Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1893-03-24
THE stars DEPOSIT BILL,

O1Ak nC6 hD4LAs
There has been much inquiry regard.
lug the act creating q state board OF
auditors, which was finally signed by the
governor. Its provisions do not seem to
be understood. Some papers have it
that it rules out the state banks and re-
quires the state funds to be deposited in
national banks only. This ls not the
case. Deposits are limited to an amount
equal to the assessed valuation of the
capital of any bank. The text of the
law is as follows:
STATE BOARD OF AUDITORS.
An Act Entitled IAN Act Creating the Office Of
the stste Board Of Auditors. aud Prescribing
Be it Enacted, Etc:
SECTION l. There is hereby created a
Board of Auditors of the State OF North
Dakota. which Board shall consist Of the
Secretary of State, the State Auditor and
the Attorney General, whose duty 1t shall
b. to examine and audit the accounts,
books and vouchers Of the State Treasurer,
scription and amOunt OF funds In the
treasury of the State or belonging thereto,
at least twice in each year, without pre-.
vious notice M the treasurer, and make
report thereof. and of their acts and doinGs
in the premises, to the Governor, and also
to witness and attest the transfer and de.
livery of accounts, books, vouchers and
funds BY any outgoing Treasurer to mis-
successor in office, and report the same e
the Governor.
SIC. 9. All the funds of said State shall
be deposited by the Treasurer in one or
more designated National or State banks
in the State, on or before the first day of
each month, in the name Of the state; such
bank or banks shall be designated 0y the
said Board of Auditors In conjunction
with the Governor. after advertising in
one or more newspapers published In the
State, TOR at least thirty days, for pro-
posals and receiving proposals, stating
what security would be given to the State
for such funds so deposited and what in
deposited, upon condition that said funds
with accrued interest shall be held subject
to draft and payment at all times on de-
mand; Provided, That the amount de.
posted in any bank shall not exceed the
assessed capital stock of said bank, and
that said bank or banks shall pay to the
State at least 3 per cent. interest and not
more h 4 per cent.
SEC. 3. Before any National or State
bank shall be designated as such depOs-
itory. such bank shall deposit with the
State Treasurer 9 bond payable to the
State of North Dakota, anu signed by not
less than seven fre-hOlders of the State as
sureties, which bond shall be approved
by the Governor and the State Board of
Auditors, and shall be in such amount as
said Board shall direct, IN a sun not less
than double the amount of funds depos-
tied in such bank at any one time.
SEC. 4. Whenever any portion of the
funds of the State is deposited in any Ma
tiOnal or State banks in the manner pro-
vided in this act, such State Treasurer and
the ureties on his bond shall be exempt
from all liabilities thereon by reason of
the loss of any such deposited fund from
the failure, bankruptcy Or any other act of
such bank to the extent and amount of
such funds in the hands of such bank at
the time of such failure or bankruptcy.
SEC. 5. Any act or parts of acts in con.
hict with this act are hereby repealed.
Approved, March IL, 1893.