Page:United States Statutes at Large Volume 39 Part 1.djvu/394

 SIXTY-FOURTH CONGRESS.?i `Sms. I.· C11l’2·i5. 1916. 373 other business not expressly authorized by the revisions of this Act. Second. To loan on first mortgage except throplgh national farm ¤I3`l°a°¢£??`°"°°‘h loan associations as provided in section seven an section eight of this Act, or through agents as provided in sectionlifteen. ‘ Third. To accelptany mortlga-gas on real estate except first mort- ¤;§°S.?p0ftg§§L‘,°f "“" gages created su ject to all tations imposed by section twelve of this Act, 'and those taken as additional security for existing loans. Fourth. To issue or obligate itself for outstanding farm loan bonds ;,,§§°§,,’f‘“‘l""" in excess of twenty times the amount of its capital and suxglus, or to receiple frppln any natglonal farm loan asgociation addition mortgageswen eprmcip rem" unai uponmortg es y received from such association shfll excged twenty timesaghe amount of its capital stock owned by such association. Fifth. To demand or receive under any form or pretense, any  °°”" commission or charge not  authorized in this Act. Aomrrs or rnnmmu. LAND namrs. — I‘°°‘"’““'"""“· Sec. 15. That whenever, after this Act shall have ·been_in effect {1%::3; lgsiigdili one year, it shall appear to the Federal Farm Loan Board dnt °""'°‘ national farm loan associations have not =been·iormed, and are not likely to be formed, in any locality, because of peculiar local conditions, said=board may, ui its discretion, authorize Federal land make loans on farm lands through agents- approved by Such loansshall be subject to the same conditions and restrictions ai-l'i1° ‘° as if the same were made through national farm loan associations, and each borrower shall contribute five ger centum of the amount of his loan to the capital of the Federal lan bank and shall become the owner of as much capital stock of the land banlr as such contribution shall warrant. Mmmm No agent other than a duly incorporated bank, tru t company, ' mortgage company, or savin§ institution, chartered by the State in whic it has its principal office, shall be employed under the provisions of this section. hmm ,0, p_ Federal land banks ma pay to such agents the actual expense of pmisal. ew. appraising the land offered as security for a loan, examining and certifying the title thereof, and making, executixég, and recording the mortgfge papers; and in addition may allow said agents not to exceed one-h of one per centimi per annum upon the unpaid princip: of said loan, such commission to be deducted from dividends paya to the borrower on his stock in the Federal land bank. mpmgmwg Actual expenses paid to agents under the provisions of this section_ shall be ad ed to the face of the loan and (paid of in amortmation payments subject to the limitations provided m subsection mnth of section thirteen of this Act. C I, H of mw Said agents, when required by the Federal land  shall ¤¢,·a—. collect and forward to such banks without charge all mterest and amortization payments on loans indorsed EH them. hdommmt of Any aigent negotiating any such loan sh indorse the same and mcmws. nc. become able for the payment thereof, and for any default by the mortglagor, on the same terms and under the same penalties as if the loan ad been   made by said agent as prmcrpal and sold by said agent to said land bank, but the aggregate of the  clpal of mortgage loans received from any such agent sh not axmd ten tm   cs `td     Tgrgjngtjgn Q If at any time the   'ct represented by ap; agent under the mwprovisions of this section shall, in the judgment the Board be adequately served by national farm lomaseociatacns, shall be negotiated therein bymgmts under the