Page:United States Statutes at Large Volume 42 Part 1.djvu/1482

SIXTY—SEVENTH CONGRESS. Sess. IV. Ch. 252. 1923. 1455 " (c) Each Federal Intermediate Credit Bank shall have all the °°'¥’°"“°P°“’°'s· usual powers of corporations, and shall have powertosue andbe sued both in law_and equity and for purposes of jurisdiction shall be deexpgl %·Céh1Z€{1 of fthe Sglte whjereiit igglocgsted. " •e era n erme `ate re `t an when des1gna` ted for M"' °°* “ “°'°'“‘ that purpose gythe Secretary of the Treasiiry, shall act as fiscal mmmm‘mm` agents of the mted States Government and perform such duties as shall be prescribed by the Secretary of the Treasury. "(e) Upon default of any obligation any Federal Intermediate ,,§§f“"°"°Y P'°'i‘ Credit Bank ma%_be declared insolvent and placed in the hands of a receiver by the ederal Farm Loan Board, and proceedings shall thereupon be had in accordance with the rovisions of section 29 of v°“‘3°’P‘°8" this Act regarding National Farm Loan Xssociations. "(f) The charters to such Federal Intermediate Credit Banks ,p(Qi,{,':§',,,§""“°d °“ shall be granted upon application of the directors of the Federal Land Banks which application shall be in such form as the Federal Farm Loan Board shall prescribe. DISCOUNTS Arm LOANS. m‘°°“""’ °“" '°°"’· "SBG. 202. (a) That Federal Intermediate Credit Banks, when ral;-iiivi.rd¤¤sisii:·ii-°<i t° chartered and established, shall have power, subject solely to such restrictions, limitations, and conditions as may be imposed by the Federal Farm Loan Board not inconsistent with the provisions of this Act,—— (1) To discount for, or purchase from, any national bank, and/ or any State bank, trust company, agricultural credit corporation, §,‘§_‘;,{,W°’§,,,‘,}*;,‘§“°§*,§; incorporated live·stock 1oan_ company savings institution, coopera- Xr¤g¤;•:.2_rc;»mcwmm tive banlk cooperative credit or marketing association of agricul- "““’°°°s‘ tural ro ucers organized under the laws of any State, and/or any other }Federal Intermediate Credit Bank, with its indorsement, any note, draft bill of exchange, debenture, or other such obligation the proceeds of which have been advanced or used in the first instance for any agricultural purpose or for the raising, breeding, fattening, or marketing of live stock; _ _ _ _ (2) To buy or sell, with cr without recourse, debentures issued by d,§',,'§‘,‘§g;g_‘”°d** `°°¤k unv other Federal Intermediate Credit Bank; and mms on { (3) To make loans or advances direct to any cooperative associa- ea-pmuens %i°°ig£. mm 0;- anized under the laws of any State an composed of persons °‘§’,,’,}‘,{Q},},,‘j',,§_f‘;,§f,$§{,* engaged in producing, or producing and marketing, staple ggripul- gg: werobouse receipzs, tural products, or live stock, if the notes or other such obligations ` representing such loans are secured by warehouse receipts, and/or ghippin documents covering such products, and/or mortgages on PMN live stogxz Provided, That no such loan or advance shall exceed 75 vm, ,,m,,_ per centum of the market value of the products covered by said warehouse receipts and/or shipping documents, or of the live stock cov- ·red b · said mort aces. _ _ ( “(b)y No paper gslisall be purchased from or discounted for any ,,,.L"“'d§Sc,,°;,¥; national bank, State bank, trust company, or savings institution bsnksercunder this section, if the amount of such paper added to the aggregate liabilities of such national bank, State bank, trust company or savin s institution, whether direct or contmgent (other than bona fide cleposit liabilities), exceeds the amount of such l1ab1l1ty permitted under the laws of the jurisdiction creating the same; or exceeds twice the paid in and unimpaired capital and_surplus of such national bank, State bank, trust company, or savmgs institution. No paper shall under this section be purchased from or discounted mfg; for any other c01'p0l‘9.t1pl1 Bflgilgétl In making l08DS for agricultural wg; xgigzgieitgn pur oses or for the raising, breeding, fattening, or marketing oflive stock, if the amount of such paper added to the aggregate liabilities