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Show The Federal Farm Loan Act Synopsis of Its Salient Features Prepared by H. M Hanson, Secretary-Treasurer Farm Mortgage Bankers' Association of America ' ' FEDERAL FARM LOAN ACT Passed by the House of Representa-tlves Representa-tlves and the United States Sen-? Sen-? ato June 27 and 28, 1916, Respectively. Blgned by the President July 17, 1916. 3 Provides for a federal land bank-system bank-system In the continental United States (exclusive of Alaska), dividing the country Into twelve land bank districts composed of whole states. 8. The system Is operated as a bureau bu-reau of the United states treasury department de-partment and supervised by the federal fed-eral farm loan board. The secretary of the treasury Is ex-officlo chairman of the board with four other members appointed by the president for eight years at an annual salary of $10,000. One member is designated farm loan commissioner and Is the active executive execu-tive officer. 3 Appointees of Board: (a) Farm loan registrar for each land bank district dis-trict and (b) One or more land appraisers for each land bank district. Salaries paid by federal land bank or joint stock kind bank for which they act. (c) Land bank examiners; salaries paid by the United States. (d) Attorneys, experts, assistants and other employees to be paid by the United States. 17. Powers of the Board: (a) To organize and charter federal land banks, Joint stock lund banks and national na-tional farm loan associations. (b) To review and alter the rate of interest to be charged by federal land tanks for loans. (c) To approve or reject any or all loans for bond Issue and to grant or refuse any specific issue of farm loan bonds of federal laud banks and joint Btock land banks. (d) To regulate charges for appraisal, ap-praisal, examining titles and recording. record-ing. (e) To appraise lund securing mortgages mort-gages for bond Issue. (f) To exercise general supervisory authority over the federal land banks, farm loan associations and joint stock land banks. 30. The farm loan commissioner shall examine the laws of every state and If on examination the laws of any state are shown to afford Insufficient protection to holders, Its mortgages shall be declared Ineligible under this act during the continuance of the laws hi question. 32. The secretary of the treasury Is aulhorized to deposit United States funds In federal land banks at current government rates of Interest, the aggregate ag-gregate of such funds not to exceed .$0,000,000 at any one time. |