The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-02-07

the manner as other claims against the State
are paid
9. The expense of administration shall be
charged to and paid out of the fund
10. No claim of any depostor, or the sue
cessor in interest of any depositor shall be
paid in an amount exceeding Seventy-five per
cent of the principal thereof. No assignment
of any claim for the purpose of collection may
be recognized, unless made to the BANK OF
NORTH DAKOTA, and no assignment for
any purpose may be recognized for an amount
in excess of the sum paid therefor, proof of
such payments shall be made upon oath of the
assignee. No garnshment, levy upon execu-
ton or attachment of other mense process
shall be sustained, nor recognized, nor shall
injunction or other order to prevent the dis
tribution of any part of said fund be recOg-
nized or permitted.
IL. Deposltors accepting payment Of their
claims in the amount herein provided for shall
be forever barred from recovering any other
or further amount thereon from any other
source.
IL. The State of North Dakta shall Immediately and
tomaticay be subrogaed to all the rights persons firms
corporations whose claims may paid of fund
against of the nsoven bank the receivers and
stockholders and all such other funds herein provided
duty of the Attorney General to promptly
proceed to for the upon subrogation
l3 All moneys recovered by Of thru the pay
and assignment of claims shall into the
Treasury by the State treasurer credited to and
kept in the BANK LIQUIDATION FUND herein provided
for; the Industrial Commission or Legislative Assembly
may from time to time transfer from said fund other
funds of the State there be therein beyond
principal Of all bonds herein provided for
H. Nothing herein contained shall be held to limit the
Bill No. 267 the Legislative Session of 1928 Chapter 1s7
Laws 1929 for the liquidation of the affairs of nsovent
THE be-
to and shall continue the Receiver Of
DAKOTA is hereby authorized empowered under the
supervision and direction of the court aforesaid to perform
all the acts and things and all of the duties of such
Receiver with the authority and such Receiver
now has might have.
49, This amendment shall in all things be held be
daory and and the absence of
administrative directions regulations to the pu
spirit and intent hereof the shall be supplied by
the District Court of Buregh County in the of
equity powers and subject to the supervision Of and review
the s 5 si no s"e eo
SSSR ana ss %
K0TA and levy and collect from the solvent and oper
ating banks within the State North Dakota such
by said CON Mss SeS a the presc
ton of deposits in the manner provided by law until De-
the GUARANTEE FUND to amount not exceeding $780,
10000 be by the Legislative Assembly of the State of
North Dakota or by the Industrial Commission, set aside
fund to be used for such protective admins
raive be by law provided with
the CONTROL regulation and operation of state banks and
vded further that said shall be
at once covered into the BANK LIQUIDATION FUND and
be dsbused herein provided for If at the time Of
taking effect of this amendment there shall be less than $780,
10000 in the GUARANTEE FUND there shall transferred
thereto from the BANK LIQUIDATION FUND sufficient
make the total amount $500O0O.00 +.'
IT, That upon the adoption of this amendment the So
called GUARANTEE FUND" shall thereafter be known
the Bank Protective Fund.- and the of the words Depos
ors Guarantee Fund Depotors Guarantee Fund Commits
son equivalent words indications, which would imply
that deposits State Banks insured by the state by
the Banks of the State by department of the state
shall be prohibited
Referred to Committee on State Affairs.
,eion prepared group persons having
would have to be voted without opportunity
exact language which might be prepared Constituents