Page:United States Statutes at Large Volume 44 Part 1.djvu/325

 311 TITLE 1,;z.»»»a12.»1:x*1t and banks for the amuunt 1'l€%(‘U>%S2ll`}"y to make said ;>a;.·n1ant, mg {}S${‘S$}}}{‘HtS to be zmade in }Dl`0§`i{>l'til)ll.“`U) the capita} smut; af ;;·;aa·11. whivln 8r€S€_‘SSl!}£‘lltS shall he fortlxwith paid by said: 'aaaks. `(Mar. 4, 1923, 0. 25.1 Titla III, § 308, 42 Stat. 1“2G~1.)· 583. Bond c0mmittce.¥——The—~ pwaialanta; bf the twelve Federal  {mai banks shall constitute the l}H(l»l‘Iil1l]itl€8 of tl1c’Fadei·al  ism! banks and shall selwt ta ·<·lmir11mn from arming their 4 maméwr. Tha vice px·cside2ut maj»‘ act in plavc of the ]l1‘(‘Sl(l€1lt eta; the ])l‘(?S_id(‘!lfS r•;~qu<~sf_k>r in vasé haafznils tc) act. (Mar; 4,· m;3:i,*c. 252. Title Ill, 5 308, 42‘St:1t, 14'ZG.) ‘ ‘- _ 884. Duties of band committee as. to issue ofwckmsolidated. hands.#—·\\'lzc11 au iésuc of»&·0z1s0li111mitt<:c_ Shall S, 42 Stat. 1476.) 5. · _ w" 885. Expenses- of bond committee mid`; bond sale.———The expaxmm of the bond (flllll6llt{(‘0 and of thesale of bonds- Shall he ¢·hargvd_agal11st; tim-s/aferéal land baukain pi·0pm·tion` to their §;}i>><,' -12 Stat. 1476.) _ _· . _ Q · ‘ 886. Cqmpénsation of members of bond c0mmittee.—The pswislaxats of the l·`esler:1l l1lI1(*l` banks shall .I‘€C€l\"€f 110 addi- 1%tma_l` {·¢>:1ipam5:xti¤pn` for their serwicaa as OIIIGUIUEYS of the bowl <·~mz;z_ittaé,! but shall be paid xwcesasary ttaveliing cxpeuaes. {Mar. 4, 1923Q 0..252,/1`itlc IU,-—§ 308,42 Stat. 1476.) · ` Al’l’I,ICA'I.‘ION GFP AMOR'1‘IZ'ATION; AKD INTEREST ~ t t 4l’AYMENTS1'  ‘ i _! 891.. Payments upon mortgages plcdgedf as collateral for Jaan bond isaac; applicatiqp of paynients`; `canccllation loaf .ma§·tgages.~—\¥’I1aaex‘er` any `Federal.1angl bank;3_01j joint stock » land bank; shall lraealva any! intaxtaat; amortizatioutor other °`° ;aa;·1aaxitag11;xm any mat mottgage ar. bond pledged as collateral §,w'i11"i$ y fm the issue of farm luauwbonds, "it slum fortlxivith notify tha farm laaix ifagiatrar of the items so received.-` Saiel ‘.;·agia`tra1·. shall fortla1with·cat1aat,such paymentto bal duly craditad uma the moxftzgaga entitled to auch credit. Whanevar any sari: marttzaga is paid ln. full, said raglatrar_shall·éa11satthe mma ta be cancrélied and aatzawwea to tha proper land bank, \S'}i*lt‘]l,S1}§1u promptly satisfy aml_¢liqcharga_ the lien of record amt transmit such canceled ‘mm·tgaga 'to. the original maker thwasaf, or this hairs, admmizétratzora, executors, of assign; (Jai? 17, 1916, c. 245, _$. 22, 39 Stat. 378.) a ’ t 892. Withdrawal af collateral and substitution of other aacm·ity.·--Up}r&1 a·rittén_application hy` any Federal land Thank; a wr jaaiat. stack land bank, to the farm loan registrar, it may be t·<*f·mittad,i la the dlacrctlahwcf said xjagiatrarg to withdraw any L azxeortgiagvs or bands pledged as ccllataral ’acyul·ltY imderltlnis elmgstar, and ta s11b$tituta.tl1érefo: lather similar mortgages or Yxaitaxl States Gavarxamant bands not laas in amaimt tbaa the martgagcam· lpmxda desired to bélawithdraxzan. (July ..17, 1916, a xt-. 245, § 22, 39 §$tat, 378.) " . ` g 89.3. Place aaai} mod; af payment af laaa hands arliazterest; cancellation xmié“payaac§1t;-\\’ha11eS·ar any farm loan honda; or mupmxa or. iatsesjaat paymaata at sack beads, are dna unda: tlwir tamfis, they. ahall ba payable at the laad baalfby whlch t·1us3*` ware iaauad, in gold or lawful maaay,_aad upon payment shall ha duly canceled by said bank. At f’h8~_d’iSCl‘€tj;t}1‘l of the `}r`<·dax·a,l Farm Loan Baard, payment of any farm loan bond ox cstmpam ur lutaraat paynxaat. may, howavaxj ba autlxcriaad ta _ , be made at any Fadaral_1aml_ bank, any jatat: stack. land bank, or any ctlmr baals, under rules and ragulanticasa to be ~prascribad
 * Jt°»a;; iamarcl shall imn1a¢li:1ta!5* call umm tha other Federal}
 * a·m·4,·d by the Fuloml F4ll°lll"LOIlll Board tl1c.b0mls shall be
 * m·ti¢·ipati¤»u in the pmcaexls. . (Mar; 4, 1923, c. 252,. Title II1,

is as;} Z`?,l}{I£lNG § QQ} ? by the Federal Farm Ij B€fl&l'{l.¤ ,(Jnly 17, 1918, c. 245, s 22, has Stat. I-§7s.) I j » 891. Withdrawal of collateral security onsurrender of loan bonds.—~——Wl1en any land bank shall surrender to the proper farm loan registrar any farmloan bonds of any series, canceled or uncancelecl, said land bank shall be entitled. to withdraw `lirst mortgages and bonds pledged as collatera-l security for any of said series-of farm loan bonds to an amount equal to the farm loan `honds so surrendered, and it shall be the duty of said registrar to permit and direct the (l(‘ll`§'£’1'y‘,f snelr nmrtglagres and bonds to such land bank. . (July 17, 1916, c. 245, »§ 22, 39 Stat. 378.) _ _ · v. , 895. Interest payments on hypothecated Erst mortgages.——-· Interest payments on hypotheeated- first mortgages shall be at . the disposal of the land bank pled;;ingQ tliesanie, and shall- be availableyfor, the payment of coupons- and the interest of farm loan bonds as they become due. (July 17, 1916, c. 245, ·§ 22, 39 sm. ats;). ‘ .- ( 896.fFace value of bonds or interest coupons to holders;-—· _l`l’henever any bond [matures, or the interest on any regzlstered bond is due, or the coupon on any coupon bond matures, and the same shall be`presented`for payment asl provided in this chapter, thefull face value thereof shall be paid to the holder. _ (July 17; 1916, c. 245,‘§ 22,39 Stat; 378.) ( J · _; 897..T Payments on principal of first mortgagesheld as cel- - lateral as constituting trust `fllll"d.·*.·\llltDl`tlZ8tlH and other payments on the principal of Jirst mortgages held by ufarxn loan registrar as collateral security for the issue of farm loan bonds shall constitute a trust -fund in the hands of the Federal land bank or joint stock land bank receiving thesanie, and shall be-applied or-employed as, follows; I . ` In the ease of a Federal land bank--— (a) To p__,ay.off farm- loan bonds issued hy or injlehalf of said banklas they mature. . ” ` a (ll) To Ipurchase at orbelow par Federal farrn loan bonds. ,,(c) To loan on flrsfrnortgages Oll.ft1I‘1ll lands iwithin the land, hunk district, qualified under this chapter as collateral security for an issue of farm loan bonds., .- '_ ‘ . l r ` (tl) To purchase United States Government bonds. » Inthe case of a joint stockiland bank—~——— ,` t · _ `(a) · To pay off farm lean bonds issued by samllami as they mature. V '_ ~ "  ,_ (b)_ To purchase at or belowpar farmloan bonds. " ~ . (c) To loan on first mortgages qualiiied under sections 811- .. 821 of this chapter., _ _ _ h ‘ _ _ _ · (d) To purchase United States Government bonds. (July 17, 1916, c. 245, § -22, 39 Stat. 378; Mar. el, 1923, c, 252, Title IH, l §309, 42,`Sta·t. 1477-.) ·‘ ·. _ S 898. Deposit of trust fund with registrars as substituted -  collateral ,security.—-—‘1‘he farm loan bonds, first inortgaews, ._Unitedi States Government bonds, or cash constituting the trust fund provided s for in the preceding section, shall he forthwith deposited withvthe farm loan registrar as substituted collateral g security in place of the sums paid on the principal of inciorsesl ~· mortgages held byhini inltrust. (Jnl’y‘17, 1916, c. l2-ifi, § :32, ( 39Stat.`378.) » F-   _ · -—    ’ S 899. Notice to registrars of disposition of payments onprin- - cipal of n1ortgages.e——I~$x·ery Federal, land hunk, tn·'joint-·sto¤=l: land bank, shall notify the farm loan ,resisti·:ir nfl the disposi~— l tion ofall pay1nents_niadeYon the principal ol? xnt»i·t;.<a`ses held ‘ ‘ as collateral security for an issue of farm loan hontls, and sltlicl ‘ registnar is authorlaedjat his discretion, to order any of sul-h l D&yments,‘oi"the proceeds thereof, u·he`rever deposited or how- 3 ever invested, to be- immediately t_ransforrc<l to his ae¢·.»uxu as
 * _ trustee aforesaidj (July 17, 1916, c. 245, § :::3. :$S°1_$t;1`t. Ill`5.) »

R" .RESI¥lRVI§S AND DlVID`l·1SllS QF LAND- l%,\Nl°~Zs, 901. Amount carried to reserve account; making goodljml pairment} debit to reserve`acconnt.——_Ey·t·a·y· l·`g~deral land banlr, _