Page:United States Statutes at Large Volume 44 Part 1.djvu/327

 `”"’ QM . TITLE 1.2.-—-BA;\'1£;; Ling mak at lcsnst t,wi<·e cacln ;·rcax·. (July 17, 1916, qu, 245, S _;», Ilia! Stat: 351Q) _ A ` ml. Salaries of examiners.-—Lam1 bank examiners shall ,·.·l·»>::1l;1:·ies to be iixwl by the 1;·`od¢~ral Farm Loan Boapd. { •,¤<;;¤· lf. 1916, c. 245._§ 28; 39 Stat. 381.) im, Insolvency of farm loan associations; receivers; pow-. Q,-,_ and duties.-——Upon receiyingt satisfactory evidence that may Us wml farm loan association has failed to meet its outstamling .‘:·iée·:i;m¤s of any description the Federal Farm Loan `Board ,._.;_e· ,m·ilm·ith declare `such association insolvent and appoint ,,,.l he ;»ro;><·1·: Provicicd, That 11o»11a_tio11a1 farm loan aseocia-.· q;~:i·;`i;:2Il‘ he·de<·lared insolvent byésaid board until the total ”;·¤l· out of defaults Of_Cl1I'1’€l·lt interest and amortization install-. emzt un loans iudoz·se.i;.;E§ ;m¤·»unt to at least $150,000 in the Feglera1»1aud bank ·11~z;·i¢·t. unless such association shall have been in default xw :1 ]»t‘l`i•>(l— of tivo 'yeaxis. · Such receiver, under the direction ..2 me r`¤·&lex·al Farm Loan, Boa;·d,Z `shall take possession of the i·.·.·»;;~, z·;·¢·or¤ls; and assetélof every description of such associaz1·»z;_ mllect all, debts, dues, and claims belonging toit, and, aim the approval of they Federal Farm Loan Board; or upon mi or mmpouml all bad or doubtful debts, and, one like.
 * >;ss<)Ll"l`I(>N AND AT’POINT1\1ENT OF RECEIVERS _`
 * , ¤.···~ivor and require of him such bond and secufity as it
 * .·» ·»¤·m·x· of a_ court of recordrof connpetent jurisdiction, may
 * »p;.}··»v:nl or order, may sell all tliemeal and personal property

e»:‘}~zi··h_ association, on such terms aa the Federal Farm Loan 1:··;ml or said court `shall direct. `(July 17, 1916, c. 245, § 29, 2:i• Sra:. 38l.) l ·. -‘ I _ W ` 962. Disposition of moneyseollected;-by receiver; reports.--
 * <»a—&¤ receiver shall pay_ over momouey so collected. to the

'm-;»~uror of the United States, subject to the order of the lk ;1··ml l·`arm.L0an`B0ard, and also make report to said board · <•‘Q—:ali l1i>:`acts and proceediags. ‘ The Secretary of tbe{13reasary >-hull. have !1l1[h0l‘itX`t0_ deposit at interest any,mouey so relmual. _(July` 17, 1916, c. 245, § 29, ·39 Stat; 1381,) [ _ A 963. Insolvency ‘*of had haake; receivers; power; ‘and_ duties.-—¥l5poa default of any obligation, Federal lagd banks_ and joint stock land banks may be declared insolvent arid ‘1e:..:mi, and proeeediugs shall thereupon be had°in accordance Wim the provisions oft this; aegctioa regarding national ·farm` l··;m mgmeiatioxas. _ (July 17, 1916} c. 245, 5- 29, 39 Stat. 381.) 964; Insolvency of farm loan abseciatiems; cancellation uf Mock hold in land banks; application of payments on stock; reduction of stock of lug} banks.-—If any national farm loan ¤~·<..»i·iatiou shall be declared insolvent and a. receiver shall · ;z;»;»aa_¤ml tb_crefor by the Federal Farm Loan Board, the sg; will by it in the Federal land bank of its district shall be can-· ···h·¤l without impairment of its liability and all payments on ~—s‘1‘<·l1 stock, with accrued divideudhsyif any, since the date of me last dividend shall l Brat applied to ·all_debta of tlne lat N·m·ut farm loan association to the Federal land bank aud the 1m.1;m<·o, if-any, shall be paid to the receiver ot s¢*d farm loan
 * »l:.··(·4.Vin the hands of a receiver by the Federal §Farm Loan
 * ~s·¤e·iaati¤>nni lwwidcd, That meetimatiug said deb .s contingent

.1m:»iliti¤·s incurred by national farm loan ¤¤see1¤¢1~p¤»s under 4 me prox·isione'ot this chapter oa account of default of pain- ·' 4 ipal or interest of lndoraed mortgages shall be eatixaatcd and l.az•‘lll<‘l0d ass. a debt; and aaid contingent liabilities alnallbe der ·l<*l‘llllll(‘d byi agreement bétweerl the receiver and the Federal mm} ban}; ofjtbe llietrict, subject to the appssoyal of tlie·Eedex¤al }·`ar1x1·_IloaulB4»ard, and if said receiver and aald land bank can mm agree, then by the decision of the farm loan commlssioner, and me a_mount_tlms &S(?€lYt11lll&Q‘ shall be deducted in acc0i•d· am·e,£s*it_b’lbe provisions of this Section from the amount othez.··_ also due said national farm loan association for said canceled; noel;. .Wheucver the capital Stock of .11 Fedeml-laml bank shall bereduced, tlneboyd of directors shall cause to be executed a.

certificate t0_ the FQ·(lQl'HI Farm Loan Board, acllmvinxgz suvlx “ I`(3(lUCll·1)Il of capital stock, and, if will rezalmetaitm shall bc emo to the iI1S€)1VQll(‘y of a national farm loan flSSO(fl£ltl(ll1,~Hll‘ $1lll‘PU.lllL4l‘Op2lid to such associatimx. (July 17, 1916, c. 2-15. § 29, 39 Stat. 381.) l _ _ _ 965._V0luntary liquidation; consent of Farm Luau Board.; consolidation of ,farin loan asé0ciations.——-—Nu naltiemal farm loan association, I1‘0¢lc-ral land bank or joint stovk llllldilélllk shall gd into voluntary liquidation witlmut they written cmxr scent of the Federal Farm Loan Bbard, but natimml farm loan associatioxxs nmy (follSlid{lY€ under 1'lH(.‘S.illl(1 wgnzlatiuns pmmulgatcd by the Federal Farm L0:1`11 Board. (July li', 1916, c. 245, §, 29, 39 Stat. 381.) » ` 966. Liquidaticyx of farm loan associations; cancgllatioh of stock. and issué of new stock t0~b0rr0wers; pcrsoénal liability ‘0f~ st0cl<hblder:s.——Up0¤ liquidation of any natiemzxl `farm loan ass0¢;ia‘t_ion, thastoék in the _Fu<le-ral land bank held by Such association shall b€_C‘£1ll('t*1(:‘(l and the Fedc·ral land bank shall tlxeréupon issue to the lmrrmvers tlwough such association an amount of stuck in the Federal land bank éqdal to the amount of stock held by sub}; borrowvrs in thé liquidated association,. Siwh stock to be held by the bank as - ccllaterallto thé loans of such borrowers and to be paid 0K and retired at par in the same maxmer as stocwlhcld borrowers in furnm loan associatioris, and the Federal — land bank shal1·`pay to the borrowers h0ldin;;`suc;l1 stock the sauxcdividends Fas are; paid to niational farm loan associations by such bank. The pérsbnalj liability gof the stockholders in such liquidated association to the 21Ss0ciati011'shal1'·survive such.- liquidation and shall be vested in the ;bank in that district, which may enforce the same as·fully_as theassociatinn could if in existence. _(Mar.;51, 1923, c. 252, Title· II_I, § 311, 42 sm. 1·£2·s_.) l ‘ l STATE LEGISLATION IMPAIRING SECURITY OF` FARM .  l LOANS I. 971. Examination. of State laws ag to conveying and recordation.-——It shall be the duty of the farm loan commissioner to _ make examination of the laws 01 ·évery§State' of the Ijnlted States and to inform the Federal Farm Loan Board- as rapidly ~gS may bi;-whether "in his` `judgment the Jaws bf each State relating to théc conveying-and recording of land titles, and the forécl0suré‘ .012 mortgages or athet instruments seguring 10:1135,* as well as providing homestead and other exemptions, and granting the power waive such exemptions aé respects iirst lIl01'tg8g€S,. are suc a’l`as' to assure the holder thereof adequate safeguards against loss in the event of default on loans. `>:e,·éured by any such mortgages. (July.17, 1916,* c. 245, § 30; `39,“Stat. 382.) · · · ~ » - 972. First mortgages as-basis of issue of bonds; assistance in ¢XImiR8ti0H8•-P€lllllBg the making of such exaiininatimr in the casé of any State, the Federal Farm Loan Board may declare `iirst mortgages on farm lands situated within Such State ineligible as the basis for an issue of fill`Dl`l0£ll1-“b(lDdS; and i£ said aka-minatiou shall show that the laws of any such State aiurd insufficient protection to the holder of- Hyst mogita gagcs of the kinds,p1}_m·idéd in this chapter, said 1·`‘ or assistance, 0;* may employ special counsel in any Staté wlmro hc comgiders suéh action necessary. {July ,17, 1916, c. 2-15, · §· 30,- 39 Stat. 382.) ‘ I K. ‘_973. Statenineut by Loan Board; noncompliance of State laws 'witb rcquirementa of board.-;—At tho request of the executivé—0f.auy_ State the Federal Farm L0&ll_‘B<l0l’tl slmll pre-
 * AND ,BA&'1£{NG{+ § 973