Show I Rural Credits Bill J I 1 I Continued from r m last week J Joint Stock Land flanks Banks 1 Sec See 16 10 That corporations to bo known as joint stock land banks Co for I carrying on at the business of lending on farm mortgage security and amI Issuing jug ing farm loan bonds may be formed I Iby by an auy y number of oC natural persons persona not less les than ten They shall be organized organized or or- subject to the requirements j and aUlI under the tho conditions set forth rz- rz In n section four of of this Act so far as s st t the e sam same may be applicable Pro- Pro ed that the board of oC directors of oC every Joint stock land bank shall consist con con- of oC not less than five members Shareholders of oC every c joint stock stockland 1 Ja 1 land ld bank organ organized zed under this Act i ball bo ho held individually responsible ble equally equall and ratably and not one for another for all contracts debts r r i. i and a and engagements of oC such bank bauk to tho extent of the amount of oC stock owned fi r by b- f them at t the par value thereof in r addition to the amount paid In and represented by their shares otherwise provided joint john land arid banks shall have the 1 and be subject to all the ther r on bind aj conditions imposed i a banks by this Act ti restrictions and aud cond con con- d t j ga stow how o of the thea a o or orle orr r it le t ital stock sV s t a e are tl c t r a I 41 gk shall e iHS Itself i n m i loan bonds in in rr t v v amount I a or to re reo re- re o Jf Dr Jq transact ati any business giot of ext ex- ex t i In id bank shall be until capitals capital U iop s It a tb dud and the ance ancee e HilJ Cali t ya e board of direr direr- warter after Ija Issued e t- t tarm arm rm Loan Loaft i T o- o shall s the caW caW- J- J paid u 1101 Ti av e. e a J ete t In dold f la m Ibm bp bonds s te fler ian an anh h l 1 h ij i a ie dc Loan r halt dire ri o 0 sub sub- a l' l colt sei iteen- iteen of I C d. d t fes morn bans pr farm Joan bonds nor 1 d ii t of or s first r i and tenth oJ of s cel e a s 's sy o ore frictions oa on oat r a t Provided however d loan ash I be made which r rv rY is s c cr by mortgages r within the State in joint stock stock laud bank bauk is i i jt or within some ne ner tate contiguous to such State joint stock snick land banks shall d bp e subject subject to all other restrictions loans imposed on Fed Fed- cj tat land in section twelve o i- i r. r Joint J I t stock block land laud banks shall in j tu e G Charge 11 rg a 1 rate of or interest onty on ty r erina rR JP s exceeding by br more t than an et en m the he rate of or Interest I r s l e l for the last series of farm falD goon tJ n bonds issued by y them Joint n stock land banks anka shall ahall in no 11 llo case case cas demand or receive receive- under my form r n or pretense an any Comm commis- commis ion or charge not specifically an f d I lu in this Ac Act Each joint stock laud land l batik bank hk organ an anI I zed under this Act shall have authority authority au au- to issue bonds based upon mortgages taken by it In accordance with the terms of this Act Such bonds shall be in form prescribed ed by bythe the Federal Farm Parm Loan Board and It shall be stated i in such bonds that such buch bank bauk is organized under section sec sec- sec sec- Lion tion sixteen of oC this tills Act is under Federal Federal Fed Fed- eral supervision and operates under the provisions of this Act I of oC Federal Farm Loan Ioan Board Boa id Sec 17 That the Federal l Farm Loan Board Doard shall have power power- power power- a To organize aud and charter Federal Federal Fed Fed- eral land banks and to charter national national national na na- na- na farm tarm loan associations and I joint stock land banks auks subject l to th the e provisions of tIlls this Act ACl aud and in Its He discretion discretion dis to authorize them to increase their capital stock Cb I b To 10 review and alter u at iU its discretion discretion discretion dis dis- tho rate of interest to b be e I charged by Federal land laud banks fo for tor r Jeans Joans made by lIy theta them under the pro pro- I of ot this Act said rates to b be lIe e uniform so far as practicable c To grant or refuse to Federal I I k land and banks or Joint stock J land nd banks y V rj r j f j authority to make an any specific issue I of or farm loan bonds d To make rules and regulations respecting tho the charges made to borrowers borrowers bor bor- rowers on loans under this Act for Cor expenses in appraisal determination of oC title and recording v ve e To require reports and statements state state- ments meats of condition and to make examinations examinations ex ex- of all banks or at associations associations Lions doing business under the pro pro- provisions visions of oC this Act f To prescribe the form Corm and andI terms of farm loan bonds and the I form Corm terms and penal sums of oC all surety bonds required under this Act and nd of oC such other surety bonds as they shall deem necessary such suret surety surety sure sure- t ty bonds to cover financial loss loss' aswell as aswell well nell as faithful performance of duty g S To require Federal land banle to pay par forthwith to any Federal land bank their equitable proportion of oC of any sums advanced IJ by said land hind bank I to pay IHlY the coupons of an any other land hank bank basing said required 11 payments on un the amount of oC farm Carm loan bonds issued by br each land b bank and a actually actually actu actu- tu- tu all ally outstanding at the time of such requirement I h Ii To suspend or to remove for Cor II cause use any district director or an any registrar registrar reg reg- appraiser examiner or other I official appointed b by said board oard Under duder authority of oC section throe three of oC this Act the cause causo of or such suspension or or- orre removal re removal moval to Lie cp communicated forthwith it r wt br thO-Fe thO J. J J I arm L Loan a In- In suspended l ded c or r A pe 1 IH Q mewed d' d r H n 1 h f J. o l S n T ct to latho the proper Ee Federal eral laI land bank I 1 i To exercise general supervisory sory authority over the the Federal land banks the tho national farm loan associations asso asso- I and tho the joint stock land banks herein provided for j ro To exercise such such incidental I powe powers s as shall be bo necessary or requisite requisite to fulfill its Us duties and carryout carry carryout carryout out the purposes purposes of or this Act Applications for rot Farm Loan Bonds Sec Soc 1 IS S. S That any Federal land j I bank an o or joint stock land bank which shall have voted to farm loan bonds under this Act shall make written application to the Federal I F i Loan Board gi the tile t farm fare lott of the district for approval ap ap- of or such issue With said application ap ap- n said land bank shall tender to said f farm rm loan registrar as collateral collat collat- era eral security first erst mortgages on farm farmlands farmlands' lati lari lands lands' de t qualified tie under under the the provisions of os of section section- twelve section fifteen or section sixteen of t this Act or United StAtes States Gov Government bonds not less I Il it l aggregate amount than the sum obi Ct ol tho tiro bonds proposed to be issued Said bank shall furnish with such such mortgages a schedule containing a aj I description d s thereof and such further information pertaining thereto as he I IP may Y possess The Federal Farm Loan Loan I Board shall forthwith cause to be made such investigation and appraise 1 ment meat of or the securities tendered as asIt it shall deem wise and it shall grant grantin I in whole or in part or reject entirely entire entire- ly y such application The rhe Federal Farm Loan Board shall promptly transmit its decision I as to any issue of oC farm Carm loan bonds to the land laud bank bauk applying for the same and to the farm loan registrar I of the district Said registrar shall shall I furnish in writing such information regarding an any issue of oC farm loan bonds as the Federal Farm Loan Loan i ioard I Board oard may at an any time require t No issue of farm arm loan bonds shall be authorized unless the Federal I Farm Loan Board Doard shall shan approve c such I issue iu 11 writing Issue of or Farm Loan Dom Bonds I 1 Sec 19 13 That when whenever ver any farm loan registrar shall receive from tho the thoi i Federal I Farm arm Loan Board notice that I it has approved any issue of oC farm loan Joan builds a Uli Under er the flee provisions of or r section eighteen he shall forthwith take such steps as may be necessary lu iu accordance with the provisions of oC this Act to Insure the prompt execution execution execution exe exe- cution of ot said bonds and the delivery of oC the tho same to the tho land bank applying apply ing lug Whenever the Federal Farm Loan Board shall reject entirely any application application ap ap- i for fOl an issue of oC farm Carm loan bonds the first mortgages and bonds I tendered to the farm loan registrar I as collateral security shall be Ie forthwith returned to said land I bank hank by him Whenever the Federal Farm Loan J 1 Board shall approve an issue of oC farm I Iloan loan bonds hands the farm loan registrar I having the tho custody of the first mortgages mortgages mort mort-I gages and bonds tendered as collateral collat collat- 1 eral l security ecu rity shall be forthwith forthwith forthwith forth forth- with r returned to I bald said land bank by hy him er Whenever the Federal Farm Loan Board shall approve an nn issue of oC farm Carm loan bonds the lie farm arm loan registrar leaving having the custody of the first mortgages mort mort- mortgages gages and bonds tendered as collateral collateral collateral col col- lateral security for such issue of or bonds bonda shall shan retain in his hie custody i I f i those first mortgages and bonds which which are to be held as collateral security and shall return to the bank owning the same any of said mortgages and bonds which are not nott notto Ito t to be held by him as collateral rit rity The land bank which is to issue Is is- Is Issue sue said farm Carm loan bonds shall transfer transfer transfer trans trans- fer to said registrar by in trust all first mortgages and and bonds which are to be held heM by said registrar as collateral security said I assignment providing for Cor the right I of redemption at nt any time by payment payment pay pay- I ment as provided in m this Act and reservIng reserving reserving re re- I Iother serving the right of substitution of other mortgages qualified under sections sections sections sec sec- twelve fifteen and sixteen of ot this Act Said mortgages and bonds shall be deposited In such deposit vault or bank as the Federal Feder l Farm Loan Board shall approve subject to the control of oC said registrar and andIn andIn andin In his name as trustee for the bank issuing the tho farm lo loan n bonds and for forthe forthe forthe the prospective holders of said farm loan bonds I No mortgage shall be e accepted by I a farm loan registrar from front fronta a land faun bank bankas as s part of oC an offering to La secure an issue of oC farm Carm loan bonds either originally o a rby substitution except j I first mortgages made subject to the I conditions prescribed In said sections twelve t fifteen and sixteen I It shall be the rutty duty dut of each farm loan oan registrar to see that the farm loan bonds delivered by him and outstanding outstanding out out- standing do not exceed the amount of or collateral security pledged there for Such registrar may In his hia discretion discretion dis dis- discretion temporarily accept in place I of oC mortgages ga s withdrawn United j 1 States State Government bonds or cash 1 1 l Form L oP J t Ii kinds Set Sec 2 30 20 That bonds provided for forin I in this Act shall shan be ho Issued In denom denom- j illations of 25 50 and I 1000 they shall shaH run for specified minimum maximum periods subject sub IIII- IIII jeet to payment and retirement at atH atthe atthe H the option of the land hank bank at anytime any anytime anytime time after aCter five years from front the date of their issue The They shall have interest interest interest inter inter- est coupons attached payable semiannually semiannually semi- semi annually and shall he be issued in series se series series se- se ries of not less than the amount and terms to he be fixed h hy by the Federal I Farm Loan Board They shall hear bear a rate fate of interest not to I exceed five per per annum I The J Federal Farm Loan Board I 1 Ishall shall prescribe rules and regulations concerning the circumstances and manner in which farm loan Joan bonds I shall be paid and aud retired under the provisions of ot this Act Farm Harm loan bonds bond shall be delivered I through the registrar of or the district to the bank hank applying for the same I In order to furnish farm loan bonds onda for delivery at the Federal land banks bank and joint stock land I banks the Secretary of the Tr Treasury Treas 1 as- as ury Is hereby authorized to prepare j I suitable bonds in m such suh form subject to Lo the provisions of this Act as the Federal Farm Loan Board hoard may ap- ap approve ap- ap i prove such sucil bonds when prepared to tobe he be held In lu the Treasury subject to delivery upon order of the Federal j Farm Loan Board Hoard The engraved I plates dies pieces bed-pieces and so forth orth j I executed in connection therewith i ishall shall remain in the custody of the I Secretary Secretary of the Treasury A Any ny expenses expenses ex- ex exI I Incurred in the preparation I custody and delivery of such farm loan bonds shall be paid by hy the tho Sec Sec- I rotary of or the Treasury from rom any funds in the Treasury not otherwise i appropriated appropriated- Provided however that the Secretary shall be he reimbursed ed for such expenditures by hy I the Federal Fed Fed- eral cral Farm Parm Loan Board through as as- upon the farm land banks i I in proportion to the work executed I Tho They Thoy may be he exchanged into registered registered regis regis- bonds of an any amount and re- re exchanged into coupon bonds at the option of oC the holder under rules and regulations to be ue prescribed b by the Federal Farm Loan Board I Special PrU I Provision on of Cf Farm Loan Lonn Bonds Sec 21 That each laud land bank shall be he bound in all nil respects by the tho acts of its officers in singing and issuing farm loan bonds and lJ by the acts of or orthe the Federal Farm Loan Board in authorizing authorizing au au- Their issue l Every very Federal land bank is issuing auing farm loan bonds shall be primarily liable and shall hall also bo lie liable upon presentation of or farm loan bond con coupons I ions for interest payI payments payments pay pay- ments meats due upon any farm loan bonds issued by other Federal land banks and aud remaining unpaid in consequence of oC the default of such other land banks hanks and every such bank shall likewise be he liable for such portion of the principal of oC farm loan bonds Iso so issued as shall not paid be-paid after the assets of any such other land banks shall have been liquidated and distributed Provided that such losses los ses if any either of interest or or ot principal shall be assessed by the tine Federal Farm Loan Board Doard against solvent land banks liable in proportion to the amount of ot farm loan bonds which each may have outstanding outstanding outstanding out out- standing at the tho time of oC such assess assess- ment Every Federal lan land bank shall by t 1 1 appropriate action of oC its board of or directors duly uly recorded In Its minutes minutes min min- utes obligate itself to become liable on farm loan bonds as provided Inthis Inthis in inthis this section Every farm loan bond issued h by a Federal land bank shall be bo signed by its president and attested by its secretary and shall |