Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-06-18
1efersndum Of Legislative Enactment
BANK or NORTH DAKOTA

BANK or NORTH DAKOTA
1o1se iii no.. IL, Session LAWS 1s1s
HOUSE BILL No. 10, 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 Sank of North Dakota
9 fRe ate1. BY sn the ms s1ats, az and i'd defining filming !
ton. and the powers n duties of
the persons charged with its man
agement: making an appropriation
for the violations of. certain pro-
visions thereof. =.
Creates a system OF banking controlled
name, Of the Bank Of North Dakota. II
Places, the bank under the supervision
Of the Industrial Commission and de-
fines the business Of the bank:
to purchase. lease or condemn all req-
uisite property. and to construct and re-
pair buildings; but prohibits it from in
capital Of The bank in b%Sildinss. OF OF f IKE
lures for office. purposes.
Authorizes the Commission to employ
a manager and subordinate officers. and
agents as in its Judgment >the interests
Of the State may require: and to define
their duties. DESIGNATE their titles and
Authorizes. the Commission to dis
charge such employees whenever in its
judgment the public interests. require 1t.
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.
Nunicipal and School District Funds.
and funds of all penal, educational and
1 1ie fanas i e. Se aepos ans q, other the b puS,
within three months from the approval
Of the Act. and makes a violation of
this provision a misdemeanor, punish
Exempts from liability for loss. Off
cial' depositing. public funds in said bank.
and the sureties or 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.
and exempts them from taxation.
Authorizes the Commission to fix
rates Of Interest allowed and received
and to fix charges for services rendered
Authorizes the Bank to transfer funds
to other departments. institutions. util.
titles: enterprises and all industries OF
divisions thereof, or to state or national
banks. and to make mortgage loans on
real estate in amounts not to exceed
cein , not tts 70 va a , or n; On wa ren use re- e,
49, -" SNSNSo AhlS pei SSIIl Va
the value of the commodities evidenced
thereby; but prohibits 1t from loanine
on real estate security more han thirty
per cent Of its capital. nor. in addition
thereto. more than twenty per cent of
its deposits. "A
Authorizes the Commission to pres
ctibe the form Of application for mort
gage loans, and 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.
Authorizes the Industrial Commission
to extend all payments under n real
estate mortgage for n year in case OF
crop failure.
Authorizes the Commission to assign
as security for bond issues.
Authorizes civil actions against the
State on. account Of causes of action
with the operation of the Bank.
spect the bank At least twice a year. and
report the results thereof to the com.
mission. and to the. ensuing Legislative
A%ppropriates one hundred thousand
dollars to carry out the provisions OF
shall House 1ill 10. 1s, passed by th,
proved 81 the Governor 4Ssruss2111 q Il
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