Page:United States Statutes at Large Volume 41 Part 1.djvu/592

 SIXTY-SIXTH CONGRESS. Sess. II. Ch. 154. 1920. 57]. "Every such mortgage shall contain an agreement providing for  •¢’°°· the repayment of the loan on an amortization plan by means of a v¤l.3¤,p.sv0,sme¤d- fixed number of annual or semiannual installments sufficient to cover, °d‘ first, a charge on the loan at a rate not exceeding the interest rate in the last series of farm-loan bonds issued by the land bank making the loan; second, a charge for administration and profits at a rate not exceeding 1 per centum per annum on the unpaid principal, said two rates combined constituting the interest rate on the mortgage; and, third, such amounts to be applied on the principal as will extinguish the debt within an agreed pleiriod, not less than five years nor more than forty years: Provided, at after five years from the date p,,,,,,_,,,_,_ upon which a oan is made the mortgagor may, upon any regular m;§·gg;*,6°g_ P°Ym°°“ installment date, make, in advance, any number of payments or any ortion thereof on account of the principal of his loan as (provided by his contract or pa the entire principal of such loan un er the rules and re lations ofy the Federal Farm Loan Board: And provided further, Tgidt before the first issues of farm-loan bonds by any land bank tcII`;_g{ar¤£¤_j¤¤ti¤¤ ¤f1¤- the interest rate on mortgages may be determined in the discretion "` ` if said land bank, subject to the provisions and limitations of this ct." And that the fourth provision in said section be amended by mfL¤¤¤¤zd¤b¤=¤¢¢F striking out in subdivision (d) all after the word "mortgaged " and inserting in lieu thereof the words "incurred for agculturallzpurposes, or incurred prior to the organization of the t Farm can Association established in and for the coimty in which the land is situated," so that the provision as amended will read: "Fourth. Such loans may be made for the following purposes and Purposes of Immfor no other. " (a) To provide for the purchase of land for agricultural uses. P¤r¢¤¤¤ ¤f imd- "(b) To provide for the purchase of equipment, fertilizers, and u§g¤Lr;g¤¤¤t HW live stock necessary for the proper and reasonable o eration of the S ` mortgaged farm; the term ‘ equipment? to be deiinedllzy the Federal Farm Loan Board. "(c) To provide buildings and for the improvement of farm lands; I'¤P*°"°m°“*·°*°- gw term ‘1mprovement’ to be defined by the Federal Farm Loan ` oarr. "(d)_ To liquidate indebtedness of the owner of the land mort- d°T,;¤g¤°¤° °' P’*°' gaged mcurred for agricultural purposes, or incurred prior to the or- ' ganization of the first Farm Loan Association established in and for the county in which the land is situated." Sec. .5. That section 20 of Said Act be amended by striking out ggyjgyfgffgus $25 and 350, in line 2 of paragraph 1, and inserting in lieu thereof modihod. the numeral $40, and also by msertin after $1,000 the words "and such larger denominations as the Federal Farm Loan Board may authorize/’ so that the aragra h as amended will read:, . ~sEe. zo. That twig prowied for in this Act simii be issued in t,5,’.;;?;’.:""°"°“*· denominations of $40, $100, $500, $1,000, and such larger denomi- ,,,{'°‘·"°·*’·“"·"“°"‘* nations as the Federal Farm Loan Board may authorize; they shall Po•¢,p.1862. run for zpecified minimum and maximum eriods, subject to pay- ment an retirement, at the ciption of the land bank, at any time after five years from the date 0 their issue. They shall have interest coupons attached, payable semiannually, and shall be issued in series of not less than $50,000, the amount and terms to be Bxed by the Federal Farm Loan Board. They shall bear a rate of interest ‘¤“’°$‘“”““~ not to exceed 5 per centum per annum." _ Sec. 6. That the last paragraph of section 21 of said Act be s;§¤*:°i°l md pi°n` a111€nd€d_by mserting after the word "president" the W0l‘dS “01‘  mm vice president" and by inserting after the word "secretary" the words  or assistant seeretaigw and also the words "For the purpose of signing such bonds the oard of directors of any Federal and