Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-09-29

provement Of farm lands a system of
rural credits is hereby established,
under the direction o. ooald to be
known as the North Dakota Rural
Credits Board" which shall have the
charge Of the execution of this law
and all acts amendatory thereto. The
board shall establish and maintain
system of rural credits, and shall
maintain its Office at the seat of gov
ernment of this state.
Section 2. BOARD OF MEMBER
SHIP. The North Dakota Rural Cred
its Board shall be composed as fol-
lows: The first board shall consist of
the Commissioner of Agriculture and
Labor, the State Treasurer and the
Secretary of State. They shall serve
from the time that this law becomes
operative until the convening of the
first Legislative Assembly following
the day thit this law becomes opera
tive, or until their successors are cho-
sen and qualified as hereinafter pro-
vided for. Thereafter the Board shall
consist of the State Treasurer, the
Commissioner of Agriculture and La
Dor and three members, one from
each Congressional District, to be ap-
poited by the Governor, with the con-
sent Of the senate. The first men,
bers appointed shall hold office as fol-
lows: One for two years, one for four
years, and one for six years. There
after each member shall hold office
for term of six years, unless re-
moved for cause. The expiration of
term of Office for each appointed mem
Der shall be on the third Monday of
January of every even numbere year.
All appointed members shall serve
until their successors have been ap-
pointed and qualified. The Governor
may remove any appointed member
for good and sufficient cause. In case
cf vacancy caused by death, resigna-
ton, removal or by removing from
the stae, such vacancy shall be filled
by appointment by the governor for
the unexpired term.
Section 3. OATH AND BOND.
Each: member of such board before
entering Upon the discharge of his
official duties shall take and prescribe
the constitutional oath and furnish a
bond, with sufficient sureties. to be
approved, recorded and filed as the
official bond of other stae officers, in
the penal sum Of not less than ten
thousand dollars, conditioned for the
faithful performance of the duties of
his office, and premium of said bond
shall be paid by the board out of the
reserve fund; provided, that the gov
ernor may from tine to time require
any member to furnish an additional
bond or undertaking in such sum as
he may direct, and such bond shall
always be in penal sum sufficiently
large to indemnify the state against
loss.
Section 4. BOARD ORGANIzA-
TION. The members of the Rural
Credits Board shall meet at the seat
of government within thiryt days af-
ter the date on which this law be-
comes operative, and thereafter not
later than the second Tuesday of
March of every even umbered year.
and organize for the ensuing biennial
period by selecting one member of the
board as chairman. and one member
of the board as vice-chairman. The
board shall also select secretary to
be designated and known as the State
Rural Credits Commissioner and here
matter known as the Commissioner
(This person may or may not be a
member of the board) and shall re-
ceive an annual salary of not to ex-
coed five thousand dollars at the dis
erection of the board, together with
all the necessary travelling expenses
while discharging the duties of his
Office. The appointed members of the
board who do not receive a full time
salary from the state for services
shall receive ten dollars per day and
actual necessary travelling expenses
while in attendance at meetings or
otherwise discharging the duties of
their Office. The State Treasurer
shall be the treasurer of the Rural
Credits Board. He shall be the custo-
dian of all the funds handled by and
through the board. All disbursements
of the board shall be made by Treas
urer's check to be issued upon an or
der of the commissioner, which order
shall be filed with the Treasurer and
be part of the Tresaurer's perman-
ent records. The commissioner shall
make and keep a record Of all funds
received by him or any member of
the board by or in behalf Of the
board and after having made such
,.oanrd tho on,,,rn 10 o;nrop totol1 foxkI,