THE FARMERS IN CONTROL 



This act authorizes the State Industrial 

 Commission, created by House Bill No. 17, 

 and approved February 25th, to locate, main- 

 tain, manage, and control the Bank of North 

 Dakota, for which capital is provided in the 

 amount of two million dollars, to be obtained 

 by the issue of bonds to that amount by the 

 state. 



All state, county, township, municipal, and 

 school-district funds, and all funds of penal, 

 educational, and industrial institutions of the 

 state, are to be deposited in this bank. All 

 such deposits are deemed "available funds" 

 under the banking laws of the state and may 

 be lent under the proper restrictions. The 

 bank is authorized to do a regular banking 

 business, except that it cannot lend its money 

 or give credit to any individual, association, 

 or private corporation on any other security 

 than first mortgages on real estate in North 

 Dakota. But it may advance money to other 

 departments, institutions, utilities, industries, 

 or enterprises of the state. 



The process of lending money on real estate 

 is guarded with much minute, and what 

 would seem to be sufficient, care, but the main 

 thing is that a means is provided whereby 

 the holder of agricultural land, if it is unen- 

 cumbered, can obtain money on that laud 

 quickly and at actual cost. 



To secure this, the state treasurer is directed 



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