Page:United States Statutes at Large Volume 39 Part 1.djvu/391

 370 SIXTY-FOURTH CONGRESS. _ Sess. I. Ch. 245. 1916. °•**'*’¤°¤°°‘¤· Second. To receive from the Federal land bank of its district funds ` advanced by said land bank, and to deliver said funds to 1ts shareholders on receipt of first mortgages qualified imder section twelve of ` A t. u;“j¤°*'°» °'°· P'°P·  To acquire and   of such property, real or personal, as y maly be necessary or comgment for the trgnsaction of its bus.;;mpss.d '*·S°°°°'°*°°°'¤*** urth.T cerf tesagams't itsocurren uns d°p°m` be Q inter(s1§l>‘i·cnotlo` cu than one eagrtsnot to exceed four per arms PSM Y . . centum er annum after six dags from date, convert1ble into farm loan bonds when presented at the 1 ederal,lan_d  of the district in the U’° °' °°*’°“"" amoimt of $25 or any multiple thereof. michgpposits when rece1ved, shall be forthwith transmitted to   land b and be invested by it in the purchase of farm loan bondsissued by a Federal land bank or in first mortgages as deHned bythis Act.· _ I·°°'"°°“’°“°”· ansrmcrrons on mans msnn on rmsr uoirreaems. $P°°*°°° °°'*”“°'”· §kaci012. That no Fedegl lpnlil bank organizedlundefi  Act shall m except u n e o owing terms an con 10ns: '*`°°”*¤°'*¢*¢°¤· l·`ii}·st.&Smaid loans shzll be secured by duly recorded first mortgages on fartcrtx; land within the land bank district in which the bank is situa . A’”“*"*”,m‘,,*°“,,, °¢’°* Second. Every such mortgageshallcontainan cement rovidm' g mileisuls. for the repayment of the loan on an amortizatiodlilan by ngeans of a fixed num er of annual or semiannual installments sumcient to cover, Hist a. charge on the loan, at a rate not exceeding the interest rate in the last series of farm loan bonds issued by the land bank making the loan; second, a charge for administration and proHts at a_ rate not gaceeditiglg one lpercdcentniiplxitpleiezr  otnn-this u1;pa1d phrmcipaik said ora comm cons em osraeon e o ; and, third, such amounts to bglgpplied on the principal as  eilinagunsh the debt within an   ggiod, not less than five years nor {am ummm more than forty years: Provided, at after five years from the date ‘ upon_ which a loan IS made additional payments in sums of $25 or any multiple thereoffor the reduction of the principal, or thilpalyment of the entire principal, may be made on arlgy regular mst ent date m _ H I under the rules and regulations of the edcra.l Farm Loan Board: s.£°¤Jm°° °” ° And gfhattbefpge the first issue of fa;-in lem bonds by anyan u emeres ra onmrtgag dtermm` d` she dispregionlpftsaid land bank subjegt to tliéelplrigvissxns and lirilitl: 10IlS o t s c. “°‘° °' ‘”"”°°‘- 'l'hird. No loan_on mortgage shall be made under this Act at a rate of interest exceeding six per centum per annum, exclusive of amortization payments. P¤rp¤s¤=- Fcpilrtn. Such loans may be made for the following purposes and for no o er: "“’“*'““°‘ ‘“”‘E (a) To provide for the purchase of 1 d f lt 1. Sm*;;§f_{§_’“°"‘· ""° (b) To provide for the purchase of gui (irleixgtillildrtpililzaerslssifid live stock necessary for the proper and reasonable o eration of the mortijzgrai  ; go aerd term “equ1pment" to be degned by the Federal ImP’°"“‘°“’v °‘°· (c) T0 rovide   and for th 1; f f l · itsutgm Rimpmvtmtdminti Se be as¤§d"?,‘§"‘riI2*¥2‘&tr21 1??.?i.. iffiii Paimmtd @*¤8 gd) l1‘o li uidate indebtedness of the f th land d  .mug_.t its are of the organizatioii?>lvili:H)rst1?ationalu;iirri§ia§>8an assoc1ation established in or for the county in which the land mortguag;zgO1Is;;¤,étpIatiehdi;;<;1;%c1xtiid)¢;}·>tedness subsequently incurred for purposes