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Show t or be made part of loan and paid in amortization payments. Sec. 14. To accept mortgages only from farm loan associations and approved ap-proved agents. Sec. 14. To accept deposits of current cur-rent funds only from Its stockholders. Sec. 6. To become financial agents of United States government and depository de-pository of public money. Public deposits de-posits cannot be invested In mortgages mort-gages or farm loan bonds. Sec. 13. To deposit its securities and current funds subject to check with any member bank of the federal reserve system and to receive interest thereon. BONDS. Sec. 20. Issued in series of $50,000 or more, in denominations of 25, $50, $100, $500 and $1,000. Sec. 20. May bear a maximum rate of 5 per cent Interest per annum. Sec. 19. Mortgages and United States government bonds equal in amount to the farm loan bonds Issued are retained as collateral security by the land bank registrar. Sec. 14. The outstanding farm loan bonds shall not exceed 20 times the capital and surplus. Sec. 21. Shall be guaranteed by bank of issue and all other federal land banks. Sec. 17. No issue is authorized without the approval of the farm loan board. Sec. 22. Substitution of mortgages and United States government bonds held as collateral to farm loan bonds is permitted. TAXATION. Sec. 20. The capital stock, surplus, sur-plus, mortgages and farm loan bonds and all income derived therefrom are exempt from federal, state, municipal and local taxation. Sec. 20. Real property taken' and held under the provisions of sections 11 and 13 is not tax exempt. AGENTS. Sec. 15. Incorporated banks, trust companies, mortgage companies or chartered savings institutions may act as agents for federal land banks if no farm loan association has been formed In a given locality after one year. Sec. 15. Borrowers securing loans through agents are required to subscribe sub-scribe 5 per cent of the loan to the capital of the federal land bank. Sec. 15. Agents are entitled to a commission of one-half of 1 per cent per annum on unpaid principal of each loan they negotiate and the bank shall pay agent for actual expenses for appraising ap-praising land, examining titles, executing exe-cuting and recording the mortgage papers pa-pers which shall be added to the face of the loan. Sec. 15. Agents shall indorse and become liable for the payment of the loans they negotiate and the aggregate aggre-gate unpaid principal of such loans shall not exceed ten times the agent's capital and surplus. Sec. 15. Agents are required to make good any default within 30 days after notice. Sec. 15. All collections made shall be remitted without charge. SPECIAL PROVISIONS. Sec. 22. Amortization and other payments constitute a trust fund to be Invested as follows: (u) To pay off maturing farm loan bond issues. (b) To purchase farm loan bonds. (c) To lend on first farm mortgages within the district. (d) To buy United States government govern-ment bonds. Sec. 23. Reserve and dividends: No limit is placed on dividend distributions after a reserve account has been built up from earnings equal to 20 per cent of the capital stock and after 5 per cent of the net earnings annually thereafter are added to the reserve account. ac-count. Sec. 23. Reserve funds to be Invested Invest-ed as prescribed by the federal farm loan board. Sec. 27. Farm loan bonds are lawful Investments for fiduciary and trust funds and security for all public deposits. de-posits. Sec. 27. Federal reserve bank may buy and sell farm loan bonds. Sec. 20. Provision Is made for dissolution dis-solution and the appointment of a receiver. re-ceiver. Sec. 14. No commission or charge not specifically authorized In this act shall be demanded or received. FEDERAL FARM LOAN BANKS ORGANIZATION. Beet km 4. One in each land bnnk district. Brnnches permitted within Its district. Officers: President, vice president, secretary and treasurer; directors; di-rectors; six representatives of farm loan associations and three representing represent-ing the public interest. Attorneys, assistants, as-sistants, experts and other employees. Ali salaries (ixed by farm loan board and paid by bank. Subject to semiannual semian-nual examinations by laud bank examiner. exam-iner. CAPITAL STOCK. Sec. ;". $750, OCX). May be owned by individuals, Units, corporations and the I'nited Slates and state governments. Sec. 5. Shares, $3 each. Sec. !. All stock remaining unsubscribed unsub-scribed DO days after subscription books are opened shall be subscribed Jiy the I'nited States and thereafter only the United States government and borrowers may acquire shares of stock. Sec. ,r. United States government not to participate in dividends. All other stockholders share dividends rciually. Sec. !. The original capital stock hall be gradually retired after the stock held by farm loan associations shall amount to $750,000. Sec. 0. Not less than 5 per cent I f capital shall be Invested In United Slates government bonds. POWERS. Sc. i:t To buy first farm mortgages mort-gages within its district and to Issue snd sell farm loan bonds. See. To receive from farm loan associations Interest and amortization payments on mortgages and farm loan bouds. Sec. 13. To acquire and dispose of real and personal property uecessary for the convenient trausnctton of business; busi-ness; and land taken In satisfaction of debts or purchased under Judgments, decrees or mortgages held by It. Shall nPt hold title exceeding five years. Sec. 13 To accept deposits of securities se-curities or current funds from member associations but pay no luterest thereon. there-on. Sec. 1.3. To borrow money on security se-curity and pay Interest thereon. Sec. 13. To buy and sell United States bonds. See. 13. To appraise lands for bond Issue and to charge applicants and borrowers bor-rowers the cost of land appraisal, examining ex-amining titles, recording and other le- -it fe. sal'' s to be paid iu cash |