The Nevada County picayune., 1914-06-12
the order of tho bank commissioner. to

ehe order of tho bank commissioner. to be countersene5 bv the s-ditnr of State. Tor the payment of derosjte~s pf fated guaranteed banks as llereipaftar pro Vlded The State Urea surer shall credit this fund quarterly with it's proportion ate share of interest received from Stats tunds, computed at the minimum rate or interest provided by law, upon the aver age daily balance of said fund.
 Sec. 5. When any bank shall be found to be insolvent by the bank commits sioner, he shall take charge Of sucn bank, IS provided by law, and proceed to wind up its affairs; and he shall at the earliest moment issue to each de- positor a certificate. upon proof or claim, bearing six per cent interest per annum upon which dividends shall pc entered when paid, except where con tract rate exists on the deposit. Tn which case the certificate shall pear interest at the contract rate; notice or the amount of each dividend to be pal creditors and the date when such pay ment is to be made shall be publisher ln two consecutive issues of a paper or general circulation in the county or city n which such failed bank Is located and corresponding notice posted on the door of the receivers office. and interest shall cease on each dividend on the day named in such notice. The bank commissioner shall likewise publish a hotlce of the date upon which he VIII make payments of any balance due on
 
 cease on the day so advertised, ana said proof of claim shall so state. After the officer in charge of the bank snail Lave realized upon tine assets of such bank and exhausted the double liability of it's stockholders. and shall have paid all funds so collected in dividends 10 the depositors. he shall certify all balances due on guaranteed deposits GIT any eXist to the bank commissioner. who shall then. upon his approval or such certification, draw checks upon the state treasurer to be contersigned Dy the auditor of State payable out Of the bank depositors guaranty fund. in faVor of each depositor for the balance due on such proof of claim as hereinafter provided. If at any time the aVallaplc funds in the bank depositors' guaranty fund shall not be sufficient to pay all guaranteed deposits of any failed bank. the six assessments herein provided for having been made the bank commits . sioner shall pay depositors pro rata and the remainder shall be paid when the next assessment is 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 fund, then all claims and rights of action or such depositors so paid shall revert to the bank commissioner for the benefit of said bank depositors guaranty fund until said fund shall have been fully re- imbursed for payments made on account of such failed bank, with interest there on at four per cent per annum.
 Sec. 6. A penalty of fifty per cent of the amount of said assessment shall bc added to the assessment of any bank not remitting aforesaid within thirty days after receipt of notice of such as- sessment from the bank commissioner and if any bank which shall have been assessed and notified as aforesaid shall fail to remit the amount of said assess ment as herein provided, sufficient amount of it's bonds Ctogether with tho unexpired cOupons) shall be immediately sold by the bank commissioner at public sale and the proceeds used to pay said assessment. Any balance remaining from the proceeds of such sale aftey the payment of such assessment shall remain to the credit of the bank in the depositors' guaranty fund The said balance. together with the remainder of the bonds Cor cash in lieu thereof) 1, guaranty fund if the bank does not within sixty days from default in pay ment of such assessment remit the full amount of such assessments amount of its bonds, or money pledg- ed. as evidence of good faith. Upon the banks failure to remit its assess ments according to the terms of this mediately examine such bank. and if tt is found in his Judgment to be in- solvent. he shall take charge of and liquidate said bank according to law IT said bank be round solvent, the D2nk commissioner shall cancel its certificate a guaranteed bank and cause to be displayed in it's bspking 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- positors' guaranty fund and the guaranty of it's deposits will cease on and after ........" The date on this card shall be a date six months after the first posting of such card. Any bank electing to withdraw from the bank depositors guaranty fund may do so by giving no- tice to the bank commissioner and dis playing a card as aforesaid and at ths expiration of the six months as afore- said may receive its bonds provided always that said bank shall have paid assessments in full to datel when the 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 he 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 a | maturity, daily deposits not to exceed q grea ter rate of interest than three per
 
 primarily rediscounts or money bor- rowed by the bank. and all deposits otherwise secured, shall not be euaran- teed by this act. Each guaranteed bank shall certify under oath to the bank Commiss toner 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 deducted from its total deposit Tho guaranty as provided for in this act shall not apply to a banks obligation IS endorser upon bills rediscounted. nor to bills payable. nor to money borrowed temporarily from its correspondents or others.
 Sec & 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 shall make a statement thereof under oath to the bank commissioner quarterly. If a bank displays a card or in any manner adver- tises that its depositors are guaranteed such bank, if it pays or agrees to pay either directly or indirectly. interest at any rate greater than four per cent per annum upon deposits of any kind, class OF character. shall state upon or in the