Page:United States Statutes at Large Volume 39 Part 1.djvu/390

SIXTY-FOURTH commnss. sms. 1. cu. ais. wie. 369 Shareholders of eve national farm loan association shall be held Sh@'§%“§;""*>' °* individuall$respons1b?e equally and ratably, and not one for an- ` plther, fort fcpgilitracts, debt? andkengag(;>dmf;ntstl:L>•f such talssociatiopl to eexten 0 eamountostoc own mat e arvue tgereof, in addition to the amount paid in gud represented) by their s ares. After a charter has been granted to a national farm loan association, p,§h:_$g*?&¤,j{g§·°‘ **1* guy niiatgigal personi whoi is e owner, glr abguthltg lAecomett1l1el<:wner¥of Puma wm. ' 81'II1 quahfie` unersectiontw veo t' ctas e asiso a mortgage loan, and who desires to borrow on a mortgage of such fartnai mggcbpgzome a memblgengf associatilpn byfatplwo-thiiisl vo o e crsuonsu criing oronesareo ecai stock of such associatidh for each $100 of the face of his proplised loan or any major fractional part thereof. He shall at the same time file with the secretary-treasurer his application for a mortgage loan, giving the particulars required by section twelve of this Act. APPBAISAL. Apgnhl. Sec. 10. That whenev r an a lication for a mortgage" loan is m‘t¤Am1d‘vp|lx¤jm%-M made to a national farmloan assldldiation, it shallvbe first referred to *¤*¤¤·¤&-u the loan committee provided for in section seven of this Act. Said “"·*’·““· loan committee shall examine the land which is offered as for the desired loan and shall make a detailed written report sign _ by all ttlircee meiaibeurlsi gitvgng itghfapgzxjaisal of saidblgand as detlerxnmed rn an s o er orma ion as may req rules_ aryld regulations to be prescribed by the Federal Farm Loan hoard. No loan shall bp apprloired by the directors unless said loan committee ·“’p‘°““°°“"°‘* agreesu n a avora ere rt. The wlrgten gport of saill(loan committee shall be submitted to the b_§:;¤¤¤i¤¤ ¤> *¤¤d F1`1€;(l€1‘8.llB.I;d bdl , (ticigézlgiierilzvilith the applicgtion for the loanilandih the ` ' e torso said an s examinesai writtenre rtw en e* passiuppn tlilelloan gipplicatiopl which it accompanies,%i)ut they shall not e oun y san ap rais . Before any mortgage loan is made by any Federal land bank, or ·p%•rg;_¥°,;•°°··°‘”°¤* joint stock land ba , it shall refer the application and written report ' of the loan committee to one or more 0 the land appra1sers appointed under the autliiiiilty of section thplee oi this Act, and such ·*·*¢·P· 3***- appraiser or appraisers s investigate an ma e a written re ort upon the land offered as security for said loan. No such loan 51all be made by said land bank unless said written report is favorable. b.%..°m; €¥1.;·PP*s*Lsrr“.‘°a§..2·~#.:1’am asmsmrnd Md “*"‘· s a prescn the arm an oa Land bank appraisers shall make such examinations and appraisals ”'*'°°°*•PP°“°”· and conduct sutcil ilrpggstgagions, §E;10 (§81’lI1 loéapr bonds and first mortgages, as e e arm an ar ect. No borrower imder this Act shall be eligible as an appraiser under ¤ ”$“** this section, lint bogrowers may act :.:11 memtléprs tgfl a loin pommittiiee manycasew et not erso m es m eoanun er consideration. BrWl1ellT sd.; mergber of aloan committee or of a board 0; dtillreigoisdis indterrested, dgrectly or inncgregctlyqin a loan, a rnajoriti 0 e oar o ectors o any natio arm oan association appoint a substitute to act in his place in passing upon such loan. rownas or xarxoxar mum was assocmrrous. .,§ _°“"""°"“ Sm. 11. That every national farm loan association shall have D·¤i¢¤·*•¢ power: First. To indorse, and thereb become liable for the pagment of §:;>1éEages taken from its sharellolders by the Federal lan bank of 1 tract. 91890°——vor. 39—rr 1--24