Page:United States Statutes at Large Volume 44 Part 1.djvu/324

 § $64 aminaf 12.m-aasca 864. Preparation; custwy afplatcs and dies; exchange for ragigared bands; reaxchanga far coup¤aa.—~——-Ia ordax ia iumiah fam: lam: bands for delivery at the Federal land banka and 'jaia: stack land banks, the Secretary of tha Treasury is hereby gaatheriéadf ta prepare suitable bands in such form, subject to gina praviaiana of this chapter, ka the Fadaral~Fa'rm Loan Board %§`a;;* app:·9v€:, such bonds when prgparcd to be held in the Treas- §'aai>jact£ to dalixzary upon crcler of tl1a»Faderal Farm Loan »Baax·d.· Tha aagravc>d plates, dies, bed pieces, and so forth, axa·aut.a·d in cauxxactiua therewith shall remain in the custodyaof tha Sac-ratary of the Traasury, Any expenses incurred in the graparatiaa, custody, and delivery of such farm loan bonds shall `· be paid by aha Secretary ofi;H<?T1;2dsury from any funds in tha Treasury mat otherwise appmpriatedz Provided, h0u:<2ve:r,_ That the S€*Cl`€{8.l‘§” shalllba reimbursed for such expenditures by tha Federal Farm Loan Boafd. through assessment upon {ha fagia lam} banks in pfoportiun to the- work éxecuted; They may be exchanged mtv registered bands of any amount, and »—3‘€€HQ1§&l§g€.‘(1 iam c0up011-.b0uds, at the option of the,h0Id1+:r, mzdar rulasvl and regulations to be prescribed by the Fe_daral` Farm Lc>aa`B<>ard. (July 17; 1916, c. 245, § 20, 39 Stat. 377; Apr. 29,* 1929, 0.154, 5 5, 41 Stat. 571; Mar. 4, 1921, c. 151, 41 Stat. 1362; Aug. 13, 1921, c. 63, 42 Stat. 159.) ’ SPECIAL PROVISIONS OF FARM LQAN BONDS 871. Land banks as bound by 8¢tS‘_0f_0§¢€1‘S andaL0a1; Board isaaa af ‘b<mda.~—·~··Each land bank shall be bound in all  by the acts bf its 0$C€1`.B in signing and issuing farm iaaa honda-and by the acm of the Federal Fafm Loan Board in aatharizing fha}: issue. (July 17, 1916, c. 245, 5- 21, 39 Stat, 372. Liability · of land banks- for interest and principal of bands.-—-—··Evary Wedaral land bank iwuing f&l‘II1`]08i1 bonds _  he primarily liable t.harefd:,"aad” shall also be liable, upon » Q?  af fa.J:,a1·—1aaa»#baaé_aaup0aa, for iatcraagpayménfs due awa say farm loan Vbcmla iaauéd by 0tharaFadéra1 land  and remaining unpaid! in coaaaqxmaca at the default of  aaai; lather land  baak.·§; -a11d·a#vary aucli bank shall likewise bé ,_ liable fair sack partlécxi at tha pxsimzipal oi; farm lqan bonds. ad  aa shall aat be paid after taa 'asaats at any auch other  banks ahall have beau liquidated and distributed: Pm—  Rat at3fah_ loaaaa, if.aay,—»aitha1= at interest or ct principal, aha}!   a a aaad by the Federal Farm Lcian Baard against _ aalvaat iaad aaaka liaigla thayefcr in pmpartiaa to ‘ the aaiomxb ? at farmlaaa bands xvhlch each may have qutataaéling at the lima at auch  aaamamaat. (J ul? 17,.1915, c. 245, 5 21, 39 Stat. 3*2%) _ · ` a   ~ ‘ L l`  3. Becazd sm miaatca of had banks respecting liabilityw-· Eaaary Faaaral land bank aball by appropriate aaatioa ct its mam aa! diracta1~a,‘daly  in its miautaa, ébllgate itself ta bacmaa lllablé aa, farm  beads as pmzvldéd (la- this sabdiviaiaa, {July 17, 1916, c. 245, S 21, 39 Stal. 377.) _ ‘ -3 , 334. Signing aaa attaatiaag bgada; earti§¢até or farm ban ¢ammiasia;aa:.~Ex*ary {arm laaa 501311 by a Federal lam! baak alaall be jaigacd by iliaprasidaat arivica praaidant and aatxaatad by iia sacratary or aaaiaiaut mczataary; For tba pur-— at aigaiag aitxch beads tha baard af diractara af any yF‘adai¢al land aaak is autharizad ta aalact a. visa préaiadéat whé aaa;} aaa:  a. mambar af tha board at dfractam; auch bands a· aha;} alan aaataia i;i·~_i;al1a_ ia}:a.t11a:·aa£ a_ aartitlcatag aigaad by tha;-farm lean Acamxaisaiaxxcr ta the cwact that it is iaamzd Hallam 1}:a aaiharixyl af tha Fallaral Faim Lean act, has tha approval mia {ana aa  iaaaé at ttaa Federal Farm Loan Baan}, nad is  ilagal and iagizlar lu a1l#raapacta*;?.;1;at it iaact iaxabla by Natiaaal,a  State, municipal, ar 1acal—ai1th<>rity; tha; ipia issued agzaiiaat mllataral aacarity at Unified States Government beads, _ _ az: imlaraall that amaxazgagaa on farm lamla, at `laaat equal in amaaat ta {ha ·lmaga.iaauad;` and that all Federal had hahha

S AND BANKING 310 are liable for the phyxncnt of each bond. (July 17, 191G, lv 215, § 21, 39 Stat. 377 ; Apr. 20, 1920, c. 154, § 6, 41 Stat, $$1,) ‘ 875. Consolidated bonds; authority of land banlss tu isgm, and séll.~—\S?l1cn¤var it shall appear desirable to issue coxmlll dated bonds of thefwelve Federal land banks and to sell tlmh through 3 common selling agency, and the Federal land banks shall, by resolution, consent to the same, the banks may issue and sell said bonds as hereinafter provided. (Mar. 4, 1923, Q. 252, Title II}, § 308, 42 Stat. 1476.). · i ' ·876..Siguing and attestiug consolidated bands; recitals.—- Every bond sd issued shall. be signed by the farm loan mmmissioxier and `atteétcd“ bjr the gecretary of t.hé» Federal Farm Lomr Board, and their signatures may be either written or hngravecl there0n.2u1cl shall recite in Sthe face ci the boml the fact that it is the joint andécvcral obligation, of the tx·:e·lx·e Federal land baixks, and shall in all. respects be gcvemeel by the provisiorls of the Federal Farm Loan Act not incdnlsisteht herewith. · (Mar. 4, 1923, `c`. 252,2 Title III, § 308, 42; Stat. hifi.) 877. Cansolidated bonds; when paynblé.-——The ce>~xis»c>lidawll bqnds himued umlcr this provision shall bé*il1acle·payahlé at any .Facleml lam} bank, and méy be made §ayable_ at any ,}s`ed·eml reserve bank or hanks designated. in thé face at the hand. (Max. 4, 1923, c. 252, Title III, § 308, 42 Stat. 1476.) ` ‘ 878. Lgnd banks as bound by acts of c§ccrs in isgue of cansclidatgxl b0nds.——-Each Federal land bank __0n whose behalf jcotlsolidétéd bonds shall be lssuéd miller this Rmvision shall in all respects be bound by the act ot, the farm lash commissioner and the Secretary of the Federal Farm Loan Board. (Mar. 4. 1923, c. 252, Title III, § 308, 42 Stgt. ri’2‘6; Mar. 4, 1925, c. 524, §_6,.`43°Smt.·1264.) _ “Q ·‘ l ·. , ·, 879. Pgrticipatism of lané bank in ccnaalidatcdissuc as depenglent mi assumptiqn of liability rupecting    Q.: -—-—- l Every? Federal lhxxd bu¤l·¤,_bef<>te participation ins qcusolidated issue, as herein provided,} $1:2.11 by gppgépiiste actiwa of its l board of directors, dqly ·1°€€{!1`(l€€l’lH its mimxt@ shliggte itself . tb. become liable on Federal farm Img bonds is pérovlded in section 873 and be bound by the acticm · of the {arm  mm-, `° `missiqhér &1:1d'the secretary of the Federal Farm Loan B-card in executing the game. (Mmf. 4;, 1923, cg.  Title III, _§ 338, ,42 Stat. 1476.} °, »  ‘ ·· . · ` ,880. Certiécatc éf farm Iam; ¢¢mmisgi¢¤er;~¥Every faxjm loan  issued .hcmuuder shall contain on the {age thereof s. C¢1?tl.¤£28Céh signed by the farm lm mmmmicmr ta the e§¢ct ,_ that it is issxiecl under thé autlicrltybf this chapter, has the appmml in mrixi and issue of the Federal Farm Loan Board, mad is legal and, rcghlarllxi all respects; that it is mt taiablc — by N3tl0Ili1l,·St&lZ&, municipal, orlocal. autharltyv; ibm: it°is issued against collateral gecurity ccmsisting at ohllgatihns of me United St$C@S.iG0Y€IYHm€B€, or lll1d,Ol‘$€d hist mottgaggs 0:1 farm lm1cls,`&t lehstequal in zgmomint to the bmxérla jsemed; and tl1&lC`2’1ll“ Fes;leral,laud banks are liahlenfor the mymem: cfcach bond. (Mar. 4, 19:%, c.;,252, Title III, is 308, 142 Stat. 1476.)` ` 881, Pretcquisitesl t¤‘ pnticipatiaa af  bank in cém¤lidateé iséue; payment of. bmulsgmsl mup¤¤s.~——-when my Fe~~<l·· _ ‘cml Fixrm L0:m" Board (hr the zxppmvjal on its`bel1iil£. of slwlx lssxm and tender tc} the régistrzxr approved farm martgageé, or cbligations bf the United States Government, as security the:·<s»- _for,_,&x1d no bmlka shall I}&E!`l'.lClf.l£k€Q in such cdhsolidhtcd issue _ . until`, such &pplicatl¢.§€H§s. lixseu apprezjmd by tha 1E‘¢~:dera§ll —F:smu I Board,. Each bank shall {lay xélmn Hue, with01x§__x10tieq, all bonds and coupons issuaclon its hehhlf lmseuneler. (Mau,) 4, 1923,‘c.·252,`T itle III, § 308,, 42 Stat. 1476.) ‘ _ ` 882. Failme to pay proportion of ixilermt or principal cf consolidated lssué; liability of participating banlls.-·-·Ifz£1l.Y_ F*c:;leml land bank shall fail to my its pm=pcz·ti<;m·`0t intgxwt {lr prlncigial as prgsckibgfl in secti¢m_ SS1,~tl1c Fe<gleral’ Farm _ J