Page:United States Statutes at Large Volume 39 Part 1.djvu/386

srxrr-FOURTH conennss. sm. 1. cn. 245. mc. 365 be the duty of the Secretgy of the Treasury to subscribe the balance P°Y'°°¤*· thereof on behalf of the nited States, said subscription to be sub- {pct to call m whole or in part by the board of directors of said land ank gpm thirty days' notice with the approval of the Federal Farm an Board; and the Secretary of the Treasmy is hereby authorized and directed to take out shares corresponding to the unsubscribed balance as called, and to pay for the same out of any moneys in the 'l‘rea.sury not otherwise appropriated. Thereafter no S""°°¤“°'*“““°°· stock shall be issued except as hereinafter [provided. After the subscriptions to capital stock y national farm loan m§*gs*‘ug‘°”°°’°'*€*· associations shall amount to $750,000 in any Federal land bank, said ` bank shall aplply semiannually to the payment and retirement of the shares of stoc which were issued to represent the subscriptions to the ori%;1al capital twenty-five per centum of all sums thereafter sub- SC1'1 d to capital stock until all such original capital stock is retired at [par. t least twenty-five r centum of that part of the ca ital of any “°°"”m'°'¤,, $‘"'°“‘ Federal land bank forpiavhich stock is outstanding in of lm t l national farm loan associations shall be held in quick assets, and may consist of cash in the vaults of said land bank, or in depositsin member banks of the Federal reserve system, or in readily marketable securities which are approved undersrules andregulations of the Federal Farm Loan : Provided, That not less than five per xmseimz in ew. centum of such capital shall beinvested in United States Govern- °"“"°““’°'“*’· ment bonds. _ oovnummmr nnrosrraums. agZl°mm°°t d°p°°" Sec. 6. That all Federal land banks and joint stock land banks s¤Ei.§pi§°Ym°°t°"°°d organized under this Act, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of pu lic money, except receipts from customs, under such regulations as may be piescribed by said Secretary; and they may also be emplglyied as ·"“°’“‘°"*' ‘”""· ' ancial agents of the Government; and they shall perform such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them. And the 8°°‘"“’ '°‘*“"°"· Secretary of the Treasury shall re uire of the Federal land banks and joint stock land banks thus (designated satisfactory securit , by the deposit of United States bonds or otherwise, for the sailikeeping and prompt payment of the public money deposited with them, and for the fait ul performance of their duties as financial U 0, agents of the Government. No Government funds deposited under ma`; G°""‘°‘°“° t e provisions of this section shall be invested in mortgage loans or farm loan bonds. NATIONAL Farm 1.oAN assocryrrous. · N Mn 1¤¤¤ SEO. 7. That corporations, to be known as national farm loan qu‘},;g:g§sf*“°¤ "* associations, may be organized by yiersons desiring to borrow money _ _ on farm mortgage security under the terms of this Act. Such per- m·Q,_"'°'°° °' *“°°"* sons shall enter into articles of association which shallespecifry in general terms the ob'ect for which the association is form a.n the territory within which its operations are to be carried on, and which may contain any other rovision, not inconsistent with law, which the association may see Et to ado t for the regulation of its business and the conduct of its affairs. grid articles shall be signed by the persons unitinglto form the association, and a copy thereof shall be orwarded to the Federal land bank for the district, to be Bled and prewrved in its office. Evezlpational farm loan association shall elect in the manner *’°"‘*°““"°"’* prescri for the election of directors of national assoc1a·