Page:United States Statutes at Large Volume 39 Part 1.djvu/398

 SIXTY—FOUB.TH CONGRESS. Sass; IJ Cul 245: 1916. 377 · * romi or renin mm sonnet:  * » »': F¤*¤¤*’>°¤¤¤· Sec._20.;·That bonds provided for in this-Act shall be issued in t}§‘§,'§"‘°"°“‘# denominations of $25, $50, $100, $500, and $1,000; they shall run for specaied mmimum  maximum periods, subject to payment and retirement, at the optionof the land bank, at any time after five years from the date of their issue. They shall have interest cou ons attached, payable semiannually, and shall be issued in series of not 1 less than $50,000, the amount and terms to be Hxed by the Federal Farm Loan Board. They shall bear a rate of interest not to exceed 1¤¤¤¤¤¤¤•¤•- fiv';§er centum per annum. ` e Federal Farm Loan Board shall prescribe rules and regulations *"""‘°"‘· °‘°· concerning the circumstances and manner in which farm loan bonds shall be paid and retired nmder the provisions of this Act. Farm can bonds shall be delivered through the registrar of the D¤UV¤fY ¢¤ ¥¤·¤k. district to the bank applying for the same. J ‘ s In order to furnish arm loan bonds for delivery at·the Federal ;,;,‘;*g'y'f"°°· ""’·»°‘ land banks and joint stock land banks, the Secnetary of the Treasury is hereby authorized to prepare suitable bonds in such formssuhieet to the provisticgas ol; thihxct, as the Fgzleral a rove,suc n w regredto cm. = asurysu 'ect tgpdelivery upon order di e Federal Farmslman Board; The .§“'°°°’ °‘ ’°‘°“· engraved plates, dies, ”bed-pieces and so forth; executed invconnection therewilgmlrshsill  "urthe cu.st;»1ody·of theaSecretag10f th; Treasury. i expensesm in apr eration, cus y,ai1 · delivery of suclifarmloan bdnds shall be paidibysthe Secretary of the Treasury from my funds in the Treasury not otherwise appropriated: Provided, however, That the Secretary shall be reimbursed for §Z°°U»i$§¤¤m¤i. such expenditures by the Federal Farm Loan Board through assessment upon the farm land banks in proportion to the work executed. They may be exchanged into registered bonds of any amount, and reexchaxtged into coupon bonds, at the option of the holder, under gegd an regulations to be prescribed by the Federal Farm Loan srscnu. reovisious or mam LOAN nouns. ,,_§,'f°‘“‘ "°"‘* ¥"°"" Sec. 21. That each land bank shall be bound in all respects by the N§;j§’°““*"“"¥ °‘ acts of its officers in signing andissuing farm loan bonds, and by the acts of the Federal Farm Loan Board in authorizing their issue. Everyl Federal land bank issuing farm loan bonds shall be pri- m’;§’.‘fm‘¥ °‘ ““*"¢ maril 'able therefor, and shall also be liable, upon presentation of farm loan bond coupons, for interest ayments ue upon any farm loan bonds issued by other Federal lang banks and remaining unpaid in conseqlpence of the default of such other land banks; and eveiayl such ban shall likewise be liable for such portion of the PITDCIP of farm loan bonds so issued as shall not  paid after the assets of any such other land banks shall have been hpiudated and distributed: Pmm Promkled, That such losses, if any, either o interest or of principal, amsmmzamsa. shall be assessed b the Federal Farm Loan Board against solvent land banks liable therefor in proportion to the amount of farm loan bonds which each may have outstanding at the time of such assessment. H,. Every Federal land bank shall by appropriate action of its board R°°°'°°I °“‘ of directors, duly recorded in its minutes, Qbhgatp ll»S6lf to become liable on farm lean bonds as provided in this section. Fm ,,,,,,,,,,,_ Every farm loan bond issued by a Federal land bank shall signed by its president and attested y its secretary, and shall contain in the face thereof a certificate signed by the‘I•`ann Lean_Comxms— sioner to the effect that it IS issued under the authority of the Federal Farm Loan Act, has the approval in form and issue of the Federal