Page:United States Statutes at Large Volume 42 Part 1.djvu/1504

 SIXTY-SEVEN TH CONGRESS. Sess. IV. C11. 252. 1923. 1477 “ Every farm loan bond issued hereunder shall contain on the °°"“’,,,,,"“*’°,,,,,,,°,,,‘ Fm face thereof a certificate signed by the Farm Loan Commissioner to wsu for, eign of _ the effect that it is issued under the authority of Title I of the gegeral garm {gan get, gas tliie approval (pn form and issue of the `e era arm an oar an is egal an re lar in all 1‘0Sp6Cl2S' that it is not taxable by National, State, municgplal, or local author; ity; thxgttgs 1%-T§§tl;i1(l. é1tgat,@nsg,}collateraltsecurjtyl congisgg of obligaions o e 1 a s overnmen or in orse mortga s on farm lands, at least equal in amouiit to the bonds issued; signed that all Federal land banks are liable for the payment of each bond. _ . " When any Federal land bank shall desire to participate in a m§°,$§"§,”°§,,"§',,,,§,’,;‘,§§ consolidated issue of farm loan bonds it shall make ap lication to the ¤¤*¤¤¤¤¤¤· Federal Farm Loan Board for the approval on its behalf of such issue and tender to the registrar approved farm mortgages, or obligations of the United States_Government, as security therefor, and no banks shall gérticipate in such consolidated issue until such alépplication has n approved by the Federal Farm Loan Board. ach bankdshall payelwlpinhdue, vsgthout notice, all bonds and couns issue on its a ereun er. _ p0“ If any Federal land bank shall fail to pay its proportion of in- p.§ié°§$$3f?.{$“§;,° terest or principal as herein prescribed, the Federal Farm Loan °*°· Board shall immediately call upon the other Federal land banks for the amount necessary to make said paymgnt, the aisgshsments to be de in proportion to the capital stock o eac w i assessments $1:11 be forthwith paid by said banks. ’ “ The residents of the twelve Federal land banks shall constitute ,,,,*§’,,%f’°"""**·*°°°"*‘ the bond) committee of Italie Fedtigal lalnhd banks and! shall selevit a _ I h an from among their num r. e vice president may ac in .i plgclgllif the president on the president’s request or in case he fails to ~ » E “When an issue of consolidated bonds is contemplated, the bond .,.;*$,,T,‘.,‘}';,§,;,"'T.‘§'[‘i°"’° committee shall determine the amount of such issue, the rate of interest which it is to bear, and the participation of the several banks therein, and submit theip reirolpnmendationsl tip the Ifredierall garm E H Lo B rd for approva. en approve y the e era arm x°°° ‘"" Loiiii Bdgrd the bonds shall be executed by the Farm Loan Commissioner and the secretary of the Federal Farm Loan Board, as herein 'd d. pr£"I`h; expenses of the bond committee and of the sale of bonds ,,g§,;§f¤§j,ug§,;j,*,¤i;<; Shall be charged agairilst the segeral land banks in proportion to bum. tb a ticpation in the rocee s. $l'Il`ll)e Ipresidents of the Federal land banks shall receive no addi- ,,,,,’;,‘},,§‘;*_;*,,{’°’*‘°‘*°¤ °° tional compensation for their services as members of the bond committee. but shall be paid necessary traveling expenses? f Src. 309. That subdivisions (a) and (b) of the eighth paragraph ,,,§§°bgf,,{’S§Y*°°¤¤ by of section 22 of the Federal Farm Loan Act are amended to read as °dv¤1.a¤,p.avs,m¤¤¤a- f ll : ` 0“?;S To pay off farm loan bonds issued by or in behalf of said 1’¤v<>¤i¤b¤¤•1s. b k the_ mature. 1,,,,,,,,, a2(bi;S To gurchase at or bggowfpazfl F gplegal gurls? loanippndsi t, boggiséumd  lm S . 310. That section 0 e e era arm an c is v ras, . ,m`¤,d. a rneliglecl to read as follows: °d,;,:,,c,, Pfam mg "Sec. 25. That if there shall be default under the terms of any cmxm mméma. indorsed first mortgage held by a Federal land bank under the provisions of this title, the National Farm_Loan Association through which said mortgage wa? reo§iv3d by saigl Federaltlland bank bihall Dem`, to be me fii I f `d defau t. an associa ion may ereupon re- m gziiigdi viiitliin  days after Such notice, to make   such default, gm either by payment of the amount unpaid thereon in cash or by the