The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1920-11-10
MAY ASK PAUSE
IN WITHDR AWNING
FUNDS I' OF BANK
Initiated Law Makes Drastic
Change Which May Be Ac-
complished Gradually
LAWS EFFECTIVE DEC. 2
Private Legal Notices May Be
Published in Other Than
+. Official Paper
LAWS EFFECTIVE DEC. 2


30 issued to counties, cities and
school districts to go slow in draw
ing their money out of the Bank of
North Dakota, as they will be permit
ted to do, when the initiated law ap-
proved by the voters becomes effective
Dec. 2, if the canvassing board has
COMPLETED its work by that time.
Although no, official statement on
the subject has been issued by the
)ank officials or the Industrial COM
mission, it is pointed ont by some that
he bank might be temporarily affect
ID if millions of dollars of deposits
were withdrawn in a lump sum. 1t
would affect the distribution Of depos-
its to banks of the state, most of the
money being in banks on redeposit.
The present bank law provides that
real estate loans may not exceed 30
Der cent. Of the bank, capital nor more
.han 20 per cent. of its deposits. The
)ank has never loarGd the maximum
Of real estate loans provided by law
It is probable some effort will be made
10 dispose of bonds and to make a
zeal rural credits institution out of
the bank. ..@%
What Law Says
The law initiated provides that: "All
state funds, and funds Of all state pen
al educational and industrial insti-
tutiOns shall be, by the persons hay
ng control of such funds, deposited
II the Bank of North Dakota"
ic inn nl,nhl hot 10,
will go to the supreme court and an
effort made to have funds of school
districts declared to come under the
lead OF money of educational institu-:
lions.
Real Estate Loans
The law regarding real estate laws,
which was voted on favorably by the
people, says:
Section 1.-The Bank of North Da
to actual farmers who are residents
of this state, ..
Section 2-All acts and parts OF
acts in conflict herewith are hereby
repealed. Ill.,
The intention Of the measure was to
prohibit the loaning saf money, on real
estate to any person except all act
ual resident farmer of the state.
Private Legal Notices
Under the newspaper law approved
by the voters, all private legal notices
may be published in the paper in
which the person making the notices
so desires. When the law becomes
effective on Dec. 2 private legals, in
Bismarck, for example, may be pub
lished in The Tribune or in any other
local newspaper. The law was de-
signed to limit the compulsory print
ing for official newspapers to the
county and city official notices.
The law which the voters approved
the powers and duties o.
the superintendent Of instruction will
give Miss Minnie J. Nelson the power
Of supervising the certification of
teachers which was taken away from
her, and which is now accomplished
UNDER the board of administration.
The section provides with regard to
The superintendent of public instruc-
ion:
"He shall have charge and super
vision of the certfication of teachers,
Standardization OF schools and uni
'ormity of text books, examinations
or eighth grade and high school pu-
oils and preparation Of courses OF
study for the several classes Of pub
ic schools
1t is probable that the great bunch
If records taken out Of Miss Nelson's
)ffice after she was elected will now
lave to be returned.
Examination Of Bank
How soon an examination will be
made of the Bank Of North Dakota de-
,ends on what course may be followed
" those who oppose an examination
" the board as constituted under the
aw. The board is composed of the
tate auditor, encouragement and
ecretary of state. These officials
low are~Carl Kositzky, William Lam
er and Thomas Hall After January
they will be D. C. Poindexter, Will
am Lemke and Thomas Hall.
If the canvassing board completes
Is work by December 2, as it should
asily do. the board composed of Ian
er, Kositzky and Hall would be
harged with the duty of making an
which they might do i'm
lediately.
Canvassing boards are meeting in
II counties of the state this week.
he boards were to have met yester-
ay The Burleigh county board was
} meet today to go over the vote in