Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-24

those corporations for specific pur-
poscs-thc Bank Of North Dakota is
charged with a trust relationship.
O.. The. Bank of North Dakota then
is charged with carrying out tho
terms OF the constitution with refer
nee to these levics. Is that the
theory?
y. I didn't state that.
States Condition.
@. Well you state it then?
A. The Bank of North Dakota IS
charged with a trust relationship, in
in case those funds are misapplied or
misappropriated and used for general
purposes, it must know that the
money goes to the purpose for which
designated.
Q. The Bank of North Dakota is
going to take the responsibility for
all the counties in the state to see
that the sinking funds are applied to
the purposes for which levied?
a. I didn't say that.
@. Isn't that what it means?
A. No. 1t means that the Bank
of North Dakota, in order to escape
responsibilityafor misapplied funds is
charged with notice.
Q. All right-just that far--where
does the responsibility of the Bank of
North Dakota come in if some county
treasurer misapplies those funds?
A. The M as trust funds in any
other bank.
G.. suppose the county treasurer OF
Burleigh county drew his sinking
funds out Of the Bank of North Da-
kota and put them in the First Ma
ticnal bank down hero and kept them
for the purpose as outlined in the
statute. Is there any legal objection
to that?
\. Providing he would withdraw
them legally there is not any obtec.
@. Well, there is not any ob3ec.
ton? 1 know there is objection up.
on h part of the bank and the in.
dustrial commission?
A. AFFECTION under the law.
q. Now assuming that you had
the money. then o want to a tina
the treasurer Of this county couldn'
draw his money out of the Bank O
North Dakota, his sinking fund, ane
deposit it. for instance, in the Cit,
National bank of Bismarck on &C
count of the constitution?
A. If such funds were in n,
Bank of North Dakota on the 3rd da,
OIL december ne couldn't draw then
out.
Had Sinking Fund.
q. Well. didn't they have sinkin,
funds before there ever was a Banl
of North Dakota law?
A. Absolutely, yes.
Q. And the ~treasurers had tn
same identical responsibility befor
there was a Bank of North Dakota
didn't they?
A.. They did,.
Q. And counties had the same oh
legations to have their sinking fund
used for the specific purpose fo
was any Bank of North Dakota act
a. Yes. sir.
Bank Act Changes 1t.
Q. Well. now, there h some-
thing in the Bank of North Da-
kota act that changes that, is
:. there?
A. There Is.
Q. Well, what is 1t?
a. These treasurcrs were re.
quired by law to deposit those
funds in the Bank OF North Da.
kota.
Q. Yes and the people ann
along and repealed that law,
didn't they?
A. There has been no law en-
: acted authorizing the ecuador ~
those funds to n other hsnk ~
n other institution.
! Q. Is there ANYTHING in thai
: initiated aw that makes a dts.
and Dnblic fnndso e
A. There 10 M
q Wei - ,i.ov -
their puhiic fnnGs L. - ~.
. they tnke os,t ;has. =
finds? ~
A. There IL M -r,A- -.aa
in the hw Tor H. t-sn.eaE.o
az funds. ettI,er t1,e .nIe
e inr fnnds - 1a-,,Sn5 ~
~ +hs1e 70 no law uhas com.
I when they repesled that n.rt NJ
the act that made the trcasurers
Of the sub-divis6ons of TIE shste
) deposit their money in the BanL
I OF North Dakota-
Il A. They didn't re-enact anv
s other Laws that had forrnedy
} been repealed.
q q. No, but it repen1ed thu
( paFt az It that renntred them tn
5 deposit In tie Bani OF NoFth ns.
kota? /.
A. Thereafter they vee NOT
required 10 denoaat in the RerE
OF North Dakota.
I O. It reDealed th.t mart ~ e.
Sthat required them to depoat In
the Bank of North Dakota, did