§ 641 TITLE 12.-—-BANK Secj » _ . t `“ 8331. Enumeration-»—(‘a¤%i:aued. (lu) Suspmxdiug or removing directors, registrars, gnppralsers, - and iexaminérs. , » s (I) Exercising supervisory authority over bai1ks.` _*`(j) ·Inclda¤tal`p0werS. · ‘ APPLICATIGNS FOR FARM LOAN BONDS 841. Application; tqwhom made.; collateral security; échedqlc. 842. Verifying schedule; transmission t0_ Loan Board; investigation sind appralsaI~`of—sccuritics` tendered. ‘ _ _ V _ .S—;3._ '1`ransmlssmn of deciskns of Loan Board to land bank a;1d_ farm . loan registrar; iuformaiion by registrar to bqardof isspe bf _ Iomi bonds. _ · I I S-I-i.. Aliprovul 11}* Loan Béard of issue of bopds. _ » ‘ ‘ ISSUE QF FARM BONDS -· `S51. Dutiés of regislrars on approval of bénd lséué. ` $52. Rejcétlog of gbplfcatiou; return _,0f collateral sécurlty. _ _;8;3. Disposition of collateral security on approval -0f application. _ 854. Mortgages acceptable as collateral security. » , A; 855. Amount of issue as affécted by amount of collateral security; _ {United States Bonds or cash in .1leu of sécurlty withdmwh; S5§. Additional Security. ‘_ _.. _ _ `_ " `
FORM. OF FARM-LOAN BONDS
861. Denominations; minimum audimaxlmum pcrldds; interest coubonds; mexchange "for coupons. · l ·’ ·. —. . 862. Rules and regulations as »to pdymgautq · ` w 883. Delivery to banks. · - “ · . I ‘~ __864. Ifroparation; *custog3y— of plates and d_ies;’exclmnge for registered bond'; reoxchaugemr coupons. - · . · ‘ f · SI‘ECIAI.. PROVISIONS OR'1·‘ARM LOAN BONDS `_ $71. Land banks as béuud 'acts ot blliccrs-and Loan Bqard in Issue ct ' hands. - .·_ `" ` $72. Liability of land lwmikstor interest ahd principal ogloan bonds. $$3. Record on minutes of land banks respeqting li:1blllt5j. · SY4, Signing and attestiug ponds; certidente ot ,fm·m loan commissioner. . . _ ‘· _ » _ , . SYS. C0¤s01ld¤ted_b6uils;‘authority of land banks to issue and sell. — 876._8ig1:i:;g_¤nd attestiug consolidafcd bonds} recitals. · ’ 877. £§nsé1ida1;ed Hoang; when payable. . '_ _ _ .
- 878. Lam} haake as b ud bynctg of uQc¢·rs· in lssue,0f consolidated.
bands. ’ . ‘ " ` . 87,9. Participation otéland bnqk isi consolidated issue is dependent' on assumption of ilabiliyy respecting loin bonds. ‘· ` 880. Ccrtiiimtc at farm long commrlssioner. . ' 881. I’rrmqulsites`tc iziartlélpatloln oiskmd bank lu consolidated issue; ` . ··.pn3·me1;t of bqmls and coiipong, " . ` 882. Fuiirxre to psryprdportlou ct interest or prlncipzxl dt consolidated ’ issue; liability of bartlcljmtlng banks. _ · ` 883. Bernd cummitteé. ‘ _ _ 884. Duties of band -com;ul'ttue as tg issue of consolidated bonds. _ _·885. Expenses oi bond committee and bond sale! ` $$6. Cemrpeaéazian of m¢·mbers_0£ bond committee. _ _ AI‘I’Li€'ATIGN OF AMOR'1`IZATION_ AND IN'1'ERES'1'_ PAYMENTS 891. I’a;5mems upon mortgages pledged as collateral fO1’·_10&D band ` issue; apgllcutiun of payments; cancellation of mortgages. 892. $•’i{3ld?@’11l —0! collateral and substitution ot other security. 893. _1’l@cr myd mode of payment of loam bonds or Interest; qzxncella; {lm; as paymJeut.' ‘ O - I . ly ` 894. ’S\’§ii1draw:r1 of collateral sm-1iri£~y .011 surrender of loan brmds. _ 8952 Interest payments 015 'bypotlwezitcd first mebrtgaxgem ‘ 896. Farce mlua of bends or interest cmrpmzs to holders. . » 5 $97. Pnymcmzs on principal of Erst mortgages held as c0lli1teral·ns\‘ ' pmssfliutlng trust fund. . _ _ . _ _ i . ,. 898. Immgit at trust fund with wglstrars as `substltutéd collateral , security. _ ·’ . _ - ` .. ~ _ * S90. Notice to registrars of d_lsposiki0n ofpayments on prlnclpalot 'murtgaggs. . . _ I _ I2Ei¥lI?.Id2VI~l£ AND`_DI\'IDI·2.‘>HDS OF LAN!) BANKS ` 901. Amumzt palrrlited tcr r¢~saz·v¢ acemznt; making good lmpzrlrments; debit ta rrmrvu account. _ - _ _ F l' 90£!.'I)lx*i.d»er¤ds ma lmlnnve uf"n·a·t; czarglnsm`; lngnvestrilent bf wservcs. * l RP2>=ERiVE AND ·DlVIIJl£XDS ~OF,'NA‘ZI’IONAL FARM °I.(>.1.`N ‘
- - ASSOCIATIONS »
911. Reserves; amount. ·. · ° 912._Mz1ki.ug_?g0od lznpulrment of r<=sa~rve. ~ l , 913. lrirldsmla an balxgucc of act earnings. _
91;. Imwsrmcut ct reservés. _ .7 l
- ‘ 913: ljhpcsiticu at reserve on liquidation.
B AND BANKING qqg . Q l _ Qi · ‘ DEFAULTED FARM LOANS Sec. ~ · . 921. Notice t0_ associatlouser agents. of default under mortgage? mug;.} . · [I ’ _ ·! -- - li l Q n lg EXEMP’1`I()N..FROBi TAXATION * 931. Land bank; and -10ari associations; exemption- tram t:z·x;ztim;.· - ’ ‘ exccptioné: tlrst mortgages and bonds an Jnstrumcnmmzwl rj, ,G0ve;·ximent. ~ - B · _ .` I °" 932, Shares in joint stock banks included in ynluation of p@»¤s,m;,;;.. L _ Io;. State taxation.- " »_ _ ’ . . ‘ E . ,933. Rca1°pr9pcrty-subject t6 t¤xation, ‘ _ _— . `INVE,STMEH'1*"’IN FARM LOA_N VBDNLQS 9{L Fiduciary and tfust funds; security for public deposits, 942. Buying and selling by member lganks of liederal reserve Sysggrn 943. Buying and aelling by reserve banks. V ; .. ` I" - _ · EXAMl_NA'I'IONS,§_ · 051. Land bank examiuerS:.app0intm"e¤€; ¤!1¤¤l>0l‘· __ . _ _952. Powcrs,'glutieyllabllitles and penalties; examinations; §-<·pm§_ _953. Salaries of examiners.- · _ _ , _ ` _ '
. DISSOLUTION AND, APPOINTMENT OF RECEIVEBS
\961. Insolvency _0f farm loan aéaociatioas; receivers: Powers ml ‘ duties. ‘ . Q62._Dispositio¤ of moneys collected by receiver; reports. 963. Insolvcncyof lnpd banks; receivers; powers and duties, 264. Insolvency of farm loan associations; cancellation of stock hp;.] ‘ \ X in Iand~·b1mk¤;· application .o£_ payments bn wstock; rcducxm ‘_ " ‘0f_st0ck 0(banks. · ‘ . . ·` 965. V0luntary·.1lquidatt0n; consent of Farm ·Lea¤_BearE!·; coxismida-· tion of farm loan associations. I _ -_ -~ . 966. Llquidétion of {arm ·10an" associations; cancellation of stack anJ issue, ot new stock to· borrowers; pcrsomu dlabmty or sruesw holders., _ . · — ‘ . QSTATE LEGISLAQYION IMRAIR§{G_SEC€RlTY OF FARH I.€l.&‘XS - 671. Examination of.State laws as to conveying and recordatkm. 972. First mortgages as·bnsl•_ of issue ot bonds; assistaacc lu exami-
- _ nations
- Q , J · ·_ _ _‘ _
973. Statement by Lqa¤_ Boagd; iacucempllancc ot Statehuvs with re; quirements of board. · - . - ‘ ‘ ‘ ` ` - ‘ _. _· b.PENALTI‘ES 981. False statements inapplicaticn for laude; willful avervaluatlhn _' otland; acceptance. of loan on gratuity byexamincrs. i · 982. Fa`lse_ making, fefging, or counterfeiting bemis»ox· coupons; p:n€s· - . ing false bonds or coupons; falsely altcriegf _ -‘ _, 983. Charging, or receiving ‘uuauthotize$6, fees .o1·· cemmissions; glis- · closing names of horjrowers. _ " · 984. _Fraud and embuxlement. ‘ _ a 985. False preteases as ate character of bondsf _ _ 986. Arrest ot violators og act. . — . 'GO\’1£RNMEN1‘ DEPOSITB IN· LAND BANKS 091. Goverment deposits __m land banks authorized; pmrchuse o!‘f:u·m_ loan bonds by Secretary of Treasury; continuance: q!·tcml><>· rary orguulzation at lapd banks.·_ " l · _ · · ‘ I ;_ ORGANIZATION EXPENSES 1001. Appropriation for expcnaes. i * ` . `I.IMl‘I‘AT19N ‘0F COURT DECISIONS 1011. Elect of partial izivalldlty of chapter. . . ` · . o AMENDMENTS TO CHAPTER 1021.m Reeervation of right toamend. _ . . ‘ INTRODUCTORY ` Sectiep 64}. “Federal Enm Loan Act"; ‘aH1¤.l¤ist rnti0¤ by Federal Harm Loztxv Board.--·The _ Act at July 17, lwltl (chapter 2-15, section 1, 'I!l1lrty—¤ix1't11‘Statutes, page 360), Hi. amended by Act of March `4, 1923 (chapter 252, sectioxrl), to 'lnclude Federal intermediate credit banks may be cited-as me " Federal Farm Loan. Act.? · Its- acluninistratiou shallbc um1<·¤‘ tlie dlrectioll and control of the Federal Farm Loah Bonn] hl‘l`t’·‘ . matter created. . (July 17,1916, c._ 245. _§;_1, 39 St;xt._360; Mw.
- 4, 1923, c. 252,. Title ,.1, §B1, 42 Stat. 1454.) . . ‘ .
642. “First mortgage ”_·a;id “·farm laaxrbapds " ¢lcfim:d‘···* VV»hG1‘e\'er the term “§I’St mortgage" is. used in tl1is`(:h#1]l¥•‘¤° ‘it·ahall‘be held to include Buch classes of iix¤st.1iens ez1_fm·m· ~ .
