Grand Forks herald., 1919-06-25
Referendum Of Legislative Enactment
BANK OF NORTH DAKOTA
House Bill No. 10, Session Laws 1918

oANA NOATH DAKOTA
Rouse Bill No. <ls, session Laws 1919
HOUSE BILL No. 1s. The same being
an act Declaring the purpose Of the
state Of North Dakota to engage in
the banking business and establish
name of the Bank Of North Dakota
operated by the State. and defining
the tin, scope t and manner Of its opera:
the persons charged with it's s'In man. n.
therefor: and providing penalties
f,3r,. f9r the violations of certain pro-
Creates system Of banking controlled
and operated. by the State under the
name ne Of the Bank Of North Dakota.
Ct the Industrial Commission and de-
fines the, business Of the bank
- AuthSrizes n,reniz the Industrial Commission
uisite property. and to construct and re-
pair buildings: butAprohibits it from in
esntaf epfaf n m9fe }be than ten Ser cent Of the
lures for office purposes.
Authorizes the Commission to employ
manager and subordinate officers, and
agents as in it's judgment the interests
OF OF the state may require: and to define
their duties, designate their titles and
the and rs
charge such employees whenever in its
Judgment the public interests require it.
,ne.s authorizes the Bank to transact bus
Million Dollars shall be delivered to the
Commission: the fund procured by the
sali.e1 safe OF 81 such en- bonds to be known as the
REQUIRES all State. County. Township,
Municipal and School District Funds.
ins,,1t and funds r Of all penal, educational and
lie funds to be deposited in the bank
within three months from the approval
OF Of the Act: and makes q violation Of
able by fine. and Imprisonment.
Exempts from liability for loss, Off
cial depositing public funds in. said bank.
I tho the Bank e't to reeeve depos
funds to. be deposited to the credit Of
the the bank II any other bank provided by
/: Guarantees all deposits in the Bank:
and exem,pts them from taxation.
Authorizes tho Commission to fix
by the bank
Authorizes the Bank to transfer funds
tiles: enterprises and all industries Of
the State; to make loans to political sub
divisions thereof, or to state or national
real estate in amounts not to exceed
one half Its value, or on warehouse re-
fssipts ts not to .s exceed ninety per cent Of
thereby; but prohibits it from ioaniilg
on real estate security more than thirty
per cent Of Its capital. nor, in addition
thereto. more than twenty per cent of
its deposits. Y
Authorizes the Commission to pres
cribe the form Of application for mort
ssse loans. - and provides for appraisal
Requires the real estate loans to be
secured by recorded first mortgages Of
real estate within the State, and re-
quires the mortgage to contain a provi-
sion for repayment, on an amortization
plan. b. ai 81 N
Z. Authorizes the Industrial Commission
to extend all payments under any real
estate mortgage for one year in case OF
crop failure. j
Authorizes the Commission to assign
such mortgage to the State Treasurer
as security for bond issues @ E7.7l
state on account 81 Causes ssafhse 81 sctinn ine
arising out Of transactions connected
with the operation Of the Bank
+ REQUIRES the State Examiner to In.
spect the bank at least twice a year, and
report the results thereof to the COM
mission and to, the ensuing Legislative
s AppfoPriafes one hundred thousand
dollars tp aaarry out the provtsions Of
1hai Honss I'LL 10. ID passed by the
1ixtsenth IeSislafivo Assambly, and Is.
proved by the fQovexnor 3o6ruary S6.
1913. bs eppscvsd3 t
YES \, B.
n ~ ~ 4tt,F4E va s =