Page:United States Statutes at Large Volume 39 Part 1.djvu/403

 382 SIXTY-FOURTH CONGRESSN Sess. I. C11. 245. 1916. P¤··*··- shall be paid_ to the receiver of said farm loan association: Proigidizfl, ,,,§’§,§;;,'}‘{,2§§§§2,Y' That in estimating sand debts contingent liabilities mcurrip y national farm loan associations under e provisions of this ct on s a es ima an mc u as a e · “£°i’i“€§ °*t-d°f2."i“ °h ""'i°'iZ} °' ’“.i°i.°€°.§’.S ‘§‘.‘i3”cZ‘.it.?¤‘§§f.*'i°E§"’ bilities shall be determined by agreement between the receiver and the Federal land bank of the district, subject to the approval of the Federal Farm Loan Board, Klhdlll sand receiver and said land_bank °"i“é? “g’°°’ 'i‘°?t*"' “‘° $€.1’?`l‘.‘Ii“ .¤..u°f °h‘i.Z`“a’Z‘Qi.i;°t;‘.‘i ?§“Z"}L‘3$3i‘2.‘I.‘Z; an e amoun us asce _ with the provisions of this section from the amount otherwise due ,,,f,FE,?°;;'{‘.*f;'p,‘Ll,§°‘l,],'I‘§'. said national farm loan association forlsaid canceled stock. When- ‘“’· ever the capital stock of a Federal land bank shall be reduced, the board of directors shall cause to be executed a certificate to the Federal Farm Loan Board, showing such reduction of capital stock, and, if ` said reduction shall be due to the insolvency of a_ national farm loan _ association, the amount repaid to such association; ~ * ’* [ _ t,°‘Q°'},‘ff‘,'§,',,,.§2g‘,;_""’ No national farm loan association, 'Fedcral_land_ bank or joint ' ’ stock land bank shall go into vohmtary liegigdation without the written consent of the Federal Farm Loan ard, but national farm loan associations may consolidate under rules and regulations promulgated by the Federal Farm Loan Board. B‘·"°’°¤*"°"°"· srxm Lnorsnarrox. ,,,;",,§° *“‘{,{,{{’,‘,;,&§§ Sec. 30. 'lhat it shall be the duty of the Farm Loan Commissioner www bm to make examination of the laws o 6V8lg0Sl»8t8 of the United States and to inform the Federal Farm Loan ard as rapidly as may be ""‘i“‘°' ".i h‘“.,3s“"g‘“sg %‘i°iIi‘3 i?2'i2?.°€s°§°$i. Sit}? i3s’“.‘..'”gi‘° **2 °°“` veying an re _ _, e c _ o mor es or other instruments securing loans, as well as providing homegtagzd .and other exemptions and granting the power to waive such exemp- §pns gsariespects iirpt macliggagcs, ar? such ag to assure} gh? lliplder ereo uatesaegu agamst ossm theevento ea ton _ _ loans securedil by any such mortgages. g,,§;,°g';)’gg*°';,g;,‘g*°§; thP%id1in§1ltli? maliigg ogaiqla examiiiiatgmn the case of any Spate, b¤¤di&‘¤¢· e e e arm an a may ec re tmort a eson arm lands situated within such State ineligible as the basis log an issue of farm loan bonds; and if said examination shall show that the laws of any such State afford insufficient protection to the holder of first mort es of the kinds provided in this Act, said Federal Farm Loan _ Bear-darliag declare said first mortgages on land situated in such State &jg;§g§¤f"'*‘“°°° ‘° ineligible uring the continuance of the laws in question. In making his examination of the laws of the several States and forming his conclusions thereon said Farm Loan Commissioner may call upon the office of the Attorney General of the United States for an needed legal advice or assistance, or may employ special counselin any _ State where he considers such action necessary. m§;?;$’gc$g*ig*;{*¤¤¤¤* At the request of the Executive of any State the Federal Farm Loan Board shall prepare a statement setting forth in what respects the requirements of said board can not be complied with under the existing laws of such State. _ Penalties. PENALTIES, reisevaimucnsew. Szq. 31. That any applicant for a_loan under this Act who shell ék;3v;1:11§glL(p;;g):§ra;1fy fs; se statemeat in his application for such loan, a oan comnn ee or an a raiser r ` in this Act who shallwillfull overvalue an yla1i)d)oEem<l)a(i=.vs(¢l<‘iilrils)y for loans under this Act, shall be punished hy a fine of not exceeding