Page:United States Statutes at Large Volume 39 Part 1.djvu/384

 SIXTY-FOURTH CONGRESS. Sess. I. Ch. 245. 1916. 363 The Federal Farm Loan Board is authorized to direct such changes Umm W B°°’d- in or additions to any such organization certificate, not inconsistent with this Act, as it may deem necessary or expedient. P-pon duly making and filing such organization certificate the bank I”°°'P°'°“°¤· sh become as from the date of the execution of its 0 anization certificate, a body corporate, and as such, and in the namerdesignated in the orglanization certificate, it shall have power- C°”’°"°° p°"”‘ First. o adopt and use a corporate seal. omni. Second. To have succession until it is dissolved by Act of Congress or under the provisions of this Act. Third. To make contracts. Fourth. To sue and be sued, complain, interplead, and defend, in any court of law or equity, sm fully as natural persons. ifth. To elect or ap(point directors, and by its board of directors to elect a president an a vice president, a oint a secretary and a treasurer and other officers and employees, dleline their duties require bonds of them, and Ex the penalty thereof; by action of its board of directors dismiss such officers and emlployees, or any of them, at pleasure and appoint others to fill their p aces. Sixth. 0 prescribe, by its board of directors, subject to the super- B"'“"°‘ vision and regulation of the Federal Farm Loan Board, by-laws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected, its omcers elected or apgointed, its property transferred its general business conducted, and the privileggigranted to it by law exercised and enjoyed. enth. To exercise, by its board of directors or duly authorized I”“°°'“"' P°"°"· officers or agents, subject to law, all such incidental powers as shall be , necessary to carry on the business herein described. _ After the subscriptions to stock in any Federal land bank by ,,§,‘§{,'f‘““°"° °"’““` national farm loan associations, hereinafter authorized, shall have reached the sum of $100,000, the officers and directors of said land bank shall be chosen as herein provided and shall, upon becoming duly qualified, take over the managpment of said land ank from the temporary officers selected under t is section. e board of directors of evgy Federal land bank shall be selected B°°'° °'°“'°°‘°"· as hereinafter specified and sh consist of nine members, each holding office for three ears. Six of said directors shall be known as local L°°"· directors, and shag be chosen by and be representative of national Dm M farm loan associations; and the remaining three directors shall- be ” ' known as district directors, and shall be appointed by the Federal Farm Loan Board and represent the public mterest. ud mmm At least two months before each election the Farm Loan Commis- Nominations me, sioner shall notify each national farm loan association in writing that """"‘“ °"°°““°“’· such election is to be held, giving the number of directors to·be e ected for its district, and requesting each association to nominate one candidate for each director to be elected. Within ten days of the receipt of such notice each association shall forward its nominations to said Farm Loan Commissioner. Said commissioner shall prepare a hst of candidates for local directors consisting of the twenty persons securing the highest number of votes from national farm can associations making such nominations. _ _ Wt md At least one month before said election said Farm  Coknmis- “" °‘°°"‘°“ sioner shall mail to each national farm loan association the list of ' candidates. The directors of each national farm loan association shall cast the vote of said association for as many candidates on said hst as there are vacancies to be filled, and shall forwardsard vote to the Farm Loan Commissioner within ten days after said list of candidates is received b them. The candidates receiving the highest number of votes shallvbe elected as local directors. In case of a tre the Farm Loan Commissioner shall determine the choice.