· 309 TI TLE -12.--—BAN1i · removnl to be communieated forthwith! in writing by the Fed- 'eral Farm Loan Board to the person suspended or removed, § and in case of a district director to the proper Federal lend bank. (July 17, 1916, c. 2-15, § 17, 39 Smt. 375.) ·‘ · (i) _E.ecrci.sioag supcrv·£sory· authority over. banks.-¥—To ex—§ ereise general supervisory authority over the `Federal landf beams, the national farm loan associations, and the joiutetock umd banks herein provided for. (July 17,,1916; 0. 245, § 1,7,* {li! Stat. 375;) __ · l { Q; Im·identa{_.;¤:•we:·s.~—-'i‘o exercise such incidental powers as shall be necessnri or requisite t5 fulfill `itsduties and carry {nxt we purposes of- this chapter. (July 17; 1916, c. 245,_`§ 17, 322 Smt. 375.)—» A ` ’ . APPLICATIONS FOR FARM NLOAN BONI)S_ 841.. Application; to whcmrmade; collateral seeurity; sched-
ule.-—-—A11;&?·l*`e·gle>ral lem! bemkper. joint-stock lH1l(lrb£lI}1{,·\{'hiQhl
shell hare voted to 'iésue f§1I‘_Ilr10&l!1 bonds nnder thin chapter, shall make written ··applieatio`n to the Federal Fern) Loan ` Bamrrll thr}ough the farm leén o registrar of the distriet, for] npprovaljof éueh issuej _W°ith said applicntion said land hunk 1 \ shell tender .t0 said farrn l0an·registrar·as collnteral security__% iirst mortgages oxrfarxi lands qualified under the provisions of · ée<·tfou 771, seqtions 801-807,Qor sections 8115821 otthié clmsp-.§ ` tor, or United States Government bonds; not--less in nggregute 1 zuumxnt than the sum of thehonds proposed to be issued. _Suid·‘i bank shall furnish with such .,m0rtgages a scl1odule containing h il deircription thereof and such further jnfornietion as may be prrser_i‘bed by the·Federal Farm Loan Board} (July} 17, 191.6, .<·. 245,.5 18, 39 Stat. 375.) ‘ ° d ‘ - ·842. Verifying schedule; transmission to Loan Board; in- sjestigntion and appraisal of securities ,tendered.i->—l` pon re· r coipt of the applicatioulprovided for in the preceding éeetioxq - Stlid`f21I‘B} loan registrnrxslmll verify the schedule also provided. l furT§11 the preceding section and shall transmit said application “ and said schedule to the Federal F2dl‘111‘LU$.Ul Board'; giving such fm·ther information pertaining thereto as -he may, possess. ,'1‘he {Federal Farm Loan Qoardshall forthwith cause to be ’mude,sucl1fim·estigati<m and nppmisexuent of the securities temlered ine it shall deem wise, and it slmll grant in whole. or in part, or reject entirely, such application; (July .17, 1916, ¤·._ 245, § 18, 39 Stat. 375.-) · ' V · r y _ 843, Transmissiouof decisions of Loan Boardto dlanddpank · and farm loan registrar; information by registrar to bonrtlof issue of loan bond§.—»·-·'1‘he Federal AFQYIHP Loan Board shall premmtly transxnitdhits decision. as to any-_issne".0f,fux·m loan lwmls to the land bank amyleying fur the S;1l11&_£\Hd to the fm·m_ loan registrar ,of"the district. Said registrar shall tnrnish, in xwiting, such inforxnation, regarding an}: issue of form` loan bonds as the'Federal ldnrm Loan Board mgxy athny timerequire. i (July 17,1916, c. 245, 5 18, 39·St.gnt. 375;) _ _ 844.. Approval by Loan Board of issue of "b0nds.··—-No issue of farm loan bonds shall he authorized unless the Federal Farm. Loeh‘ Brmrd shall B[!{l1‘0¥'§K seek issue in writing. (July 17, . mo, cl 245,,5 1s;_&o smc. sm.) · _ ’ ISSUE OF FARM LOAN BONDS 851. Duties of registrars on approval of bond .issue.—-—-—Whenever any farm loan registrar shell receive from the Federal 1·‘m·m Loan Board notice that it has approved any ieéue of farm loam bonds under the provisions —0f‘se<etion's 841-844 he shall forthwith take such steps ns may he·nmeesm·y, in elccoitd-·` ance with the provisions of this chapter, to immrel the prompt execution of said bonds; and the delivery at the smue to the land hunk applying therefor. ('July ll', 1916; c. 245, 5 19, 39 Stat.‘t376,) · ‘ . . . 852. Rejection of applicgtien: return of collateral seeurity.—··— 'Wll£’H(€\’9f the Federeil Form Loan Board shall reject entirely a1n'$· aprrlication for on issue cl (arm- loan bonds, the first
YS AND BANKING _ 2565 mortgagvs imd—~ bouds tendered to the farm loan registrar as collateral- socurity tlxewfor shall bc forthwith returxwd tojsoitl _ lzmd blink by him. (July 17, *1916, c. 245, § 19, 39 Stat. 376.) . " 853; Disposition of collatéral security on approval of appli- _
- ation.¥———·\\'ha§
- r1ox‘¢»·1j. tl1o.Fo·;loi·:1l Form Loan Board shall approve;
anlissue of farm loan bonds, the farm loan registrar having tho custody of the ilrst mortgzigés mid, bon-dh tondorod as oollatcztal _ security for such issue ofhonds shhll rotaiu fm his custody those ,'first_,mortgages and bonds which are tobc hold asicollateral. security; and shall return to tliohank owning the some any of
said nwtfgages uml '_b0I.ldS.¥VlllCh_&l;€ not, to beheld by him asi
g~co11$tor&l__security. _ Tho l nd bank which is to mine said·tomi’ Q loan bonds; shall- tl‘ll.—l1Sf6l"3<) saidlrogistror. by assignment, iu i trust, all iirét mortgagosnnd bonds wihiohure to be hold by» Said registrar as .ool1:£toral".murity, said assignment proiridipg for the right of rédomptiou a.t.any time by payment zié provided inthis chapter and 1·é@rvi1ig the right of substitution of othermortgages oualiiied under sections 771 and ,811-$1 of thisn I chapter. Said mortgages and Ybonds shall be deposited in such L deposit-vaultfor bank Mythe Els`odoral"F9.rm Loon Board shall ’ l approve,. subject to tho control of said registrar and in hisnauxéhs trustee for the bimk issuing Zthe farm loom bonds and for thoprospeotive holders of Said farm loan bonds. (July 17, 191G,=c. 245,'§ 19, 39·Stat. 376.) _ · · ~ 2 " 854. Mortgages aéceptablet as collateral security.--No mortgage .slu1-ll. be accepted b$·“· a form aloha registrar from} la ud bank ‘as` part of an oflférjrig to" secure an issue of farm loan bonds, hither `originally or by substitution, except mst mort? gngés mundo subject to tho éondltiohg? proscribed in @1d seo tiohs 771, $01-—S{)8;¢ and 811-S21. (July 17, 1916, c. 245, § 19, 39 Suit. 376.) " l . " · J _ I 855. Amount of issue is aiocted bi amount of collateral j security; United States bonds or cash in lieu of ity . withdrawn.—·—It shall be tho duty oi, each f&PH}"l9tlB.f€glS€f&P to seo that the form -1onu bonds delivgrod by him aud outstlhuding do hot exceed the amouutjot collateral security pledged there, for. Such registrm·‘may, in his`disc`rction, temporarily accept. lu ploco of mortgages wit_h<lrawxi,` United $tote§ :Govemmout bonds or cash. (July 17; 1916, 0. 245, § 19; 39 Stat. 376.) $856. Additional se€urity,=—~··-Tho- Federal: Farm. Loon Board may, at anytime, cull upon any lgmd bank. for additional gocurity to protect the bonds issuod. l»y`it. (July 17, 191*6, c, 245, § lll,`39 Stat. 3*76.) · -` · ° _ FORM OF FARllf IBOXX BONDS 861. Denominations; minimum? and maximum periods; ine tcrest coupons; rates of interest.-Q-·Bonds .provide=:d for in; this chapter shrill be issuod in denominations of $40, $100,3- $509, $1,000, mid such larger douomixmtions wi tho Federal Form LomrBoard·may..authorlzo; they shall °ru—i1 for spl.-ciilod minimum mud xhuximum periods} subject to payment, uml x·otire·· mont, at theoption of-the land .l>auk.·ot_ anxytimo after? tho minimum period specihed in the bonds, whibh shall; not ® longtgr than ton yours from the date of their issue.} _ They shall have iutorost coupons- attached, poy}1blo`so1uiuriuually, aud shall be issued in sox·io}s of hot loss thm} $$0,000, the amount and terms to he fixed by the Eedorul Farm Loon Board. .Tl1éy‘shhlIg bear a roto of iutarozst not to oxcood 5% por témxtrnm por ummm, hut up bonds issued or sold after Juno 30, 1923, shall boar a"m`to of interest to _`€fJ•i'(59€ll 5 per contum p;or·`mmum. (‘Jul_E‘ 17, 19113, · c. 245, F 20, 39 Smt.‘3`?7.) ~ .. . 862. Rules and regulations as to payiiucnte-—Tl1o 1¥‘<~d¤·:·;d _ u-Farm Loan Board shall pre-suibo rulés and rogulotions von! ocruing ltho circiimstauoos and mtfunér in which fgmu loam bonds. shall be paid ond retired under the provisions of this chapter, - (July 17, 1916} c. 2.-15, 5 20; 39 Stat. 377.) . · 863; Delivery ·t0 banks.·~···;·F&rxii loam hourdo shall be tloIivt>x·•>l through the rogiétrar o! tho=él_l>:trlct to tho hunk opplyiug for tho same. (July 1,7, 1916, c. 245. 5 20, 39 Stat. 3'P'?.) .
