Page:United States Statutes at Large Volume 39 Part 1.djvu/400

 SIXTY-FOURTH CONGRESS. Sess. I. C11. 245. 1916. 379 _ (c) To loan on first mortgfes on farm lands within the land bank Ehstruit, qulaliiigsd under this ct as collateral security for an issue of arm oan on. £l1)u'l‘o purclgase United S1gtesd(%>av&·nment bonds. mt mk lm ecaseo ajointstoc an — BF ' (a) To pay off farm loan bonds issued by said bank as theymature. bank (b) Tolpurchase at or below par farm loan bonds. A (c) To an on first mortgages qualified under section sixteen of this ct. (d) To purchase United States Government bonds. The farm loan bonds, first mortgages, United States Government D°’°°"°‘*”°°°°°s’ bonds, or cash constituting the trust fund aforesaid, shall be forthwith deposited with the farm loan registrar as substituted collateral securitiy  tplalcieupf the sums paid on the principal of indorsed mortes e in trust. _ _ gailvery Federal land bank, or joint stock land bank, shall notify the N°“°°°w"°°°m°"‘ farm loan registrar of the disposition of all payments made on the principal of mortgages held as_ collateral security for an   of farm oan bonds, and said registraris authorized, at his discretion, to order any of such payments, or the proceeds thereof, wherever deposited or however invested, to be immediately transferred to his account as trustee aforesaid. · rmsrmvirs arm nrvrnmms or LAND saints. ¢11§¤§l°°"°s °“° Sec. 23. That every Federal land bank, and every joint stock land ;,,,1§’;§".,§{,,Z,‘,},,_°°°°““° bank, shall semiannually carry to reserve account twenx-five per centum of its net eamings until said reserve account sh show a credit balance equal to twengyhper centum of the outstanding capital stock of said·land bank. enever said reserve shall have een B°"“*°°*°"°"°P*· im aired, said balance of twenty infer centum shall be fully restored befbre any dividends are paid. ter said reserve has reached the *“”‘“*‘“““‘°"‘· sum of twenty per centum of the outstanding capital stock, Eve per centum of the net earnings shall be annually added thereto. or S“°P°'“°“°°°'*°°· the period of two years from the date when any default occurs in the payment of the interest, amortization installments, or principal on an first mort age, by both mortgagor and indorser, the amount so deiaulted sha1? be carried to a suspense account, and at the_e11d of the two—year period specified, imless collected, shall be debited to reserv a cunt. ‘ Aftdir dsducting the twenty-five per centum or the five per centum degiisyinm M dm. hereinbefore directed to be deducted for credit to reserve account, any Federal land bank or joint stock land bank mauy declare a dividend to shareholders of the whole or any mt of e balance of its mm t I net earnings. The reserves of land banks s _ be invested m accord- ,,,,,_ m°° ° "' ance with rules and regulations to be prescribed by the Federal Farm. Loan Board. nmsmrva am: nrvmmms or NATIONAL ram: mm Assoowrrous. mlfsnme alviiicail Sec. 24. That every national farm loan association shall, out of ml‘¤°li°{¤i¤ig¤.°°°°°°t 'ts t, ual? ca to reserve account a sum not lessnghaliiartgeliilgs  o suclhrynet earnings until said reserve igcoxmt shall shllw a cf·editl;>a.l;1ncedequal toti¤twenty per centum of i5Sl58·Dd1Dg· `ta stoc o said associa n. ‘ B, n I _ f%V(l::never sa1dcr?eIsiiarve1;al‘.1laHbl;a}rle;1l>em said  balance m N mt tw tum ore any rvi I H, mm centum, two percentumof the nat earnmgsshall beamxually ad
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