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

time the available funds in the Bank
Depoistcrs' Guarantee Fund shall not
be sufficient 20 pay all guaranteed de-
positors of any failed banks, all of
the assessments herein provided for
having been made, the Superintend-
ent of Banks shall transmit to the
receiver such amounts as are avail
able which shall be paid the deposit
ors pro rata, and the remainder shall
be paid when the next assessment or
assessments are available. Such
drafts against the Guarantee Fund
shall be pro rated, as nearly as may
be, among the several solvent banks
wherein the same is as aforesaid
kept and maintained, In accordance
with the amounts thereof held by
such banks respectively.
Section IL. REIMBURSEMENT
OF GUARANTEE FUND. To the
extent of the amount paid from said
/ Guaranty Fund to satisfy the claim
of creditors, the Superintendent Of
Banks for the use and benefit of said
fund shall be subrOgated 10 all of the
rights of the creditors thus paid, to
participate in the assets of such bank,
/ and same shall be enforced and col
/ lected by the receiver accordingly
/ and when collected shall be delivered
TO the Superintendent of Banks to
/ be placed in said Guarantee Fund, in
/ the solvent banks, subject to the pro-
/ visions of the Depositors Guarantee
Act.
Section 49, NATIONAL BANKS
MAY BECOME GUARANTEED
BANK. After this Act takes effect,
any National Bank doing business in
the State of Montana, under the laws
of the United States, after an exam
nation at its expense by the Super
intendent of Banks, and upon his APP
prevail as to its financial condition,
may ab its option participate in the
assessments and benefits of the De-
positors' Guarantee Fund upon the
same terms and conditions as applied
to state banks; provided, that nation
al banks shall forward to the Sup
erintendent of Banks detailed reports
and statements, in form to be pro-
vided by him, and shall submit to
such examination as provided by the
banking laws of the State of Mon
tana, and pay the usual fees therefor.
Should a National Bank disregard OF
refuse to comply with any recommen-
dalton or requirement made by the
Superintendent of Banks, in conform
ity with the conditions of this Act, it
shall Immediately be subject to the
provisions and penalties of this Act
and it's certificate in the Bank De-
positors' Guarantee Fund shall be
cancelled by the Superintendent Of
Banks.
Section Ia. BLANKS AND BOOKS
The Bank Superintendent shall pro-
vide the necessary forms, blanks, re-
cord books, and other supplies neces.
sarily required for carrying into eff
feet this Act and proper warrants
shall be drawn on the State Banking
Fund for payment Of the same. Pay
ments Of all necessary expenditure
incurred under this Act and not 9th
erwise provided by law shall be paiC
from the State Banking Fund in tn
usual manner.
Section Is. BOND OF THE SUP
t ERINTENDENT OF BANKS. TIL
Superintendent of Banks shall be re
quired to file an additional bond il
a penal sum not to exceed the sun
: Of One Hundred Thousand Dollar
(S1O0,OO0.OO) to be fixed by the Gov
ernor with a surety or sureties to b
approved by the Governor, condition
ed upon the faithful charge Of tn
daty Of his Office under this Act.
, Section is. SAVING CLAUSE
2 All Acts and parts of Acts in con
$ fict with this Act are hereby repeal
ed in so far as they conflict, but n
: provisions of any banking law 0
e other statute Of this State shall b
t construed to be amended, modified Q
r repealed, except in so far as neces
!, sary to permit the unrestricted opel
+ alton Of this Act.
Section IL. TIME OF EFFECT
: This Act shall, upon it's passage, b
d in full force and effect upon July Is
y 1926.