Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-09-08
THIRD INITIATED LAW


This is the third of the series Of initi-
ated laws that will be voted upon
November 1st. It is given here
with in full:
PETITION FOR INITIATION OF AN
ACT FOR DISSOLUTION OF THE
BANK OF NORTH DAKOTA.
Provides that the Bank of North
Dakota shall be discontinued and dis
solved for all purposes except liqui-
dation.
Creates Board of Trustees to con-
sist of the Governor, the State Treas
urer and Secretary of State and vests
said Board with power to settle and
adjust all affairs of said Bank for
the purpose Of liquidation, including
the right to collect debts, compromise
claims and convey, assign or set over
by proper instrument all real and all
personal property.
Provides that the Board of Trust
ees shall make rules and regulations
for the proper transaction of its busi-
ness and employ manager and such
agents, attorneys, accountants, ETC..
as may be deemed necessary.
Provides that the Board of Trust
ees shall, with funds to be provided
! for that purpose by bond issue, pay
what the Bank of North Dakota owes
to all townships, cities, counties
school boards and other creditors.
Requires that each trustee shall
furnish a surety bond in the renal
sum of one hundred thousand dollars
( ($10O. .OO0.00O).
Requires the Board to file a COM
plete report and accounting of its
transactions with the Governor and
the Legislature.
Provides that the Board Of Trust
ees shall be entitled only to actual ne
cessarv travelling expenses.
Provids that the Board Of Trust
ees NAV sue and be sued.
Repeals all acts in conflict.
BE 1T ENACTED BY THE PEO-
PIE OF THE STATE OF NORTH
DAKOTA:
Section 1. That the Bank Of North
Dakota as established and created by
Chapter lat of the Session Laws of
1919 be and the same is hereby dis
continued and dissolved for all pur-
poses except for the purpose of liqui-
dation, as herein provided.
Section 2. There is hereby created
board to be known as the Board Of
Trustees of the Bank of North Da-
kota, which board shall consist Of the
Governor, the State Treasurer and
the Secretary of State, and shall: have
full power and authority to adjust
Ind settle the affairs Of said Bank
and to liquidate same. Said Board
!. of Trustees shall have power and au-
thority to collect all the debts due
said bank, and pay all liabilities ther-
of. to compromise claims, held against
said bank and by it, to adjust its cred
it relations with its correspondents.
the State of North Dakota and its
various political subdivisions, main
tain and defend actions in the name
of such board of Trustees for such
bank; and no action or actions pend
ing when this law becomes effective,
shall abte, but said board of Trust
ees shall be SUBSTITUTED as party to
such action or actions in lieu Of said
bank. <5..yy.
: Section 8. The said Board of
Trustees, for the purpose aforesaid.
may convey. assign or set over by
proper instruments in writing. in the
name of the Bank of North Dakota.
1 dissolved, all real and personal prop
+. erty. mortgages. notes and all other
evidences of Indebtedness owned or
held by it at the time of such disso-
luton; and may satisfy all real estate
or chattel mortgages or other liens.
not assigned by law or otherwise.
which at any time may appear Of
record; and such Board of Trustees
shall have such other further power
and authority as may be necessary
and proper for the complete liouida-
tion Of the affairs of said bank and
the dissolution thereof.
Section a. It shall be the duty Of
said Board Of Trustees. immediately
upon this act taking effect. to take
possession Of the Bank of North Da.
kota and all its assets and business
for the purposes hereinbefore desig:
mated, and said board shall proceed
as speedily as possible. consisten,
with the interests Of the state, t.
wind up the affairs Of said bank, and
for the purposes Of CARRYING into eff.