Page:United States Statutes at Large Volume 39 Part 1.djvu/389

 368 SIXTY·FOUBTH CONGRESS. Sess. I. Ch. 245. 1916. ymap, Every shall titled to ote on each share of vom; stock heldhliryihliiliiiolit all :l•echbns of dirzgtlorls and in deciding all Prww- questions at meetings of shareholders: Provided, That tlig mwulg umm"` number of votes which may be cast by any one shareho er s Limited ¢¤ bmw- twllllitypersons but borrowers on farm land mortgages shall be mem- °”' bers or shareholders of national farm loan associations. Any YGBOI! $¤g¤¤*P*¤¤¤¤¤** desiring to `borrow on funn had mortgage through a natlolla f¤1’¤1 mm l loan association shall make application for membership and shall subscribe for shares of stock ui such farm ¥>a;16a§soc1a;Hon to ual to ii tum of the face o_ thesrre oan sai www md M°m°' saslbsudlrilptlidn to be pdigeihcdalsh upon téthia gnjiwsglof the loan.m§.f :2,1};; ‘ bershi an oan is an Z{.?£fiZ`iiS1Z)]ii1ii°i1,°[ii°:.i¤ fullppldyaiilghit therefor, lzlecorpe the lpvgpég E; of 'tal tock can associa on or eac_ _ Othldflice of   orsany mlliljdiilractional part thereof. Said capital stock shall be paid off at ppg and retired ggon full payment of said I H°"*“ °°“°“'°*"" loan. Said ca ital stock s   held by s association as collateral ms` security for tllie (pgayment of said loaréi but sarél bor·1t;plwe‘r0s;1all& paid any divrden accriung an paya e on said capr s c w dm . . . l°°'°”°‘°'°‘““**”“ 1t41§;)d1r?t1}i-;ltior§al farm loan association formed under this Act shall hm by its articles of association provide for an increase of _1ts capital stock from time to time for_the of securing add1tional loans for its members and providing or the issue of shares to borrowers in accordance with the provisions of tai:  ngrirch mpgaasegggadll be included in the quarterly reports to e e arm an S¤•¤¤¤l l>¤~1¤i•¤¤· Narroiur, rum LOAN Ass0our10Ns.—srnc1ar. PROVISIONS. [’”°“’°“'°"""'°"‘ S. 9. Th t hose `cation for membershi is @§i>¤;<¤¢i¤¤S· accelgzted by aa n8ailio1@(a]i·mwloan alsggl:iation_ shall be entitled '" ° borrow money on farm   mortgage upon_ filing his application m accordance with section eight and otherwise complylrnguswith the terms of this Act whenever the Flpxdleral high baéiltiaouls e h trivicg has funds available for that purpose, ess said an or the e er F Lo Bo rd hall, ts dis retio, otherwise determine. Pam"' ‘°’ ’°°°" agnuy pdilsion desiring tousielzure acloanlthrough a national farm loan may be included ln _ . . . . . mens. association under the rovisions of this Act may, at his option, borrow from the Federal land) bank through such association   sum necessary to pay for shares of stock subscribed for by him m the national 1 farm loan asgocgztion, such sum to be made e;)part pg tllzgace oatghez "¥°”-'°· loan and pai 0 in amortization payments: romd , ever, a Limit. . . . h ddrf to th I shall not be permitted to increase said ldlziii libovdmtlhe linriatagblri imposed in subsection fifth of section twelve. "°“‘“"“‘°”°“*°“?" Sub'ect to rules and regulations prescribed by the Federal Farm allowed land assocm- . . . a =. Lo he d f al farm lo association shall be entrtled to Um retziln asarmcbnnlniligsidril from eacliuinterest payment on any loan indorsed by ithéalp aimount to be determined bayil said bopid not ceed on r centum semrannu y u on e unpar eiinci dlngiesgaid Idan, gnlye amounts so retained as gommissions to lie deducted from dividends (payable to such farm loan association b the Federal land bank, an to make aplphcation to the land bank oz the district for loans not exceeding in e rlaggregate one-fourth of Loans snowed. its total stock holdings rn said land ank. e Federal land banks shall have power to make such loans to associations applying therefor and to charge interest at a rate not exceeding six per centum per annum.