Page:United States Statutes at Large Volume 41 Part 1.djvu/1168

 1148 SIXTY·SIXTH CONGRESS. Sess. III. CHS. 78, 79. 1921. February 27, 1921. CHAP. 78.-An Act To amend section 4 of the Act approved July 17, 1916. known as the Federal Farm Loan Act, extending its provisions to Porto Rico. Be it enacted by the Senate and House of Representatives of the United b8§g°*’=*I Fm I-°¤¤ States of America in Congress assembled, That paragraph 2 of section Vol.`39,p.362,amend- 4 of the Act approved uly 17, 1916, known as e Federal Farm °d‘ Loan Act be amended to read as follows: Bank mr- each an- "The Federal Farm Loan Board shall establish in each Federal M"' land bank district a Federal land bank, with its princi al office located in such city within the district as said board shall diesignate. Each Federal land bank shall include in its title the name of the city B¤¤¤¤·>¤· in which it is located. Subject to the approval of the Federal Farm _ _ Loan Board, any Federal land bank may establish branches within .,0°I?§,{§§_‘§_§‘,§°‘f‘*°“d°d the land bank district. Subject to the approval of the Federal Farm Loan Board and under such conditions as it ma prescribe, the provisions of this Act are extended to the island of Forte Ricoand such Federal land bank as may be designated by the Federal Farm Loan Board, is hereby authorized to establish a branch bank at such oint as the Federal Farm Loan Board may direct on the Jammuam. island ofp Porto Rico. Loans made by such branch bank, when so established, shall not exceed the sum of $5,000 to any one borrower and shall be subject to the restrictions and provisions of this Act, except that such branch bank ma? loan direct to borrowers, and subject to such reiilations as the ederal Farm Loan Board may prescribe the rate c arged borrowers may be 1% per centum in excess of the rate borne by the last precedin issue of farm loan bonds of the Federal land bank with which such granch bank is connected: Proi·>:·Ki.°°` alzikted, lwwevgr, Tliat no loans ilhall be made in the island of Porto abs, ti n 0, ico to run or a o er term t an twenty years. _ =¤<§¤1=1>ir1><l:rr¤(i~‘¤r¤i- "Each borrower Iiirough such branch bank shall subscribe and pay for stock in the Federal land bank with which it IS connected m the sum of $5 for each $100 or fraction thereof borrowed; such stock shall be held by such Federal land bank as collateral security for the loan of the borrower; shall articipate in all dividends; and upon full payment of the loan shalllbe canceled at par and proceeds paid to borroylviqri or the borrower may apply the same to the final payments on oan.’ Approved, February 27, 1921. e 27 . .·· anna oresmoo o. M t N _ He it enacted Fig the Senate and House eg' Re;-Hlesentatives of the u¤¤$°1¤r:¤:»ii:°c`Z1¤.° United States eg merica in Congress assem Zed, at the Secretary “Qg§g;e°°§§§_ ‘°;,,"{§ of the Interior e, and hereby is, authorized in his discretion to accept owners. ’ on behalf of the United States title to any land free and clear of all incumbrances within the Montezuma National Forest, or within section twenty-three, township thirty-seven north, range fourteen west, New Mexico prinq%>al meridian, within the State of Colorado, which in the opinion of e Secretary of Agriculture are chiefly valuable for national forest purposes, or or the rotection of stream flow, and in exchange therefor may issue patent dir not to exceed an equal value of such national forest land, or to exchange timber within the said national forest, as may be determined by the Secretary of Agriculture to be of approximately equal value and acceptable to the owner or owners as fair comgpnsation, considering any reservations which either the grantor or e Government may make of timber, minerals, or easements. Timber given by the Government in such exchanges shall be cut and removed under the direction and super
 * )l;!§`;§;¥N§g6?;g,;%_ NCt?A{’.F79.;—AnGx§ct!$z}1uthodzing the exchange of lands within the Montezuma