Page:United States Statutes at Large Volume 39 Part 1.djvu/395

 374 SIXTY=FOURTHa CONGRESSJJ Sess. I. Ch.·245. 1916. Ioint stock land r _ JOINT gg·0°g.LANp ];ANKg_ ,,,§4"',Q',{‘l"" °'* ’°’ Sec. 16. That corporations, to be known as joint stock land_banks for carrying on the business oflending on farm mortgage security and issuing farmeloan bonds, ms be formed by any number_of natural persons not less than ten. They be organised subject to the _,,,,, nm requirements and under the conditions set forth in section four of Q Il - this Act, so far as the same may be plicable: Promded, That the ' boargsgf   of eivgy joint   bank shall consist of  °‘   1;x:¢Ty joint stock,     organized under this Act shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and agements of such bank to the extent of the amount of stock ownelvld y them at £t;i:tp3rb;al;1;1e,  addition to the amount paidin and repre- °""'*‘**’°"""·“°· Except as otherwise provideclhjoint stock land banks shall have the powers of, and be sugject to the restrictions and conditions imposed on,_Ij`cderal lan  by   Act, so far as such restrictions {,,’[_°°‘~g*;mmmn, and conditions are gpphcablez Promded, however, That the Governwmmpm ment of the United tates shall not purchme or subscribe for any of the capital stock of any such  and_each shareholder of any such batnk flialll have go voting privileges as holders of shares in na ion anlnng cm ions. — ,. “““‘”“f““" itszgzizusmnmtn,·tl·;·tmava.*:*:,:,*°f,‘a,me;b“g:;* . _ _ _ » s o es e mnlsustness nitric- amount of its capita and surplus, or·t0 receive do its or to transact
 * gy0l]>S o;;ther  not expressly rautmzed by the pro-

C **1**** MMM- No stock land bank shall be authorized   do business until capit stock to the_ amount of at least $250,000 has been subscribed, one-half thereof paid m cash and the balance subject to call by the and acharterhasbeenissuedtoitby the Federal '·*‘“" ""’°°"s· ltlodoint stock land bank shall issue any bonds nmtil after the Distinctive term, cagt stff lsbgngy Pgldd up`. . . · me mgrdggéd Sum bg $*5* (1.]:7 l°!¤l'· land blank? shall be so re y is nngiush loan bonds sas by Feats and esti; $2% §§n°23§,L'%?; til'; such tdistmgmshnng marks as the Federal Farm Loan Board shall E==·¤=v**¤¤¤- Joint stock land banks shall not be sub` t t the ‘ { _{¤n·,g’rI;b§73§0,m_ subsection (b) of section seventeen of this   astlo iutePrle•sF:(l:l: JL mortgage loans or farm loan bonds, nor to the provisions of subsec. P wl cfgst,Sfourtl;; sigth, seiventh,Pan0dyi;;3th of sectiolnh twelve as to r.Z¤¤s`"i¤sm¤m. On on . Or gage mms: " », at no loans shall be made which are not sec ed b first f wanna the ssa in which Sun. j'Z’£n_s%ck n‘$i°iE‘§“§i’tE‘is“,‘$§?.i office, or within some one State contiguous to such State. Such joint stock land banks shall be subject to a  other restrictions on mortgage loans imposed on Federal land banks in section twelve of this Act. r¤¤¤¤e¤ ¤¤¤w»<¤. Joint stock land banks shall in no case charge a rate of interest on farm loans exccednpg bt; more than one per centum the rate of pggolrlest established or e last senes of farm loan bonds issued by egg; y ggfvd snioiatpgtoglk land banks shall in no case demlpnd or receive, under _ _ retense, any commission or c arge not specifically ,,,,{‘,§§‘°'“" ‘° “‘“° aulillncclhzjbiixlxt 1§l:>scl€(l§.i1d bank organized under this Act shall have R•¤¤*¤*¤*¤¤*¤- authority! to issue bonds based upon mortggcs taken by it in accordance wit the terms of this Act. Such nds shall be in form pre-