Page:United States Statutes at Large Volume 39 Part 1.djvu/387

 366 six·rY.roUR·rn 0oNc-nznss. sm. 1. cs. 245. 1916. tions a board of not less than five directors, who shall hold office for °¤**¤·°'°· the same period as directors of national banking associations. It shall be the duty of said board of directors to choose in such manner as they may prefer a secretary—treasurer, who shall receive such compensation as said board of directors_ shall determine. The board of directors shall elect a president, a vice president, and a loan committee of three members. P¤v¤¤¤*=¤·¤· The directors and all officers excetp; the secretary-treasurer shall serve without compensation, unless palvgient of salaries to them F·¤¤*<*·¤¤¤*•¤¤*•¤- shall be approved by the Federal Farm an  All officers and directors except the secretary-treasurer shall, during their term of office, be bona fide residents of the territoizhliivithin which the association is authorized to do businem, and s be shareholders the e u o esecre — oeveryna _ of lih6shaH8SS0(li8utl)1n- d f th tary treasurer f tional mms Sp°°m°d` farm loan associationtjtvo act as custodian of its funds and to deposit the same in such bank as the board of directors may designate to ples over to borrowers all sums received for then- account from the Feds land bank u n first mortgage as in this Act prescribed, and to meet all other obligations of the association, subject to the orders of the board of directors and in accordance with the by-laws of the association. It shall be the duty of the secretary-treasurer, acting under the direction of the national farm loan association, to collect, receipt for, and transmit to the Fedcralland bank payments of mterest, amortization installments or principal arising out of loans made thro:gli the association. He shall be the custodian of the securities, reco, papers, certificates of stock and all documents relating to or Bmw *>°¤¤· bearing upon the conduct of the  of the association. He shall furnish a suitable surety bond to be prescribed and approved by the Federal Farm Loan Board for the proper performance o the duties imposed upon him under this Act, which s all cover prompt collection eg•vg_{¢g;*:1*&°g¤g={)*;¤· and transmission of fnmds. He shall make a quarterly report to the " Federal Farm Loan Board upon forms to be provided for that urpose. U on_request from said board said secretary—t1‘easurer shallpfuriiish information regarding the condition of the national farm loan association for which he is actiné, and he shall carry out all duly authorized orders of said board. e shall assure himself from time to time that the loans made through the national farm loan association of which he is an officer are applied to the ptuposes set forth in the application of the borrower as approved, and shall forthwith report to the land bank of the district any failure of any borrower to comply wi_th the terms of  application or mortgage. He shall also ascertam and report to said ank the amount of any delinquent taxes on ‘ land mortgaged to said bank and the name of the delinquent. m;¤{;·=p?;;* ¤=¤¤¤*·· The reasonable expenses of the secretary-treasurer, the loan com- ` mittee, and other officers and agents of national farm loan associations, and the salary of the secretary-treasurer shall be paid from the general funds of the association, and the board of directors is authorized to set aside such sums as it shall deem r uisite for that p1u·pose ·*“°"“‘°“‘· and for other expenses of said association. men no such funds are available, the board of directors may levy an assessment on members in proportion to the amount of stock held by each, which may be b&;·g;¤¤¤ *¤>¤¤ md repaid as soon as funds are available, or it may secure an advance ` from the Federal land bank of the district, to be repaid with interest at the rate of six per centum per annum, from dividends belon ' to said association. Said Federal land bank is hereby authorize§ _ make such advance and to deduct such repayment. ¤j&g({§¤¤¤ 0* =¤¤·>· Ten or more natural persons who are the owners, or about to loan under section twelve of this ct, may unite to form a national
 * ’°‘*· P· 3’°· bcmme the Owllcrsx Of farm  fglaliiied as security for a mortgage