Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-05-09
DETAlSFOR
STATE BANK
WORKED OUT
Five Directors With Co-ord-
mating Depts. Main Fea-:
ture Of Organization.

Bismarck. N. D.. May s.-Five d.
rectors. the heads Of as many co-or-
dinate departments. will form the ex-
ecutive council which will mold the
po~liciesFoffthe Bank OF. North Dakota.
1t was sossdecreed at a meeting of the
bank5omcers.' Manager J. r. Waters
and Director General f.. w. Cathro.
with the industrial commission Thurs
day. Each of these directors. an
nounces Secretary Morris Of the indus
trial board, will be a prominent bank
er. OF the five only me-. Mr.. Cathro
of Bottineau. has been appointed to
date.
\ plan Of operation submitted to
the industrial commission by Manager
Waters and Director Cathro was
adopted Thursday almost without
amendment. This plan creates i've
coordinate departments in the Bank
of North Dakota to be known as the
bond department. farm loan depart
ment, credits department. audits de-
partment and department of statis-
tics an publicity. The head Of each
department shall be designated the
director Of each department.
h rules provide that the mana
ger o fthe Bank of North Dakota shall
be general representative Of the indus
trial commission in all affairs pertain
ing to the Bank Of North Dakota, with
SuSAa no"eIs anu autnOT1ty as may
from time to time be conferred upon
him by the industrial commission.
The manager shall appoint the direc-
tors and the. deputy directors of each
Of the departments hereinafter estab-
lished, subject to approval by the in
uustrial commission and subject to re-
moval upon orders from the indus
trial commission"
- = - Duties of Directors. SEE,
5sThe& bond department director
shah be charged with the duties Of
developing a market for the sale of
such bonds as ma from time to time
be offered for sale by the bank and.
upon such terms as shall be most ad-
vantageous to- the bank.
The farm loan department direc-
tor shall be charged with the duties
Of carrying into effect the law as it
pertains to farm loans to be made
by and through the bank.
The credits department director
shall be. charged with the duty of de-,
termining. and passing upon the char.
acter of re-discounts offered to the
bank, and loans to be made BY the
bank upon collateral, and for that
purpose shall investigate the credit,
standing and responsibility Of re-dis-
counting banks or borrowers.
"The audit department directors
shall keep a correct account of all the
financial transactions of the bank for
all departments. The transit depart
ment is hereby established as a
subordinate department of the audit
department.
The director Of the department of
statistics and publicity shall submit
estimates from time to time as may
be required bv the bank. with such
suggestions as may be needed for
the procuremenf of funds to meet the
loEderlys transactions Of the bank and
for such demands as may be made.
upon it to meet the financial REQUIRE
ments Of business throughout the
state"
Federal Reserve Regulations.
The rules further provide that the
regulations adopted and now in effect
for h federal reserve bank Of Min
neapolis, so far as the same may be
found to be applicable to he govern
ment and regulation of the Bank of
North Dakota and until such time as
the Bank Of North Dakota adopts de-
tailed regulations are hereby adopted
for the government and regulation
OF the Bank of North Dakota"
In the absence of a department di-
rector at a meeting of the general
tor forssuch department shallFact in
lieu Of the department director.
Bonds Required.
Bonds will be required Of every
employe of the bank. from the pani-
tor, seenographers, clerks and book
Keepers. each Of whom must furnish
surety in the sum of $4,000 to the
manager, whose bond is fixed at
100000. and the director general,
whose bond is placed at $4,000. Each
of the several directors must be Sc
cured for. $4,000; each deputy direc-
tor for $4,000; each teller for $10.-
600, and the secretary to the mana
| ger for x5 nnn -