The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1925-01-30

he first day Of July and January of a
ZACH year, commencing January LIST, ]
1927, the Superintendent of Banks 1
shall levy on all banks organized or
existing under the laws of the State
IF Montana, and then engaged IN !
banking, an assessment Of one-fifth
Df one per cent of the average guar
anteed deposits, less the paid up cap
ital and surpb1s of said bank, as
shown by the statements as required
to be made and filed next preceding
such assessment for the purpose OF
a DepOsitors' Guarantee
Fund, the minimum assessment IN
any case to be Eighty Dollars
(S8O.OO), until the cash fund accumu-
lated and placed to the credit of the |
DepositOrs' Guarantee Fund shall |
amount to two per cent Of the aver
age guaranteed deposits Of said banks,
computed upon the last preceding
statements of said average deposits
Of all said banks, over and above all
certificates of Indebtedness and other
obligations chargeable against the
same, and cash deposited in lieJ Of
bonds, when the Superintendent of
Banks shall discontinue such assess
ments. Should such fund become de-
pleted, the Superintendent of Banks
shall make such additional assess
ments from time to time as may be-
4 come necessary to maintain the same;
provided that not more than five as
/ sessments of one-ffth Of one per
cent each shall be made in any one
calendar year.
Authority to make such assess
ments is hereby expressly conferred
upon the Superintendent of Banks,
and he shall have authority to make
all necessary rules and regulations not
/ inconsistent with the laws of the
State fer the purpose of collection
and equalization Of the, ( assessments
and amCOnts paid thereon among the
banks operating under said law.
Section 3. BANKS SUBSEQUENT
ILY OBSERVATION-DISCLOSURES.
Any bank organized subsequent to
the date this Act takes effect, shall
pay into thc Depcsitors' Guarantee
fund an amOUn equal to four per cent
OF the amoUlt of the capital stock,
when such bank opens for business,
which amount shall constitute a cred
Z it fund, subject to adjustments on
the basis of said banks average daily
deposits, as shown by the first two
semi-annual statements re(9ired by
Section che Of this Act. The Super
intendcat Cf Banks is authorized and
empowered to make such adjustment
oil the rate of assessments to be paid
by any bank which engages In the
banking business subsequent to the
! time That this Act takes effect, as
shall require said bank to contribute
( to the DepOsitOrs' Guarantee Fund q
just and equitable sum, and the Sup
/ cTinteldent of Banks shall adjust the
assessments Of such banks so thai
! the first two assessments, together
! with the credit Of an amount eQua
to four per cent of the capital stocl
\ of said bank when it begins business
shall at least equal its proportional,
\ share Of the money il the Depositors
Guarantee Fund after all losses shall
n have been deducted, in addition to the
assessments required under the frs
n two annual statements. The amount
\ OF such assessments to be determined
by the superintendent of Banks. Sucl
n payments shall net be required O.
new banks formed by the reorganiza
n ton or consolidation of banks which
have, prior thereto, complied with tn,
n law with reference to the payment 0.
assessments. When any bank hereaf
n ter organized shall acquire the blsi
n ness and resources of any Nationa
n Banking Association, such bank shall
pay into the Depositors' Guarante
y Fund an amount that shall at leas
equal its proportionate share of tn
N money IN the Depositors' Guarante
n FUND after all losses shall have bee
deducted. and such additional assess
ments as shall be made for that yea
based upon the average daily deposit
as shown by the report of the Conn
troller of the Currency for the prt
n cedlng year, and thereafter shall /
1 subject to the assessments in II
same manner as other banks existin
Section A. NOTICE AND LEV
6. OF ASSESSMENT. AS soon as sa
Il assessments are levied, the banl
IF against which the same are levi,
n shall be notified of the amount
Is such assessments levied against the
" respectively, by the Superintendent
i Banks, and said banks shall therea
re ter set apart, keep and maintain
nd their said banks the amcbnt tb1
1g levied against them, and the amour
ev thus levied, kept and maintain
or shall be and constitute what shall
nv designated as the "Depoistors' Qua
re- anteed Fund" payable to the Supe
his intendent Of banks on his dema-
mt for the uses and purposes herein pl
to- vided. The said bank shall send
Nv the Superintendent of Banks a Ger
ON ficate of deposit for the seve1
ur- amounts from time to time levi