Page:United States Statutes at Large Volume 42 Part 1.djvu/1503

 1476 SIXTY-SEVENTH coimsnss. sm. iv. os. 252. 1923. R¤¤*· “Directors of Federal land banks shall have b-een, for at least two mms` years, residents of the district for which they are appointed or elected, and a local director shall be a resident of his division when (gtligd °“•Pl°Y“*°°* elected. No district director of a Federal land bank shall, during ms nc his continuance in office, act as an officer, director, or employee of any other institution, association, orilpartperghip Ietngageil in banking or ` th b f k` se n ·mo gage oans. 1’¤y,¤*·<>- m"l§reld$<?1i;S?>foth1;1:l*dd§ra)l landllfanilr shall receive, in addition to an com ensation otherwise provided, a reasonable allowance for — · nedressarypexpendes in attending meetings of their boards, to be paid be provided by boards of directors of the Federal land banks for directors, officers, or employegsgshall be subject to the approval of the Federal Farm Loan Boar . ugsm ‘°"“ °""°°'“’ Sec. 305. That the fourth [paragraph of section 7 of the Federal V¤i·3¤»r-$67»¤¤¤¤d- Farm Loan Act is amended y a ding thereto'the following: “No °dima¤g iam m such secretary-treasurer shall engage in the making of land mortgage wg ’§g’§g‘{,F,? ,,§‘g,j loans eligible at a Federal land bank through or or any other land r¤a=¤ryi¤¢¢¤¤¤¢ f¤¢· mortgage company or agency, and the making of any such loan by b"m°°‘ W secretary-treasurer shall forthwith work a forfeiture of his 08,77 P¤rp¤¤¤¤¤¤¤¤¤¤- Sec. 306. That subdivision (d) of paragraph “Fourth " of section eaY°l'¤’p'm’°mmd` 12 of the Federal Farm Loan Act is amended to read as follows: P¤r¤¤·=¤* M 1**** "(d) To liquidate indebtedness of the owner of the land mort- °°b°°` gaged1in%21r;d for agricultural purposes, or incurred prior to J anuary, . “Y°'·”·P‘m“““‘ Src. 307. That paragra h “Seventh " of section 12 of the Federal Fargi Loan  is amending to read as follows  h H Limit of ¤¤¤¤¤ *¤· “ eventh. e amount o loans to any one rrower s a in no °r°°S°d` case exceed a maximum of $25,000, nor shall any one loan be for a P¤¤f¤¤¤¤¤*°¤¤¤“°*- less sun; gun $100, gut pieference shall be given to applications for oans o 10000 an un er. {*`,·;{¤;9l°°g,,,f°¤°S· _ Sec. 308. That section 21 of the Federal Farm Loan Act is ea. 'p` amegidedfby adding at the end thereof twelve new paragraphs to rea as ollows: §;;,¤1{P“§;§°°S,§’,‘:"}_$,i_ “Whenever it shall appear desirable to issue consolidated bonds thvrizewl of the twelve Federal land banks and to sell them through a common selling agency, and the Federal land banks shall, by resolution, consentfto the saéne, the banks may issue and sell said bonds as hereina ter provided. F¤r¤¤r¢q¤1¤i¢¤¤· “Every bond so issued shall be signed by the Farm Loan C0m— missioner and attested by the secretary of the Federal Farm Loan Board, and their signatures may be either written or engraved thereon and shall recite in the face of the bond the fact that it is the 'oint and several obli tion of the twelve Federal land banks ] _ ga 7 and ghall uizll regptects the goverptedtby the piovisions of the Fed— era arm an c no IHCODSI en erewi . m“°" °'*"""‘°*‘ “The consolidated bonds issued under this provision shall be made payable at any Federal land bank, and may be made pa able at any R SW mmty of eéiiegral reisgtye bpnk or lbanllis designated in the face ofy the bosptdl ° 5 imma ach era land an on whose behalf consolidated *4 Mmm hm shall be issued under this provision shall in all respects be bound liy theact of the Farm Loan Commissioner and the secretary of the _ ederal reserve bank or banks designated in the face of the bond. m*;’{’,f,‘§,;?‘,§“§,§?_§‘d°'g} “Every Federal land bank, before participation in a consolidated ¢¤¤¤>*¤¤»- issue, as herein provided, shall by appropriate action of its board %£§l1’?§°‘§*ai“‘l?°"‘l$“b3‘Sd“‘”“*°S* ’ll’“§"**“tl,*?;"§ec‘¥i '°°"°“‘3 ra arm nsas roviem onan be bound ly the action of the Farm gioan Commissioner and the secretary o the Federal Farm Loan Board in executing the same.
 * PP'°'“"" B°°'°‘ by the respective Federal land banks. Any compensation that may