Page:United States Statutes at Large Volume 42 Part 1.djvu/1491

 1464 SIXTY—SEVEN TH CONGRESS. Sess. IV. Ch. 252. 1923. b,,Y;{¢;;?s¤sjm$}g‘§¤mt he- (b) The United States Government shall assume no liability, di- ` rect or indirect, for any debentures or other obligations issued under this title, and all such debentures and other obligations shall contain conspicuous and appropriate language, to be prescribed in form and substance by the Comptroller of the Currency and approved by the Secretary of the Treasury, clearly indicating that no such liability is assumed. .v‘g”“%°“°¤’b°S°d°¤ c An obli ion referred to in paragraphs (1) or (2) of subgiti6i¤'t:1°kr<il:1“§£ dixiision gi) ofgtliis section, which is secured by chattel mortgage mw' upon live stock of an estimated market value at least equal to the face amount of such obligation may be additionally secured by mortgage or deed of trust upon real estate or by other securities, under such regulations as may be made by the Comptroller of the Currency. ¤¤¤i¤¤¤¤S· LIMITATIONS. ,,,g*;‘,.{",,‘§F °m““°‘“""* Sec. 204. Except as hereinafter provided in section 207 of this title, no National Agricultural Credit Corporation shall incur lia- Mvmmmm bilities, whether direct or contingent in excess of ten times its paid YD¤• . · . . ¤¤¤.¤¤¤- in and ummpaired capital and surplus; nor shall any such corporation make advances to or hold notes or other direct obligations of any person or corporation, or have outstanding acceptances for any person or corporation, in an amoimt exceeding 20 per centum of the ’§,°°,;°,‘}“,{$ paid in and unimpaired capital and surplus of such corporation, un- Qmlg,;g§°¤”°m‘ °°*¤· less such advances, notes, aoceptances, or other obligations are adequately secured bg warehouse receipts representing readily marketable and nonperis able agricultural commodities, in which event the amount of such advances to, or notes or other direct obligations of or acceptances for, such one person, association, or corporation shall 8 i I H not exceed 50 per centmn of such md in and unimpaired cgpital and m£;ii°¤¤i v°°°°°k surplus. No such corporation l p1u•chase,own,or de in any live stock except live stock taken in the course of liquidation of obligations held by it. mmm mas. INTEREST iwms. s<aCi.:il;$°s ginviiilealw Sec. 205. (a) Any National Agricultural Credit Corporation may charge on any loan or discount made, or upon any note, bill of exchange or other evidenoe of debt, interest at the rate allowed by the mm mmm M_ laws ot] the State in which such corporation is located. ram u mgm rate (b) The taking, receiving, reserving, or charging a rate of interest °"""°"· greater than is a Iowed by subdivision (a), w en knowingly done, shall be deemed a forfeiture of the entire interest which the note, Rmqdwmm bill, or other evidence of debt carries with it or which has been m¤¤¤¢bv1>¤¤¤¤x>¤y- agreed to be paid thereon. In case the greater rate of interest has ` been paid, the person by whom it has been paid, or his legal representative, may recover ack in an action in the nature of an aetion for debt twice the amount of the interest thus paid from the corporation taking or receivinfgmthe same, provided such action is commenced within two years m the time the usurious interest was collected. _ ¤~1=¤¤1¤¤¤¤•¤· carrrn. srocx. www Sm. 206. (a) That no National Agricultural Credit Corporation cmtou,. wm shall be permitted to commence business with a paidin capital of Issuingpamglteibegin less than $250,000; and no permit to begin business shall be issued ”““""’“‘ to any such corpgnéation by the Comptroller of the Currency until there shall have n tiled with him a certificate signed by the president or treasurer and by individuals comprising a majority of the board of directors of such corporation showing that at least 50 per