Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-06-14

109WO30Um OF 6o41014t1Vo Enactment
DAMx or No1TR DAKOTA /.
1qsss s1Il 10. H. session Laws 1918
HOUSE BILL No. IS. The same being
an act declaring the purpose Of the
f. state Of North Dakota to engage in
tn: the BANKING nxtnd business y; e. SIAN and %estanlish.
name. Of the Bank, 81 North Dakota
operated BY the State, md defining
the scope and manne Of its opera
the persons, charged with it's man.
therefor; and providing penalties
visions thereof. :
Creates q system 9f benkins controlled
na p,e Of the Bank of1Ncrth Dakota;
of the Industrial Commission and de-
fines the business Of the bank.
l. Authorizes the Industrial Commission
uiefte property. and to. construct and re-
pair buildings; but prohibits 1t from in
yesting more then ten ger Nnt Of the
Authorizes the Commission to employ
q manager and. subordinate. officers. and
such; CONTRACTORS. architects and other
Of the State may require; and to define
their duties, designate their titles and
fix their bonds and co~lnpensations:
!: Authorizes the Commission to. dis
charge such employees whenever in it's
Judgment tie public interests require 1t.
Authorizes the Bank to transact bus
i Ssiion nh Doiists s sssa, g g a dsff ssg 4 e r tse
sails Of such sonda1 tosbe Known a TIE
capital q h fbsnk.
Municibal'-a and School District FINDS.
industrial. institutions and ali other pub.
within three n,cnths from. the. approval
! Of the Act, and makes . violation OF
this provision . misdemaanor. punish
ae R. ;Sy fine fr and ia% s.S,,,s me- os. o,r
cial depositing. public funds in said bank,
Authorizes the Bank to receive .depos-
funds to be deposited to the credit Of
The bank. IN any other bank provided BY
.n Ss ':S:ss;: 't II, ss 2;s% ,! k sss Bank:
Authorizes the. Commission to fix
rates Of interest allowed. and received
and to Fix charges for services rendered
Authori.es the Bank to. transfer funds
ities, enterprises and all industries Of
divisions thereof, or to state or national
banks. and to- snake mortgage loans or
realI estate in amounts not to exceed
o ossc. FL its velus. o. on wa as re- =,
SSbRSO NV ~ " nv o Ollk ~
the value Of the commodities evidenced
thereby; but prohibits It from loAnins
on real estate security more than thirty
per cent OF its capital, nor, in addition
thereto. more. than twenty per cen Of
it's deposits. X
Authorizes the Commission 10 pres
cribe the formSof application. for mort
ssse loans. and provides for appraisal
Requires the real estate loans to be
Secured by recorded first mortgages Of
real sstate within the State, nc re-
Iquiree the n1ortgaeo to, contain a provi-
sion for repayment ON an amortization
Authorities the Industrial Commission
to extend all payments under any real
estate MORTGAGE, Tor one year in case OF
xsntnerisss the, coAhmissiion to assign
a. security for Q issues.
Authorizes civil actions against the
arising out Of t~ransaotions connected
Requires the. state Examiner to in
spect the bank ct least twice. . year, and
report the results. thereof. to the com
npission. md TO the ensuing Legislative
A~ppropfiatese one hundred thovsand
dollars to ca1ryc1out tho provisions OF
'ns sa usSt: 1 q I'm Is. IL, pas.sa BY .sa.
Sixteenth &eS3s1At4to Assembly, and SD
proved ~ = Governor February %,
ms .s..............