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Show the purposes prescribed for national farm lo;in associations. Sec. Iti. Loans may be made to farm owners regardless of whether engaged en-gaged in cultivation of the lnnd uort-guged uort-guged or not. Sec. 16. Inteiest on loans shall not exceed more than 1 per cent, the interest in-terest rate established for Its last series of bonds, nor more than 6 per cent in any case. Sec. 16. Commissions or other charges not specifically authorized by this act shall not be demanded or received. re-ceived. 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 maximum rate of 5 per cent interest per annunj. Sec. 16. Bonds shall be so engraved as to be readily distinguishable from federal land bank bonds. Sec. 19. Mortgages and United States government bonds equal amount to the farm loan bonds issued are retained as collateral security by the land bank registrar. Sec. 17. No Issue Is authorized without with-out the approval of the farm loan board. Sec. 27. Federal reserve banks are authorized to buy and sell the bonds of joint stock land banks. Sec. 22. Substitution of mortgages and United States government bonds held ns collateral to farm loan bonds is permitted. Sec. 27. Its bonds are lawful Investments Invest-ments for fiduciary and trust funds and security for all public deposits. TAXATION. Sec. 26. The capital stock, surplus and earnings are subject to the taxing powers of the state. Sec. 26. Its mortgages executed under un-der this act and Its farm loan bonds and all income derived therefrom are exempt from federal, state and municipal munic-ipal and local taxation. Sec. 26. Real property taken and held under the provisions of sections 11 and 13 is not tax exempt. SPECIAL PROVISIONS. Sec. 6. Joint stock land banks are made public depositories and financial agents of the United States government. govern-ment. Sec. G. Public deposits cannot be Invested In-vested in farm mortgages or In farm loan bonds. Sec. 16. Bates of Interest for loans under 0 per cent are not subject to review or alteration by the farm loan board. Sec. 13. Shall receive no deposits except public deposits. Sec. 22. Amortization and other payments constitute a trust fund to be invested as follows : (a) To pay off its maturing farm loan bonds. (b) To purchase farm loan bonds. (c) To lend on first mortgages within with-in its prescribed field. (d) To purchase United States government gov-ernment bonds. Sec. 23. Reserve and dividends provided pro-vided for as in the case of' federal laud banks. Sec. 29. Provision Is made for dissolution dis-solution and the appointment of a receiver. JOINT STOCK LAND BANKS ORGANIZATION. Section 1G. A private corporation subject to the requirements under this act which may be formed by ten or more persons with u board of directors of rive or more. Sec. 16. May operate within the state in which Its principal office Is located lo-cated and within some one eoutingu-ous eoutingu-ous state. Sec. 28. Subject to semiannual examinations ex-aminations by the federal land bank examiner. CAPITAL STOCK. Sec. 16. $250,000 minimum. Sec. 16. Double liability of shareholders. share-holders. Sec. 16. The United States government govern-ment shall own none of the shares of stock. Sec. 16. No farm loan bonds can be issued until the capital stock Is fully paid, although the bank may begin business when one-half of the capital is subscribed and paid Iq cash. POWERS. Sec. 16. To lend money on farm mortgage security. Sec. 16. To issue and sell farm loan bonds. Sec. 16. To Issue farm loRn bonds up to 15 times the amount of its capital capi-tal and surplus. Sec. 16. Except as otherwise provided pro-vided It has the powers of and is subject sub-ject to the restrictions Imposed on federal land banks. PRIVILEGES. Sec. 16. May lend more than Slo.O'x" to any one borrower, but not beyond ; 50 per cent of the value of the land and 20 per cent of the permanent insured in-sured improvements. Sec. 16. Loans are not restricted to |