Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-06-24
Referendum Of Legislative Ensotment
BANK OF NORTH DAKOTA
House Bill No. l8, Session Laws 1919

AouSo 0au mo. 18, Session Laws 1919
HOUSE BILL No. IS, The same being
State of North Dakota to engage in
the banking business and establish
Ing q. system of banking under. thet
operated by " the Ren State. H and defining ganHss
the scope and manner of its opera
ton, and the powers and duties OF
J the persons charged with its man.
therefor; and providing penalties
fol-. the violations Of certain pro-
visions thereof.
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 REC
pair buildings: but prohibits it from I'M
vesting more than ten ger cent Of tina,
capital Of the bank in buildings, or fix
lures for office purposes.
Authorizes the Commission to employ
a manager and subordinate officers. and
such contractors, architects and other
SCENTS as in its judgment the interests
their duties, designate their titles and
fix their bonds n compensations.
Authorizes the Commission to dis
judgment. the public interests require it.
Authorizes the Bank to transact bus
mess whenHver bonds IN the sum Of Two
Commission: the fund procured by the
sale of such bonds. to be known as the,
capital of the bank. a.
Munieipai and schoo i'f District aoG Fandee..
Industrial institutions and ali other p sRe
lie funds e be deposited II the bank
Of the Act; and makes a violation of
this provision q n~isdemeanor, punish
by fine and impIisonment.
cial depositing. public funds in said bank,
Authorizes 4he BanR to receive depo..
funds to be deposited to the credit Of
the bank in any other bank rovide by
the Commission 4s !.
an su s1smpts Il. ds q2em t. II 5ss Bant;>
Authorizes, tho Commission to fix
rates Of interest allowed and received
and to fix 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 to exceed
oeipts not t'i to exec exceed o. ninety I'm, ya per aent r ef
thereby; but prohibits 1t from ioanins
on real estate security more thanEthirty
per cen OF its capital. nor, in addition
thereto. more than twenty per sent Of
Its deposits
Authorizes the Commission to pres
.cribe the formtof application for mort
rage loans. and provides for appraisal;
Of real estate e. lT no. -
Requires the real estate loans to be
real estate within the State. and re.
quires the mortgage to contain a provi.
sion for repayment on an amortization
plan. ~
Authorizes the industrial Commission
to extend all payments under any real
estate MorteageS for one year in case Of
crop failure. 9s s@s5 q
Authorizes the Commissioned assitn
such mortgage to the State. Treasurer
~ security forsbond issues.
Authorizes civfl actions against tha
with the operation OF the Bank. n
Requires the State Examiner to. In.
'speottt1e bank 1t least twice5a year. and
report the results thereof to the com.
rnission and to the ensuing Legislative
1pproppriates ono hundred. thousand
dollars to- carry out*the provisions Of
man Rouse a.ls. nj, I'D. u, 1900 - q.
proved hy%4the eoveenof 1oSru11y ~.
IL ~ 40 - JtAs so 80 ~ -A - III 81 LNt ~ hEL