Show JOINT STOCK LAND BANKS organization section 10 16 A private corporation subject to the requirements under order this be net I 1 which bl in h may mail be formed by tc ten or more or persons abersons with fill a board of directors of five fire or more mom see sec 18 16 may aly al Y operate within the tato state in its principal ollice men Is lo in bated t so and ad within some one conti gu ous I 1 at state to see sec 28 subject to IS ex ami nations fler ns by tile the federal load book bank CAPITA STOCK sec IS 16 25 0 minimum sec 1 I 18 I 1 double uble liability ot of share battle holdena sec sao 16 llie ahe united states govern merit ment shall own none non of the of ab atmik it hat 16 no farm loan heads bogda ra can he be blued until ill the capital stock Is 1 fully paid although the bank may bel begin business when hen one half of the capital 1 la subscribed and paid in ID cash POWERS if sec ID 10 T to lend lead mone oil on a far tarm mortgage security net Y see sec 16 10 a a I 1 issue Is and ad sell farm loan bonds bee 16 T to irae far farm loan imm bonds up P to 15 times the amount of its cpa tal and amplus see sec 16 except a ai otherwise re pro hided vided it has hab the powers power of and 1 la sub rub eject to the maric til imposed on t federal derel lead land banks bank privileges see 16 may and ad more are then than D to any one borrower but not beyond 50 per cent of if ill the a value a ins of tile hie land hind tied and 20 per cent of the file permanent parliament la in ad improvements ses sec 16 are r not restricted to ire th purposes prescribed for fee national farm loan association see 10 L Loons may be b mad ad to Is farm owners regardless of whether n azz 1 in cultivation of the land or not see hec 10 16 interest a on loans imm shall hall not dt exceed more titan 1 per it cont cent the interest rate established for far its last series eted of bonds dor more than a pr pir cent in any case isec bee 16 cammi lons or other charges cli arees not in alv authorized by this at ait not t b be C demanded or re BONDS sec cc 20 Issued to in a series erles of salam or ir more in d of ai 5 W 0 aioo 00 and 1000 see 20 amny aay bear ahlm tell rat of 5 per cent at interest 1 per I nummi b bee e e 16 B bonds de be so engraved heal os t to 0 be read readily y dist guis gimbl from bast fedrial lintal annd bonk bank bonds bondi sec 19 and U united states t I 1 9 gover veralend ver arend da bonda equal to 1 at to the faun loan do bonds 11 1 id S aie 1 retained as collateta col lateia Be im cuilty ty by the lead land book bank 1191 Str see sec 17 no issue isole 1 it all authorized aled with ith fare out at the approval of the far farm to I 1 loan a board see sec 27 federal reserve banks are authorized ed to in 1 buy 11 1 and ad sell HID tile the bonds of joint stock land banks see sec 22 substitution of if m mortgages and united states government bonds blind held ns as collateral to far farm I 1 loan head bonds Is p permitted bruitt ed see sec 27 it II bonds are lawful 1 invest C t ments menta for fiduciary and trust funds funda and ad security for far all 11 public delo deposits TAXATION see sec 26 the capital list stock fork cupl surplus and e are subject to tile the taxing dow powers r of the state S sec cc 28 26 its mortgages ge executed under this set act rod and it ita farm irod loan bonds bm iiii oil all income derived are r exempt from federal state and camb put and ad local I 1 taxation catl ta tl see sec 26 real property taken take a and held under the provisions provision of section actions 11 and ad 13 1 Is not of to tax exempt rorup SPECIAL provisions see sec 6 joint stock lack lead land book banks are am made public depositories repositories deposit ories and ad fin financial 1 agents of the united states govern ga ment cut see sec 6 public deposits cannot be invested vested in 1 farm far mortgages or agg or in I 1 farm I 1 rm loan bonds r sec e 18 16 rates of interest for far too loana under 6 per cent are not subject to a mi review I 1 is or alteration allocation by the farm loan b board hard sec 13 shall receive no do except public deposits see sec 22 amortization and other IS payments constitute a trust fund to be ba 11 invested ted as a follows follow a to pay off its maturing farm to loan bonds bond b to pure purchase h ass far farm lot loan head bonds c to lend on first mortgages with ft ath in its prescribed field d to purchase united states g government hard bonds see sec 23 reserve and dividends dividend provided for far as in ill the case a of federal land ad banka back see sec 29 provision Pro Is 1 made tie for far dissolution lution and the appointment of K r ceu er |