$@1 TITLE'1z.—~1£AN; h(,;.;.»{e who map secure loans through lagents of Federal land égmikg gn`a<;·ot»r;lnnt·e with the provisions of this <;hn·pter, U rmurtln. The fact that the certltlcnte is made to enable such - §,.;-Ml]; to avail thenlselves of tlaeurlvantzigos oi this chap- N, The orgnnlzatiou_certiHcate shell be nekrgowledged be-
- ·,,.».. 5 judge or clerk of some court of record or notary pobsr. null shall Be, `togetlner with the _8Ckll0\\’l’8dl$lll€Dt thereof,
—smhv·ntionted»· by thésenl of such court or notary, transmitted no me farm loan commissioner, whoi~ shall record and careznzzy preserve the name l1l_lllS ollice. where it shall be at all time open to public inspection. (July 17, 1916, cl 245, S 4, 39 sues. 31:2.) _ » _ e _ ‘· ' 675. Changesf in organisation certincate.}-¥Tl1e Federal 1·`;z;·m Loan Board is ziuthorized to direct such clnnn;.:es'i1i or
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- i1iions”to any Such organisation certificate; not inconsistent
\~.i:.%» this ohnpter. ns it may deem, necessary. or expedient.
Q may uz 1o1o,_e..2~:o, s 4, so stat. 363.) _ _ - " ~ _
076. Tilne of commmeement of cormrate existence of lend banks; powers enumerated.--Upon duly nmklng and tilingsuch ..mmizntio¤1 certiticaote the bank‘ shall become, asitrom the
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- sl¢·.<»f the execution of its organization certiiiente, 11 body
l 1~~:·;¤.r:¤:o, mul as such, {mel in the name oesaguazea in. the .·:·;;mimtion certitivnte, it shall have power--- W . ‘ First. To—ado;;it and use a corporate seal.- _ _ " _ . s¤·.·5ud. To have succession until it is "dlssolved by~Act of ¢‘.·n:r£»:<s.er under the provisions of‘thlS.C]l8}.)t€I’._ ‘ ’lhirel. To make contracts. ` — ·l‘¤u_rth. To”sne‘aud be sued, complnin, luterplesd, and dei fem. in nny courtof law or equity, ns fully ns natural per-
- ~e•ll**. .. · ‘
· l·`ifth.'To elect or appoint .dl·rectore, and by its board of di-
- ··».·mrs to elect n president nucl. at `vice presltlent,~~app0int_ n
>.~l;n·aury and a treasixrer and other officersand employees, dei mo their duties, require bonds of them, a’ml__Qjt the__pggalf$* . 1&;»m2»f; liy action of its board of, directors dismiss sucln " ..:n··o;·s and employees, or only ot them, at pleasure, and ap- ' point others t0· ml their places; ' _ . · _ sixth. To preserihe,. by its board ot directors, subject to the ·.u;.··x-vision and regulntloxrof the Feelernl Farm Loai1‘Board, l._~.·-lmxs not inconsistent with lsw, regulating. the manner in {¤h§e·h its stock shallibe transferred, its directors elected,_its 4·tii»·e·rs elected or nppolnnted; its property transferred, its gen- 1-ml_·l»nsiness_conducted, and the‘prlvileges_ granted to it_by mx exercised and enjoyed, n " _
- ~<4·s·ex1th.. 'l`o·exerciee, by its board ofdirectors or duly authorlimi officers orngents, snbject to law, `nll such incidental powers
ns shell be necessary to cnrry_on"the‘·b11siness herein described, __< July 17, 1916..c.- 245, § 4, 39`Stnt. 363.) j . ‘ · _- ·w · 677. 'Pime of election of directors.--After the subscriptions m stalk in any Federal land bank bynntionsgl farm loan asso- ?¥i :¤,:i4>11s, hereinafter authorized,. shall have reached the sum of $}4l(l.0®,Mtl1B omeers ond directors otlsnid land bank shell be .·l¤»»s.·:1'ns herein provided and shell, upon becoming duly quell; liocl, take over the management ot said lend bank; from the tem- ]*£ll`fU’Y» omeers selected under this- section. · (July 17,— 1916, _ <·. 215, §. 4,39 Stat. 363.) ' · -_ · 678. Directors; nmnberl and qunllications; local and district directors.; election ind appointment.-—'1fhe board of dl-) n·¤·t¢»rs of every Federal lend bank shell be mlected ns herelmeftor specined end shall consist ot. seven members. Three of sand ellreetors shall be known as loenl directors and shall be olmseu by and be representative of national farm loan seemin- . 1i·»ns,,. nndbormwers through agencies ;. three shnll be known as llisrrlet directors end shall he appointed by the Federal Form Loan Board. and represent the pnblle interest. The term ot ` ottiveyot local and district directors shall be three years. (July 17. 1916, e. 245. 5 4. 39 Stat. 363; Mar. 4,1923, e. 252, Title III, _ ‘§ 304, 42 Stat. 1474.)
Ks Ayn u.m’1;1;vo~ `§‘ 631 679. Divisions ot" districts; local directors; nomination of candidates;—-At least two II]‘0DthS- before eachclection, the Fed- ` eral`Fa.r1n Loan Board shall divide-each land bank district into three divisions, as nearly equal as possible, according to number ofhorrowers and the voting strength of national farnnloan associations. and borrowers through agencies, and Ill€.f8F1Il loan fcommlssioner shall thereupon notify each association and agency in writing that an election ls·to be held for onelocal director from each of said divisions and requesting each association and agency to nominate- onelcandidate for each division. ‘ Nwithin ten days of receiptof such notice each national farm
loan association and borrower through agenc'ies’ shall forward
nominations 'of residents of their respective divisions for one director for-such-division to said farmloan commissioner. The farm loan commissioner shall then preparea list of candidates ` for- local directors, consisting of the texvpersons receiving the highest number of votes from national farm loan associations and borrowers through agencies for each division. (July 17, ‘ 1916, c; ·2;}5, ,5 4. 39 Stat. 363{ Mar, 4, 1923, ‘c. 252, Title III, · § 304, d2 Stat. 1474.) - — _ . . . = . ·· Z; 680; Local directors; -election.-4At least one month before said election the farm loan commissioner shall mail to each national farm loan association and to each borrower through agencies , the list ot. candidates for their respective divisions. _ The directors of each ·‘nationa·l farm loan association shall cast the vote ot said association for one of the candidates onvsaid list and shall forward, said vote to the said {arm loan com- ’ mlssioner within ten days after said .llsf of candidates is re- " ceived. In voting under this section each association shall he entitled to cast a `numher otvotes equal to the total voting. strength of the 'stoekholllers in__ association meetings, and each borrower.tl1rongh;ageneies`shall be entitled to cast one vote for ` each share of stock held by him in the Federal land bank not exceeding twenty shares, and shall forward said vote to the ` Fsaid farn"i"lTY5D~cmnmtssioner<xs·ithin··ten—days after said list otcandidates is received. The candidate receiving the highest - number of votes in his division shall be declared elected as local director of the Federal land bank district ifrorn his division. _ In caserof a tie, the farmloan commissioner shall determine the / choice} The nornlnationsvfrom which the list of `candidates is prepared, and`the. votesc ot the respective associations and horrowers throukh agencies for such candidates, as counted, shall be tabulated and preserved; subject to examination by any candidate, for at least one year after the result of the election is. announced, 1 (July 17, 1916, c.‘ 245, § 4, 39 Stat.»363;_ Mar. 4, _ 1923; c. 252, Title III, 5-304,42 Stat. 1475.) , —, , E _`681; District directors; director at large; appointment and election; vacancies.-·-·The Federal Farm Loan Board shall deslgnate one ot the district directors to. serve until December 31, 1924, one to serve till December 31,1925, and one to serve ·till `Decernber. 31, 1926. After their nrst appointment each district — director shall he appointed for a term of three years. At the, 1 drst regular meeting of the board of directors of each l·`edei·a,l i land bank the local directors `shall designate one ot their nneni; bers to serve till December 31, 1924, one to serve till Deccml.cr` 31,*1925, and one·to serve till_Decernber 31, 1926; 'Thereafter each local director shall he chosen as hereinbetore provided ’ and `shallhold office for a term of three years. Any vacancies that n1ay`occur» in the board of directors shall be filled for the . unexpired term in the manner provided. herein for the original selection of such directors; At the same. time that the associations and borrowers throngh agencies nominate the candidates for theilocal directors, each l association and each borrower through agencies shall also nominate one candidate for director at large for theentlre district, andrtrom the three persnnsi having the greatest number of votes for nominee for director at largegthe Federal Farm Loan Board shall select adirector at large, vvhose term of office shall terminate the 31st day
