Page:United States Statutes at Large Volume 39 Part 1.djvu/399

 378 SIXTY-FOURTH CONGRESS Sess. I. C11. 245. 1916. — Farm Loan Board, and islegal and  in all respects; that it is not taxable by National, State, mumcipal, or local authority; that it is issued against collateral security o United States Government bonds, erin orsed first mortgages on farm lands, at least e ual in amount to the bonds issued· andtthat all Federal land bagss are liable for the payment of each  -. ,,,,;;;"‘{‘,‘?,§{,‘§{,‘,,{‘““ . arruoamon or amnrmarmx aim jmrrnnsr rnrmms. m$¤ml=•¥¤¤¤| ¤•¤·  22. That whenever- any Federal land_bank, or joint stock ` land bank, Elhsall receive any interest, amo1*t1zat1o1:hor pgier paymegrts tmortgage o:.··_ §dged.asco te security or _   farm loan onds; it sh   notify the farm loan registrar of the items so received. Said registrar shall forthwith cause such ayment to be duly credited uponthe mortgage entitled to such credit. Whenever any such mo is aid in full, said  °" registrar shall causethe same to be can and delivered to the pfroperlrand Bank, which shall promptly satisfy andudischarg;1 thealien rece an transmit can mortg e to e 01'l.g1I1• 8 wm no I wl thereof, or his heirs, administrators, executggs, or  _ m or m,'f,,,,°‘},,,,§,_° ‘ hmlgipon written application by any Federal land bank, or jomt_ stock _ bank, to the farm loan registrar, 1t may be permitted, in the discretion of said-registrar, to withdraw any mortgages or bonds pledged as collateral securrtgybunder this Act, and to substitute therefor ` other smnlar mortgages or mted States Government bonds not less in amount than e mortg§? or bonds desired to be withdrawn. s:i·.?*°`*·`=i"°"“*···*··='°`°" S ;'§f,’.l%‘T.'£ a ·“tm‘ °'°°“£.°““ ‘iI.l»‘“£§"“° ’°1‘If"°‘L"‘t.1£’f u 11, ·_ cu: ;_eys aea_e land bank by which they were msued, an gold or lawfiilsinoney, and M °”“" "°'*'°* gpon payment shall be duly canceled by said bank. At the discretion the Federal Farm Loan Board, payment of any farm loan bond or coupon or interest payment may, owever, be authorized to be made at any Federal land ank, any joint stock land bank, or an other gmk, I1;ider and regulations to be prescribed by the Federal arm an ar. . . _ W“'*j§;*'*;* °' sg When any land bank shall surrender to th f 1 $$3. d uw? I registrar any farm loan bonds of any series, canl):ell;1d)Idil·r1m:IjaIiln1cel)e°dI; said land bank shall be entitled to withdraw first mor ages and bonds pledged as collateral security for any of said series oftlgarm loan bonds to an amount equal to the farm loan bonds so surrendered, and it shall be the duty of said registrar to permit and direct the delivery of such mcirgtgages and bonds to auch lgnd beaink. Disposal of interest GIBSU payments 011 p0l5 C C ETSI. hal] °"“‘°"$°‘°"· disposal of the land bankypled 9 a the samxialflatngctlicliall be lisrsilatbllg {gr tig; paymplnt of coupons and the interest of farm loan bonds as e ecome ue. Jag: gmt umm, _ glbenever any bond matures, or the interest on any registered bond E. SEJSZLEEE ¥L’§‘§’.‘§“ °‘$§‘€‘ ZJ’°¥§’ ‘*?1l'1i’ ld £`X°?’ lidhii ?“‘“° Sm vi in c, mmm! I mi- thfiglg Sllfllgibc pagllilzlp the ]Fo]d6:._ th . I E M6 Value {lOl! BEC 0 AHL!]  an O -81- 3     - ‘“ * " "“’“‘ “‘ held by a farm loan registrgrlrzsncollateral ;eld$llyPii>r0thfiemid'slI1§)bl%'hgr§ loan bonds shall constitute a trust fund in the hands of the Federal land_ bank or jomt stock land bank receiving the same and shall be appxlied or employed as foHows:, basis mimi land the case of a Federal land bank— ' gg; $0 pay <§i;11'¤; l08·Ii)l30mlS lSSl}Bd bylsaid bank as they mature. o pure a or e o · · but or by my other rsss"it£§‘b2§Llf °’“‘ b°“‘“ ‘““°" by *““‘*
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