any money belonging to any of the permanent funds of the common schools, university, school of mines, reform school, agricultural college and deaf and dumb asylum, normal schools, and all other permanent funds derived from the sale of public lands or from any other source, in bonds of school corporations within the state, bonds of the United States, bonds of the state of North Dakota, or in first mortgages on farm lands in the state, not exceeding in amount one-third of the actual value of any subdivision on which the same may be loaned, such value to be determined by the county board of appraisal of the respective counties, but such board shall not purchase or approve the purchase of any bonds or mortgages except at a legal session thereof, nor unless every member of the board is notified by the secretary of said board in time to be present at such meeting, and notified also that the question of purchasing or acting on a proposition for the purchase of certain bonds or mortgages is to be considered at the meeting, nor unless a majority of all the members vote in favor of such purchase, and the vote on the purchase of every bond and mortgage shall be taken by yeas and nays and shall be duly recorded in the books of the board.
§ 173. Records to be kept by secretary. The secretary shall enter in a suitable book kept for that purpose a full and correct record of all the proceedings of said board at each session thereof, which record when approved shall be signed by the president or presiding officer of the meeting and the secretary; he shall also keep such other books as may be necessary properly, to register and describe all bonds and mortgages purchased or taken by it for the benefit of any of the permanent funds under its control. Such books shall be ruled so as to permit the registry of the name and residence of the person offering to sell any such bonds or mortgages, the district for which such offer is made, a description of the property covered by the mortgage, and a full and detailed description of every bond, whether United States, state or school district and the date, number, series, amount and rate of interest of each bond, and when the interest and principal, respectively, are payable; and such record shall be made of every such bond and mortgage before the board shall act upon the question of purchasing the same. The secretary shall also keep in suitable books a record showing a detailed statement of the condition of all the permanent funds under control of said board, the amount of each fund, how invested, when due, interest paid and any other act in any manner connected with the management of said funds, and shall biennially report all such investments to the governor, to be laid before the legislative assembly. All the records and record books of such board shall at all times be open for inspection by the public.
§ 174. Treasurer custodian of funds. All moneys belonging to the permanent funds of the common school and other public institutions derived from the sale of any of the public lands or from any other source shall be paid to and held by the state treasurer, and be subject to the order of such board, and shall be paid over to the order of the board for investment as provided in section 172 of this article, whenever the board requires the same for such investment. The state treasurer shall also be the custodian of all bonds, notes, mortgages and evidences of debt arising out of the management of the permanent funds derived from the sale of any of the public lands of the state or from any other source.
