cent per annum. Deposits which are
primarily rediscOunts or money bor-
rnwed by the bank and all deposits
otherwise secured shall not b. gliaran-
teed by this act Each guaranteed bank
shall certify under oath 10 IN. hank
commissioner at the date OF each called
statement the amount OF rnonav a. b..
on deposit, not eligible 10 guaranty under
the provisions Of this act and In asses.
sing such bank this amount shall no
deducted from It's total deposit Tho
guaranty as provided for In this act
shall not apply 10 a banks obligation
rs endorser upon bills redlsrounted nor
to bills payable, nor to money borroWe.l :
temporarily from its correspondents or
others.
Sec. :. Each bank guaranteed bv this
act shall Keep a correct rscOrd az ~,
rate Of interest paid or agreed 10 he
paid 10 each depOsitOr and shall rnnke
n statement thereof under oath 10 tbe
bank commissioner quarterly TF n bari,
displays card or I'm any manner adver-
tises that its dopositors are ruarantsed
such bank. n II pays or agrees 10 nav
either directly or Indirectly futar,gt q =
any rate greater than four Der cont nos
gunum upon deposits Of anv kind riass
or character, shall state upon or In ~
same card or advertisement that no de-
pOSitS are guaranteed which bear T,
greater rate OF interest ppr npnu,, th,,,
-four per cent and this portion OF tbe
advertisement must be In tvpe of ~
same size that is used I'm stating tbat
the deposits In the bank are gIIar5rtoaa
No bank which pays interest M "a go
greater man -FOUR per cent per annum