Page:United States Statutes at Large Volume 39 Part 1.djvu/402

 SIXTY·FOUR'l`H CON GBESS. Sess. I. Ch. 245. 1916. 38]. - upon the purchase and sale b said banlm of State, county, istrict, and mimicipal bonds under subsection (b) of section fourteen of the Federal Reserve Act approved December twenty-third, nineteen hundred and thirteen. nxammarrons. E¤¤*¤¤¤°¤S- Sec. 28. That the Federal Farm Loan Board shall appoint as many ¤»¤i'i¤it°i¤°»¤l°i?¤¥ali»a?°°° land bank examiners as m IES judgment may be required to make p·areful exaxaimigiicgngof the banks and 8.SSOOlB·l3lOI1S permitted to do usmess un er ct. ~ Said examiners shall be subject to the same re uirements, res on- ee? °°'°s' °“°h°'"" . . . . . q P s1b1l1t1es and penalties as are ap licable to national bank examiners » under the national bank Act, the Federal Reserve Act and other provisions of law. Whenever directed by the Federal Farm Loan oard, said examiners shall examine the condition of any national farm loan association and report the same to the Farm Loan Commissioner. They shall examine and report the condition of every Federal land bank angllfoint stock land bank at least twice each ear. Said examiners sh receive salaries to be Hxed by the  S“""“‘ Farm Loan Board. _ . · » x. . _ mssourrrou nm arromrunur or nncmvmzs. ciQ§;Q¤$_{gf· 0* we Sec. 29. That u n receivmg' satisfacto evidence that an D°°‘m*i¤¤ °f i¤· national fail? loanP:ssociationti1asI*_f1:1ile<:l.1t§rymee§sJ(its  S°"°°°y` o`tions anydescrition eeer arm ano ma foiggvitlr deehiignsuchhaigociiadog insolvent anddappoint a receliyeii ,,mm_ an re uire 0 suc on an securit as it eems ro er: rc- Extent tr deem: vided, of hat no national farm loan assdrciation shall Pbepdeclared “°°°“"“"‘ insolvent bg said board until the total amount of defaults of current interest an amortization installments on loans indorsed by national farm loan associations shall amount to at least $150,000 in the Federal land   district, unless such association shall have been in my _ I _ default for a period of two ggars. Such receiver, under the direction ‘°°° '°°°“'°'· of the Federa Farm Loan ard, shall take possession of the books, records, and assets of every description of such association, collect all debts, dues, and claims belondging to it, and, with the approval of the Federal Farm Loan Boar, or upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and, on a like approval or order, may sell all the real and personal property of such association, on such terms as the Federal Farm an Board or said court shall du·ect. Such receiver shall pay over all monply so collected to the Treasurer D¤P°¤** °* *¤°¤•Y=- of the United States, su ject to the 0 er of the Federal Farm Loan Board, and also make report to said board of all his acts  pro- hmm mom The Secretary of the Treasgiiuy-shall have authority to e sit at interest an mone so receiv. ml,. U gpon default of gn obdélation, Federal land banks and joint niiis t° ind stoc land banks may lie dec red insolvent and placed m the hands of a receiver by the ederal Farm  Board, and proceedings shall therergpon be ata  accordance with the provisions of this section r a nationa arm can associations. G In ,. elf anuygnational farm loan association shall be declared insolvent mer. °H`°°k and a receiver shall be appointed therefor by the Federal arm_L0gm Boardk the stgzlk heiil by it in the €`e¢%e1;`;lhl:i1i<'%itbankdo;H1ts distng A Daum! M my canoe wi outim airmen o i yan paymen v - on such stock, with accruedp dividends, if any, since the date of the mm t last dividend shall be first apphed to all debts of the insolvent farm loan association to the Federal land bmk ands the balance, if any,