The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-02-11
PUBLIC .|P|' ]: | Ii OFFICERS
NOT LIABLE FOR
STATEBANK FUND
Once Public Moneys in Their
Possession Are Deposited
g Responsibility Ceases
mo VITAL CHANGES MADE
Amended Bill Differs in No
Prominent Features From
g.g Original League Measure
NO VITAL CHANGES MADE

Any public officer under. the terms
OF the leagues banking bill will be
relieved of all responsibility for the
funds in his charge when he deposits
them with the Eank of North Dakota.
The people Of North Dakota guaran-
tee thek safety Of the funds OF the
people 6f North Dakota In the Bank
OF North Dakota, but public officials
who turn the money over to the banNf
are Immediately relieved of all liza
tifity under their bonds. .' ''N'
4 No important changes appear i'll
the Bank of North Dakota measure.
House Bill 18, nor in House Bill 49.
authorizing the issuance 'of $2,000,000
worth of state bonds to finance this
enterprise, as reported lout in the
house Monday by the committee on
state affairs.
The bank remains under the con.
troll of the state industrial commission
as provided in the original draft. The
industrial commission will appoint
the manager of the bank and such
subordinate officers and employees as
it may judge expedient. The COM
mission may designate the amount
of bonds which it's appointees shall
give the state for faithful perform
ance of their duties; the bond of the
manager to be not less than $4,000. J
The bank shall be opened and pro.
ceed to transact business whenever
there shall be delivered to the indus.
$2,O0O,O0O.
All Public Funds.
'"All state, county, township, muni.
cipal and school district funds, and
funds of all penal, educational and in.
dustrial institutions and all other, pub.
lie funds shall be, by the person OF
persons having control of such funds,
deposited in the bank of North Da-
kota within three months from the
passage and approval of this act. sub
ject to disbursement for public pur-
poses on checks drawn by the proper
officials" there being proviso how
ever, that on proper showing Of need
by the official in charge of any pub
lie funds such deposit may be post
poned for not to exceed six months.
It is also provided that II any such
funds are now loaned by authority
Of law under a contract terminating
at future time, then the deposit of
such funds in the Bank Of North Da
kota shall not be required until two
months after the time of expiration
of such contract This will take care
of the township and county funds
loaned by contract to local banks for
periods of one to two years. Any
public official refusing to comply
ALoc~ SLOWS ic rnoH0 entity
of a misdemeanor punishable by Inn
prisonment in a country jail not less
than 80 davs. and by fine of not
less than 500.
Exempt From Liability.
whenever any Of the public funis
hereinbefore designated shall be de-
posted in the Bank of North Dako-
ia as hereinbefore provided, the Of
ficial having control thereof and the
sureties on the bond of every such
official shall he exempt from all liza
bility by reason of any such deposited
funds while so deposited"
Funds may be deposited to the cred
it of the Bank of North Dakota in |
anv hank or agency approved by the
industrial commission.
All deposits of the Bank of North
Dakota are guaranteed by the state
and are exempt from state. county
and municipal taxes Of any nd all
kinds.
"Avilable Funds"
Funds deposited by state banks In
the PauF of North Dakota shall be
deemed available funds" within the
(Conttnued on Page TWo.l i