1021 T1TLE*1£.MBAA’1 (}RGASIZAT1GN Seatién 1021. Charters to intermediate credit banks; m1m· ber; n;mé.$%;—'i‘lm Fe{1eam1 I€`:u·m `Loan Bomwl shall have pcwez tc grzmt chart=v·rs fof twelve imztitmifms tc be `kxmw:1 am 5 Styled as “Ie"`<;e<k=ral\ Iratérmediute Credit B:mkS." (Mar; 4, 1323 ac, 252, {Title I, § 242 S t..145¥1.) ‘ `
1622. Lacatipzag ¤&cers and directbm; employeeé.~E`edera
Iagtgrxnexliatc Credit Banks shall be established in. .tl1e Sam tritiag as; the fwelve. Fmieral land banks.: The Diij< ·e_1*S `zimzl di reciars yzif ihc sevefal Fedexjdi lmzd banks s1;a;1I_be ex ¢»ffi1;i· {3§i;@€I‘S {md rliractors of the several Feder! Intermediate Cxjedi Bxmks hereby —pm_vidad for and shall have p0wc1·`t0 emplo; mid ipa}? ‘ all plerks, bcokkceeperg :1cc0uut:m£S and uthe; hélj mé<·c.ss:1ry to carry o¤Y the busixxaésuauthotized by this title {Mar. 4? _, ~1923,· c;;252, 'I‘it1é_I_?( § Z 42 Stgt.·j14~54,) © ‘ 1923; Carpcratc powers; suits by mj against.-——Each Federa Jlxxieruaedime Cxiwiit Bmik shaii haw all the usual powéré 0 c<>r;a0ratim;s, and shall have power tcsue and be sued b£>th`i mw ami equity, and for pmtposeas of jui·isdicfi0u shall 11 aiaeézed a azitizcu of the State w1.:ére_ it is 10catedQ (Mar. 4 1923, {2; 252,*Tit1e I,' § 2,312 Stat: 1454.) ' _ - 1 —i 19 2§4, Fish! .hg£I1t8_fo1'J United States.——§`c~deral Intermcdi ate. Credit Bmaks, when designate?] for that;. purpose by th S~i3¥f1‘€f§11°§’ of· the .T1?é;i1Sl1I‘}'n, shzill act as fiscal agents of tb . United States Government qui! pérfcrm such duties as shall h pxesctibcxl by jhc S<>c·rcta1‘y of the Treééury, V(Mzu·. ·1,` 192: » sz. 252,,Titie_ I, § 2, 4.2 Stat. 1454..) . ‘~ V · ‘ _ 1825., Insolvency; rcccivars.—I§pun) default of any obligutio may F€{k%$`i11’IIl{€fiH€di8iT€ Credit Bank may be declared inst; vent mad placed hi the hhml¢s dt a m<;·éivc1··byithe·Fe<1eral Fam Imaia B c•m·£i, 4 and. proceedings shall thereupon be had in ae ‘c<>rd:m<:re with the prcvisioxis ‘0f seciioué 951 tq 965, inclusiw sfxbis ci1aptgr`reg·;.1ri1i¤g National Fam; Loan Assoc-iatiou 4 {Aim; 4, 19%, c;-252, Title 1, § 2, 42 Stat. 1454.) ' ‘ 1926, Applicaticn for chartcrs.—~—The charters. to Feder: Imermxadiatc !Gredit‘ Banks shall be) granfed upon applicatio uf the dimcmrs of ilxe Féderal Land _.Bimks which applicatic sim}! he in such form as fha Federal F3.I'1I1’L0£i11 Board shé gimzscriba. (Mar. 1923,xé; 252; '1`itke I, § 2; 42 Stat. 31454;) · _ § DISCOUNTS AND LOANS ‘ '1Q31Q,Pmvers emm:mratcd.;-——Fcdeml Intermediate *C}`@ Bzmks, when qh:ir 1te;·ed_and established, shall have mwer, sul 6 jam `sciély tx; such rxestrictiéns, iimitaticns, and Kcanditious z hm; he fi 111pc§e><i by the Is`ed<:·;·a1 Farm Loan Ecard ¤<>t_ iném sixtgm xv};11 the pmvisioxm of this chapter--- . ‘ (1} To disccgmtx fm; `br pu1=k:hasé· fmm, any ¤ a.t{onal bah] m; d7m· mag; State bank, tfust. 4:0mpany,_:—agricult11ra1 tired <;0r;mrati¢>:1, i;¤;·m·p0rand livestock loan cbmpmxy, savings i1 ’s£ituti<m, m{%p~erAam·e bank, cimperzxtiée cgsedit O}T`1l1H1`k€tillg a xmiaticg Qf_3L'1*iQi11t¤1‘&I préducers, Qrgénizml undo} the Ima of {mf Stine Qf of the Government qi? the United States, :1:id/ ( any catixm Ewlersl Intaxrixmdiate Cmdit Bank, with ~it$ imlars g ms;·—m,% may amte, dxjaft, bill, of exchange, clebentuiw, or otha $SiI('] §. ehiigmtixm the- proceeds ot which have hcéu advance or used in the §r;st instmma for any agricultuml purpose x fm the raisizag, breeding, fz1t£cnii1g;¥0x· marketing 'qf livestoc? (2} To buy or gall, with or withqut *I’BC{)1}1'S€, dqebentuxw i$2;11c·gd by any other Federal Intermediqté Credit Bénkg an (3) TQ make hmm; or advances dirmt to. any cnopemtiw
- a ¢=mcia.ti¢>11 urgmgizxed imdcir the laws qt may State and cms
- ?¤¤s
- 0d of ;x:·rsm1s engagoal in v]')i'{)dili3 il3g, or préducing and ma
kmim:. staple agribuitura.1 pamiucté, 6:- ii ·¢esmck,¤it the 120114 or mlwr sxavh ¤hlig:1ti<ms representing such laansgare secure 1§}’;`€\'$i!’(‘h()il$(! re<_—cEptsQ mad/or shimtiing documenfs ccvarii mgmt: pmdu<:£s,‘am1»*’m· murtgages. on livésmlckz Proviécé Th.: _ xm such ljoan or Hd\’3i1€B`Sl1&]]`BXk39Qd_75 per centum of ·t.1 ‘/
{S AND BANIKIBEG 315 _ market relue of the pretleete eovered by eat:] e·ar<~lleml» Flrls eeipte ned/e·r shipping deeumeets, er of the liveeteek ek_>rerrQ»ss F — by; meld mertgegeey (Mer. 4, 1923. €· 252, Title L ,§ 2, 42 :~;r;l;—_ 3 _ 145=l;’Ml11‘. 4, 11525, c. 524, § 7,43 ste;. 12M.) . ‘ 1832, Pureltaie er dlsemmt of frerex er fer eetieeel L State banks; intel 5!%mp¤Hi¢§, &¤¥i¤eg¤ inetimtieeegl lg; I eerpegetiem puking {Gr *§§l`i¢¤“!¥¥$l er liveet0ek_pm—. A poses; limitetien upon ‘ssee.et.·————··?§e» eeper ellell be }}lIflfll§l>·g—$§ L- from ·or-diecetmted for eey netlerlel beak; Stete bexgk, tree 0 cqmpgey,. er eevlege lnstitutiell Bdder eeetiee 1031, if gee tdemeunt of such paper added to the aggregate` llebilltlle log
- seek national ebeuk, ·Strt/rtédballk, inlet €*9Eii3&HY‘ er .e;¤,#l;l;e
Y niHStitllfi(§1l, whether direct er eerltiergeet (};}t11er’ than ylltlliiij D tide deposit liabilitl$)Q.exeeedS-the elmeeetef seek lielliim- L _;it·rmitted_ under the lzlws of the jilriediettiee creating the >:ereg;; I or exceeds twiee;tl;e·peid inn and tmlmtlelred eepitel eeelde-em . “— plus of such irrational b&l}k,j` State bahk,. trust eemgxerl;-S-ll;
- ¥ savings ixietitutien. lN0` {leper shall under lseetiee Iwgll he
- 1 purehesed from or_diseermted fer any etree? cerperetierl ee-
T gadget} in making loses fer egrlcelturel `pe£rpeee·s».er~f<»r me ’ raising, breeding, fattexliug, ,er tmarketing of “llre~eteek, if _ the amount of sutgh paper edded to the ewegete Iiebilitlee P · of sue}: eorpm·etien· exceeds the element of eeelz liabilities per- “€ mitted under the-laws of the jeriedfetieixlereatieeg the eeeed La or exceeds ten times the field in ¤e—d`u:·1imeei réd·_€·epitel eee f surplus of such eerperaetiee. -It‘~elm·ll ·be_ lawful fee engr “ ’_ natiem1l bank whieh is indebted te any Federal lnterreeellete kCi'€'(u¥ Bank Rwn miler discetmfled er M · r under il _ tion ‘1l§51,.t0 incur any Kedditieeel i¤del)ted if by vlmre T `of such edditienel imlebtednese its egrxate liebilitlee, d_ireet _
- 1* er eentinge»ut,_ will eiceed the Iimitatlens herein ce¤teie—ed./
“` (Mer. 4, 1923; c. 252, Title I, 5 2, 42 Stef. ”1·£®.)· _
W 1033. Maturity {ml of er discwetsw
°° Loans, advances, er dieeetmte made under eectlee 1031 shell · have spmeturity at the time they are er `di§l€‘Ql.ll§££,*tl ll by the Federal Intermediate Credit Bee; et net less thee six; `n mouths `uer more time three reere. Any IH€€eFEl€tli2ell€?;‘ 'u_ Credit Bank may In {ts dieeretiee `eell IQQBS er dieeeeets U made under seetlee-10.‘l1"-rritln 8:* iglthee; ite ledorieezeesxé.
{Mer. 4, 1®3, e. 252, Title I, 5 2, 42 Stat.-1455.) ' · . i
· 10344 Rates of ieterut ‘m· re¢§¤¤eeetl eft M_ {ISQG! af ethai Intermedhte Credit B;¤»ka.———g=·Retee‘-ef irllelilet it or discount Charged by the Federal Iritemretllete Credit llzlrrlae _ b" `upon eueh leans and dleeemlts shell be subject to the eylprmrll Q
- 8 of the Fe;leml:Farn1(IJeen· Boerlk 0:: the meje_rity` rele el
¤‘· theimesgbere df the ~ l•`ede:*21l. Farm Beard any Federzll [ Intermediate Credit Bend shell be required te rediecetmt me k· diseom;lted _ paper of mayb 0tlxer_ Federal Intermediate C_1~l·;lle it Bank at: retee efintereet tube Exec} by me Federel Ferre Irem u" . Beard, (Mer. 4, 1923, ey Title IQ § 2, 42 Ste:. 1455; Mer. S- 4,.1925, of 24, § 7, 43 Stet; 1264.) L `
IS`SllElQ OF I.>EBEE\’T"URrI}S
ez 1041. Collaterel tmet debentures er ether similar ebli,ee··
UGH; `iSS¤e end sale; mstuxityg security fer`; g.m¢uzste.-—-—~le`¢·d-
?_ 1 eral Intermediate Credit lllenlre, wlzerrehertered e clel<tebIish·~··L 91* Shall have p0we1·,_eubjeet fu the ~1&i}[ll‘0\‘&l of the ]:`ederal`_ Félflll k. Lean Beelmd, te borrow marley and te issue and- te sell eelleewrrsl ( es trust debentures er other similar obligations with El»Bi1&llll’ll lj id thetlme of issue of riot mere tbendve years, which elmll F9 by `at‘Iea.s;t·`a like face emmmt elf eeeh, er mates MY n- ether sueh obligetiees dieeetmteder fll1I’fEh&S€tl er `l‘§}Dl‘€$£¥llllll;{# r- mens made under ‘ee<.·tien W1031; Prezlided, Tlxet no l<`l»·l— es eral dhtéflllédiilté Credit Bsmk Shell lla.x·e»poeier to issue er
nebligate itself for dehenturee or ()l'll(‘f-(lllIi§§[iOHS un<le·r_l!=·»‘_
if! D1‘0VilSi¤¤S”0f thier se<;·tie¤;1`ee<—tigl»n 1042 er 1()·{3_·in excess of wil at times the amount of the peid~—up `Cllllitfll and surplus of $·€lIL‘ll. ae bank. (Mar. 4, 1923,fe. 2ii2,·"1‘it1e_ I, § 2, 42 Stat. 1456.)
