_ ggljj ‘ ‘ _ TITLE 12,-—BAN1 ,;;-apzet. to bc filed Hhdlifesaafwjed in its otiices (July,l7, 1916, W. ;;,1_ § 7, 39 Stat. 365.) _ _! · [ » ,_ a ml pgrekmgqg; afécers; loan cnmmittacZ·j—Ew*ary»a national ` ,~,~,,;,. mm association Shall plect, in the-manner prescribed _,-,.,. {gw (·ll·{·tlun of directors of national banking assmiatiogs, a ,.,.,,}-,1 nf nqblcss than fiveldirectors, whq shall hold gauge {ar mv same period as ‘dircnt0,rs of national banking associa-
- ·.·e<.·g It shall be the dutjhcf Said board of dlrcctors Ito choose
m E-ml: manner as they may prefer a secretary-treasurer, who >l.:zl2jr‘1~c0ivu s-uch compensation as "said board ofwdirectqrs shall m maine. The board of dircétbrs shall, eléqt a_“pmsident,, a ._ ilmsillcxnt, and a loan cjammittca of three membera. (July 1:1, item. c. 245, § 7, 39 S€fi.C,.365,) ,¥ _ i. a` · — H3. Compensation •nd~ qanliécgtions of directors.-flag di-
- -l»¤.-ml-s' and all utliécrs except tla secretary-trcasnrcr shall
,, ,·—,·l· xrixlwmit compcgnsatfon, unless tha; payment at Salaries to all an shall beapprovcd by the Federal lFarm Laau Bbard. All nlli1‘{*·!‘S and directors except, the secrata1‘y-tfcasurqr_shall, 0:;;-;:4;; their terra of ofllce, be bona tide residents of the terrir·.:·;.· witlxin whlclrr the asscéiation is authqrizedw to do busi- ¤;.·~~. and shall Hb ;SllH.I`€h0ld€l‘S_0f the association. · (July 17, lE·E•i,' c-. 245. § 7, 39 $tat. 365.) _ `_ ‘ Y g` . \ 714, Secretary-treasurer ;· powers and d¤tics; bond ;· reports; m§~ecqmluct.in 0&cé.———It shall be the duty ·0f thé sebretaryi
- z···:4>xm¥1·‘0f. every natitmal farnii loan association t0" act as
l·»¤··z·:l!ia1i of its ftinds and to deposit the same in such bank as - nm &»•·:u·<l Hf-(li1‘8(:[U!.'$ may elesimxatc, to pajr over t0·b0r1‘Qwérs all ham r¤;·eeived`for their account from the Federal land bank `l:;<•21_lil'sI mortgage aa`in‘ this chapter prescribed, and to meet
- .1 prlwr nl»lly.
- a1lon‘s of the ass0;:iation,· subject to the ordcrégoi
. - slip ward of directors and in accordance with thé by·law&s of the n~—~····i:uion. It shall be the duty of the secretary-t1·Veasurer,
- ·. zine
- under the direction of the national farm loanassociarim. in collect: racvipt for, and transmit to theI Federal land
xi · » lc pnynwnts bi interest, amortization installments, prjrin- .'s;¤;ll arisingtout qt loans made through the association. ‘ He . amllwlwc tlaacastodlan nt the securities, records, papcrs,.cer; ~ t§;}'t:1t¤·:< of stark, and all dngznnwnts relating to pr bearing upon xl,. .-llmlnqt ottthe- affairs nf the association. na ahall`furnlsh
- 2 ~uiml»le· surety bond to be prescribed and, approved by the
·l_·`»·,··,|w·al Farm Lqan Board far tha`prnpcr parformalkee of the _42mi4·s impbéxed -11pnn him under this chapter, whlvchi shall cover ‘l»¤···mpt collection and transmission otifunds. He shall make za qvnwwrly report tc the E‘adm·al_ Farm Loan Board upon forms an ·l"·.»·pz·m·idcd for that purposlé. _ Upon request frnmfsald `bbard »:»i·l azwlrlgtary-treasurer shall furnish in_fm*matfon regarding the ¢·¢•ll*liii0H; ot the national farm loan asacqlation for which he i~< zminz, and ba shall carry out all iduly autharlzadlordera di ~;ml board. He shall assure himself tram time to time that the lawns made through the national`farm loan association _0f which Jlw fia an cfacer are applied to- thé purposes sat `f<.»rthA·i,n the ’¥2I¥|PHf‘2lfif?]1`0f thé lmrrower asfappmvéd, and ahall forthwith x·4·p·»rt to the land bank _0t the district any failure of any bm-- _ . ¤··m·or to comply with the tcrxns of his apivlicuticin or mortgage. ._ lll; khall alan ascertain an‘d`raport t0·‘sal<l'bank the amount ui any delinquent taxas 0n'.land. mortgaged to said bank and the ' mana 0{the delinquent. N0~‘snch sc<:ret.ary·trc·a§sur<er 'shall en- _:-iamw in the making cot land mortgaga loans eligible at, a Federal lmicl bank through or far, any otlner land nxartganezc compam _ or aazrncy, and the making of any such loan by any seéretary trgasurcr shall forthwith wnrk ahlforfeltura at his otllcay (J ul; 17, 1916,_c. 245, § 7,39 Stat. 365; Mar. 4, 19%, 0. 252, '1`itla III 5305,42 Stat. 1476.) ‘ -— . . . _ . _ _" . ‘ 715. Expénsea af secretary-treasarcr ; payment.-—-;-The reasonable aximenaas of `thé aacrctary·tr€as;1rer, the man cqmmity . t4·{·,’ and other iaiilpers and agents ot national {ana loan asso; caatians, and tha; salary of the secretary-;trea.smnrer, shall b< . paid from the general funds of tha association, and the boaré
{S AND BANKING A § 721 of directors-is authorized to set aside·such {sums as it shall deem requisite for that purpose. and for other expenses of said association. (`Wben no such funds are available, the beard et directors may' levy an `assessnient on members in proportion to the-a1x£)u_11t of stock held by eaelr, which may be repaid as r soon as f ds are arailable, or itlmay secure an advance from X the Federal land bank of the distriet,,t0 be repaid with interest, _ at the rate of 6 per eentum perannum, from dividends bele;1g· ·_ ing to said ass0ciation.. Said Federal land bank is hereby
- ·8.UthQ1#1Z€d to make such advanceand to deduct such repay-
· ment. (July 17, 1916, e. 245, § 7, ,3.9 Stat.- 36:3.) _` 716. Number of incorporatorsi organization; directors; een-· `solidation of o$ces_ of seerétarj md.tressurer.—Ten er more ’ natural DGISODSIWHO are the owners, or about to become the owners, of farm land qualified as security for a mortgage lean `uirder section 771 of this chapter, may unite te fum: a national farm loan association. They shall organize subject to the requirements and the conditions speéfiled in this subdivision and _in- sections 671-683 of this chapter, so far as ~.tlxe same may be applicable; Provided, That the b0ard’0f directors may eonsist · of five members only, and instead of ‘a secretary ands treasurer there shall be a seeretary»treasurer, who need not be a share-Q. holder of the association. (July 17: 1916,, cl 245, ‘§‘ 7, 39 Stat.
- ( , . ‘ - ’ * " n
l 717. Report" andx a$dayif accexnpanying mrtieles et’_ assay . ciation.-—-When the articles of asseelation ,.are forwarded to the L Federal land ibank of the district 3%,/=iYY0VldGil in this sub!
- diviqon, they shall be accompanied by the written report of the
- r loan committee as required in section 751 oflthis chapter, and
F bynan aiiidavit stating that each of the subscribers is the owner, { or is about to_ become the owner, farm land grgualiiied uncles , `section,_'771 of this chapter as the basis of a mort.ga_ge lean; · that the loan desiredby? eaeh person is not more than $10,690, . nor lgess than $100, and that the aggregate of the desired loans - is not less than $20,000*; that 3 ·: ¢ Us »¢ e bye » subscription to stack in the Federal. land bank equal to 5 per - eentuin of the aggregate sum desired on mortgage leans; and ly that a -teznp0rary organization of said association has been l .formed by the eleetion of a board of directors, a loan eomnciittee, ‘ e ·‘andr‘a secretar5{·treas1irer· who subseribesyte said andavit, gis:. » ting his residence and post oiliee address. (Juli 17, 1916, e. 245, · §' *2, so sm:. sas.} ’ . u ‘ . · e 7l8._ Investigation of solyeney of aizpliezlants for ineerpera- ¤ tion.-··Ubon receipt of such articles bf association, with the` l'·aeeemnauying aflldavit and stock. subscription, the directors-of S said Federal land bank shall send an appraiser `to investigate y the solvency and eharaeter qt the applicants and the valne ef_ E their lands, and shall; then- determi11e‘p»hether in their judgment l a charter should be granted to sueh·a.ssoeiation;* They shell l forward sueb arti<·les_twf‘ass0eiation and the accompanying ani; ·5 davit tu the‘Federal Farm Loan‘B0ard with their Fot°0HlII1€*}l'ld&n 1 _;.tl0u‘. if said rectnrixixiendation is unfavorable, the- ehaifter shally L °’idll(§ refusell. (.Iuly·1»7, 1916, e. 245, ·§ 7, 39 Stat. 365.) _ . 1719. Gramt{ or refusal of eharter.—·-·——If‘said reeom:uenclliti;.>n . 3 is favorable, the }q`edera{l. Fa rn: Loan Board shall thereupon e grant a 2*hnrter to the applicants therefor, designating the ter·* l Q rit0;‘§ in _€\`ll;l(°l1 such asseelation may make loans, and shall l ‘ferw·ard said eharter tu said ahplieants througlr-gxid federal _ l land·_bank': Provided, That said Federal Farm Loan Board may . . for ggnod cause shown in any (raw refuse to grant a charter. r ’ (July 17, 1916, c. 245, 5 7, 39 Stat, 365.). ‘ _ I ,' .720. Loans to aseociatinns.—·Up0n receipt of its charter sum `natinnal farm loan assueiat/lon shall be autherlzed~ and ems . [}§`lV&`l:‘l'Bd to reeelre from the Federal land bank of the d_istri<·l: _ - sums to he loaned to its members under the terms and condi- .. tions oi', this chapter. (July 17, 1916, gl :245, §_7, 39 Stat. 365.) B 721»_Loms to members; subscriptions in stock of land l` banks as cgllgteral; retirement of stoel:.—=—\\'heuever any nai
