Page:United States Statutes at Large Volume 44 Part 1.djvu/322

 § 814 TlTLE‘12.—-—BAX’IfS l · ·8l4. Limitation on amount of issue of bonds; transacting bi banking b¤sin¢SQs,———N0 joint-stock land bank shgll have power ag to issne or obligate itself for 011tét{lDdiIlg_’f8Im loan bonds in In excéss of fifteen fll'Il(?S'tll€·_!1D10llDt of Sits capital and- surplus, w or to réceive ‘deposits_ or to trnnsnct any banking _01' other ue business not expressly nuthori2ed_by the provisions of this ti ¤·h:1ptc1·. .(JuIy·17, 1916, c. 245, § 16, 39_Stnt.' 374.)' ‘ I  p< 815. Minimumhapital stock required.-—·N0 joint-stock land in leziuk shall be.nuthorizcd_t0 do_business.`nnti1 capital stook to gz the nmonnt of nt least $250,000 hns bee1x,.subscribgd,.o11e—l;alf it; thereof paid in casii and thlg balance subject to clzill by the st lxmirxl of direirtors, nnd a` `chorter has been issued to it by the tv I·`edornl Farm Loan Board. {July 17, 1916,` c. 245, § 16, 39 N Stnt.37-1.) _. ’, J.  * Q ot 816, Issuing bonds beforepaymenti of stock.-5-No joinbstockl 01 land bzink glmll issue any bonds until. after tho capital stock if; is entirely paid up. _ (july 17,1916, c; 245, $$16, 39`Stat. 37-1.) or; Sl?. Fornt of bonds.———1·`ai·m" loan bonds issued by joint-stock tii lnnd banks shall bg so €*!lg1'2;lV€d»3S-Q be feadily distingiiishgd °'1£ in form and color from farm, loan bonds issued by Federal land ( banks, and shall _0tl1éi·5·vi5e bear such distinguishing mntks aé. _» the Federal Fafm L0anfB0m·d`ShaIl direct, (July 17, 1916,_C. 245, § 16, 39 Stat. 374.) i — °. .— = » 818. Interest rates; restrictionsggp `mortgage loans.e-—J0'int-_ stock land banksjshnll not be subject to the proirinions of subsection (bf) of section 83I`of this chapter ns_ to interest rates ag onlmortgage loans or fnrm.lo:1n bonds], nor to theprovisions of er subécctions tirst, fourth, sixth, Yseventh, ond tenth of ~seGtion 771. in as toiéstrictions on mortgage loans: Pmvidcd, however, That. $11 no_10nns_ shall bg made which arc not se<·i1re_d by iixjst mort· th gngos on farm lands within the State in which such joint-stock, land bank has its priucipaioffice, or within some one,Statc al contiguousto such State. Such joint—·stopk land banks shall be -Fg subject to all ot-her. mstrictions on mor,tgz1ge.loans imposed on -si< Fod‘ér:ili‘ln`n‘<l banks; in- spction 771 of this chapter. -/ (July 17, tie 19lG, 0. 245, § 16, 39 Stat. 374.) ‘ _. Y ; *  ‘ · 819. Limitation on interest rates.-—Joint·stock. land banks 0;- shnll in no msg charge :1 rate of interest on farm loans exceed-· xp ing by ll}0I`Q·thf1I}· 1`per cexiturnthe into of interest established 17 fm-. the last wsricsn of farm loan bonds issued bythom. (July . 17, 1916, c. 245, § 16, 39 Stat. 374.). n _ { -, A T4; 820. .Una¤thorizcd commissions or {charges.-J<»int-stock land bq banks: shall in, no case dcinnnd or receive, under any form or de pretonse, any-·¢ommis=sion or charge not spécitloally tI1\Ul01‘iZt3d· g g in this chapter. (July 17, 1916, c._»2j15, § 16, 39 Sint. 374.) ‘ - ‘82l. Bonds; power, to issue; form and contents.--;—E;1ch joint- H6 stock land bank organized under this chapter shallhnve author- mg ity to issue bonds; boned upon mortgages taken by it in accord- up ance with the termsé of thisyehnptor. Such bonds shall be in § g form prescribed by the Federal _I<`m·ni Loan Board, andlit shall ‘ bo stamxl in such bonds that such bank is organized under this T0 Isululiyision of this; irhnpter, is under Federal supervlsion,nan<l{ fm operates under the provisionsof this chapter. i (July 1,7, 1916, mj c. 245, Q 16,39 Suit; 374.) _’ _ _` · ne, 822. Voluntary liquidation.;-—-Any joint-stook land bank or- mi ganizod and doing business u‘ndc1·“the‘ provisions ofihis chapter 139 nmytgo into voluntary liquidation by m'aklhg*provlsion," to be ‘ approved by the Federal Farm Loan Board, for the payment on of its llnllilitiésa Providecl, That such method of liquidation {hq skull have boon duly authorized by n vote of at least two—thlx·ds ha; of the sliuxjcholdors of such joi_nt#st0ck land bank at a regnla`1: pg; meeting, or at a special meeting called. for that purpose, of by wllieh at least tenadnys" notice in writing shall hanobeen given mg to stockholders. (May 29, 1920, c. 215, 41- Stat. 691.) fa ‘ 823. Assets of liquidntingbxmk; pnrchnso by lind op joint upre stock land bank; assumption of liabilities.--For the purpose of an; assisting in nnyls/u<·h·liqi1idation authorized hs in the preceding lot! sccktiinin provided, any Féderhl land bank or joint-ntcck land tlo

4311 1,?ANrKING“ BOS mk may,`with the approvzfl of the Federal Farm Loan..B<>ard_ zquire the assets and essume the liabilities of a11y joint-strgek ’ C .. xml bank, and in such Qtrausaction any Federzz1_IamI. bank mziy caive·-`the.pr0i¤isions cflthis chapter requiring such bank to zquire its l0_ans· onlyhtbrough xgatiomzl farm mm; associacms or agyexxfsi and thoee relating to status gfohorrmver, pu.-- Jses cnf loan, and also the limitation as, to the amount of ndividual lqansr [N0 Federal land bank sha}l assume the omg, ations of any joint-stock land Bank in such nnahnér as to makp s_ outstanding qbmizrtioixs more than twenty times its mpimlh nck except by creation of :1 special reserve equal in é>m··. verxtieth of the zurmunt gif such additional nhliga’;i<»ns assiun<»¢}_ 0, joint-stock land barik·'shall assiune the obligations nr 3;,;} ' zher joint-stock hind bank in`Such_‘marmer és to make its' - xtsfapding`ebligatieons mere then fifteen times the amm1z_»}‘¢;f I s capital a1;d_surplus,`e$cep§ by creation 0t·_a special resm·v4· mal to one·(ifteenth of the amount of such ndclitimml obligeims aésumedf. (May 29,c1Q20, c. 215,,41“Stat. 691; Mar, 4_’ >25, c. 524, § 5; 43 Stat. 1263.) c . ” POWIQMS OF 1<‘I•}DERAL FARM LOAN BOARD . GENERALLY * 831.`En`1}merstion.¢—The "Fedeml- Farm Loan Board shhall xvepmver-¥— ’,   (cn), Organiziizg nhd gcharterhig bkgnks and ivan-ass0ci<:rio;}.·¢;" ·al_ land banks, and to charter natienalfanm loam as s=o<·i_mie»n¤_ 1d joint-stock land bimks subject tb the provisions of im; mpter, `and in its. discretion t0?a1ith0rize them to im·rr·ase_` reir capitalf stock; (July -17, 1916. c. 2-15,··_§ 17, 39 Stat.·3T5>) _(b) Reviéjwing and altmhg interest rat’e.s.·—-T0 review mul ter an ifs qiscretfon the rate of interest to be charger! hy ` aderal land Banks for lozing made by ’them under the`·pr·»yi- · mrs 9f*this‘ chapter, said·r11te`t0 be_u.niform` s0"far ds prw: table. (July 17, 1916, 0,2-15, § _17, 39 smj 375.) - · '(q) Granting or fefdéeing dgethority ta iasée bonds;-·-—T0 grant ’ c refuse`t0' Federall land banks, or.joint-stock land banks. anoriry to make any`speei6c_ issue qt 1'arru·l0a¤ bonds. (July ', 1`916,_c. 245,_§ 17,· 39 Stat; 375;) _ I  e., · (d)`Mqk£¤-g· rules and regulation.: as to chdrges og. foam.--- ‘ > make rules and reéyulations respecting —the charges made to rrpwers onloans under this chapter for expenses in évvwiszwl. ·t_e1Enfination df title, gud. reéording. (July 17,-1916, e. 245, 17,39 Stat. 375.) · _ . L ~_  (6) Requiring Areports, ‘ctc.,·-czraniining banks and as.¢eg·i¢:— »n3,··—-To require reports and statements of condition! gmd to tke exari1inatio_ns* of all `bgnks or associations doing business ` 17, 39 SF&tfi375.) -  _  , I - c é (1*) Pfesmbing form qnd terms 0[Jhcmds and surety bond-¤.——·—r » prescribe the form and terms of farm loan bonds, and the mi, terms; and penal sums of all surety bonds required under is chapter ard Qffgiilzh 0(her surety bonds as they shall dmeem. cessary, such surety bonds to cover iiqancial loss as well hs ithful performance btw duty. (July.17, *1916,lc. 245, Q 17. Stat. 375.) » · _. - _ (g) Rcgulallnd ·paym0nls between 6¢w.ks.—-To require `Fcd- 11,1und banks td pay forthwith to any Federal Tlmid bunk air equitable proportion of any` sums advanced by said Iam! nk to pay the 5c0up0nsk 0i'· émy other land bank, basing said mixed paynients on the amount of farm lean bcmdsw issued éuch land bank and actuailofoutsrnrn¢Ping_ at the tirhe of meh mirement, (July 17, 1916,.;:. 245,*5 17, I3!) Stat. 375.) (Ja) ·Su»;•pc$zding or rémrwal of directors, rcgiciram, ap-‘ miacra, and examiners.--iT0 suspend or fo remove for czwrc y' district directcrr or any 'registranr, appr_aiser,- exarhiner, nrt ner omcial appoii1ted_·by mid board under authority of sev- . ¤s·651—604 of this chapter, the cauée ot such suspension., or
 * t}£0ri;jing' iucregxe of .st'0clq.———-To organi$e' and` charter Fed- Jr-
 * <}er_ fhe_provisions· of this chapter. ‘(Ju1y_17, 1916, c. 245,