Page:1931 North Dakota Session Laws.pdf/233

218 period of six months after this Act takes effect, and any dividend checks heretofore issued which shall not be presented for payment within said six months' period, shall be annulled and cancelled and no payment shall be made thereon; and the claims upon which such dividends were based shall be barred as claims against the Depositors' Guaranty Fund. The funds reserved for the payment of such dividends shall be covered into the general fund of the said Depositors' Guaranty Fund.

§ 4. After the dividends heretofore declared by the Depositors' Guaranty Fund Commission have been paid or the same have been barred as hereinbefore provided, the moneys then remaining in the Depositors' Guaranty Fund shall be disbursed pro rata by the State Examiner among depositors holding claims approved by said Depositors' Guaranty Fund Commission who have not theretofore received a dividend from the Guaranty Fund.

§ 5. The State Examiner in paying dividends from said Depositors' Guaranty Fund may make such distribution directly or through the receivers of the several banks, and said State Examiner is hereby authorized to make all necessary rules and regulations for the distribution of the said fund.

§ 6. In the event any depositor shall fail to present his certificate of indebtedness, or do any other act requisite for the payment of any dividend within six months after the same shall have been required by the State Examiner, or in the event any depoistor shall fail to present for payment any dividend check hereafter issued to him within six months after the same shall have been issued, all rights of such depositor to such dividend shall cease and terminate, and no payment shall be made upon such dividend check; and the same shall be cancelled upon the records of the State Examiner and the funds represented thereby shall revert to the Depositors' Guaranty Fund.

§ 7. All right, title, and interest of the Depositors' Guaranty Fund, in and to all receiver's certificates which have heretofore been assigned or issued to said Depositors' Guaranty Fund, shall inure to the benefit of the holder of the certificate of indebtedness issued by Depositors' Guaranty Fund Commission upon the claim represented by such receiver's certificate. All such receiver's certificates, issued upon claims against banks which are still in process of liquidation, shall be, by the State Examiner, surrendered to the receiver of such bank, together with a certificate showing the name and address of the holder of the respective certificates of indebtedness as shown by the records in his office, and the receiver of said bank may thereafter pay all dividends payable by him to the holder of such certificate of indebtedness. The person, shown by the certificate of the State Examiner to be the owner of such certificate of indebtedness, shall be deemed the owner thereof until proof to the contrary shall be made, in accordance with the rules of such receiver, and the court having jurisdiction thereof.