Page:United States Statutes at Large Volume 42 Part 1.djvu/1501

 1474 srxrr-snvnivrn oonennss. sm. iv. oa. 252. 1922,. C$;¤;g¢*§¤¤{,}¤ gg deposited with the Treasurer of the United States to  disbursed Pu? m 9 in payment of sud; salaries and expenses on appropriations duly made b Con ess or suc ur se. Awsswmt °° °°"°’ "If ahy deiiidiency shall oclizurpiin such fund during the half—year d°¤°m°leS' period for which it was estimated, the Federal Farm Loan Board shall have authorit to make immediate assessment covering such { deiiciency against tlie Federal and joint·stock land banks upon the ¤sS£f"§i}.is0l1‘Zb°°s°d °r same basis as the original assessment. If_at the end of the six months’ period there shall remain a surplus in such fund, _1t shall be deducted from the estimated expenses of the next ensuing six months’ b,f’,;Y;‘;{,“rf,,,,${_ md period when assessment is made for_such period. Land bank appraisers shall receive such compensation as the Federal Farm Loan Board shall iix and shall be paid by the Federal land banks and the joint—stock land banks which they serve in such proportion and in such manner as the Federal Farm Loan Board shall order.” 1"°‘*°"‘"°“" b°“k" Sec. 303. That the second paragraph of section 4 of the Federal _ Farm Loan Act is amended to read as follows: _ ,,,§§,”f“k ‘°' “°" "“‘ “The Federal Farm Loan Board shall estabhsh in each Federal V¤1- 41. P- 114% land bank district a Federal land bank, with its princilpal office °m°°d°d` located in such city within the district as said board shall esignate. Each Federal land bank shall include in its title the name of the city B""°'*°“· in which it is located. Subject to the approval of the Federal Farm _ Loan Board, any Federal land bank may establish branches within R,%,"§,P§‘§1“,,§§’,_P°“° the land bank district. Subject to the approval of the Federal Farm Loan Board and under such conditions as it ma lprescribe, the provisions of this Act are extended to the island ofy orto Rico and the Territory of Alaska; and the Federal Farm Loan Board shall designate a Federal land bank which is hereby authorized to establish a branch bank in Porto Rico, and a Federal land bank which is hereby authorized to establish a branch bank in the Territoig of Alaska. ,,d}"“‘°*‘ Loans made by each such branch bank shall not excee the sum of $10,000 to any one borrower and shall be subject to the restrictions and provisions of this Act, except that each such branch bank ma loan direct to borrowers, and subject to such regulations as the Feds: eral Farm Loan Board may prescribe, the rate char d borrowers may be 1-} per centum in excess of the rate borne by thedinst preceding _ issue of farm loan bonds of the Federal land bank with w ich such ·{·'§,‘l,'§"§;, pm, mc., branch bank is connected: Provzkied, That no loan shall be made in °***°=*°· Porto Rigo or Alaska by such branch bank for a longer term than V0l.39,p.363,amc¤d.  y88'rS' _ . • ,d_ Src. 304. That the twentieth to twenty-fifth paragra hs, inclusive? of section 4 of the Federal Farm Loan Act are amendied to read as o ows: B°°‘° °"”'°‘”°”‘ “The board of directors of every Federal land bank shall be se- Lml lected as hereinafter specified and shall consist of seven members. ‘ Three of said directors shall be known as local directors and shall _  chosen by and be representative of national farm—loan associa- D*““"°‘· tions, and borrowers through agencies; three shall be known as dis- T trxct directors and shall be appointed by the Federal Farm Loan "““ Bo31§lS:n_%tr3pre§§2t tl? Euglicljnterest. The term of office of local _ an 11-1 ire rssa tree ears. L°°“°""°*°”‘ “Within 30 days from the date of passage of the Agricultural Credits Act of 1923 and thereafter, at least two months before each · election, the Federal Farm Loan Board shall divide each land bank district into three divisions as nearly equal as possible, according to number_of borrowers and the voting strength of national farm- Nominmomm gn associations and borrowers througlnagencies, and_the Farm agency in wnting that an election is to be held for one local director from each of said divisions and requesting each association and
 * ,,_mlm,,,,,,,,,,1,,t,,,,,_,_· an Qommissioner shall thereupon notify each amociation and