Page:United States Statutes at Large Volume 44 Part 1.djvu/319

 {§$*?[;· _ TITLE 12.-·BAA 752; Submission to land bankof report and loan applica "·t,;.m; weight given appraisal.-——Ihe writtenreport required in mk preceding section, shall be submitted to the Federal lane . look, together with the application for the loan, and the direc me ofsaid land bank shall QXt1`ll1lIlé1S8lt.l written report._wl1e1 qlipy pass upon the loan application whiclifit accompanies, bu yl;l—;,· sl-mil not be gbouud by` said. appraisal, (July 17, 1916 (-_ 215, § 10. 39 Stat.x§69.) _ V ( · " _; ° ` 753. Submission_to`land bank alilltaisers of report and loai applicati6n.~·¢—Bcforeany mortgage loanx is made by ·any Fed eral land bank. or jo-int stock land bank, it shall refer the.-appli - ‘c.zii.in and written report.of the loan committee to one- or more ol line land bank appraisers appointed underatbe authority on i»sq·t·IllJl1 656 of this chapter, and such appraiser or appraiser. shall iinvcstigate and make a· written report ·upon“tlie lam (.fz2·»·c¤l as security for said loan. Nosuch loan shall be_.mad· ·l._v said land bank unlesslsaid written report· is ·farorab1e 4.1nly 17, 1916, c.'245, § 10, 39 Stat. 369.) ,·  ·. - * - -754. Forms for reports.—5-Forms for appraisal reports- fo? ' lkmn loan associations and land banks shall be prescribed b; the. Federal Karin Loan`Board. (July 17, 1916, c; 221af.369.) S - ‘ N _“ V i . _ _ _ · ‘

_. 755. Examinations·bY.·land bank appraisers as to farm loan bonds and first mortgages.——Land,bank coppraisers shall inaki so-¤·l_l examinations and appraisals and conduct such investiga iiions, concerning farm loan bonds and lirst°mortgages, as- thl·`cilcral Farm Loan Ijoard shall direct. (July ,17, 1916,- c. 2-15 § 10.,39 Stat. 369.) L-, · ’ - " . · , _· ` 756. Borrowers as appraisers or members of loan I com mittees.—-—-No borrower under. this chapter shall `be 'eligibh · as an appraiser under this subditjision, butlborrowers may- ac as mcnilvers of a‘loan committee inany cases where they are not persorially `interested in· the loan under consideration _\\’ln·n any member of a loanicommittée or of a board of direc tors is interested, directly or indirectly, in_ a loan, admajorit; _ gl the board of directors of any national farm loan associatiol ~ shall appoint a substitute to act in_ his place in passing upol such loan'. ·(July 17, 1916, c. 245, § 16, 39 Stat. 369.) _  · _l’e_»\\’ERS OIWNATIONAL FARM LOAN FASSOGIATIONS 7461. Enumerated powers.—~—·Every national farm loan asso elution shall have power: l - ‘ _ I ( · i - l·`irst. Indorsing mortya_gc.s.——T-To `indorse, and thereby becomliable for the payment of, mortgages taken from its share ldsldcrs by the- Federal land bank of its district. (July 17 19l6,_c. 245, § 11, 39 Stat. 369). » °, _ ” - · " Second. Receiving advances [rom banks and loan-ing tolsharc holelcrs.-———To receive fromthe Federal land bank of its distric finals advanced bysaid land ban_k,’and to deliver said .funds_'t· its shareholders on receipt of first mortgages tjualifiedunde section 77rof this chapter. (July 17, 1916, c, 245, § 11, 39 Stat nail,) 1 .· [ - Third. I·‘i.rin.g charges for qpp'lications {or loans.--To H: reasonable initial charges to be made agalnst.&pplica»nts fo loans and'to borrowers in order. to meet the necessary expense of the association :- 1’2·ovidcd, Clfhat such charges shall not ex •’·¢·cd amounts to be illxed by the Farm Loan_Boa`rd,_ and sha! in no case exceed 1 per centumof the amount of the loan ap plictl for; to acquire and dispose of-.property, real and personal that may be necessary ·or‘eonvenient forthegtransaction of it °bu‘sincss. (.luly,17, 1916, c. 245, § 11, 39 Stat. 369; Apr.-,2t 1920, c. 154, *§/.?;4`f_Stat. 570.) [ a - A . · __l:"ourth.· Issuing interest-bcczring ccrti¢lcoatcs'<1g¢:.irzst'deposai! "of current funds.-—-To issue certllicates against deposits of cu: rent funds bearing interest for not longer than one year at no to exceed _4 per centum per annum after six days from date convertible into farm loan bonds when presented at the Fedora land bank of the district in the amount of $25 01‘_ any multipl - thereof,. Such deposits; when received, shall be forthwith tram §6270°—-26————;20 — `

YES AND BANKING  77] g · €mitt•;=:‘d tp said land baxxkf and be- invested by ai in the purc·h:1s0’ n' of farm 102111 bonds issued byu Fedéval lzmd bank or in mst.- Gl mortgages "zis,te1·. (July `1'F, 1916,* c. 2-13, e-‘ § 11, 39 S¢at2 359.) ’ - ‘ _ _» " _ -. - ° ij RESTRICTIUNS ON LOANSEOF L”E_DEIlAL LAND BANKS. L · ‘_ BASED ON FIRST MORTGAGES. 771. 'Rcstriéfions cnum¢rated.+N0 Fedclral land hzmk 01*- Z Q ganizcd unAe1·_fhis <;?11apt0r'_'s11all m'ake`1ua11s»cx<•cpt upon the ·_fq110w·i11g icrms and pbhdhioixsz V ‘ I k `_ I. ES cured by duly recordediirst nnottgaiges QH farm landyvithigx the land bank distrivt  which the baiik is situated. (July 17, 191G,” S c, 2-15, 5 12; 39 Stéf. 370.), » ». _ ’ ‘ ' 3 Sccoiul. Qeigrecnzent for repaynzcnt gn ¢in{0rt·i.;gztion plan.- [Q ”Evcry such m01‘{g&1gi3'Sh&}H'CDI1~t8i}1‘£lH aiieemerit providing for l ,_ the~repE1y11ient"0f the ;0i1fl mi an :1_m’0rtlzation plan by means ' U of :1 fixed number qt annual O1'] sémiammal installments sump cient to éoveit, iirst, a charge mrthe loan at a rate not exceed- Y . ing the interest raycin the last series of farm loan bouéis issued p, by the land bank making the loam; second', aehzirge for admiri- _ .istration and profits at a' tate not exccédiné 1 per centum pe: m annum pp tHe mipaid·_prii1cipé11,‘ said two mics Combineq écmi- 8 stitdting the interést_ rate;0_11` the mortgage; and, {bird;-such _- zguiouuts to be applied on the`prinéip11l as will extinguish thé B debt within an agreed period, not less than five ?ezu*s_n0r more ~ "u`p0u which a loan is-Hinds the mortgagor may, upon any Iégil-. L lar installment date, makg, in advancqany number of payments B or mjy portion thereof ,011 account of the principal of hisjoan t ,11S pfovidéd by his contract or pay ihé entire principal of such B loan, under the rules hand regulations of the Fcderal· Farm, l_ ·LOH'II Board: And provided fgndhejr, That before the mst issues ._ I of farm loan bonds by any lmid.bankjth,e interest rate on morty. gilgcs maybe determined iq the disgretioi; of said land bank, K, subject to the provisions and limitations qt this- chapter. g (Jufy 17, 1916, q. 245, §-12, 39_Stat. 370; Ap}. 20, 1920, 2. 154, "§ 4, 41 Statv 570.) · T, _ ,., Z Thitdf Maximum interest rate;-NQ loan on mortgage shall be made ‘u¤dcr this chapter gt sg rate of interest `cxcceding 6 ··— per ·c+.¤utt1in.pér annum, excluéiwc of amortization payments. (J uIy`17, 1916, c. 2-15Q `§ 12, 39 Stat; 370.) _ -- r ‘ sa -Fourth. Purposes, of loans cnumera~ted._-—Such loans may Be e- m;1de`for therfollcpwing purposes and fornb other: _ · ', —(a) To -pr{1vide for the purchase of land for agricultural P- (b) T0 provide for the purchase of equipment, fertilizers, · t_ and livestock necessary for the proper ami- reasonable 6péra_tim;; 0 of thexuortggnged farm} the term "E·quipmcut" to be dcih;ed° 1; by the Federal Farm Loan BO:1rd.` - · h Y , [
 * - _ _First. Security by. {frat 171OTf$7fl{]€.——Si1i(i-1€)£lDS_ Shall Be sa-
 * , than forty years; Pjgvided, That af{:`er' five-years from tie date `
 * .` ‘ (c) T0 pfovidé buildings and for the improvement of farm

_ C lands; the term "imp1j0vemeut’·’ tp be- dcii11cd_-by the Federal. x_ 1:`gu·m‘ Loan Board, " · * _ _ - - _ I ' r _ (d) T0 liquidate in_debtc·dness of the owner of the land ;n0‘rt·¥_ s' gagegd incurred for agricultural purposes, or incurred priot to il 20, 1920, 0:154, § 4, 41 Stat. 570; Mar.- 4, 1923, ii. 252, Title III, »- § 306, 42 StatQ’14_76.)·. _ _ “ . ` l, Fifth. Zimiiation on afnoamt of loans; G[)])I;(li8;Z!l; rcapp1*¢z`?s— · S al.-7-No such lluhg shall cxceéd 50 per contum of Bic value of I, _Lhc _-l&Hd`1HY€*g8§€d and 20 pc1·Qce:;1tum of the-value of the permanent, insured impr9vem0uts_`}:he`rc011, said value tu be 8. ascertained by appraisal, as provided in section 751 ¢»f‘this r; _ chapter. Fill making said appraisal the value of the land for ·t agricu1ti11*zil.p1irposcs'_shall bevtbe basis ofnppraisal and the a, earning power of said 1und_ shall bc a»pri'r;cipal factor. ‘ _ Ll A Teappmisui maybe permitted at_uuy time in the m·¢~ti;.»n e of the Federal land bank, and such additional loan may by i-· grautcdias such rcappraisai will warrant under the pwyisiuns
 * - Iuhuary 1,.1922. (July 17, 1916, c. 245, §_ 12, 39 Stat. 370; Ap:.