The Dermott news., 1914-07-09
subject the offender to . ffne of five
hundred dollars and any bank display

subject the uNsndsr to . ftne of five
hundred dollars, and any bank display
Ing card or advertisement to the CT
feet that it's deposits are guaranteed by
the bank depositors guaranty fund OF
the State OF Arkansas when not author
lzed so to do under the provisions OF
this act shall be guilty of misde-
meaner, and upon conviction Thereon
shall be subject to fine of not less
than five hundred dollars. nor more than
one thousand dollars
Sec, 9. A solvent bank upon retiring
from business and 1iquidatiuE it's ar
fairs, shall I've entitled to receive back
from the state treasurer, after an tne
depositors in such bank have been pali
in full. its bonds or money pledged. but
not any part of any unused assessment
that may be in the bank depositors
guaranty fund, provided, however, that
should such bank be turning over ITS
business to another bank II shall not
receive back its bonds or money de
posted in lieu thereof. until the bank
receiving its business, shall have de-
posted with the state treasurer bonds
or money In lieu thereof according to
the requirements of this act
Sec. 10 Banks may he permitted, I'm
the discretion of the bank commission
er, to exchange their bonds for others
acceptable under this act. or be allowed
to deposit in lieu thereof an equal
amount In cash, which may In turn be
withdrawn upon the substitution OF
bonds acceptable under this act
Sec. IL If at any regular or special
eNaminatio of guaranteed bank II
shall be found to he violating any of
the provisions OF this act the bank com
missioner shall notify tho hank. and the
bank may be given thirty DAYS in which
to comply with the provisions OF TINS
act, and II Mt the expiration Of this
time such provisions have not been
complied with. the bank copmisstoner
shall cancel it's certificate OF member
o "a
fund as herein provided and forfeit ito
bonds deposited with the State treasurer
for the benefit of the bank depostors
guaranty fund
Sec ~. All bonds and moneys de-
POSTED In lieu OF bonds placed in the
state treasury under this act shall he
kept In said treasury separate from all
other bonds and moneys. and to the
credit of the bond account of the hanl,
derositors' guaranty fund and shall be
used for no other purpose The State
treasurer shall cause the coupons upon
the said bonds to he cut thirty days be
Tore maturity and sent or delivered to
the hank which deposited them; pro
Ntdet always. that said bank shall have
raId all assessments in fun 10 date
Sec. II. Any national bank in th:s
STATE NAV voluntarily avail its dcposi
tors OF the protection OF tho depositors
guaranty fund upon the same terms.
payments conditions. and IN the same
manner as herein provided for state
banks
Sc - II shall be unlawful for any
bank guaranteed under the provisions
of this act To receive deposits con
tnunuslv for SIX months In excess Of
eight times Its paid up capital and
surplus and the violation Of This Sc e
ton by any bank shall cancel its right
To participate in the benefits of the
bank denosttors' guaranty fund. and
work a forfeiture of It's bonds deposited
with the State treasurer for the benefit
Of such fund
Sec. S. Fer the purpose OF carrying
into effect the provisions OF this act
the bank commissioner shall provide
forms and make requisition on the State
printer for the necessary blanks. and ALI
reports received hv the bank commits
sioner shall he preserved by him In his
Once. The state treasurer IL authorized
10 provide forms and make requisttion
ON the State printer for tho n-cessa ty
blanks and record books for his Office
Sec. 16. All acts and parts of acts r
conflict with this act are hereby re
pealcd in so far as they SO conflict.
but no provision Of any banking law
or other statute Of thi, State shall ia
construed to be amended modified or
repealed except In SO far MS necessary
10 permit the unrestricted operation ~
this act rs applied TO banks partici-
patinE in the privileges of this act
Soc. = This act shall take effect and
he TN force from and after January /.
1915
Filed In the office of tho Secretary OF
State on the 18th day or May. 1914
Each elector may vote Cor or against
the above Act
Witness my official signature this
29th day or May. 1914
EARLE w HOpGFS.
tSeAi5 Secretary OF State