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Show HOW TO ORGANIZE NATIONAL FARM LOAN ASSOCIATION Milford Valley Farmers Can Get Money at Low Rate Local branches of the National Farm Loan Association are being organized or-ganized all over the country. Farm bureaus and county agents in many places are helping to organize such associations that the farmers may have money at a low rate of interest to pay off mortgages, to buy needed equipment and to make improvements improve-ments on their ranches. Three such branches have already been formed at Delta and many of the settlers on the project and others who have deeded land or who are about to prove up on their homesteads are giving the matter serious consideration. considera-tion. Following is the exact manner of procedure to be followed to form a branch of the National Association: Farmers want cheaper money. They ought to have It. The way is now ready. Because of the interest shown by many of our readers we are going to give a copy of articles necessary to follow in order to form a National Farm Loan Association. You can copy this and sign it and follow instructions or send for a copy to the Federal Farm Loan Board at Washington, D. C. ARTICLES OF ASSOCIATION OF THE NATIONAL FARM LOAN ASSOCIATION OF (County) (State) The undersigned being the owners (or about to become owners)of farm land within the territory hereinafter defined, hereby associate ourselves ! together as "The ; j National Farm Loan Association." j The purposes of this association are to enable the subscribers and per- sons who may hereafter be admitted j to membership to avail themselves of : the provisions of "The Federal Farm ' Loan Act." and to transact all busi- ness and exercise all powers which a j National Farm Loan Association may legally transact - and exercise the provisions of said act. The capital stock of this Association Associa-tion shall be Ten Thousand Dollars ($10,000), divided into two thousand thou-sand shares of the par value of $5.00 each, but the Association may begin business when stock to the amount of $1,000 has been subscribed. At any time after 90 per cent of the authorized au-thorized capital stock of this Association Associ-ation shall have been subscribed, the BoariJ of Directors by a two-thirds vote, which shall be entered on its minutes, may increase the capital stock to such amount as may seem necessary to meet the demands of increasing membership or increasing loans to members. In the event of this Association becoming insolvent, each stockholder shall be liable for the debts of the Association in a sum not exceeding 5 per cent of the amount borrowed, but there shall be no other liability of one member for the debt or obligation obli-gation of another. The number or Directors of this Association shall be , and the names and addresses of those chosen for the remainder of the current cur-rent year are as follows: Directors of this Association shall be selected at an annual meeting of the stockholders to be held on the second Tuesday in January at a place to be designated by the Board of Directors at least thirty (30) days before such meeting, of which meeting meet-ing at least ten days' notice in writ ing shall be given to each stockholder stockhold-er by the secretary. The territory within which this Association shall transact business shall he the following: in the County of i State of j The amount of loan applied for and of stock subscribed by each of (Continued on last page) I |