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

md the said fund is at all times sub ~
ect to check or order by the Super D'
ntendent Of Banks, as herein pro- G.
yided. I, ,rry A
Section 5. SUPERINTENDENT D
OF BANKS-ACCOUNTS AND RE- =
PORTS. 1t shall be the duty OF the :
Superintendent of Banks to keep ana Y
accurate account of the condition OF a
the Depositors' Guarantee Fund show 81
ing all collections from assessments
and assets eff failed banks and from
all other sources, together with the
of the said fund ana
the certificates of Indebtedness out
standing or other obligations charge
able against the same, and to SEND
each bank operating under this Act a
semi annual statement showing the
exact condition of the Deposltors
Guarantee FUND.
Section 6. BANKS SECURITY i
FOR PAYMENTS OF ASSESS
dENTS. Before any bank shall be-
come a Guarantee bank under this
Act, the Superintendent Of Banks
shall issue to such bank a certificate, I
stating in substance that this bank |
has complied with the provision OF |
this Act. Before the issuance of
such certificate, each and every bank |
operating fdnder the laws Of this |
State, shall deposit with the State
Treasurer as security of all it's LA
bilities to the Depositors' Guarantee
Fund, bonds or warrants of the
State of Montana or Uni ed States,
county, municipal or school district
bond or warrants, to be approved by
the Superintendent of Banks and the
Attorney General, in an amount equal
to not less than one per cent of its
average daily deposits, computed as
herein provided. Provided that nc
bank shall deposit less than Five
Hundred Dollars ($500.00) par value
of such securities with said treasurer.
Such bonds or securities shall not be
charged out of the assets of the bank
but shall be carried in its assess IN
der the heading, Securities with the
State Treasurer under Guarantee
Act" until such time as said bank
shall default in payment of its liza
bilities to the DepOsitOrs' Guarantee
Fund Ia lieu of bonds or warrants,
the bank at its option, may deposit
money which shall be exchangeable
for acceptable bonds or warrants
when the bank elects to make the sub
stitution. ANY bonds OF warrants so
deposited shall be exalangeable fc~
, other acceptable bonds or warrants
! when the bank elects to make the
substitution. The Superintendent of
Banks shall cause the coupons upon
, any bonds to be clipped thirty days
before maturity and delivered to the
I banll depositing them, provided said
, bank has paid all assessments to
date. The State Treasurer shall is
i. sue his receipt for said bonds war
! rants, and money in duplicate, one to
!. the bank, and one to the Superin-
7 tendent of Banks.
I Section T. BANKS CERTIFI-
CATE. The Superintendent of
. Banks, upon the filing Of the state
? rnent as provided in Section one of
/ this Act and the payment of the as
q sessments that may be levied, shall,
+ if he finds the bank to be solvCn
t or be properly managed, and conduct
4 ing its business in strict accordance
4 with the law, and after the bank shall
f have deposited with the State Treas
: urer bonds, warrants or money here
h in provided, issue to such bank a GER
e tificate in substance stating, that said
f bank has complied with the laws of
: this state for the protection OF bank
i depOsitOrs, and that safety to its de-
Il positors is guaranteed by the deposit
Il Ors' Guarantee Fund of the State of
e Montana; such certificate shall be
It conspicuously displayed in its place
e of business, and said bank may print
e or engrave upon its stationary and
n advertising matter, words to the CT
s. feet, that its depositors are protect
ar ed by the Depositors' GUARANTEES
Is Fund of the State of Montana; pro
D. vided, however, that no bank shall
e. be permitted to advertise its depos
be its as guaranteed by the State o
he Montana; and any bank officers o
g. employees who shall advertise thei
Y deposits as guaranteed by the Stat
id Of Montana shall be guilty of a mis-
ks demeanor and upon conviction there
ed of shall be punished by a fine no
eff exceeding Five Hundred Dollar
m ($500.00), or by imprisonment in tn
of county Jail for thirty days or by bot
t. such fine and Imprisonment.
in Section s. PENALTY FOR NO
us RENTING ASSESSMENTS.
its penalty of fifty per cent of the an
ed cunt Of said assessments shall b
be added to the assessment of any ban
ar not RENTING as aforesaid with
or thirty days after receipt Of such a
nd sessment from the Superintendent
ro- Banks, and if any bank shall fail
to remit the amount Of said assessmel
IT. as herein provided, q sufficient moul
raj Of its bonds (together with the III