Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1895-03-08
STATE REPOSITORIES.

liz II. NO. LII
An Act Entitled San Act to Provide for
Deposit of Public Moneys Therein. and
the Interest Thereon, and Prescribing
the Means Thereof"
Be it enacted, etc.:
SECTION l. ANY national or state bank
ing corporation which shall be approved
by a board to be known as the aboard of
deposits" consisting of the governor, the
state auditor and The attorney general,
may, upon filing bond as hereinafter pro-
vlded, and upon compliance of all other
requirements OF law, become a state de-
pository, The members OF the board of
deposits shall receive no additional COM
pensation by reason of the performance of
their duties upon such board. The records
of the proceedings of said board shall be
kept by the secretary of state, and a duly
certified copy thereof, or any part thereof,
shall be admissible in evidence in any ac-
ton or proceeding in the courts of this
state.
Sec. 2. Every such state depository,
before it shall be entitled to receive any
public moneys, shall file with the state
treasurer a good and sufficient bond, con
ditioned for the payment upon demand, to
the state treasurer or to his order free of
exchange, at any place in this state desig-
mated by him, OF all moneys deposited
with it, and of interest thereon, at a rate
approved by said board of deposits, with
not less than five sureties, residents and
freeholders of this state, who shall, to-
gether be worth, in property within this
state not exempt from execution, over and
above their debts and liabilities, double the
amount of the penalty of said bond, and
each of whom shall be worth not less than
five thousand dollars, and who shall Justify
such responsibility by their several aft
davits; which said bond and sureties shall,
before filing, have been approved by the
board of deposits.
SEC. 3. The board of deposits shall not
at any time accept the bid of any banking
corporation at a rate of less than Two
per cent nor exceeding three per cent, and,
sureties being equal. the board shall &C.
cept the highest bids.
SEC. 4. The board of deposits shall not
approve the bond of any such corporation
until the members of said board Shall be
fully satisfied, both that said bond is rood
and sufficient, and that such corporation is
prosperous and financially sound, and has,
u%nimpaired, the paid up capital claimed
by it. And the board Of deposits may at
furnish new or additional bond, and NAV
at any time revoke their designation and
approval Of any state depository; and i'm.
mediately upon such revocation such cor
roration shall cease to be a state deposi.
tory, and the state treasurer shall imme-
diately withdraw all public moneys
theretrOm.
SEC. s. The state treaserer shall deposit
with such repositories all public moneys
in his hands or under his official control,
on or before the first day of each month, in
the name Of the state, but such sum or
sums shall not exceed the amount desig-
mated by the board Of deposits; and any
sums so on deposit shall be deemed to be
in the state treasury, and the state treas
urer shall not be liable for any loss there
OF, resulting from failure or default OF any
such depository without fault or neglect
on the part Of said treasurer, his assistants
or employees.
SEC. =. The amount at any time on de-