Page:United States Statutes at Large Volume 39 Part 1.djvu/385

 364 SIXTY-FOURTH CONGRESS. Sess. I. Crr. 245. 1916. - d,,.,,,,,,,. ml d ate one of the district im~········~·=·· £€...‘§°:‘;.“.$"Q“?3‘;‘r%;‘§‘y’?‘t£.2.,'*3.?t. at Echairman or tt. tm mi of directors. It shall designate one of said directors to serve for a term of two years and one to serve for a term of one year. After the first appointments each district director shall be appomted for a term of three years., Tm ¤* ¤¢¤•¤ dk At the first regular meeting of the board of d1rectors of each Federal mm land bank it shall be the duty of the local du·ectors to designate two of the local directors whose term of omce shall expire in one year from the date of such meetin , two whose term of omce shall expire m two years from said date, and two whose term of office shall expire rn three ears from said date. Thereafter eve? local director o a Federal land bank chosen as hereinbefore provided shall hold office for_ a term of three ears. Vacancies that may occur in the board of directors shall be rirlled for gre uneiipriretd) term m the manner provided for the Q¤*“*‘°¤**¤¤¤·  of Federal land banks shall have been for at least two years residents of the district for which they are appomted or electegi and at least one district directorshall be experienced m practrc farming and actually eng ed at the time of his appointment rn farm- 0¤¤¤¤ ¤¤1>¤¤v¤¤¤¢ ing operations within the liigstrict. No director o a Federal land bank mmm shall, during his continuance in office, act as an officer, director, or em lo e of any other- institution, association, or lpgrtnership engaged in  or in the businms orf making or   d mortgage oans. P¤y.¤¢¢· Directors of Federal land banks shall receive, in addition to any compensation otherwise provided, a reasonable allowance for necessary expenses in attending meetings of their respective boards, to be Avvsml br Fwd- paid by the respective Federal land banks. Ap; comlpensation that may be provided by boards of directors of F eral and banks for directors, officers, or employees shall be subject to the approval of the · Federal Farm Loan Board. capnsismck. CAPITAL STOCK OF FEDERAL LAND BANKS. .~¤¤<>¤¤¢r¤q¤ir¤d. Sec. 5. That every Federal land bank shall have, before beggi- ' business, a subscribed capital of not less than $750,000. e $•*'>$°"P”°¤’· Bllleiigiral Farm Loan Board is authorized to prescribe the times and conditions of the payment of subscréaptions to capital stock, to reject any subscription in its discretion, an to require subscribers to furnish adreguato sccruity for the pgyment thereof. rn value trnam. e capital stock of each ederal land bank shall be divided into shares of $5 each, and may be subscribed for and held by any indirgdual, firing or corporation, or by the Government of any State or of t e Lnite tates. rmsrm mmcraz. Stock held by national farm loan associations shall not be trans- {erred or hypothecatod, and the certificates therefor shall so state. mvmems. Stock owned by the Government of the United States in Federal land banks shall receive no dividends, but all other stock shall share _ wang power um- in dividend distributions without preference. Each national farm "°°‘ loan association and the Government of the United States shall be entitled to one vote for each share of stock held by it in deciding all rrestions at meetings of shareholders, and no other shareholder shall be psrrnitted to vote. Stock owned by the United States shall be voted y the Farm Loan Commissioner, as directed by the Federal Farm Loan Board. setsmpnm. It shall be the duty of the Federal Farm Loan Board, as soon as practicable after the passage of this Act, to o ·n books of subscription for the capital stock of a Federal land Ibeank in each Federal cuter seizes zo land bank district. If  thirty days after the opening of said prescribed for Federal land banks sh& remain rmsubscribed, it shall
 * °,,f:kf““”~`°"b“]’°' books any part of the minimum ca italization of $750,000 herein