Show GUARANTY FUND DRAWN UPON Oklahoma Banking Law Causes Joy to Depositors Gutlirlo Okla Within one hour from tbo time H II Smodc f Oklahoma banking commissioner had taken charge of the International Bank of Colgate for alleged violation of the banking laws he had authority to pay tho depositors In full though tho banks cash nnd available funds In other banks fell 22000 short of the total amount of deposits The commissioner com-missioner was enabled to do this under un-der the operation of tho new banking bank-Ing law and this Is the first tlmo it has been called Into use When tho cash was exhausted the commissioner drew checks upon the stato guaranty fund Under tho operation of the guaranty banking law In Oklahoma a tax or 1 per cent Is I levied upon the average annual deposits of all state hanks and tho money thus raised Is used in payment In full Of all depositors depos-itors of an Insolvent state bank after tho funds of tho bank havo been exhausted ex-hausted |