Show FEDERAL FARM LOAN BANKS BANK S ORGA organization M 1 section 4 one 1 n each lead land book bank district branches haw permitted within 1 its district office officers president t vice I 1 IS president secretary and treasurer dl di m rectors ita six 1 moors representatives atves of farm loan a se associations ma ti and three been cepro represent t ing g the public interest Att orneia ca aa M u t experts and other employees A all I 1 Bal urles arlea fixed by form farm loan board ad paid by bank subject to deallan semlan nual examinations by land bank a luer CAPITAL STOCK bee 5 may any be owned by individuals dIvI diml dr arms corporations chalmo ti and ad the if U united cited states and state governments see 5 she shares 15 5 ch see 6 5 all stock remaining nd aub scribed ascribed 30 dia after subscription be books I 1 it are e opened shall be subscribed alln by ill the H united fl led smite and I 1 d thereafter I 1 only houwers ly the united states atte g e gamt and ad is borrowers may amy require acquire all S res of stock fork see sec 5 unit united 4 salutes b fares government not at t to participate 1 J in dila dividends lenall all other 0 share diled dividends de equally uly S sec billue original capital stock shall baft be gradually retired after the flak held by farm wa loan told I 1 amount not to ao 70 an sec 5 piot B less than 5 per cent of cold capital bat ba 1 be 1 invested sled in 1 united june states government b bonds I 1 ad POWERS sec 1 13 to I buy first to anil mort I 1 t knees cages within I 1 if IS district and ad to issue so and sell turm farm to bonds sec aill Is 13 to receive me from ire farm far loon I 1 so se cimdins int interest cozat and ad at a pu PH ments on mortgages 9 91 rod and far farm to loan bond NC hie 13 T to acquire and dispose of real coal and personal onal property nece necessary seU tor tio lie it convenient o transaction ot of bull buil t ness nesb und d lund ad taken take 1 in satisfaction atit sed of d debba ble or do purchased r leased under judgments decrees d bics or I 1 di ur held by it shall hot dot hold bold title exceeding ove years a sec 13 T to accept deposits of so se curit leB or current funds from frant member associations but PRY pay no interest that iacre oo on sec bee 13 to T I 1 borrow money on ac S MY and ad pay interest ate id thereon be sec 13 to r ba buy brathe and bell oll united states st s ice bonda be da I 1 am sec 5 13 to appraise load lands tor for head ano in I 1 lo 10 blange and ad bor bar I 1 era the im cost 1 I t of if land a appraisal or ex f ild lining utice titles recording recording and other 1 1 lul 11 1 feed see wid ill afka to be paid 1 la cah 1 or be made part of loan bed and paid in ID payments ae sec 14 to accept I 1 at mortgages only lk from IS farm associations and ad up ap in lea agents s 14 to accept deposit depos lia of cur rent funds only from its stockholders id der sec bee 6 to become became financial agents of uld united led states go government cament and tie de Prell tery of public money public deposits deposit cannot be I 1 invested eted 1 in mort gage or IS fai nt I 1 loan head bonds se see 13 to deposit its securities I 1 and ill current food funds subject to check with fill our member bk bink b k of tile the federal reserve H to and ad to receive interest i Ila thereon cr BONDS see gee 20 1 d in seil beiles of or more in denominations of 25 VO 0 00 and 51 1000 OUO see 20 31 ma bear a no maximum fanare role rate of 6 5 per cent ln interest per annum S sec sc 19 mortgages aud ad united states gall government bonds bond equal IB s 1 amount to tile the falm faim loan bonds lb tied are to retained as collateral security by t the land ad bank registrar see sec 14 alie ile outstanding mg far farm lot loan boods bonds shill shift not of all exceed d 20 times tile hie capital pilot and ad surplus loppla sec 8 bee 21 shall be b S guaranteed tic bv b it of easue aud and S all 11 other fedl land banks back sic 17 no Is issue I 1 1 Is authorized auth oried le without ith t the upp approval I 1 1 I of the farm arm loan board sec S 22 substitution of mortgages and united states government bonds blind held us a collateral to farm I 1 loan ta natel Is permitted TAXATION be sec 26 the ab capital stock fork sur r ida plus mortgages and farm or loan bonds and all income derived are exempt f from r min federal state maricl municipal pal and n d bl local I 1 t taxation lion sec I 1 26 real property tak taken and held under der the provisions of sections 1 11 and 13 1 Is not tax exempt AGENTS sec bee 15 incorporated d handle trust copa co companies pa its mortgage companies or r chartered savings institutions may liay act as 85 agents for federal land ad book banks if no ful furm to loan association has been formed in a V given n to locality after one year SO sec 15 borrowers securing I 1 loans through age n gents is are required to sub scribe be aper 5 per cent of the too loan to the C capital pital of the feder federal a land book bank see sec 15 agents ere are entitled to a commission of one half of I 1 per der cent at per annum on unpaid principal a of each loan they negotiate and the bank shall he PRY pay for far actual expenses fo for so ap praising lead land examining titles executing and recording the mortgage P pa pers which shall be added to the face of tile the loan an see sec 15 agents shall indorse and become liable for far the payment Paini cut of the loans they negotiate and ad the aagre gg gate unpaid principal of sued each loans lashe shall not exceed te tea times time if the agents agent s cap capital i tal and surplus S sec e c 15 agents are rei required mired to make good any default within 30 31 days day after notice sic 15 all collections made shall ha be remitted without charge SPECIAL provisions be sec 22 amortization and ad other payments can constitute t a trust fund food to be vested ted as III ir a to PRY pay off maturing far farm to loan bo bond n d issues ud b to purchase farm loan an bonds c to lend on first farm faral talc mortgages tg LC within the district d T to I 1 buy bay united states I 1 gorem flient mant bonds see sec 23 rexer reserve and ic limit Is placed on dividend dl distributions abut I 1 after a reserve a account at ans b been built up to from earnings equal hid to 20 per cent of the capital fork and d oft after I 1 5 per cent of the net a earnings H annually thereafter are added t to a the act reserve so ac count see sec 23 reserve reser funds to be invest ed as prescribed by the federal far farm 10 loan 1 board see sec 27 farm loan flum bonds bond are am 1 lawful ful investments for fid fiduciary jury and ad ti bat t to funds ads and 1 I to or nil 11 public 1 de ua P ofle see sec 27 federal reserve bank may maj buy and d sell farm ila loan bonds blind ser 29 provision 1 fa made for far tile 80 C solution aelier ution and the appointment of a re ou sec can 14 N no commission or charge not specifically authorized in this act acl ahall be demanded or received |