Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-06-21
Referendum Of Legislative Enactment
RANK OF NORTH DAKOTA
aou6e Bill No. Ia. Session Laws 1910

f1oOSE BILL NO. .1S, The same being
State of North Dakota to engage int
the banking business and establish
ms a system Of banking under the
operated by the State. and defining
the scope and manner of its opera
Ion and the powers and duties Of
agement: making an appropriation
therefor; and providing penalties
for the violations of certain pro-
Creates a system of banking controlled
and operated by the State under the
name Of the Bank of North Dakota.
Places hc the bank under the supervision
fines the business Of the bank
AUTHORIZES the Industrial Commission
te purchase. lease or condemn all REG
pair buildings; but prohibits it from in
vesting more than ten, 2er CENT of tho
lures for. office purposes.
Authorizes the Commission to employ
a 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 c~ompensations.
judgment the public interests require iss
Authorizes the Bank to transact bus
Million Dollars shall be delivered to the
Commission; the fund procured BY the
sale Of such bonds to be known. as the
Requires all State. County, Township,
and ;as fussS q a., penal. sdusatson.l era
lie funds to be deposited in the bank
within three months from the approval
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.
Authorizes the Bank to receive deposAF
funds to be deposited to the credit Of
the The bank ean = IN any other bank provided by
and exempts them from taxation.
rates Of interest allo%ed and received C.
and to fix charges for services rendered
Authorizes the Bank to transfer funds
tiles. enterprises and all industries Of
the State; to make loans to political sub.
6 6ankse and tne r. Ma Or 70 %o state 81 or ,n national oa
real estate in amounts not to exceed
one-half it's value, or on warehouse fea
fs,e. Value, ne' Of ao t i.ee eom n,odtH P'e ev Sses &
thereby; but prohibits it from loaning
on real estate security more han thirty
per cent Of it's capital. nor. in addition
its deposits.
Authorizes the Commission to pres-
cribe the form Of application for mort
gage loans. and provides for apprals2l
Of real estate.
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 4 provi-
sion for repayment on an amortization
plan.
Authorizes the Industrial CommisstoHm
to extend all payments under any real
estate mortgage for one year In case Of
crop failure.
Authorizes the Commission to assign
such mortgage to the State Treasurer
as security for bond issues.
Authorizes civil actions against the
State on account Of causes Of action
arising out Of transactions connected
with the operation Of the Bank.
Requires the State Examiner to in
spect the bank al least twice a year, and
report the results thereof. to the COM
mission n to the ensuing Legislative
Assembly.
Appropriates one hundred thousand
dollars to carry out the provisions Of
the Act.
shau Rouse 1ill 10. II, passed b. t,,s
Sixteenth legislative Assembly, and 3
proved by the Governor February aA.
1913, be approved?