Page:United States Statutes at Large Volume 39 Part 1.djvu/393

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372 SIXTY·FOURTH CONGRESS. Sess. I. Ch. 245. 1916. P¤¤¤¤ *¤¤¤¤**°°¤ Funds transmitted to farm loan associations by Federal land banks wink' to be loaned to its members shall be in current funds, or farm loan bonds, at the option of the borrower. rtannnua mm. rownne or Furman; LAND BANKS. P°"°'"P°°“*°‘* Sec. 13. That eve Federal land bank shall have power, subject to the limitations anldy requirements of this Act-- rssm. cw., of vwds First. To issue, subject to the approval_of the Federal Loan Board, and to sell farm loan bonds o the authorized m this Act, to buy the same for its own account, and to retire the same at or before P*¤°¤”° °' '“°“* Secohll. To invest such funds as maybe in its pomession ui the mw purchase of qualified first mortgages on {ann landssrtuated within the Federal land bank district withm which it IS orgmwed or for which it is actg . · - ~ ’ ‘

    • ¤¤*¤.¤¤¤¤¤**¤ Third. o receive and to de 't in trust with the farm loan regis-

§‘ ‘°‘ "°"" “* trar tot the aststt, tt tt by xi held ts ttuttmi security str atm loan bonds, first mortgages upon farm land qualified un e1·_section twelve of this Act, and to empower national farm loan associations, or duly authorized agents, to collect irnrnediateglpay over to said land banks the dues, interest, amortization inst ents and other sums payable under the terms, conditions, and covenants of the mortand of the bonds secured thereby. §*¤v•{gsl¤°ld¤¤¢¤- Fourth. To acquire and dispose ofpus: mm pm (a) Such perty, real or personal, as may be necessary or convenient for th? transaction of its businem, which, however, may be in part leased to others for revenue purposes. ,,1;,*** °°*“°°· ‘°““P°'“‘ (b) Parcels of land acquired in satisfaction of debts or purchased at ` sales under `udgments, decrees, or mor?ages held by it. But no such bank shall hel title and ion o any real estate purchased or acquired to secure any debt due to it, for a l0¥er period thanfive Egarsé except with the special approval of the ederal Farm Loan ar in writin . m§;g‘:'}‘§,,f,{‘k8¥`°d°“‘ Fifth. To degosit its securities, and its current funds subject to check, with any member bank of the Federal Reserve System, and to receive interest on the same as may be agreed.

 Sixth. To accept deposits of securities or of current funds from

national farm loan associations holding its shares, but to pay no interest on such deposits. Hcmw ¤¤<>¤¤y. Seventh. To borrow money, to give security therefor, and to pay interest thereon. ”°'“ in "°“"*· Eighth. To buy and sell United States bonds. b°‘,E;',j’_§;sf°°°· °°°·· '° Ninth. To charge applicants for loans and borrowers under rules and regplations promulgated by the Federal Farm liloan Board, reasona le fees not exceeding the actual cost of appraisal and determination of title. Legal ees and recording charges imposed by law in the State where the land to be mortgaged is located ma also be included in the preliminary costs of negotiating mortgage lbans. The borrower may gay such fees and charges or he may arrange with the Federal lan bank making the loan to advance the same, in which case said expenses shall be made a part of the face of the loan and paid off in amortization payments. Such addition to the loan shall_ not be permitted to increase said loan above the limitations provided in section twelve. ssnkmttecuore. nnsrnrcrross ox FEDERAL LAND samrs. D°S*8¤¤*°<*; V Sec. 14. That no Federal land bank shall have wermQsf’*°' *’°“‘“°¢= *’“*“· First. To accept deposits of current funds payalil: upon demand except from its own stockholders, or to transact any banking or