Page:United States Statutes at Large Volume 39 Part 1.djvu/383

 362 SIXTY-FOURTH CONGRESS. Sess. I. C11. 245. 1916. w to organize and conduct farm loan associations, and iilillgsqm ifivestors of the merits and advantages of farm loan_ bonds; and thugisseminate in its discretion information for the further mstruction of farmers regarding the methods and principles of cooperative E‘*’°"”“l°" credit and organization. Said board is hereby authorized to use a P°·"» P- 3** reasonable portion of the organization fund provided m section thirty- three of this Act for the o (jjgcts specified m this paragraph, and is instructed to lay before the ngess at each session _1ts recommendations for further appropriations to carry out said objects. Fodmtllutd umn. Fnnivmai. LAND Banks. W . “°¤ °' md Sec. 4. That as soon as racticable the Federal Farm Loan Board ""°"$"°“’· than divide the amadeudii United states, exdddmi Alaska, gsm twelve districts, which shall be known as Federalland ank districts, uggggyy¥°*°¤¤°*¤* °‘ and may be designated by number. Said districts shall be appor- ' tioned with due regard to the farm loan needs of the country, but no such district shall contain a fractional part of any State. The boimda— ries thereof may be readjusted from time to time m the discretion of said board. em for mi. dis- The Federal Farm Loan Board shall establish in each Federal land “‘°‘· bank district a Federal land bank, with its rinrgilpal office located IH such cit within the district as said board sh designate. Each Federal land bank shall include  its title the name of the c¥s_y in ummm. which it is located. Subject to the approval of the Federal arm Loan Board, any Federal land bank may establish branches within the land bank district Temporary manage- Each Federal land bank shall be temporarily managed by five ‘“°'“‘ directors appointed by the Federal Farm Loan Board. Said directors shall be citizens of the United States and residents of the district. 'l`l1e shall each give a surety bond, the remium on which shall be paid, from the funds of the bank. The shall receive such compensa- P,,,umi,,,,,y 0,,;,,,,, tion as the Federal Farm Loan Boardy shall fix. They shall choose ¤¤*¤¤- from their number, by majorirgl vote, a resident, a vice president, a secret and a treasurer. ey are fhrther authorized and emwerieldy to employ such attorneys, e rts, assistants, clerks, lhliorers, and other employees as they mayxdliem necess, and to fix gieirgompensation, su ject to the approval of the Fedeiiy Farm Loan oar. !'K3Dll8l.l0H was- Said temporary directors shall, under their hands, forthwith make °“‘°‘ an organization certificate, which shall·s ifically state: same. First. The name assumed by such banllgc name:. Second. The district within which its operations are to be carried V on, and the particular city in which its princi al office is to be located. C°P*$“’· Third. The amount of capital stock and the number of shares into °°"’”°“ ° °w°d‘ bank organized under this Act shall by its articles of association permit an increase of its capital stock from time to time for the purpose of providinv for the issue of shares to national farm loan associations and stockholders who may secure loans thro ¤·h agents of Federal land banks in accordance with the provisions div this Act. Purposes, ece. Fourth. The fact that the certificate is made to enable such persons to avail themselves of the advantages of this Act. The organization certificate shall be acknowledged before a judge or clerk of some court of record or notary public, and shall be, together with the acknowl- _ edgrnent thereof, authenticated by the seal of such court or notary, mg;{j’¤;*§j§g_*° C°m· transmitted to the Farm  Commissioner, who shall record and carefully preserve the same in his office, where it shall be at all times open to public inspection.
 * ""”"*'·'· H which the same is to be divided: Provided, That every Federal land