§ 48-03-04 — Depreciation on public buildings or other structures - How computed

When it is deemed proper to set up charges for depreciation to ascertain a basis for
insurance or for other purposes, the annual charge for depreciation shall be such an amount
that it, with interest thereon added thereto annually at the highest rate of interest paid regularly
on twelve-month deposits in the Bank of North Dakota, will aggregate at the end of the period
estimated to be the natural life of the building or other structure, the original cost of the building
or structure. Such addition annually of the depreciation charge and interest shall be credited to a
fund to be entitled "reserve for depreciation". The depreciation credit shall be charged against
undivided profits and the interest credited to depreciation shall be charged to interest paid. Any
depreciation charges made in excess of the amount herein provided shall be restored on the
books and in the audits or reports of examination thereof to the fund against which such
depreciation was previously charged in relation to the several institutions affected. Amounts
credited, or investments in real estate and structures thereon, shall be restricted to the fund
representing such assets, to the end that such real estate shall continue to be carried on the
books at its original cost or actual value, whichever is lower as of the date of purchase or
erection.