Page:United States Statutes at Large Volume 39 Part 1.djvu/396

SIXTY-FOURTH CONGRESS. Sess. I. Ch. 245. 1916. 375 scribed bgs the Federal Farm Loan Board, and it shall be stated in such bon that such bank is organized under section sixteen of this Act, is under Federal supervision, and operates under the provisions of this Act. rowmas or mnmnan ranu LOAN noaan. F¤¤¤ YM B¤¤r¤~ Sec. 17. That the Federal Farm Loan Board shall have power- P°"°° mmm (a) To organize and charter Federal land banks, and to charter b.$R§'§Y,'5 §§°,;*,§§,§l. national farm loan associations and joint stock land banks subject °‘°“°”*’·- to the provisions of this Act, and in its discretion to authorize them to increase their capital stock. (b) To review and alter at its discretion the rate of interest to be mh *¤*°'°°‘ '°*°$· charged by Federal land banks for loans made by them under the provisions of this Act, said rates to be uniform so far as practicable. I Bs ( (c) To grant or refuse to Federal land banks, or `oint stock land imag. ° °° ° banks, authority to make any specific issue of farm loan bonds. K (d) To make rules and regglatiens respecting the charges made to ¤¤¤¤¤¤¤¤b¤¤¤w•¤· borrowers on loans under t Act for expenses in appraisal, determination oftitle,andrecording. ~ 1 .~ `.—- ;·- (e) To require reports and statements of condition and to make ,,,§°"°’“ "°'“ "“· examinations of all banks or associations doing business under the ‘ provisions of this Act. · Q · " , _ (f) To prescribe the form and terms of farm loan bonds, and the ,,§`,‘,,‘§f""’° ’°‘“‘“ °‘ form, terms, and penal sums of albsurety bonds required under this Act and of such other surety bonds as they shall deem necessary, such sprgty bomls to cover financial loss as well as faithful performance o nty. (g) To Federal land banks tgfpay forthwith to any Federal P""“‘“‘"" by *’“`““· lan bank their equitable proportion any sums advanced by said land bank to pay the coupons of any other land bank, basing said required ayments on the amount of farm loan bonds issued by each land bang and actually outstanding at the time of such requirement. (h) To suspend or to remove for cause ang district director or any ,,i5§?°°°°’ °°°" °m' registrar, appraiser, examiner, or other o cial appointed by said board under authority of section three of this Act, the cause of such suspension or removal to be communicated forthwith in writing b the Federal Farm Loan Board to the person suspended or removed; and in case of a district director to the proper Federal land bank. h (i) To exercise general supervisory authority over the_ Federal u,§}"’°""`°" °‘“ °" land banks, the national farm loan associations, and the jomt stock land banks herein provided for. md m (j) To exercise such incidental powers as shall be necessary or °“ "°'°”‘ requisite to fulfill its duties and carry out the purposes of this Act. Arrucyrioiws ron mam norm norms. · """‘°""’°“"’· sm. ig. mt my Federal land bank, or gint ¤mck_1md bask b.::;.*;3.£‘;;.i.°.;* by which shall have voted to issue farm loan bon under this Act, shall make written application to the Federal Farm Loan Board, through the farm loan registrar of the district, for approval of such issue. commu { um With said application said land bank shall ten er to said farm °° ‘ registrar as collateral security first mortgages on farm lands qualified 4,,,,, W ,.,0, 3,3, under the rovisions of section twelve, section fifteen, or section 374~ sixteen of this Act, or United States Government bonds, not less m aggregate amount than the sum of the bonds proposed to be issued. Said ank shall furnish with such mortgagesa schedule contaming a description thereof and such further information as may be prescribed by the Federal Farm Loan _ _ im b wgpon recei t of such aplpliucation said farm loan registrar shall ,,, Y ` y said scgiedule and s transmit said application and said