Page:1889 North Dakota Session Laws.pdf/104

 as shall be necessary to carry on the business of banking, by discounting and negotiating promissory notes, bills of exchange, drafts and other evidences of debt, by receiving deposits, by buying and selling exchange, coin and bullion, by loaning money on personal security; but no association shall transact any business, except such as is incidental and necessarily preliminary to its organization, until it has been authorized by the Secretary of State to commence the business of banking, and the Secretary of State may withhold from any association his certificate authorizing commencement of business whenever he has reason to suppose that the shareholders have formed the same for any other than legitimate objects as contemplated by this act.

§ 5. ADDITIONAL POWERS.] Banking associations formed under this act shall have power to purchase, hold and convey real estate for the following purposes and no other:

First. Such as may be necessary for its immediate accommodation in the transaction of its business.

Second. Such as shall be mortgaged to it in good faith, by way of security, for debts previously contracted.

Third. Such as shall be conveyed to it in good faith, in satisfaction of debts previously contracted in the course of its dealings.

Fourth. Such as it shall purchase at sales under judgments, decrees or mortgages held by the association, or shall purchase to secure debts due to it; but no such association shall hold the possession of any real estate under mortgage, or the title and possession of any real estate purchased to secure any debts due to it, for a longer period than ten years.

§ 6. CAPITAL REQUIRED.] No association shall be organized under this title in towns containing 500 inhabitants or less, with a less capital than $5,000; in towns of over 500 and not over 1,000 inhabitants, with a less capital than $10,000; in towns of over 2,000 and not over 3,000 inhabitants, the capital shall not be less than $30,000, and in towns of over 3,000 inhabitants the capital shall not be less than $50,000. At least 50 per cent. of the capital stock of every association shall be paid in before it shall be authorized to commence business; the balance of which shall be paid in in installments of pot less than 10 per cent. at the end of each succeeding month from the time it is authorized to commence business; the payment of each installment shall be certified to the Secretary of State, under the oath by the president or cashier of the association.

§ 7. ORGANIZATION CERTIFICATE TO BE PUBLISHED.] The association shall cause the organization certificate and the official authorization of the Secretary of State issued under this section to be published in some newspaper in the city or county where the association is located, for at least four consecutive weeks next after the issuing thereof.

§ 8. ARTICLES USED IN EVIDENCE.] A certified copy of the articles of incorporation may be used in evidence in all courts for