Page:United States Statutes at Large Volume 44 Part 1.djvu/316

 § 682 Tzrw 12.————BAN1 of Dedémber, 1925, and avery three years thereafter. Such seventl1.d`iréct0r may be removed by the Federal Firm Loari Board for neglectfof duty, incapacity for the work, or malfcamzive in cffiée, aftcrrharges duly preferred and a hearing had thereon. and in such cases the associations of the district; shall in like mmmer nominate candidates for another diréctor at large, tc: till the vacsuwy, for wl10m_ the Federal, Farm Loan Buhrd shall in` saiue u1a11ner_sclect :1 successor, but any person who is removed can not be. nominated tosucceedhhimsclfi The hmnrxl af directors thus iét·lc1‘·ted shall, upon qualiHcration, -1111- §:1gdiatc·ly take aver the lilHl`lQg€‘11}€1lt of each btmk. L (July 17, 1916. 0. .245,- § 4.` 39_Stat.~3ti3; Mar. 4, 1923, c. 252, Title II_I, ‘§3{»4.`42 S“tat..`1~1i'5.>—  _   .-   w_ · ‘ 682. Qualifications of d}réctdrs.—Diréct0rs qt Federal land hmiks shall have been, for gntlcast two yeéxrs, residents of the distri<·t for whit-!} thtgy are appointed or`bl0c% and 21 local director shall he :1 resident of his division wh_. elected. _ Nh district director of a Federal land bzmlc shall, during his continuance in _0Hic·e,_uct as an 0HlC(-E1', directivr, of employee of _ amy ~0tlTer iustimtioii, association, or partnership engaged in bu*:1ki11g—cm in the business of making Or' egélling land—m0rtgagc loans. (July 17, 1910 ci 245, § 4, 39 Stat. 363; Mar. 4, 1923. c. 252,l'1‘itlc Il·I, §`30·1,~42 Stat. 1476;) » l, ‘ ’ · " 683. Directors, b$ccrs, · 'zmd empioiecs; compensation and all0wances.—Directm·s of, the Federal land bank shall receive. in addition to um}, connpensation ptherwise provfiled, a `reusonable alluwaznce for necessary expenses in 41ttem1.’42 'smt. 1476;) ” ‘ CAPITAL STOCK OF FEDERAL LAND BANKS j _ 691. Minimum amcmit. df capitnlyrcgulatinn of subsérip-. tions.--livery Federal lzzudfbunk shall l1ave,'be;forc beginning bl1Si11PSS,r at subscribed capittll of,n0t· lass than $750,000. The Federal Farm 1.:0811-/B0211‘d'iS authorized to prescribi; the} times land coiaditiouwof the pz1yme11t»of subscriptions to c·apitz1l_ stoék, tb reject any subséription in its discretion, aud to rcquiré.Lsub· `scribers’t0 fimnislnlaeléquate security for the paymgnttlnereuf. (J-ulygi 17, 1916, gr. 245, § 5,  Stat."364.)’ _ w     _ · W 692[Shares; value; who may subscriber-·Thc capital stock (pf each Fedéraliland bank shall be ’di\·lded ii1t‘ig>°sl1z1res_'0f $5 ·€11Ch.‘fi}!d may bc subscri·béd for grid held by uxiy individual, firm, or corporation, ur by tl10’;.=:0ver11ment of any State or of the United State->3a (July`17, 1916, c. 245,*5 ·5, 39 Stat. 364.) = 693. Transfcrof stock Held by natiornal farnr loan associa- .·tipns.-——-St0¢k held by mttioiml fm·au,l¢1au» associations shall `uot l»e,`trauSfc1‘1‘<-id or hypolhecatged, and the certidcates therefor shall so stutét (July 17, 1916, 0. 245, 5 5, 39 Stdt. 364.) _ i - 694. Dividends; voting stack.---·Stqck owned by the Governnnieut of the Unitml Suites in Federal land banks shall receive nu dividends, but all utlwr stock shall Sliare imdivideud distrt. lnatitlmé 'witlwut preference. ·Ea1ch national farui loan associatilm and the G0mr11mt~11t_·of the Uults $111111 be entitled - to ope vote fdr each sham of. stock held by it in deciding all ' ¢m•1sti<111s,e1t !llL*9iill£!`.S 'of shareholders, and rio `officr share;- lujlder shall be permitted to vg>te.. Stuck civlxéd by the _U_¤1ited 1 _Stzm·és shall be voted by tl1é“ {arm lugn commissioner,. ras 1 elirécted Hy the I$`edeml Farm Loan Bqurd. (July 17, 1916, c. 5 245Q § 53,39 Stat. 364.) - _ 1 °. _ `i 69iT>..SUbSCfi])til1RS to stock; subscriptioxis by United Staten for unsubscribed balance.-—It shall be the dnt;} of the Ecderul Farm l_.u1111 Board, as kmou :1;; practimhle after‘July 17, 1916, tr to ;.»p<·11 b<mk$ of sulxzgvriptitm fur the `capital stbck of :1 Federal land llmuk in euvll i·`0derul land. bank district. If within thirty duyis znftcr the opellixig of said Hooks miy [raft of 019 minimum

IS AND B;l.E\’lflNG gg)? capltalization of $750,000 herein prescribed for Ferlerol lass, banksxshall remain unsubscribed, it shall he the duty ofalsa Secretary of the Treasury tosubscribe the balance thereof H3, hbéhaif ofybhe United States, said subscription to be si1l»jr·.·1, an call in whole. or in part by the board of directors of said larsl W l- bank upon»thirty·days° noticeéwith the approval of the I*`c¤lemr ” Farm Loan _Board; and the Sccretaty ot the Treasury is _· hereby authorized and directed to take élit shares c<;rres‘p;s,.;. ing to the unsubscribed balance as wlled, and to pay for the sarne out, of any moneys in the Treasury not otherwise znppm- _ prfated; Thereafter no stock shall be issued except as llamaniter provided. (July 17, 1916. c. 245, § 5, 39 Stat. 364.), 696; Retirement of original ·stock.——After the S¤bScl‘iptim;_; · to_ capital stock by national ” farm loan: associations sim}.- 2).IIlOllll(Q_t0' $750,000 in any Federal land bank, said bank shall ” apply 'semiannually to the payment and retirement of·rlnslnires of stock which were issued to represent the snl»s.·;·ip- , tions to the original capital 25 per, centura of all sums mersafter subscribed to capital stock until all such original cap;- tal stock is -reti-red at par, (July 11, 1916, c. 245,) 5 _5, 39 Sm;. .- ( 697; Proportion held in quick assets.-·A§t' least 23 par · centum of tlxatpalrtof the capital of any Federalland bank for which stock is 0utst;mdihg‘ ar the name of nzntiomi-r— ' farm_-loan associations. shall be held hr quick assets. and may ‘ conisistof cash in the vaults of said land bank, or in deposirs in member banks of the Feder-al —reserre_systcin, or in readily. markétable securities which are approved under rules may regulations of the Federal Farm Loan Board:`·Pro¥·kled, 'Fhaa not lessthan 5 per centum of_‘snch capital shall be invested in United States Government.bonds.' (July 17, 1918,}:. 245, § 5, 39 Stat. 364.). \. ” ·— -, ‘ - LAND `BANKS   AGOVERNMENZIPDEP0SITAR`IES"ANI1 ·‘ · 7 1.. we  -- » —·~»   rj —»—·AGENTS·  "MM · * Al ” 701. Landbanks and joint stock land banksas depesitaries and- agents; bonds; investment of. funds.-—Allj,Federal land ° banks andjoint stock plaxnd banks orkanised under this clzaptw. when des.l,<:nnte<—l for that purpose by the kretary of the 'Treasnry, shall be depositarles of publicunonxey, escept receipts fn·om,cusfoms, m1d_er such “reg{1l¤,1tions as may he- prescribed by said Secretary; and they may also be employed as nnanciul a agents of the Government; and »they" shall perform all such 'reasonableduties, as depositarics ot public money and nnancial. agents ofrthe Government, as maynbe required »of them. And the Secretary of the Treasury shall requl1;e—of the .I•`e{leral land banks and sjoint .stock’ land banks thus designated satis- W ‘factory_ security, `by thé deposit, of United States bonds or otherwise, for the safckeeplng and proaqit myrnent of the _ public xnonek deposited with them._ and for the faithful performance of their duties as nnanclal agents of the Govern- _ ment, No Government funds deposited under the provisions _ of this section shall be invested ln mortgage loans or farm loan hgnds. (Jnly—17', 19l6,.c. 245, I 6, 39 Stati 365.) _ I NATIONAL FARM LOAN ASSOCIA*1‘IONS.GENERALLY 711. Organization; articles of association; signature; copies. ~ for land banks.-—¥Corpor»,itions, to be knoivn `as national farm loan associations, may {be organized by persons- desiring to borrow money on farnn mortgage security under the terrns of ‘ this chapter. ~ Such persons shall enter into articles of association which shall specify in general terxnsb the object for which the association is formed and the territory within which its operations are to be carried on, and which D1RY_tC0!lt&lIl any other provision, not_lnco)nsistent with law, which the association may see Ht  adopt for the iregulation of its business land the conduct of its affairs. Said articles shall' be signed by the persons uniting to form the association, and a CGD? ‘
 * thereof -_shall be forwarded to the Fedora! land bank for the