Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-06-23
.1sfeEanaum Of Legislative 1~nactzasat
2ARx OF AQ2TX DAKOTA

1sfcsenaum Of Legislative 1naetnsat
1A1E OF NORTH DAKOTA
H 1SHss 1 M r.; 49, ses. TS 1.vs 1919
an act declaring the purpose of the
State Of North Dakota to engage in
the banking business and establish
n II = ~ sys tse Bank of ba N Hert and 6rk tss
operated by the State. n defining
the scope and name Of Its opera
ton, and the powers and duties OF
asement; making an appropriation
for the violations Of certain pro-
and operated by the State under the
name Of the Bank Of North Dakota.
Places the. bank under the supervision
fines the business of the bank. !.
Authorizes the Industrial Commission
tc. purchase. lease or condemn all REG
uisite property. and to construct and re-
vesting more than ten per cent Of the
capital of the bank in buildings, or fix
lures for office purposes.
q manager and subordinate officers, and
such contractors, architects and other
agents as in its judgment the interests
Of the State may. require: and to define
fix their bonds Inc conipensations.
Authorizes the Commission to dis
charge such employees whenever I'm its
the public interests require It.
mess whenever bonds in The sumtof Two
Million Dollars shall be delivered to the
ccmmission: the fund procured by the
capital OF the bank.
Requires all State. County, Township.
Munieipel and School District Funds:
and fnads Of nll penal PEI. ne s suSe.r ard and
lie funds to be, deposited in the bank
within three months from the approval
Of the Act, and makes q violation Of
able by fine and imprisonment.
cial depositing public funds in said bank.
and the sureties on his bond.
funds to be deposited to the credit Of
the bank in any other bank provided by
Guarantees all deposits in the Bank;
and exempts them from taxation.
Authorizes the Commission to fix
rates Of interest allowed and received
and to TX charges for services rendered
Authorizes the Bank to transfer funds
to other departments. institutions. util-
tiles. enterprises and all industries of
divisions thereof, or to state or national
banks, and to make mortgage loans on
real estate In amounts not t9 exceed
OHe-Hal1 lIS value, or on warehouse re.
ceipts not to exceed ninety per cent Of
the value of the commodities evidenced
thereby; but prohibits 1t from loaning
on real estate security more than thirty
per cent of its capital, nor, in addition
thereto, moro than twenty per cent OF
it's deposits.
Authorizes the Commission to pres
cribe the form Of application for mort
gage loans, and provides for appraisal
Requires the real estate loans to be
real estate within the State, and re-
quires the mortgage to contain a provi-
sion fov repayment on an amortization
plan. -. Ig e.4 ) i 5
Authorizes the Industrial Commission
to extend all payments. under any real
estate mortsage for one year in case OF
crop failure. n
Authorizes the Commission to assign
UGH mortgage to the State Treasurer
as security for bond issues.
Authorizes civil actions. against the
State on account OF causes Of action
arising out Of transactions connected
with the operation of the Bank. So
Requires the State Examiner to in
spect the III at least twice "a year, and
report the results thereof to the com
mission to the ensuing legislative
Appropriates one hundred thousand
dollars to carry out the provisions Of
shan house Mn 10. 10, passed By tn,
Sixteenth Lsgislativo Assembly, and 10
proved BY the Governor February as,
1873, be a~ppeovodo = a