Page:United States Statutes at Large Volume 44 Part 1.djvu/321

 $07  TITLE 12.·——BAN1 l·;%gl1th. Bzcyhzg eine! selling Iwited States b<m§s.—-¤-—·'1*0 buy md yell lfrsitcd States bonds. (July 17, 1916, c. 245, § 13, 39 VStz:i. 372.) _ · r‘ l " gum};. Uhmwvrg Qfccs for locné.-—-T0 claarge applicants for Emins aud b{)I"1`\\'(}1‘S, under rixles 3!ld’I'€‘gl1lHfiOHS promulgated §·;~‘ the ?Fz·g0ti:1ting_n10rtggge loans, tm ssnixw, in wl1ich—cas0__said cxpéixscs Shall be maglé a patbof tlw fat·<— of the loan and piiidq off in aui_0rtization phymqnts. Sum mlditilmfto the man shall not b€'|l(‘I‘H1itl;€d.'t0 increase ,,,;,1 1<»m1_z1lmve the limitations provided imscctiou 771.Y (July; 17, 1916, 0. 245, 5 I3, 39`Stat, 372.) — _ ·, _ ‘ Rl§S'1*RI(*’I‘IONS. GN I•"I·}DERAL. IQAND BA§KS. _79l. Emxmcratluii of i·esti·ictions.——No Federal land bank >~Ex:i}l‘llfi3’(‘-]`l0\"\’(‘!5—-··-l Q · » __ _ _, I 1—‘s;·»t. 1,.‘m"5tiug M d¢jg{»8`itx,———lT0 ncécpt deposits of 'C°lll‘I‘(**l}1' s‘m.t1» ;my¤,1»y1t· upon <l{·nmn¢l ckcept front its ownl stucklioldens, Us t,» transact any banking or other, business npt expressly au-, zim¤<f;£e·<l by the prm*i¤i<ms.0f this chaptef. (July 17, 1916, te ,225,e§,14. 39 Stat. 372;). · _, ‘ ‘· I _ . Sm·¢»m;l. l,uma·mg · im fir}! m·0rtgr1.gcs·_crc0pt jhrough ,aL<:s0— .$mimz,.w.-'1‘0 loan tm first ll1l‘t{.‘{$1{I€* except l'hl‘0llgh‘1lé[i0@l tmxan loan ag<.~4uciatin11s as provided in sections 720, 721 amlasecxml-; 733, 73+ of this chapter, _0f Ull‘('lH§.‘{h HQZQIIISA as p1·0vi¤l¢~·d` in sm·r_i0ns’S¤l1580t€. (July. 17, 1916, 6. 245, §  Stat. 372.) '1`hird. A<·<·cpt-i_ng`0lhcr than, iirét m.0rtgayc_s.--'I‘l_ $l(‘CG})t·t1ll§' `_ m·:zrtg{1¤es f)Il»l‘Gill·€$tHt€ except first m_0rtgagcs created subject M all limitations jmlaciseel 'by sections 771-773 of this chaptc1‘, mul tlm$¢? taken my additional `security for ·cxisting‘ loans. <.Iulyv1'¥,·1916,.c. 2—.l5,,.§ 14;_39 Stat. 372.) " ', Pflmrth. Isszting carccas of bonds; rqc·ciring, qm(·€·.m¤;din1;; farm hum bonds in excess of twenty times the amount nf i1>:‘<·:1pitnl and surplus, 0I'nt0_1‘€CéiV0 from any-mxtlioxnznl farm mu; zmgqneiution additional m0rt.gagcs’w·l1ex1 the principal rem;tiui·ng unpaid upon mortgages already received from suéh >,xm·k.¢m·n4· y e·=u<·h associatiennn. (Juof17, ,1916,*0. .2-15, § 14, Stat, 372§)‘ , *1 · ° . _ ‘ 1 Fifth. I)•;··mam1ing unqwlh0r·i:t·d vonmzisesiozzls.-T0` demand wr rccei=.·é, m_1dc1·»~any form or pretense, any commissiontor <·lsz:rga Knot :·§pm·i§cally authorikcd in this C11&[1t€I;—.`.‘ (July 17, 1916,.0.1 2-15, § 14, 39 Stat. 372.) yt 1 1 ` 1.0ANS BY FEDERAL LAND BANKS THROUGH AGENTS SOI. Loans; when Blithiifi2é(].····\\’l1E‘Il€\'.(`£l.‘ it Ksh_z11l appear lu tho l·`e¢l<—»r:1l Farm Loan Board that mxtioaual farm loan
 * ‘;¤· lmrmsvcr 11’1&}’•D$1)’ ysucli fees and charges or hc. may ur-
 * ·;»;;;;·e with the‘F¤deral land bank making the loan to advance
 * m¢m·iati<>1n shall exceed twéuty times the amount of its capital
 * ·>»:{¤ji:1ti<»11E-s lmve not been formed, hud zixye not likely to be

¢‘<•a·me->d, in may 1m·;glity·, bccmxsse of peculiar 1009.1 conditions, . >a&¤i·l b<;:ml may. ini s discretion, authorize lv`g»deei·al‘la111d banks t~· m;>l·w—l4ma1s mn  thmuglm agents approved by Saiql htstml. (July 17, 191 N. 45, § 15, 39 Stat. 373.) _ _ 802. Manner of making.·—=—— 4)flllS·I1lltll(lfiz€t1 by the_prcccdii1g ~t·t·ti4m :-:1::411 l>e1gmbjuz·t to tlm·same_c011ditions. and restrictions y us if tlw smxw wore: math? through [national farm loan asscclgv 1i¤»_;¤>=., stud caclx lI1‘i‘i)$1.’(!1‘ $11:111 `contributé 5 per centi1m·0f‘the ":¤.m· ynni nf? HiS!ll(!fl12..l0 the capithl of tim .I<"t·de1•ql land bank, uml slmlllll»,c·me111e» the mvxmr of as `mugh ézlpital smck of the html lumk ué .s1u·ln (?{)Iil`l'il)Ut,i1QI1 slmll? \\'l1l`1"&U.1t. (July 17, 1916, 4·, 245.  15.,39 Stat. 2373.) ,. .   U », _ 803; Whermay be employed as qg·e.nt.—~;N0`agc¤t other than
 * 1 tluljg ir><·c»;·pQaz·r1te»tl lgzmka, trust Company, mortgage company,

m·»sm·i»1gs iustitutitm, (!llfll‘{(3I`l?Ll by thé State, in which it has

ES AND BAA'I(ING § ,813 its principal office, slmll be ‘employo¢;l under the fxrovisious oi this subdivisiouw (July 17, 1916, c,·2-15, § 15, 39 Stat. 373.}- 804. Expenses of andtomngissions to agents.--Feelorzll lsml banks may png to such agents the actual expense of ;1ppm§s—- ·· ing tho; land offered as”`seo1n·ity for a loan, oxainining and ·(3€1‘tlf}’lll;-I the title thereof, and mal»;in;:. e·:+se<·utix1g. nmil rs- 'covding the mortgage papers; and his zxeldition may allow said agents not to exceed 0no·lmlf of 1 por t·oz1tum'porAn11:111m upon the unpaid ,principa1l_·of said loan. snch commission to be ho .duc·tod from dividends paysllxle to tho borrmwior onfhis stock in ‘ thé Fodorol land_ `bzmk. (July 17, 1916. c. 245; § 15, 3B' .Stnt.”373.)_ J  _ j` . · $805. Enpensosj of agents added to I08l'l$.—;;·A(l`ll€l_l €X};¥?Q'llS§3*4 paid to agents under-tllc ·Il1`\llSif)l}S-(if this sul>dix*lsio11 shall be zikldod togthe face of tl`l€.·l0RIl o.ml·pz£iy the Federal land banks, shall collect and fwwarcl to such bmgks without chnrgo all. iutefest and amortization .}%)8.}’1Il9HtS on lozms indorsod by them. · (July 17, 1916, c; 245, § 15. 39 Stat. S'.) ° _ M ’ ° I ‘ _8»07. Indorsonient of loans; liability lthereon.——Any agent tilogotiating any suéhloan shall indoifso the szsmé and bogome liablo for the puymoutl thereof, and for any default by the ` 1u0rtgagO1‘._`0nVtl1o same ternxs mxdnmlor the SQHIGIDQIEEIIHQS `as if tho‘lo$m h21<l.boPn originhlly_made by said agent as prin-- a éipal and sold by said agent to said land bank; but tho aggre-·‘ jgato of the: unpaid principal of mortgage loans rfecoifed from any such agent shall not exceed ton times its €·npifal‘a1nd`sn1•_—_ plus; (July 17, 1916. 0. 245, § 15, 39 Stat. _373.)'~  o 808.-·When loans to cease.-;—I£ at any: timothe district ron-‘ 1‘éS€l1t¢?d. by any a,·;ont nnclér the provi"s_ions of this subdivision Eshall, in,tl1o ju<l`;:n1onf of the _Fo1lei·zil _Farn1 Loan Board. be ·adcquat¢·ly served by national ’f&1fHr loan associations, nofnrthofl loans shajll be negotiated therein by agénts under this subdi_vision.. (July 17; ·1916,`c. 245, § 15, 39 Stat. 373;) _  JINT—S'1`OCK LAND BANKS R ~  S11. Power to orghnizo; _0r§anization; diréctots.—Coépors· Q tions, to be kllO\:\’I.l-,88 joiubstook l&lld·g)&l1lkSg· fopcarrying on tho business of londiugvou farm mortgage security and issuing ._f&1l‘1l]_l0£1I1`b0I1dS, may bonformod by any numhér of nntnrzil persons notllos-s than ton. They shalltbe organized suhjesot to r. l (tho requirements and undér the conditions Set forth in sections 671-683»of this chapter, so far as tho samo .m;1y» be applicable §# Provided, That tho, boa;·d_of direg:tors°° of every joinbstock klml bdnk shall ponsist of not less than five members. (July 17, 1916, c. 245, §~ 16, 39 Stat. 374.) U ‘ _ _ . #812. ·Individl1qI” liabilitj of sharehoIdérs.——·—Shzeroholders of ' eve'ry~joiut·stock land bank organized, under this chapter `slmll l be held .indii·id;mlly responsible, equally and mtably, and not one for anothox, fonfnll contracts, debts! and €llgél§é_ll1€‘llt$ (!·f such bunk to the extent of tho amount of stock ownéll by them at the par value thereof, in addition to the nmmmt paid in sim represented hy·thoir shakes, (July 17, 1916, o. 245, § 14;; 31l sm; 374.) _ — ~ · 1 , 813. Powérs, duties, and liabilities; stock.--·Exoopt als otllorwlso provided, joi11t—stock·land_banks shall hsvoltlxo powers ol`, and- be subject to all the restrictions and conditions inxposoll on, Fodofal land banks by this chapter, so far a>:‘su<·h 1`(f>§fI’l<‘= tions ond conditions sro applicable; PFQ?’£dfé£Z,»h»02€`(’E’£’)". 'llm; tho·Govcrnmex1t of the Unltod·St21tos shall not [llll't‘}ll‘l>i(s* or subscribo for any of the capital lstock of-any su¢·ln' llzmla :. uml · each shareholder of any such llmlk shg1l1·· lxnvo llw slullv fvtlllllg privllegtés as holdérs oflshalros in lliltlfllllfll btllllilllk £l>i$¢l('li.I.ll¤'¥}l‘€. (July 17, 1916, c. 245»,"§ 16, 39 Stat? 374,)~—· ·