Page:United States Statutes at Large Volume 42 Part 1.djvu/1484

 SIXTY—SEVENTH CONGRESS. Sess. IV. Ch. 252. 1923. 1457 which has made an issue of debentures under the rovision of this title may thereafter establish, with the approval of the Federal Farm Loan Board, a rate of discount not exceeding by more than 1 per centum per annum the rate borne by its last preceding issue of delgczgtgurlgs. I 0 organization entitled to the rivile of this title shall, R*”°"°°*°PP¤*° ¤*° without the approval of the Federal Falim Logis Board, be allowed  mmm bm to discount wit any Federal Intermediate Credit Bank any note or other obligation, upon which the original borrower has been charged a rate of interest exceeding b more than 1% per centum per annum the discount rate of the Fedyeral Intermediate Credit Bank at the time gmk lgaré wap rfiade. cd C d B nk B in nt c e era nterm iate re it a ma sub`ect to the i “’ °P°"“"" approval of the Federal Farm Loan Board, buy inylzhe open market tmmdsboutmsiawi at or below par for its own account and retire at or before maturity any such debentures or obligations issued by it. CAPITAL STOCK. CBPISBISCOCK. "Sec. 205. That for the purpose of exercisin the powers con- ,,_;},'}’°“”‘ °”“*’°°"P‘ ferred by this title, each Federal Intermediate Tlredit Bank shall have a subscribed capital stock of $5,000,000. Capital stock of such edge? sig., blly Shi: amount shall be divided into shares of $5 each and shall be sub- "°'°'“"‘°“*· scribed, held, and paid by the Government of the United States. It shall be the duty of the Secretary of the Treasury to subscribe to such capital stoc on behalf of the United States, such subscription to be subject to call in whole or in part biy directors of the said banks upon 30 days’ notice to the Secretaxg 0 the Treasury and mm me with the approval of the Federal Farm Loan oard. The Secretary T,2§,‘?° of the Treasury is authorized and directedto take out shares as called and to pay for the same out of any money in the Treasury not otherwise appropriated. Arrucarxoiw or EARNINGS. E""‘”“"‘ " Sno, 206. (a) That the Federal Farm Loan Board shall eqpitably ,,,lZ,§’§§‘{f,*,§’,P{‘f,‘;p§,’,§’¥,§§ apportion the joint expenses incurred in behalf of Federa Land ,1;¤j:urg:=n §¤r¤·¤ *0 Banks, Joint Stock Land Banks, and Federal Intermediate Credit Banks and shall assess against each Federal Intermediate Credit Bank its proportionate share of the expenses of any additional personnel in the Federal Faxkmllioan Bureau made necessary in connec- ` with the o eration 0 t is rovision. _ mw(b) After [ill necessary egpenses of a Federal Intermediate m;}K}’§.-°3d{}'§§,§k§T"* Credit Bank have been paid or provided for, the net earnings shall be divided into equal arts and one-half thereof shall be paid to the United States andp the balance shall be paid into a surplus '!`¤¤¤¤’r>*¤¤¤¤¤¤- fund until it shall amount to 100 per centum of the subscribed capital stock of such bank and that thereafter 10 per centuin of such Fmm,S°m_ earnings shall be paid into the surplus. After the aforesaid requirements have been fully met, the then net earnings shall be paid to U I _ d the United States as a franchise tax. The_net earnings derived by mtosglg ,?;s”,'j,;¤S§_P•* the United States from Federal Intermediate Credit Banks shal, in the discretion of the Secretary of the Treasury, be used to supplement the gold reserve held against outstanding United States notes. or shall be applied to the reduction of the outstanding bonded indebtedness of the United States \1¤d€1‘ i'€g¤l*’·tl°“S to be Pmscnlled Mm dssuiunw, by the Secretary of the Treasury. Should a Federal Intermediate •:e.,¤na¤x. Credit Bank be dissolved or g0int0 liquidation, after theupsarment of all debts and other obligations as hereinbefore provide, any 42150**--23——92