The Springdale news., 1914-07-03

sald proof of claim shall so state After t1e olhcer IF charge of the bank shal. nave realized upon the assets of such oank and exhausted the double iiab lftv or its stockholders, and shall have paid all runds so collected in dividends to the depositors, he shall certify all odIahces due on guaranteed deposits eff any eNlSt to the bank commissioner. who shall then. upon his approval ns Such certtfication, draw checks upon the State Treasurer, to be eontersigned hy tEe auditor of State. payable out of the pahk depositors' guaranty fund. in favor oI each depOsitor for the balance due on such proof of ella i'm as hereinafter PfoElded. If at any time the available .uHds Tn the bank depositors' guaranty Iund shall not be sufficient to pay all guaranteed deposits of any failed bank. the SIX assessments herein provided for haNlns been made. the bank eemms Sioher shall pay depositors pro rata and the remainder shall be paid when tho next assessment is available. provtdef however. that whenever the bank com missioner shall have paid any dividend 10 the depositors of any failed bank ont or the bank depositors' guaranty fund then all claims and rights Of action of Such depositors so paid shall revert tn the hank commissioner for the benefit CT said bank depositors' guaranty fund uhtH said fund shall have been fully re- lmbursed for payments made on account ot 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 he added to the assessment of any bank not remltting as 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 fall 70 remit the amount of said assess ment as herein provided. sufficient amount of its bonds ftogether with the NheXpfred couponsl shall be immediately sold by the bank commissioner at public sale and the proceeds used to pay said eSsessment Any balance remaining rom the proceeds of such sale after the payment of such assessment shall remain to the credit of the bank in the aeposltors guaranty fund The sati balance, together with the remainder of the bonds tor cash In lieu thereof snail he forfeited to the bank depesitors' 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 and penalty to date and restore the amount of its bonds or money plelg- ed as evidence of good faith. Upon the banks failure to remit it's assess ments according to the terms ef this act, the bank commissioner shall im- medtately examine such bank. and if tt Is found in his judgment to be Tn solvent, he shall take charge of and liauidate said bank according t6 law If said bank be found solvent tie bank commissioner shall cancel its certificate dS q SHdTdNleel baIk ana cause fg tAe displayed in it's banking rooms in conspicious place. continuously for six months. q card not smaller than twenty inches by thirty inches and In large plain type reading as follows. s,rh5s bank has with avn from the hank de posttors guaranty fund and the guaranty of its depos tS will cease on and after .#.#.#.#.#.=... The date on this eard shall he a date six months after the first posting of such card Any bask efectjne to withdraw from the bank depasftars etaranty fund may do so bv gfrfne 10 tee to the bank COmmiSS IoHer and as 7iaEiH1 ard as af8resa44 and at tHa eNatratfon of the six months as afafs.- sad may receive it's hnnls lHres,fdaJ always that said bank shall haze paid asseSsn1ehts in fH!l to date4 when the affairs of all failed banks In liquidation at the expiration of said six months sHH have been closed up and tEa said kaHH< shall have paid it's assessments on account of same
 Sae f Deposits which a5r rnt bear interest and the following deposits an1x shall he guaranteed hy this act Tine certificates not ravahie in less than six months from date and not extending for more than one year bearing interest at not 10 exceed four Der cent per an mum and on which interest shall cease at maturity, daily deposits not tn exceed q ereates rate of interest than three per cent per anuum. Deposits which are primarily rediscounts or money bor- rowed by the bank and all deposits
 
 teed by this act Each guaranteed bank shall certify under oath to the bank commissioner al the date of each called statement the amount of money tt has on deposit not eligible to guaranty under the provisions of this act and tn asses stnR such bank this amount shall be deducted from its total deposit Tn. guaranty as provided for in thi. act shall not apply to banks obligation as endorser upon bills redi soounted nor to hills payable, nor to money borrowea temporarily from its correspondents or others
 Sec s Each bank guaranteed hv this act shall keep a correct record Of tho rate of interest paid or agreed to be paid to each dapos tor. ard shall make & statement thereof under oath to the hank commissioner quarterly If bank displays a card or iH any manner adver- tises that its deDositOrS are guaranteed such bank if it pays or agrees to pay. either directly or Indirectly interest - any rate greater than four per cent per aunHm upon deposits If any ktH l. class ar character shall state upon or in tie same card or advert semert that no do posits are guaranteed which bear q greater rate of interest per annQfn than four per cent. and this portion of the advertisement must he in type of t6e same size that is nsad in stating that the deposits in the bank arc guarantens= No hank which rays interest at a rate greater than four per cent per annum or any form of deP0Sit oH on any tfmo certificate eashed before maturity shall be permitted to participate in the hene- fits of this act provided, however that any existing contracts for higher rates of interest entered into before the pas- sage of this act may he carried cut un- impaired and such existing contracts shall not disqualifv a bank to partiei- pate in the benefits of this act Any managing officer of any bank guarantee7 under this act or any person acting Tn its behalf or for its benefit who shall thereafter pay or promise to pay any depositor. either directly or indirectly any rate of interest in excess ef or h addition to the maximum rate of inter est permitted by this act, or who shall with intent to evade any of the pro visions of thIs act, pledge the tifne certificate or other obligation of such hank as security for the personal oblf- gation of himself or any other person shall be guilty of a mlsdemeanor. pm ishable by fine of not less than five hundred dollars nor more than five thousand dollars, CT by imprisonment not exceeding one Nenr. or by such Iinc and imprisonment The display of any card or other advertisement tending ro convey the impression that the deposits of the bank are guaranteed hy the State Of Arkansas either directly or indirect lv. shall be a misdemeanor and shall nf