Page:United States Statutes at Large Volume 42 Part 1.djvu/1483

 1456 SIXTY-SEVENTH CONGRESS. Sess. IV. C11. 252. 1923. of such corporation exceeds the amount of such liabilities permitted under the laws of the jurisdiction creating the same; or exceeds ten times the paid in and unimpaired capital and surplus of d,§p,,‘*§_‘{,"H,  such corporation. It shall be unlawful for any national bank which \¤¤¤¤¤¤¤¤*¢=°¤¤· is indebted to any Federal Intermediate Credit Bank upon paper discoimted or purchased under this section, to incur any additional indebtedness, i by virtue of such additional indebtedness its aggregate liabilities, direct or contingent, will exceed the limitations herein contained.” · M¤¢¤¤°Y°*P°P°'- (c) Loans, advances, or discounts made under this section shall have a maturity at the time they are made or discounted by the Federal Intermediate Credit Bank of not less than six months nor more s¤1¤¤n¤•¤s,¤¤:. than three years. Any Federal Intermediate Credit Bank may in its discretion sell loans or discounts made under this section, with or without its indorsement. Approval oriurmst (d) Rates of interest or discount charged by the Federal Inter- °' °m°°‘ mediate Credit banks u n such loans an discounts shall be subject O°¤ridhl¢°i»`Q°u`i•$»§ to the approval of the lggderal Farm Loan Board. On the majority mb- vote of the members of the Federal Farm Loan Board any Federal Intermediate Credit Bank shall be uired to rediscount the discounted paper of any other Federal.eIntermediate Credit Bank at rates of interest to be fixed by the Federal Farm Loan Board. D°l>°¤°°’°°· isscrn or nnmmrunns. Im? ¤¤*¤¤¤¤°d °‘· “Smo. 203. a That Federal Intermediate Credit Banks when Euiili-hgyigr? mm chartered and hsizablished, shall have power, subject to the approval · of the Federal Farm Loan Board, to borrow money and to issue and to sell collateral trust debentures or other similar obligations with a maturity at the time of issue of not more than five years, which shall S°°“"""°‘*‘”‘°°‘ be secured by at least a like face amount of cash, or notes or other _ such obligations discounted or urchased or representing loans made Pahildnhzrazmm, under section 202: Provided, That no- Federal Intermediate Credit Bank shall have power to issue or obligate itself for debentures or other obliglations under the provisions of this section in excess of ten times the amount of the paid-u capital and surplus of such bank. ¤¤1?1;i·p°"$i°i;i-m iiigii (b) The provisions of Tit e I rellating to the preparation and issue ¤¤gg,¤·39 W3,5__.,.,.,_ of farm loan bonds shall, so far as applicable, govern the prepara- ' ’ tion and issue of debentures or other such obligations issued under this section ; but the Federal Farm Loan Board shall prescribe rules and regulations governing the receipt, custody, substitution, and release of collateral instruments securing such debentures or other ob- ¥¤¤¤‘¤¤¤ ¤¢¤¤· ligations, the right of substitution being hereby granted. Rates of interest upon de entures and other such obli tions issued under this section shall, subject to the approval of ti; Federal Farm Loan lies;-d, be fixed bydthe federal Intermediate Credit Bank making G I I the issue, not excee mg per centum r annum. “ billlttgaguued. t U1" “(c) The United States Governmenimshall assume no liability direct or indirect, for any debentures or other obli ations issued under this section, and all such debentures and other obligations shall conta1n conspicuous and appropriate lan age, to be prescribed in form and substance by the Federal Farm Florin Board and approved b tlie Secretarydof the Treasury, clearly indicating that no such liabill; 1 y is asum . mS°°°°°”°°°‘ msoomwr nuns. n¤?$hI¤;$gi’.N °l _‘fSec. 204. _(a) That before making any discoimts under the pro- an rom arateo iscounttobea rovedb the °“‘°“"‘“'°‘* Federal FarmIna.n. Any Federal Intermediytg Credit Bank
 * t¤;%ziisgl:>f tléis title, each Federalfléntermediate Credit Bank shall