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

treasurer is charged with, by loaning
or otherwise using It. or the removal
nv the state treasurer or by his con-
sent. of such moneys, or part there
of. out of the vault or safe of the
treasurer's department or out of any
legal depository of such moneys, ex-
cent for the payment of sums au-
ltborized by law to be paid, or for
the purpose of depositing the same,
under the provisions of this act, in
hanks which shall have qualified as
ldepositories, shall constitute felony,
and on conviction thereof, shall SUBJ
iect the treasurer to imprisonment in
the state penitentiary for a term not
exceeding two years or a fine not
exceeding $4,000, or both such fins
and imprisonment, and the treasurer
shall be liable upon his official bond
for all profits realized from such
unlawful use of such funds.
Section -. If the treasurer will
fully fail or refuse at any time to do
or perform any act required of him by
this act. he shall be guilty of a mis-
demeanor, and, upon conviction
thereof, he shall be sentenced to pay
fine not exceeding $4,000.
Section 10. The Offering. or Civ
ing. directly or indirectly, by any
bank or depository or by any officer
or stockholder thereof, or by any
other person or persons in its or
their behalf, or by its or their knowl-
edge, acquiescense, or authority, or
I'm its or their interest 10 the state
treasurer, OF any gift, compensation.
reward, or inducement with the in
tent or for the purpose of inducing
said treasurer TO deposit funds of
the state in any bank, contrary to
any law OF this state, shall constitute
felony and shall, upon conviction
thereof, subject the party or parties
offending TO Imprisonment in the
state ponitentiasy for a period not
exceeding two years or by fine not
exceeding $4,000, or by botn such
fine and Imprisonment.
Section a. The state treasurer is
hereby authorized and empowered to
sell any and all of the bonds,
warrants, and other securities that
may be deposited as security for the
deposit of any state funds In any de-
pository under this act. at public
or private sale, wherever there shall
be failure or refusal upon the part
OF any such bank, as a depository,
20 pay over the said funds or any
part thereof upon the check or de-
mand OF the treasurer made upon
such bank. Notice OF The sale OF
such bonds, warrants, or other se-
curities, under this act, shall he
given for a period of 30 days, In q
newspaper published IN the city of
Salem, Oregon and when the sale
thereof Is made hy the state treas
urer, either az public or private sale.
under this act, and such bonds, war
rants, or other seucritles. have been
transferred by the state treasurer.
the absolute ownership of such
bonds, warrants, and other securi.
ties rests In the purchaser or pur-
chasors, upon the payment of the
purchase money 10 the state treas
urer a3d upon tlling duplicate re-
ceip therefor with the secretary OF
state. Should there be any surplus
aftes paying the amount due to the
state, and expenses OF sale, Il shall
be paid over TO the bank making the
deposit.
Section IS. In the event an the
funds OF the state are not applied for
10y approved repositories under the
provisions OF this act, the state treas.
urer is authorized In his discretion
TO deposit the funds not so applied
for and remaining In his hands. in
some solvent bank or banks. trust
company or trust companies. upon
the best terms obtainable.
Section I6. The words funds"
used in this act shall apply 10 all
funds In the state treasury EXCEPT
the common school agricultural col
lege, and university funds. Nothing
In this act shall be construed TO de
prive the state land board OF the
power 20 invest or dispose of the
funds derived from the sale OF pub-
Tic lands as is now or may be pro.
vided hy law.
Section H. Whenever the state
treasurer. Ia furnishing the bond re
Quired from him by law. shan fur
nish a bond executed by a surety
company legally authorized 10 trans.
ACT business iu this state. and such