| Show LEFT OVER O MONEY MONEl FROM rno BANK RANK LIQUIDATION PROVES TROVES PROBLEM A problem which Is probably new In the history of oC bank liquidations liquidations liquid liquid- in Utah is presented In connection connection connection con con- with the closing out of the affairs of the flank Dank of OC Iron County It seems definitely certain at this time that after aCter depositors have been paid In full for the mone money they had on deposit when the bank closed In 1932 there will be some money left over Whether to pay this surplus out outto outto outto to depositors as Interest t on their money or to return It to the Ule stockholders stockholders stockholders stock stock- holders Is the question which confronts confronts con con- fronts the state banking department department department depart depart- ment at this time Apparently there has never been an instance before in this state of a closed bank paying out In full Cull and there seems to be no legislation and no court ruling to determine the procedure A suit In n court may therefore be Ix necessary necessary to settle the question It Is reported that sale of the Bank Dank building in Parowan will provide pro vide more than ample funds td toi pay par depositors In full Cull and that there are still come other assets Payment of Interest on the deposits would abSorb absorb absorb ab ab- ab- ab the surplus or If it were returned returned re returned re- re turned to stockholders it would about reimburse them for Cor the double liability assessment levied against at the time the bank closed It seems definite at this time that the bank building will be purchased purchased purchased pur pur- chased by Parowan City the later r having been given assurance that It can get the money for that purpose purpose purpose pur pur- pose and the council having de decided decided decided de- de to purchase Parowan purchaser Parowan Times |
