Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1919-05-01
my such deposited funds while 50 de-

any such deposited funds while 30 de-
posted.
Section 8. The Bank Of North Da-
kota may receive deposits from any
source. including the United States
Government and any foreign or do
mestic individual. corporation, ASSOC
citation, municipality, bank or govern
ment. Funds may be deposited to the
credit Of the Bank Of North Dakota
in any bank or agency approved by
the Industrial Commission.
Section 10. All deposits in the
Bank Of North Dakota are hereby
guaranteed by the state. Such de-
posits shall be exempt from stats,
county and municipal taxes Of any
and all kinds.
Section II. Funds deposited by
State Banks in the Bank of North
Dakota shall be deemed available
funds" within the meaning Of that
term ~ used in Section 617O of the
Compiled Laws Of 1913. For banks
that make the Bank Of North Dakota
a reserve depositary, it may perform
the functions and render the services
Of clearing house, including all ia
cilities for providing domestic and
foreign exchange, and may re-dis-
count paper, on such terms as the In
dustrial Commission shall provide.
Section IL. The Industrial Com
mission, unless otherwise limited by
law, shall from time to time TX the
rates Of interest allowed and received
in transactions of the Bank Such
rates shall be as nearly uniform and
constant as practicable, and shall not
be fixed or changed to work any dis
elimination against or in favor Of any
person or corporation. But in respect
to time deposits received by the Bank,
transactions may be reasonably class
ified as to the amounts and the dura-
tion of time involved, and reason
able differentiation Of interest rates
based on such classification may be
allowed. When interest is allowed on
any deposit it shall not be less than
one or more than six per cent. The
Industrial Commission shall also fix
reasonable charges, without unjust
discrimination. for any and all servi.
ces rendered by the Bank. A
Section 13. All checks and other
| instruments and items of exchange
payable on demand, sent by the Bank
Of North Dakota to any State bank
or banking association in North Da.
kota, for collection, shall be by such
State bank or banking association re-
mitted for at par to the Baak OF
North Dakota. Any person or cor
poration who shall violate any Of the
provisions of this section shall be
guilty of misdemeanor.
Section IA. The Bank of North Da-
kota may deposit funds in any bank
or banking association within o,
without the state upon such terms
and conditions as the Industrial Com.
mission shall determine.
Section Is. The Bank Of North Da.
kota may transfer funds to other de.
partments, institutions, utilities, in.
dustries, enterprises or business pro.
jects of the state, which shall be re-
turned with interest to the Bank. II
may make loans to counties, cities OF
political subdivisions Of the state, o,
to state or national banks, on such
terms, and under such rules and reg.
ulations, as the Industrial Commits.
sion may determine; but it shall no,
make loans or give it's credit to any
individual, association or private cor.
poration, except that it may make
loans to any individual, association~o,
private corporation, secured by duly
recorded first mortgages on real es.
tate in the State Of North Dakota ir
amounts not to exceed one-hah thu
value Of the security, or secured By
warehouse receipts issued by the In.
dustrial Commission or by any Ii.
censed warehouse within the state, II
amounts not to exceed ninety pc,
cent Of the value Of the commoditie.
evidenced thereby. It shall not, how
ever, loan on real estate security
more than thirty per cent Of it's cap
ital, nor in addition thereto, NOR.
than twenty per cent Of its deposits
Additional funds, that may be requir.
ed for such real estate loans, shall bs
procured from the sale Of state bond,