Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-09-29
$500 Per Year, In Advance

shall have authority to provide for it's
office necessary furniture, fixtures,
stationery and supplies; to adopt the
rules and regulations, not inconsist-
ent with the laws Of this state, prop-
er and necessary for the con:.le. uf
its business; and to receive a,,r.lcu-
tions for farm loans, approve the
same and borrow money on good faith
and credit of the state, to be used in
making farm loans as provided in
this chapter; to receive from the
treasurer of the state money approp-
rated for the maintenance of such
system; to acquire and dispose of
such property real and personal as
the board may acquire through fore
closure proceedings or for pre-ex-
listing debt, as may be necessary or
convenient for the transaction of it's
business; to issue warrants or bonds
payable by the state bearing such
rates Of interest as may be fixed by
the board or by law and sell the same
in such amounts as may be necessary
or convenient for the transaction of
its business; provided, the amount of
cash on hand and in banks together
with the amount Of mortgages out
standing, computed at their face val
ue, shall never at any time be less
than ninety-fve per cent of the bonds
and warrants outstanding, computed
at their face value. Before issuing
any such warrants or bonds it shall
be the duty of the board to furnish
the Governor a financial statement
showing the condition of the business
CT the board, and such other and fur
ther information as may be required
by him, which statement shall be filel
in the office of the governor, and a
copy thereof shall then be transmit
ted to the Secretary of State to be
filed and kept by him as a perman-
ent recrd of his Office; and whenever
any such warrants or bonds are is
sued by the board, it shall be the du-
ty of the board to promptly submit
to the Governor a full statement
thereof, which statement shall be FL
ed in his Office and a copy thereof
shall be transmitted to the Secretary
of State, to be filed in his office as
a permanent record; to employ such
assistants, clerks and other employ
ees as it may deem necessary to con-
duct its business; to fix the bond, sal
aries or fees Of such employees, and
to fix the fees costs, and charges to
cover the expense of the board in the
making Orleans; to define the duties
of the officers, agents or employees
of the boards, which officers and en-.
ployees shall be under the direction
of the board in all matters not incon-
sistent with the provisions of this
act; and to make to the governor, an
nually, a report of it's business for
the preceding year, with such gener-
al information and recommendations
as may to the board seem proper.
The compensation paid secretaries,
clerks, agents and employees of the
commission shall be standardized and
shall be in harmony with the compen-
sation provided for similar services in
the budget appropriation made by the
Legislative Assembly. It shall be the
duty of such board to make monthly
statements of its business upon such
form as may be required by the State
Auditor and it shall be the duty of
such auditor to audit such statements
and make written report thereon,
which shall be filed in his Office as
permanent record and copy of which
shall be forthwith transmitted to the
Governor and to the secretary of such
board.
Section 6. SUPERVISION. The
rural credit commissioner, hereinaf-
ter known as the commissioner, shall
be the chief executive officer, and he
shall have the general supervision of
under and by the direction of, the
business officers and employees of
such board. He shall keep the seal
of tn beard and shall affix the seal,
with his attestation, to all instru-
ments or papers whenever the board
shall so direct. He shall keep rec
ord of the proceedings of the board,
and such books and records as are
necessary or convenient for the con-
duct of the business of his Office, and
to receive and keep safely in his care
and custody all promissory notes, all
mortgages, or other securities or ev-
idence of Indebtedness, and muni-
ments of title, acquired or received
by such board for money loaned on
real estate; to sign all bonds and war
rants; to render monthly statements
to each member of the board Of the
Transactions Of his office; and to do
i