Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1890-03-14

and ratably, and not one for the other, for
all contracts, debts n engagements of
such association made or entered into to
the extent of the amOun of his stock there
IN, at the par value thereof, in addition to
the amount invested in, and due on such
shares.
SEC. 10 No association shall make any
loans or discounts on the security of the
shares of its own stock. nor be the pur-
chaser or holder Of any such shares, unless
such security or purchase shall b. neces-
sary to prevent loss upon a debt previously
in good faith, and stock so pur-
chased or acquired shall within six months
be sold or disposed of at public or private
sale.
SEC. 20. Each association shall at all
lave on hand in available funds an
amount equal to 20 per cent. ofits deposits,
one-half of which may consist of balances
due to the associations from good solvent
banks, and one-half shall consist of cash
on hand; whenever the available funds
snail be below 20 per cent of its deposits
such association shall not increase its liza
bllltles by making any new loans or dis
counts, otherwise than by d%iscountlng or
purchasing bills of exchange payable at
sight, nor make any dividends of its profits
aggregate amount of deposits and its law
1ul money reserve has been restored; and
the public examiner may notify any asso-
citation whose lawful money reserves shall
be below the amount above required to
be Kept on hand, to make good such reserve,
Tor a period Of thirty days after such no
tlce, the public examiner may impose a
penalty OF not less than 500, or more than
$500, which shall be collected in the same
tanner as other penalties prescribed in
SEC. 81. All fines and penalties hereto
fore provided for, to which any association
organized under this act may become SUBJ
lect to, h be recovered on complaint of
the public examiner, before any court hay
ing competent jurisdiction, and all fines
and penalties so recovered shall be paid
into the state treasury.
SEC. q. The total liability to any asso-
citation of any person or company, corpora
tlon or firm, for money borrowed, includ-
ing IN the liabilities Of q company or firm,
the liabilities of b several members there
OF shall not at any time exceed Is per cent.
OF the capital stock of such association,
actually paid in, but the discount of bills
of exchange drawn in good faith against
actua! existing values OF loans upon pro.
duce in transit or in store as collateral
security and the discount of commercial
or business paper actually owned by the
person negotiating the same shall not be
considered as money borrowed.
SEC. 2S. Any person or persons violat.
ing the provisions of this act, not herein
before specially provided for, shall upon
conviction thereof pay a fine of not less
than 500 or more than $500 for each offense,
to be recovered before any court having
competent jurisdiction, and all fines and
the state treasury.
SEC. "A. Every officer, agent or clerk
OF any association under this citle, who
Wli1ully and knowingly subscribes or
makes any. false statements or entries in
the books OF such association or knowingly
subscribes or exhibits any false paper with
the intent to deceive any person author
lied to examine as to the condition of such
association, or willfully subscribes or
makes false reports, shall be subject to
Imprisonment at hard labor in the states
prison Tor such term, not less than one
year or more than ten years, as the court
trying him may designate.
SEC. Is. No banking associations shall
accept or receive on deposit, with or with
out interest,", any money, bank bills or
notes, or United States treasury notes or
currency, or other notes, bills or drafts,
circulating as money or currency, when
such banking association is insolvent.
SEC: 26. If any such banking associa-
ton snail receive or accept on deposit, any
such deposits ss aforesaid when insolyent.
any officer, director, cashier, manager,
MEMBER, party or managing party thereof,
VINO shall knowingly receive or accept, be
accessory or permit, or connive at the re-
thereby, any such deposits as aforesaid,
shall be guilty of a felony, and upon con-
vlctlon thereof shall be punished by a fine
not exceeding $4,000, or by Imprisonment
in the penitentiary not exceeding Eve
years, or by both fine and Imprisonment as
SEC. e.. 1t shall be unlawful for any in
d~lvldual, hrm or corporation, to continue to
transact a banking business or to receive
deposlts for q period longer thar six
months Immediately after the passage and
approval OF this act, without first having
complied with and organized under the
provisions of this act. Any person violat-
ing the provisions of this section either in
dlvldually or as an interested party in any
ASSOCIATION or corporation, shall be guilty
OF a mlsdemeanor, and on conviction there
OF be hned not less than $500 nor more
man sd,Vo, or Imprisonment in the county
both at the discretion of the court.
SEC. q. Every association organized
under this title which shall refuse or neg
!ect to comply with any requirement law
fully made upon it by the public examiner,
pursuant to this chapter, for the period of
made, shall be deemed to have forfeited
its franchise, and any failure on the part
OF such association to comply with. or any
violation of any Of the provisions of this
act shall work a forfeiture of it's franchises
and in either case the encouragement.
upon demand of the public examiner, shall
an action for the purpose of an
nulllng the existence of said corporation.
SEC 20; The public examiner: of North
Dakota shall be ex-officio superintendent
OF banks; he shall as often as shall be
necessary and proper, either in
person or by agent duly appointed by him,
examine every bank organized under this
law; and he or his agent, in case he ap-
points one, shall have power to make a
thorough examination into the affairs of
tle association, and in so doing may exam-
Inc any of the officers, agents or clerks
thereof on oath, and shall make a full and
detailed report in writing of the condition
the association so examined to the
governor of the state, a COPY of which re-
port shall be filed in the office of the secre-
tary OF state, which shall be open to ali
persons doing business with such associa-
ton. No person shall be appointed to be
such agent for said examiner to examine
the affairs of any association of which he
is a member, and the public examiner shall
not be directly or indirectly interested in
any ASSOCIATION or in any way connected
SEC. 80. Whereas, there is an emergency
existing in That thara iS No odaoroto o,;