§ 5. QUORUM.] Any three members of said board shall constitute a quorum. But said board shall not purchase any bond or bonds or mortgages except at a legal session thereof, nor unless every member of the board is notified in time to be present at such meeting, and notified also that the question of purchasing said bonds or mortgages is to be considered thereat, designating the bonds and mortgages; nor unless a majority of all the members of said board vote in favor of the purchase thereof.
§ 6. AUDITOR TO BE EX-OFFICIO RECORDER, KEEP RECORDS AND MAKE REPORTS TO GOVERNOR.] It shall be the duty of the State Auditor as ex-officio recorder of said board to keep in a suitable book or books a full and complete record of the selection, leasing, sale and issuing of patents of all lands belonging to the State or in which the State has interest, or which are held in trust by the State. He shall also keep in suitable books a record showing a detailed statement of the condition of all the permanent funds under the control of said board, the amount of each fund, how invested, when due, interest paid, and every 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.
§ 7. INVESTMENTS OF SCHOOL FUNDS, HOW MADE.] Said Board of University and School Lands shall have the power, and it is hereby made their duty, from time to time, to invest any monies belonging to any of the permanent funds of the common school, University, School of Mines, Reform School, Agricultural College, Deaf and Dumb Asylum, Normal School, and all other permanent funds derived from the sale of the 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 board of appraisers of school lands.
§ 8. RECORDS.] Said board shall also keep such other books as may be necessary to properly register and describe all bonds and mortgages offered to them, and all bonds and mortgages bought or taken by them for the benefit of any of the permanent funds under their control. Such record books shall be ruled so as to enable the board to register the name and residence of the person offering to sell any such bond or bonds or mortgages, and name and residence or location of the owner or district for whom such offer is made, 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.
§ 9. RECORDS ALWAYS OPEN FOR INSPECTION.] All the records
