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Show I Tic Federal Farm Loan Act H Synopsis of Its Saliont Foaturos Prepared H by H. M. Hanson, Secretary-Treasurer Farm B Mortgage Bankers' Association of America H i i U H FEDERAL FARM LOAN ACT H .Passed by the House of Representa- H tlves and the United States Sen- H ate June 27 and 28, 1910, H Respectively. H 'Signed by the President July 17, 1910. B 3. Provides for n federal land bnnk H system In the continental United Stutes H (exclusive of Alaska), dividing the H -country Into twelve Innd hunk districts B composed of whole stntes. 3. The system In opcrnted as n lu- H reuu of the United states treasury do- H pnrtmcut and supervised by the fed H era I farm loan hoard. The secretary B of tiie treasury is cx-ofllclo chairman H of the board with four other members H appointed by tho president for eight H years at nn annunl salary of $10,000. H One member is designated farm loan H commissioner and Is the uctlve execu- H tlve H 3 Appointees of Board: (n) Farm H 'loan registrar for each laud bunk (lis- H (b) One or more land appraisers for H each land bank district. Salaries paid H 'by federal land bank or joint stock H iland bank for which they net. H (c) Land bank examiners; salaries ipuld by the United States. H (d) Attorneys, experts, nsslstnnts H .and other employees to be paid by the H United States. H 17. Powers of the Board: (aj To H organize and charter federal land H banks, Joint stock land banks and nu- H tlona! farm loan associations. H (b) To review and alter the rate of H i Interest to bo charged by federal land H bunks for H (c) To approve or reject any or all tloans for bond Issue and to Kraut or refuso any specific Issue of farm loan H bonds of federal land banks and Joint H -stock land banks. H (d) To regulate charges for np- H prntsal, examining titles and record H' i (e) To appraise land securing mort- H .gages for bond Issue H (f) To exercise general supervisory H -authority over tho federal laud banks, H farm loan associations and Joint stock H 'JO.- Tli e farm loan commissioner H 'flhall examine the laws of every state H uud If on examination the laws of any H state ore shown to afford Insufficient H protection to holders, its mortgages H shall be declared Ineligible under this H .act during the continuance of the luws H i In question. H 3'-'. The secretary of the treasury is H tnuthorlzcd to deposit United States H itfunds In federal laud banks at current H tgoverutuent rates of Interest, the ng- H grogutc of such funds not to exceed H $0,000,000 at any ono time. |