The Laws of Texas, 1921 [Volume 21] Page: 71 of 1,670
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GENERAL LAWS. 63
AMENDING ACT RELATING TO THE AMOUNT TO BE PAID
BY ANY BANK OR TRUST COMPANY INTO THE
DEPOSITORS' GUARANTY FUND.
S. B. No. 82.] CHAPTER 33.
An Act to amend Article 448, Chapter 5, Title 14, Revised Civil Statutes of
the State of Texas, 1911, relating to the amount to be paid to the State
Banking Board of the State of Texas by any bank or trust company which
now has the payment of its deposits guaranteed by the Depositors' Guaranty
Fund, or which may hereafter elect to secure its deposits under
the Depositors' Guaranty Fund, and limiting the amount of said Depositors'
Guaranty Fund to five million dollars; and giving authority to the
Banking Board, in case such fund falls below five million dolars, or in
case of emergency at any time, to require of each member bank a payment
into said fund of two per cent. of its average daily deposits, or such part
thereof as may be necessary to restore said fund to the sum of five million
dollars; and providing that no bank shall ever be requierd to pay into
said fund more than two per cent. of its average daily deposits for any
one year; and providing that the first payment herein provided to be made
by the bank coming under the provisions of said Depositors' Guaranty
Fund shall be made to said Board without reference to said maximum
amount, and declaring an emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That Article 448, Chapter 5, Title 14, of the Revised
Civil Statutes of the State of Texas, 1911, be amended so as to hereafter
read as follows:
"Article 448. For the purpose of creating a Depositors' Guaranty
Fund any such bank or trust company which shall elect to secure its
deposits under the Depositors' Guaranty Fund provided for in this
chapter, if its application is apprbved by said Board as prescribed
by Article 451, shall pay to said Banking Board on January 1, 1910,
one per cent. of its daily average deposits for the preceding year
ending November 1, 1909, not including United States, State or other
public funds, if otherwise secured. Annually after the first payment
to said fund, each bank and trust company subject to the provisions
of the guaranty fund plan of this chapter, shall pay to said Board
one-fourth of one per cent. of its daily average deposits for the year
ending November 1st, of the preceding year, as above defined, which
amount shall be added to said guaranty fund; provided, that when
the amount available in said guaranty fund shall reach the sum of
five million dollars, the Commissioner of Insurance and Banking
shall notify all banks and trust companies subject to the provisions
of this chapter, at least thirty days before the next annual payment,
of that fact and thereafter the banks and trust companies participating
shall not pay any further amount into said fund until said
fund shall be depleted. In the event of the depletion of said fund
from any cause so that it falls below five million dollars or below the
amount of the guaranty fund on January 1st preceding, or in the
event of necessity to meet an emergency at any time, said Banking
Board shall have authority to require the payment for the current
year of two per cent. of such daily average deposits, or such part
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1921 [Volume 21], book, 1921; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth14933/m1/71/: accessed June 23, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .