| Show Rural Credits Bill Bil lL Continued from lost last week Each Federal land lan bank shall b bb b. temporarily managed by five fire directors tors appointed by the Federal Farm Loan Board Doard Said directors shall b be citizens of or the United States and resIdents residents residents res res- of or the district They shall each give a surety bond the tho premium premium premium prem prem- ium on which shall be ho paid from the funds of or the bank fhe They shall re receive re- re such compensation as the Fed Fed- eral Farm Loan Board shall fix They shall sh ll choose choos from their number number number num num- ber by majority vote a president a avice avice avice vice president a secretary and a treasurer The They are arc further authorised authorized author author- and empowered to employ such attorneys experts assistants clerks laborers and other employees as they ma may deem necessary necessary and to fix their compensation subject to the approval al of or the Federal Farm Loan Board Said temporary directors shall under under un un- un der their hands forthwith make an organization certificate which shall specifically state First The name assumed b by such bank Second The district Within which Its operations are to be carried on and the particular city in which Its principal office Is to be located Third The amount of capital stock and the number of shares into which the same Is to be divided I Provided That every Federal land bank organized under this Act shall by Its articles of association permit an in increase rease of Its capital stock from time to time for the purpose of providing pro viding Iding for the issue of shares to tu national farm loan associations and stockholders who ma may secure loans loan through agents of Federal land banks in accordance with the provisions of this Act Fourth The fact that the certificate certificate certificate Is made to enable such per per- perT 7 T 1 eons sons to avail themselves of the ad 1 I fc vantages of this Act The organization I tion certificate shall be acknowledged acknowledged acknowledged edged before a or clerk of I some borne court of record or notary public pub pub- public u lic and shall be together with the tho acknowledgement thereof authenticated authenticated by the seal of such court or notary transmitted to the Farm Lan Commission who shall record and I carefully preserve the same in his office of of- Lice fica where It shall be at all times Umes open to public inspection The The Federal Farm Loan Board Is authorized to direct such damages in or additions to any such organization organization organization organ- organ certificate not inconsistent with this Act as it may deem necessary Ear eary sary or expedient Upon duly making and filing such organization certificate the bank sh shall u become as from the date of the execution execution exe exe- cution of its organization certificate a bod body corporate and as such and in the name designated in the organization organization organ organ- certificate It shall h have ve I power power power- First To Adopt and use a corporate corporate corporate corpor corpor- ate seal Second To have succession until it is dissolved by Act of Congress or under the provisions ns of this Act Third To make contracts Fourth To sue and be sued complain complain com plain and defend in any court of law law or equity as fully aa M natural persons Fifth To elect or appoint directors Jors tors and by Its Us board of ot directors to elect a president t and tand and a vi vice president president president dent appoint a secretary and anda a treas treas- and other officers and employees employ employ- ees define their duties require bonds bond of them and fix the penalty thereof b by action actton of its board of ot directors director dismiss such officers and employees or any of them at pleasure and ap point others to 10 fill nIl their places To To- prescribe To-prescribe prescribe by its board of directors subject to the supervision ion and regulation of the Federal Farm Loan Board laws by-laws not inconsistent in In consistent with law regulating the manner manner manner-in in which its stock shall hall be bo transferred its directors elected its it at elec Its its ate property property prop erty transferred transferee Its general business conducted and the privileges granted granted grant grant- ed to it by law exercised and enjoy enjoy- ed Seventh To exercise by its board of directors or duly authorized officers officers of of- s or agents subject to law all such incidental powers as shall be necessary to carry carryon on the business herein described After the subscriptions to stock hi in any Federal land bank by national farm loan associations hereinafter authorized shall have reached the sum Bum of or tl the Ue e officers and directors of said land bank shall be chosen as herein provided arid add shall shan upon becoming duly qualified take takeover rover over the management of or said Ian land a bank from the temporary officers se- se under this section The board of ot directors tors of every everl Federal land bank shall be selected aa as hereinafter specified and shall con consist islet of nine members each holding office for tor three years Six of said directors shall be known as local di- di I and aad shall be chosen en by and be r representative e of national fa farm rill I Ioan oan associations and the remaining three directors shall be known a as district directors and shall be bo appointed ap pointed by the Federal Farm Loan Board and represent the public Inter inter- est At least two months before each election the Farm Loan Commissioner shall notify each n national farm loan association in writing that tear sucu sUCh election elec clec- lion tion is to be held giving the number number num num- ber of directors to be elected for its district and requesting each association association association asso asso- to nominate one candidate for each director to be elected Within ten days das of the receipt of oC such notice each association shall forward Its nominations to said Farm Loan Com Corn missioner Said commissioner shall prepare a list of candidates for local directors consisting of the twenty persons securing the highest number I of votes from national farm Carm loan associations associations as as- making such nominations At least one month before said election said Farm Loan Commissioner Commissioner Commis Commis- j shall mail mall to each national farm loan association the list of can can- The directors of each national nation nation- al farm loan association shall cast the he vote of said association for as asman man many candidates on said list as there 3 are vacancies to b b- b filled and shall forward orward said vote to the Farm Loan Commissioner within ten days das after said aid list of or candidates is received by them hem The candidates receiving the highest number of votes shall be elected as local In n case of ofa ofa a tie the Farm Farro Loan Commissioner shan shall determine the choice The Federal Farm Loan Board shall shan designate one of the district directors to serve for three years rears and ando to o act as chairman of or the board of or directors It shall designate one of oC said directors to serve for a term of or two wo years and one to serve for a term erm of one year After Arter the first I appointments each district director I shall be appointed for a term terns o of three years At the first regular meeting of the board of directors of oC each Federal land and bank it shall be the dut duty of th the local ocal directors to designate two of the local directors whose term of office office office of of- fice shall expire in one year from the thc date of such uch m meeting F two whose term I of office shall expire in two years from r m said date and two whose t term rm I of office shall expire in three years year from said date Thereafter every I local ocal director of a Federal land bank chosen as hereinbefore herein provided shall hold lold h Id office for a term of three years Vacancies that may occur in the board of directors shall be filled for the un- un expired term in the manner provided for the original selection of such I directors Directors of or Federal land banks shall hall have hav been for at least two years residents of or the district for which the they hey are appointed or elected anat and an andt at t least one district director shall shalle he e experienced In practical farming and nd actually engaged at the time of f his appointment in farming operations operations opera- opera ions within the district No director I tor or of a Federal land bank shall during his continuance continuance- In office act acts as s an officer dl director ector or employee of f any other institution association or r partnership engaged In banking or r in the business of making or sellIng sell selling Ing ng land mo mortgage loans Directors of Federal land laud banks banks' shall hall receive In addition to any compensation com com- otherwise provided a reasonable reasonable rea- rea allowance for necessary exp expenses ex- ex p in attending meetings of or their respective boards to be paid by the respective Federal land banks An Any compensation that may be provided by y boards of directors of Federal Federal land and banks for I directors officers or employees shall shaH be subject to the I approval of the Federal Farm Loan Loan- Board Doard To be continued next week n |
