Page:United States Statutes at Large Volume 47 Part 1.djvu/755

 72d CONGRESS. SESS. I. CH. 522 . JULY 22 ,1932. (i) Such board of directors shall administer the affairs of the bank fairly and impartially and without discrimination in favor of or against any member or nonmember borrower, and shall, subject to the provisions hereof, extend to each institution authorized to secure advances such advances as may be made safely and reasonably with due regard for the claims and demands of other institutions, and with due regard to the maintenance of adequate credit standing for the Federal Home Loan Bank and its obligations. EXA MINATIONS AND ST UDI ES BY TtiE BOARD SEC. 8. The board shall cause to be made from time to time exam- stales bnation the oard d inations of the laws of the various States of the United States and the regulations and procedure thereunder governing conditions under which institutions of the kinds which may become members or non- member borrowers under this Act are permitted to be formed or to do business, or relating to the conveying or recording of land titles, or to homestead and other rights, or to the enforcement of the right s of hold ers of mo rtgages o n lands s ecuring l oans, or other- wise. If any such examination shall indicate, in the opinion of the whepre meondl tionsi c~ dd board, that under the laws of any such State or the regulations or satisfactory. proce dure there unde r the re wo uld be in adequ ate p rote ction to a Federal Home Loan Bank in making or collecting advances under this Act, the board may withhold or limit the operation of any Fed- eral Home Loan Bank in such State until satisfactory conditions of law, regulation, or procedure shall be established. In any State Establishment of ex. amination of borkowers where State examination of members or nonmember borrowers is where state law inade. deemed inadequate for the purposes of the Federal Home Loan quate. Banks, the bo ard sh all es tablis h such examin ation, all o r part of the cost of which may be considered as part of the cost of making advances in such State. The banks and/or the board may make b Trends of values to studies of trends of home and other property values, methods of appraisals, and other subjects such as they may deem useful for the general g uidance o f their p olicies a nd operat ions and those of insti- tutions authorized to secure advances. ELIGIBILITY TO SECURE ADVANCES 731 Administration. Eligibility to secure advances. SEC. 9 . Any member or nonmember borrower of a Federal Home etc orm of application, Loan Bank shall be entitled to apply in writing for advances. Such application shall be in such form as shall be required by the Fed- eral Home Loan Bank with the approval of the board. Such Fed- Discr etion ary a ction. eral Home Loan Bank may at its discretion deny any such applica- tion or, subject to the approval of the board, may grant it on such conditions as the Federal Home Loan Bank may prescribe. ADVANCES TO MEMBERS bersAdvances to mem- . SEC. 10. (a) Each Federal Home Loan Bank is authorized to make on ut ~tt ty yofmme advances to members and nonmember borrowers, upon the security mortgages conferred. of home mortgages, such advances' to be made subject to such regula- tions, restrictions, and limitations as the board may prescribe. Any such advance shall be subject to the following limitations as to l Subj o specified amount (1) If secured by a home mortgage given in respect of an amor- tine secured by ytmor tized home mortgage loan which was for an original term of eight gage. z .a: s or more, or in cases where shares of stock, which are pledged as sec urity for such loa n, mature in a per iod of ei ght years or more,