Daily capital journal. (Salem, Oregon) 1903-1919, 1907-03-27


Witness our hands and seals the
day and year first above written:
(SeaD - (Sean
(SeaD -- (Sealj
-(Seal) - (SeaD
All bonds and securities, after ap
iproyal, shall be deposited with and
held by the treasurer. II shall be the
duty Of the attorney general to enter
and prosecute to final determination
all suits for the recovery OF any pen
atty arising under the conditions OF
any bond required TO be given by the
provisions of this act.
Section 6. The state treasurer
may designate bank or trust COM
pany In the city OF Salem or a bank
or trust company in the city of Port
land as an active depository for the
collection OF any drafts. checks, GER
tihcates OF deposit and coupons that
may be received by him on account
of any claim due the state.
Section Z. The bank or trust COM
pany designated as such active de-
pository shall be required 20 give
security 10 the state to be approved
by the state treasurer, for the prompt
collection of all drafts, checks, cer-
tihcates OF deposit, or coupons that
may be delivered TO such active de-
pository by the state treasurer for
collection; also for the safe keeping
and prompt payment on the state
treasurer's order OF the proceeds Of
all such collections; also for the pay
mont Of all drafts that may DE Is
sued to said state treasurer by such
active depository.
Section s. The state treasurer, ON
receipt OF any draft. check, or ccrtlh-
cate of deposit. on account OF state
dues. may place the same I'm such
active depository for collection. and
Iit shall be the duty of such active
depository 10 collect the same with
. 'ht h'lh9f Mlthhhl ANhI ~ lhl ltn 0fl
vices for such collection, or for eX-
change, and to notify the state treas
urer when collected The compcn-
sation To be paid by such active de-
posltory shall be fixed by the state
| treasurer upon the best terms obtain
able for the state.
Section 9. The word bonds"
wherever used In this act shall be
held TO include bonds furnished by
surety companies authorized and
qualified to do business In this state.
The word security" or "securi-
ties" shall be construed to include
United States bonds. bonds OF the
state OF Oregon, and those for which
Il Is ultimately liable, bonds OF the
several counties. cities. villages.
towns, and school districts OF this
state, warrants OF the state OF ore
gon and OF the several counties there
of ON the current expense fund. No
securities shall be approved unless
their market value shall equal their
par or face value. Upon payment To
the state OF the deposits and accrued
interest for which security was
given, d shall be- returned 10 the
bank furnishing the same. and when
such securities can be conveniently
segregated the amount thereof may
be, Ia the discretion of the state
treasurer reduced IA proportion as
such deposits shall be reduced or re-
paid 90 the state
section no. Tho state treasurer
may cause AN investigation 90 o.
made at auy time Go ascertain the
sufacieucy OF amy bauk oe security
offered OF giyen under this act. and
to require new or additional security
when ever ia his Judgment the safe.
V oi auy deposit of state moncys
uudor this act requires it. aud such
deposit shall be Withdrawn unless
such ncN or additional s,cur.t, be
giNen. ANY expense incurred in
carrying out The provisions OF this
act9shall be audited by ,he secretary
Of state and paid out of the genera'
fand og the state, The state treas
urer shall not be liable personally
or upon his olaelal bond Tor any
moneys that may be lost by reason
of the failure or Insolvency OF any
eank ~Aiea becomes a depository
under this act.
section n. The making q proas.
diFsetly or Indirectly. ~ the state