Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1890-03-14
No. so.
An Act to Provide for the Organization and Gov
eminent of State Banks.

SA ~ AONA0o w bAo oAA6AAZ6VlOAd 4u uOv-
eminent Of State Banks.
State Of NORTH Dakota: W"
SECTION 1. Associations for carrying on
the business of banking under this title
may be formed by any number of natural
persons, not less than three (3), one-third
of whom shall be residents of the state.
They shall enter into articles of associa-
ton. which shall specify in general terms
formed, and may contain any other pro-
visions, not inconsistent with law, which
the association may see fit to adopt for the
regulation of its business, and the conduct
of its affairs. These articles shall be signed
Dy the persons uniting to form the associa-
ton, and a copy of them shall be forwarded
to the secretary of state Of the state Of
North Dakota.
SEC. 2. The persons uniting to form such
an organization shall, under their hands,
make an organization certificate which
shall specifically state:
First. The name assumed by such as
ISOLATION, which name shall not be that of
any other bank in the state.
Second. The place where the business
OF discount and deposit are to be carried
Third. The amount of capital stock, and
the amount into which its shares are to be
divided.
Fourth. The m and places of resi-
dence Of the shareholders and the number
of shares held by each Of them.
Fifth. The period at which such bank
shall commence and terminate business.
SEC. !. The organization certificate shall
be acknowledged before a clerk of some
court of record or notary public, and shall
be together with the acknowledgment
thereof, authenticated by the seal of such
court or notary, recorded in the office of
the register of deeds in the county where
such bank may be established, and such
transmitted to the secretary of state, who
shall record and carefully preserve the
same in his Office.
SEC. 4. Upon duly making and filing
articles OF association and an organization
certificate, the association shall become as
a body corporate, and as such, and in the
name designated IN the certificate, it shall
have power:
First. To adopt and use acorporate seal.
Second. To have succession for a period
of twenty-five (25) years from its organiza-
ton, unless it. is sooner dissolved, according
to the provisions Of this fact, or unless its
franchise becomes forfeited by some viola
ton of law,
Third. 10 make contracts.
Fourth. 70 sue and be sued, complain
and defend IN any court of law or equity,
as fully as natural persons.
Fifth. To elect or appoint directors, and
by its board of directors to appoint a presi-
dent, vice-president and cashier, define
the penalty thereof, dismiss such officers
or any of them and appoint others to fill
their places.
Sixth. TO prescribe by it's board of
directors bylaws not inconsistent with the
law, regulate the manner in which Its
stocks Shall be transferred, its directors
elected or appointed. its officers appointed,
Quoted, and the privileges granted it by
law, exercised and enjoyed.
Seventh. To exercise by its board of d.
rectOrs or duly authorized officers or
agents, subject to law, all such incidental
powers as shall be necessary to carry on
the business Of banking, by d~iscounting
sReba aeset'aat 1a{{!p 1 and o46ar n stiSsb bills of Of
debt, by receiving deposits, by buying and
selling exchange, coin and bullion, by loan
ing money on personal security; but no as
ISOLATION shall transact any business, ex-
cept such as is incidental and necessarily
preliminary to its organization, until it has
been authorized by the secretary of state
to commence the business of banking, and
the secretary OF state may withhold from
any association his certificate authorizing
commencement of business whenever he
has reason to suppose that the share
holders have formed the same for any
other than legitimate objects as contem-
plated by this act.
SEC. 5. Banking associations formed un-
der this act shall have power to purchase.
hold and convey real estate for the follow
ing purposes and no other:
First: Such as may be necessary for It's
immediate accommodation in the Trans
action of its business.
Second. Such as shall be mortgaged to
it in good faith, by way of security, for
debts previously contracted.
Third. Such as shall be conveyed to it
yiously contracted in the course of its deal
ings.
Fourth. Such as it shall purchase at
sales under judgments, DEGREES or mort
cages held by the association, or shall pur-
chase to secure debts due to it; but no such
association shall hold the possession of
any real estate under mortgage, or the
purchased to secure any debt due to it,
for a longer period than ten (10) years.
SEC. 6. No association shall be organized
under this title in towns containing five
hundred inhabitants or less. with a less
capital than five thousand dollars; in towns
of over five hundred and not over one thou
sand inhabitants, with a less capital than
q tAOuShlu uOl1d1o, LII COWIS u OvtE JWO
thousand and not over three thousand i'll
habitants, the capital shall not be less than
thirty thousand dollars, and in towns of
over three thousand inhabitants the CAPT.
tai shall not be less than fifty thousand dol
lars. At least so per cent. of the capital
stock of every association shall be paid in
before it shall be authorized to commence
business; the balance OF which shall be
paid in in installments of not less than 10
per cent. at the end Of each succeeding
month from the time it is authorized to
commence business, the payment of each
installment shall be certified to the Sec
rotary of state, under the oath by the presi-
dent or cashier of the association.
SEC. Z. The association shall cause the
organization certificate and the official
authorization of the. secretary of state
issued under this section to be published
in some newspaper in the city or county
where the association is located, for at
least four ~ consecutive weeks next after
the issuing thereof.
Sec. 8. A certified copy of the articles
OF incorporation may be used in evidence
in all courts for or against such bank or
any person for or against whom such evil
dence is necessary, whether on civil or
criminal trial. -
SEC. 9. Whenever any shareholder or
his assignee fails to pay any installment
on the stock, when the same is required to
be paid, the directors of such association
may sell the stock of the delinquent share
holder or as much thereof as is necessary
IN c0ficfu tho 6ohf OF nrh1so o,,ofson offor