Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-06-16
Referendum OF Legislative Enactment
j. pa. DANH OF H01TH DAKOTA

HOUSE BILL No. IS. The same being
an act declaring the purpose of the
the banking business and establish.
ing a system of banking under the
name Of the Bank of North Dakota
operated by the State. and defining
the scope and manner Of its opera.
ton, n the powers and duties OF
the persons charged with its man.
aEement;t making an appropriation
therefor; p providing penalties
visions thereof.
Creates q system Of banking controlled
and operated by the State under the
Places the bank under the supervision
fines the business Of the bank.
Authorizes the Industrial Commission
uistte property. and to construct and re.
pair buildings; but prohibits 1t from in.
vesting more than ten ger 1<nt of the
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 co~mpensations,
:, Authorizes Anti sncS .I the Commission to dis;
judgment the public interests require It.
Authorizes the Bank. to transact bus
mess whenever 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. -
Requires al state. County. Township
and funds of all penal educational and
industrial institutions and all other pub
lie funds to be deposited in the bank
of the Act and NnakAa a yin1affnn NJ
this provision a ~misdemeanor. punish
able by fine and Imprisonment.
Exempts from liability for loss. Off
and the sureties on his bond.
Authorizes the Bank to receive depos-
its from any source. and authorizes
funds to be deposited to the credit of
the bank in any other bank provided by
the Commission
Guarantees all deposits in the Bank:
and exempts them from taxation.
rates Of interest allowed and received
and to fix charges for services rendered
by the bank. ~
Authorizes the Benk to transfer funds
tiles. enterprises and all industries of
the State; to a loans to POLITICAL sub
divisions thereof, or to state or national
banks, and 10 make mortgage ans on
real estate IN amounts not to exceed
one-half it's value. or on warehouse re-
cetpts not to exceed ninety per cent OF
the value OF the commodities evidenced
thereby: but prohibits it from ~loaning
on real estate security more the thirty
per cent of Its capital. nor, in addition
thereto. more than twenty per cent of
its deposits:
Authorizes the. Commission to pres
cribe the form Of application for mort
gage loans. n provides for appraisal
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 a provi-
sion for Repayment on an amortization
plan. ~ 80
Authorizes the Industrial Commission
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 at least twice a year, and
report the results thereof to the COM
mission, and to the ensuing Legislative
Assembly.
the Act -
6txeosnAh 1e8iSlatave Assanbly, M "A.
PROVED ~ b Governor Ye6eueFy 81.
1873, b approved?