Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-10-03
Especial to- The Herald.

Fargo, ~. D.. Oct. 3. .-spurgeoh
OdelL Nonpartisan league lecturer
who came to North Dakota from
southern Minnesota, Is the. only active
Nonpartisan league employe on the
board of directors of the Scandinavia
an-American bank of Fargo which
was closed yesterday by, the state
banking board. "
Mr.. Odell, according to the state
ment listing the directors, holds in his
own name ten shares of the capital
stock Of the bank. He has been in the
institution only since the retirement
last March of John Hastings, former
financial agent Of 1.-The Nonpartisan
league, who stepped out of the bank
at the time of the Valley City bank
deal, with which he was identified,
,ceived considerable notoriety at the
time.
So far as known, Mr.. Odell has had
no active part i'm the management of
the bank, the active management Of
the institution being in the hands Of
Halvor ]. Hagan, the president, and
P. r. Sherman, the cashier.
Only Two Meetings.
The report Of the bank examiners
as to the liability of the officers and
directors Of the bank, discloses that
IACIc AdtO U0VIl VHly LwV lhSOSAu6S u
the board Of directors within q cal
endar year. The directors discount
committee, consist of Directors Chris
tianson, Bolley, Headland and Eggen,
and according to the report of the
examiners has been totally inactive.
1.-The last stockholders meeting was
held Jan. 20. 1919, and the same is
properly recorded In the minutes OF
the meeting and the officials reports
''The directors have filed oaths of
ONCE and their proxies also are on
election Of officers and the officers
have filed their oAths. The examin-
ing committee has made two exam
nations in the last twelve months.
and reports Of the same have been
spread upon the minutes and the,
same are properly signed by the prest-
dent and cashier.
1.-THE examining committee consists
of Directors Headland and Aaker.
Christianson. Bolley, Headland and
1Hasan, and this committee il totally
inactive. 5ft.
Loans Not Approved.
''fhe minutes show that the ap-
proval .of the directors hAs not been
given to. the liabilities OF the directors
and officers to the bank. The min
utes, however, show that an ex2mtnA-
tion Of the loans listed was made by
the directors, and they apparently
considered the loans to the officers
and directors, since certain loans con-
sidered were diapproved and ordered
taken up, the implication being that
IL the loans were considered these
must have been part Of those ex-
amtned at that time"
Tho report lists the direct liabilities
Of the nine directors to the bank at
$31.31o.89. The ..joint'' liability Of
the nine directors is placed at $s,ss4.
Additional. while two directors are
listed as endorsers Of paper Aggregat-
ing $31,07S.67. one director has an
overdraft Of $lss.37, NJ 81 Z: ~, q.
Directo9s' Liability.
The liabilities OF the directors Ii IN
addition to = direct liability OF the
cashier, PR. Sherman Of 5000, s'as
collateral for which the bank holds
5000 worth of Bickell-Kyllo q Co.
bonds" The report proceeds.. Mr..
Sherman isatrustee Of these bonds
which We reserved at Duluth. Minn..}
and are secured by IS by 100 foot
three story brick building In. that city.
The bonds held by the bank 90 col
lateral ars q portion Of q $46. 900 Sis-i
sue made In 1917. six months aso3
the bonds aailed to pay interest ana