Page:United States Statutes at Large Volume 39 Part 1.djvu/401

 380 SIXTY-FOURTH CONGRESS. Sess. I.» Ch. 245. 1916. D*'*°°""’· bélfterddediazsing tg; eegtum·or‘ the two per   herteiin- ` to ‘ 1 V reserve accoun said associa on ma;Tli.t discretion, declare a dividend to shareholders of the whole or any part of the balance-of said neteamiw, _ _ ,§§.‘Z,§‘“"“°‘ "' ,"* The reserves of farm loan associations sh be mvested in accordance vgthrrtples and regulations to be prescribed by the Federal Farm L . ~ ,,.,P"$,g‘”§{,.,,‘{’ '”““‘ 0€VIl1erl)ezer any farm loan association shall be voluntaril liquidated hq, . . AH . a sum equal to its reserve account as herem requued sh _ be paid to and become the pbrgpergynqfclthpd Federal land bank m which such loan smsociation may a o er. · D°““"°‘"°‘“’· nnimnmran mans. m o mo a un r o- ”""°°°°"`°°"““`- .?”.‘;i.i5»a.”2‘“‘ “ ""°’°r£§‘“»?,"°i=‘.%‘;‘$‘1t‘.?§°§.¤‘i° ‘°.‘£“‘ii¥’ ’“"' of  Ac ational gum loan aslggsiaggolmgasigeht  h `c said morggifgewasreceiv ’ said r ank g,},’d°f“°" ‘° "’° "‘“’° notified of   ault.     or agent may ltheredplon bg , wi thirty ys su notice, to ' mamt, either by payment of time amount unpaid thdlaloill igogashjadr by the substitution of an equal amount of farm loan bonds issued by said land bank, with all unmatured coupons attached. ,,F,{;,§*’""" “"'“ mmmrnon FROM_TAXAT1ON. ,m§";}:;‘ Sec. 26._Tl1at every     bank and every national farm P¢¢¢,p· rev. loan association, mcluding the capital and reserve or surplus therein and the income derived therefrom, shall be exempt from` Federal, State, municipal, and local taxation, except taxes uponreal estate held, purchased, or taken by said bank or association under the romxmpw umm Linens of sectiopedeleuveg and selgipnb thirteen af this Act.k  rtgages execu o ' t toc banks, and farm loan bonds issued tmder the grovislidllls ol this Act, shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived theregem shall be exempt from Federal, State, municipal, and local Pm I, on xation. _ “‘g§§,§g}‘*_,¤?“'”j°i¤t N°*·l¤¤8 h¤!’6m_8h¤u PYQVGM $110 Shares in my joint stock land bank from bem mcluded in the valuation of the personal property of the owner oraiolder of such shares, in assessing taxes-imposed b authority of the State within which the bank is located· ut such R_s_ msm P um assessment and taxation shall be in manner and subject to the con- ’ ’ ` ditions and limitations contained in section fifty-two hundred and nmeteen of the Revised Statutes with reference to the shares of Ru, mt, unm naltéonal bapking aslsociations. othmg` ereinsallbe 0 t dto tth 1 Federal and joint stock laildnlndlillls annal(l:;:ill1 ations from either State, county, or mnmicipal taxes to the same extent, according to its value, as other real property   taxed. B°°°S‘ [N’VES’l‘MEN’1' nv FARM LOAN BoNns. .·"°°"r§°.f""i’.,f,':,‘,°;":i ssc. 27. That rs 1 b (1 · gd · - - "" "" ” ‘ ic, by Federal im'?i§.§i€`t.°§Z.i3t’iSr%ck “2i.‘§{fi..`i}$.?;.*’.’§X{fi.’s“§i£$i investment for all fiduciary and trust funds, and may be accepted as kdm! mm bn secglrity for @1; public dpposits. banks umm. y mem r bank th F cl ral mjjjfm on M ..11 sm loan bonds isgued lin<lierBths§i;lch?§tSl»ltl31l:is¤ill§l.buy ”“‘d qéagg-%E'¤_ gnygigdgral reserve bank may buy and sell Farm loan bonds issued un er ct to the same extent and subject to the same limitations