Page:United States Statutes at Large Volume 41 Part 1.djvu/591

 570 SIXTY-SIXTH CONGRESS. Sess. II. Ch. 154. 1920. Avri120, 1920- CHAP. 154.-An Act To amend certain sections of the Federal Farm Loan Act, approved July 17, 1916. Be it enacted by the Senate and House of Representatives eg the United A§°$},_{”`,,§,'i‘},‘,sl‘°°“ States ¢_;fAnwr12:a in. Congress assembled, That the sevent paragraph ¤·=,,,»··;;,, ¤·=-·~——»»»» of ""2f“‘°“ 3 b° ’“l‘°‘2id°‘l.l"' “‘*dZ“g Z$t‘2f.i’l§`i1`l3$§iiI’§{{¤t.‘lil".§'i2ti2 - an maya om a ep yregis rar mh absence or Iliisabilit of the registrar perform the duties of that Y. . . . . . oHioe" arid pllso by;-cpsddipg after ‘ ‘registrapp," mhthetplixth lme of paid paragrap the wo eputy registrars, so t at e paragrap as amended will read: $`,f';,";§§6'f§,“;,,‘:§,‘,§; “The Federal Farm Loan Board shall appoint a farm loan registrar ed- ' in each land bank district to receive app cations for issues 0 farm loan bonds and to perform such other services as are prescribed by Deputy registrars. this Act, and may appoint adepupy registrar who shall durinlg the A mms md °x_ unavoidable absence or disability o the registrar perform the uties ,,miK£,s, of that office. It shall also appoint one or more land bank appraisers Om for each land bank distnct and as many land bank examiners as it ,.,,_.m,,°§,,§}°p'°""‘°“t’ shall deem necessary. Farm loan registrars, de uty registrars, land bank ap raisers and land bank examiners appoilnted imder this section shall be piiblic officials and shall, during their continuance in office, have no connection with or interest in any other institution, Prom association, or partnership engaged in banking or in the business of Temporary employ. makingliland mortgage loans or selling land mortgages: Provided, °°S· ghatdt s hmgppltion plhall nogpl applynto persons employed by the oar tem or to 0 speci work. "°p°°“] °"°"d”’  2. That tile first paragraph of section 10 be amended to read . as o ows: m€¥l$°§¤°{,l;?E?s.$EE§ “That whenever an application for a mortgage loan is made through ‘°\$_§,°§,‘g§b_36,,,m,¤d_ a national farm loan association, the loan committee provided for in ago] 39 366 section 7 of this Act, shall forthwith make, or cause to be made, such ' ’p‘ inyestigatipixs it hinay deegn lnecpgpiary as tin lphe characteé and so vency 0 _ app cant an the s ciency 0 the securit 0 ered and cause written report lto be_ made of the result of such itivestiga- A ml tion, and shall, if 1t concurs in such rapport, approve the same in ppm · writing. No loan shall be made unless e re ort is favorable, and b£;,k,,,,,,SS,,,,, to md tha llphan corngittee 1srt1manimo:11s_intp1ts approgsll thereof. h hull b · ewri nreo r uire m epreceing ara ap s e submitted to the gederallqland bank, together with tig; application for the loan, and the directors of said land bank shall examine said written report when they pass on the loan ap lication which it www mud Mw accompanies, but they shall not be bound by saidpappraisal." caucus.  3. That the third paragraph of section 11 be amended to read as 0 ows: N}Tt;i.ll;9,¥.ll;°i·i€»l§itia¤d- "Third. To fix reasonable initial charges to be made against applij.,,,,,,,_ cants for loans and to borrowers in order to meet the necess ex- L¤¤¤¤¤- penses of the association: Prermkied, That such charges shy not mmm me mp exceed ampiunts to be pxed py the Farm Lopng3<n1.rd, and shall in no F ‘S ·caseexcee ercenumoteamoimtoteoan l`df ;t acquire and dllspose oi fprogrtg, real and persp)nal,aItlidt? mg; bg _ _ necessary or convemen or e ansaction 0 its ." lg°,ZZ§§;§S§g;;°;;Sgs. Sec. 4. That section 12 of said Act pe amended  out in ·4¤***¤*··’=m ° · the second provision the words"add1tional payments in sums of $25, or a.1;yg1l;lt1plp_tl1e1‘e0f foil the re<Z%)uct1<;1l11 of the principal, or the pay- men 0 e_en ireprinci may em eonan re t ll t date/’ and inserting in lieu, thereof the words jtheggdiltgliizdr girly, upon any regular mstallment date, make in advance any number o paymentsor any ppgtion thereof on account of the principal of his loan as provided by _ contract or ay the entire principal of such loan," so that the provision as amended will read: