Show Rural al Credits Bill C f fit lie Jut w k tit T PaA cm rm Pint First ir r rt gi 8 Vie 1 12 no ao Y Federal I f a seer 4 r Ibis A Ad Act make Joaa s t soa 9 m tIe the foD wr- wr M Me sect i Mt- Mt Said 8 M Jt toga n t tIff W be Iff by daly Jy r wd 4 brat In mortgages l on oa farm tams aDd laaE the die Wad haak bast dis- dis 41 in a b the tbt th bask baak b I s tua 4 L ad V ca f an a as aa agre au Bei eu P Y b for fer UIe tho rt r fent of rf Ute the loan loa m an u amortization plan by tty S oCr of z ft I er of or Of hal lna installment u IId t to 10 carer eare tnt E ht a p on oa the lent bran at z a rate the tilt interest rate fathe la fn the tact last J of et farm fans loan Iou bands fe- fe surd sod by t the th land lack bank the theINa theloa loan loa second e oad a a. charge e for lor a ad a and d. d profits profit ro u at a k rate not DOt ex- ex g one per her cents ra m per pet annum aDnum t a Ui the Ole unpaid said two raW rates combined the fn- fn rate on the mortgage and third cIa amo amounts amont nu to be applied on onte the te j principal as u will extinguish thed the d an are agreed period not notre ltd J n fire re years rears nor more than forth year ears ear that after tty from the date upon which a a. Is fI made additional payments r f fG 25 or any an multiple there there- lex et redaction of oC the be principal of ot the entire pa y 7 be made on any regular rf Jm rit dale date under the rules and r f l of oC the Federal Farm Loan LoanY 1 1 Y t n a d And And provided further that n f fo the fl first ileac of oC farm loan Joan 1 1 r s 's i end t any land farad bank Lank the interest I kra xh a may be dote y 1 a tf 1 t e discretion of ot said land bank I 1 b au to the provisions and limi limitation I i s' s tation of ot this Act I rt T rd No r loan Joan on shall shan I r.- r. be de under this Act at a rat rate j 1 cC rest t exceeding six Ix per I ors per of oC amortization I ala 1 Fourth Such loans may be made J r f tor r to following purpose purposes and nt no nil noTo r l b I i Eye a To provide for Cor the purchase of oC j il for agricultural uses I If f b t TO ro provide for tor the thc purchase of oC equipment fertilizers fertilizer and live stock lOck I 2 ary for tor the Iho proper and reason reason- abl ablo o of oC the mortgaged faun farm the tho term equipment to be beb bedo b A do n ail 1 Federal e cral Farm r I att an Lard i c o To ro provide buildings and for tor ha r of at farm tarm lands the lerr i Improvement to lo be Le defined by lip the the- Federal Farm Land Board Hoard Cd d To ro liquidate Indebtedness of oC J tho HIe owner owner of oC the tho land mortgaged fi existing at the time of oC the X r p of of tho the r t t. national farm Carm loan association oc atlon c established In or for Cor the county In which the tholand land mortgaged f t In Jg or Indebtedness Incurred for purposes men tro Honed cd In this section r 1 Fifth No such tich loan shall exceed i fifty per of the value of oC the theland theland land Jand mortgaged and twenty per cen tum turn of or the tho value of oC the tho permanent s j insured Improvements thereon said value to bo ascertained by appraisal AH fiB provided In section ton ten of this Act In making said appraisal the value of oC tho the land Jand for agricultural purposes shall bo be the tho basis of or appraisal and ana the tho ca earning power of or said land shall ho bo a principal t factor A reappraisal may be bo permitted a at t any finy limo in fn tiro tho discretion of oC the tho Federal land bank hank and such additional add addi loan may bo ho granted as a. such Buch 1 reappraisal will warrant under tho the provisions lon of or this paragraph Whenever When over ever tho the amount of or tho the loan applied d for exceeds tho amount that may b bo u under tho tim appraisal a as heroin i limited such luch loan may bo ho granted h to tho the amount permitted under tho 0 terms of oC this paragraph without ro re requiring flU quiring Iring a now application or nl nt Sixth No u such h loan shall ho bo made to any person who is not at tho the time limo or shortly to become engaged In th the tho o cultivation of ot tho farm mortgaged In easo cuo ra o of or tho rho salo 1110 of ot tho the mortgaged mortgage a land larul tho rho Fedora Federal land bank may permit permit per mit said 1 mortgage and tho the stock in interests In I of tho the vendor to bo be assumed a by lIy tho purchaser In case caso of oC the e death or of lie Iho mortgagor his heir o or t heirs boirs or his logal representative 0 or r representatives shall havo llio UIO option tt within sixty dayo ot of r such death t to ton o n mo tho the and stock f In n of tho the deceased Tho rho amount of or loans t tany lo tJ lonny v nn any ono one borrower shall In no ens caso casu u exceed a maximum of ot n not nor ar shall nn any loan lonn ho bo for a u loss logs sum the than n Eighth l vory applicant for Cor a n loo loan tt under Iho tho terms erm of oC this Act she shall II make application on a n form to bo lie proscribed for tor that purpose purpose- by tho thoI tl to I Federal Farm Loan Ionn Board Doard and sue such it Applicant shall state tho the objects to which tho the proceeds ot or said loan Joan a aro ro to to applied and shall hl rifford Yord su such e h other Information goll n as ma may Ia bo be ro ro ro- i B ht e eth th Tern ev- ev b W t par T s1 m.-e m. Merest interest oe orr at ie the rate me d c s J yet I aced aad liy 7 ss cea tt fa in lIis bk ge deed decd sari i ito to IQ when use old aft fasts taus ru r. r y u or ormay u Which z may be lie Jarl tn rf Jy J as B d a the Use tau lead Taxes Jfe lies ilia 14 esta 0 or a ei o eau cot not o pelt Ed dst e std and K paid aid by the mortgagee o ec ce a pert part of Ute tie mort fet flek d sad shat shall bear d sir pie te Jt interest at tile flee rate of t eight p per r p Te rj I assent- assent Every borrower shall trader trader- f i i uCe to 10 t keep fn invited red to the fife do of oC the Use Federal Yam Fana Loan Lana 1 Board all aU the value v-aJae of at which was wasa a a factor r fa fn determining the i of the lie loan loon Insurance shall 11 be he made nade I Ip p payable able to the mon mortgagee gee as Its I ihy j In-j j terest may maT a api air ar r at time of at lo lots Jog a and nd at the option op of at the mortgagor i and aDd a nd subject to W general r regulations of 01 th the Federal P Farm Parrs rm Loan Board sums cams so o received may maT be used treed ed to pay par for far r reconstruction of or the buildings i destroyed I Tenth Tenth- Every EveTT borro borrower er who shall shah i be granted a a. loan Joan under ander the pro 1 I visions Ions of or this flits Act shall shaU enter tutu Into I an agreement in form farm and under j r c conditions to by the i Federal Farm Loan Board that fr ir I Ithe the whole or any portion of his loan I 1 shall shan be expended i for lor purposes other than th n those thOe Ip specified In la Ills bis original f application or If it the borrower shall i ibe be in fn default I in respect to any con con- condition conI j I or covenant of oC the mortgage the whole of oC said uld loan shall shaU at tau thc thc-j I option of the mortgagee become due i a and nd payable forthwith Provided that the borrow may use part Dart of at said i iloan loan to pay for his bis stock tock in fn the farm larIh loan association and the land haul ban holding hoJ such luch mortgage may permit loan to be used for any purpose purpose pur- pur i pose Iole specified in subsection fourth ofis or of orthis th this is section I That no loan or the m mortgage securing the same shall shan be Impaired or invalidated by reason or of orthe the exercise of any power by any Federal land bank or national farm Earn I Iloan loan association in excess of the pow pow- e n r. r a herein granted or any limitations i thereon Funds transmitted to farm loan i a associations by hy Federal land banks to bo be loaned tanned to its members shall be beIn beIn I In current funds or farm Carm loan bonds bondo at al tho of the borrower of Federal Laud Land Hanks Sec 13 What That every overy Federal land bank lank shall have ha 1 power owe 1 subject to tu to t Iho tho limitations and requirements of oC this Act Act Act- I First t To Issue subject to the tho approval approval ap ap- j of the tho Federal Farm I Loan oan Hoard board and to sell sett farm tarm loan Joan bonds of the kinds authorized In this Act to buy huy the same for tor its own account and to retire tho tiro same at or before beCore I maturity Second To fo invest such funds a amay as s may be bo in Its possession in the tho purchase pur pur- chase of ot qualified fret first mortgages o on n farm land situated within the Federal Federal Fed Fed- eral cral land Jand bank district within which it is organized or for tor which It is act act- l Ing ag Third To receive and to deposit t I I in n trust with the Iho farm Carm loan Joan regis I tray for tor the Iho district to bo be e by him m I held as collateral security for Cor tarn farm I loan Joan bonds first mortgages upon n farm land qualified under section n j I twelve of oC this Act and to empower r I national farm Carm loan lonn associations o 01 OJ t duly authorized agents to collect collet t I and immediately pay over to sale said i land Jand banks hanks tho the dues dots Interest amortization amortization amor amor- i fixation installments and other sums cum s payable under the tho terms conditions and anti covenants of oC tho the mortgages ant and of the tho bonds secured thereby 1 hour Four To fa acquire and I of ot- ot a n Such property real roal or personal person person- I al nl as 08 may bo be necessary or convenient convente t I for tor the Iho transaction of oC its business s which however may be bo in part leanea leas lean leased oas oas-I ed ea to others for tor revenue purposes b h Parcels of oC land acquired ii in n satisfaction of or debts or purchased a at t under judgments decrees o or r mortgages held by it But Dut no sac such Ii bank shall hold title and possession of any re real l estate purchased or a acquired ac ac- c to secure any debt due to i it 1 for a n longer longel than five years year s except with tho the special approval nl of th the Federal Farm larm Loan Ioan Board 1 in n writing wrung Fifth To deposit Its securities an and andUs a Us its current funds subject to check chec k with nn any member bank of or the tho Federal Feder Fedor r al tit Reserve System and to receive In- In 1 on the tho same as may bo ue agree agreed d Sixth To accept deposits of or acct BOCU- BOCU i or of oC current funds from n national na a- a farm tarm loan n associations holding ng its H. sauces but to pay no Interest on such deposits So So nth To borrow money t lo gl v o security herder and to pay pay interest st thereon Eighth To buy and soli soil United Unite d I States bonds Ninth To charge applicants ft for or f lea Isaac and bt r M-r borrowers r Hers rs asder 11 rales faits aai ord a r J tet the P Fed Fed- eral Yar firm Lee Laem B Bard rea bIe I fees not aol e eEd b the e actual out cost of d a 3 anal aa ax and adot or t title tide Legal L pl fees aad r re recording o 5 I bj by k laW r fc In eke State Suu where erbee the tile Ja had bad to be mortgaged is l located may inar also be lie in iL the i p e P eo costs I of or negotiating 1 s 's es ge team loans Ioe T The e borrower mayI may I PlY pay a ewe da tEES fees sad and e charges O or be te may may arrange with wits tIle the Federal land bank i tile the loan ban to advance the same t tin ha b cafe cace said saW expenses sun shall be made a part of the face tee of the tile loan loaa I aad pall paid o oC of fa amortization pay pay- tL Sreh addition J to the tile loan Joan ball all not oot ot be permitted to increase raid mid loan above abaTe the Ute limitations pro- pro I Tided In Sa section twelve helve restriction on Federal Peden Land f See 14 H. That no Federal land t I bank shall have bare po poirer power power- er- er First To accept deposits deposit of correct cur cur- lands fends payable upon demand ex- ex ept from its own okra stockholders olden or orto t I II to transact any banking or other other b business not expressly authorized be byi i the provisions of this Act i ii I i Second To loan on OIl first mortgage mortgage mort- mort gage gage except through national farm than loan loaR associations as 35 provided In is sec seo- section tion seven cven and section eight of or this Act or through agents a as provided pro ti in n section fifteen Third To accept any mortgages I Ion Ian on real Teal estate except first mortgages I created ed subject t to all limitations I fm imposed l by section twelve of this Act and those taken as additional security for existing loans f Fourth To Issue or obligate itself f for or outstanding farm loan bonds in excess of twenty times the amount of Hof its capital and surplus or to 1 re receive cef c fro many national farm loan as association additional mortgages i w when hen the principal remaining unpaid unpaid upon mortgages already received from such association shall cx exceed I twenty times Umes the amount of its capital capital capi capi- tal stock owned by br such association Fifth To demand or receive recene under a any ny form or pretense any sion slon or change not specifically a au au- au IJ- IJ t In this Act of or Federal Land Banks Hanks Sec 15 That whenever after thiA thi thia A Ad A t shall have hate been heen in to errel effect t on OUI y year ear it shall appear to the F Federal Farm Loan Hoard Board that national farm loan associations have hate not been formed form form- j ed e d and are not likely to be hc formed in any locality because of oC peculiar local conditions said board may ints in Its I ts discretion authorize Federal land banks banks- too banks to make loans on farm lands through agents approved ed by said sofa board Such loans shall be subject to the same conditions and restrictions asif asit as asif if it tho the sumo same were made through national national na na- farm loan associations and each ouch borrower shall contribute five flue per of oC the amount of his loan to the capital of ot the Federal land laud bank and shall become the owner o olas oCas of oC ofas t las as much capital stock block of oC the lan land d bank hank as such contribution shall warran war war- ran rant t. t No agent other than a duly incorporated incorporated I bank hank trust company mortgage mortgage mort mort- gage company or savings Institution tion chartered by uy the State in which t it has its principal office shall b be e employed under the provisions o othis of oC t this section Federal land banks banIs ma may pa pay t tsuch to o such agents the actual expense o of appraising the land offered as city rity for a loan examining and ecrU tying the tho title thereof and making executing and recordIng the mortgage mortgage mort mort- gage gugo papers and in addition may al allow al Ilow low Jo said agents not to lo exceed one one- lul hair f of oC one per per annum m upon the tho unpaid principal of or said salt loan such commission to be deducted deduct deduct- ed od from dividends paa payable le to the borrower borrower bor hor- rower on his stock In the Iho Federal Federa 1 land bank hank J Actual expenses paid to lo agents under under un un- der del tho the provisions pro o of oC this section o oshall shall ahall be ue added to the tho taco face of oC the tho loa loan n and paid oft off in amortization payments pay pay- men meats ments ts subject to tho the limitations pro pro- i video in subsection ninth of or section ht thirteen of this Act Said agents when required by y th theland the tho I Federal land hanks banks shall collect and forward tos tea uch banks without charge all interest and amortization payi pay- pay i j meats ments on loans h s indorses indorsed by them I Any a audit agent nt negotiating any such loan shall shaH indorse the same sumo and become become be he- come |