31}’ rzrzm 1e,»»oarKst, IS li!. Preparation and Tissue of debentures or other oblige- S tions; interest rates.—-—'I'he provisions ot chapter 7· relating to tc the pre-poration and issue of farm loan bonda shall, so for as S az;-péirable, govern the preparation and issue of_$lebentt1res or pz other such obligations lssued under this section, Section 1011 fl or EQ43; hut the Federal Farm` Donn Beard shall prescribe F ruler and regulations governing:tl1ea·recei;>t, custody, rubslltu- aw tion. and release of collateral `_ instruments aecuring such pa Q ,;,·;,r~;,ml¤·oe er other obligations, the right or substitution being w i,(-i—r;h;,· granted] Rates of interest upon debentures and other S tmc}; obligations lsesued under this section, .section‘ 104101* 1 34;;:; shall, subject" to the _.a;iproval of the Federal Farm Iran Board, be ilxm` hy. the Federal Intermediate Creditlmek making the issue, notexceecling Bper centmnper &ll11UH1;(` H (Har, 4, 1923,1:. 252,_—Tit1e I, `§ 2, 42 Stat. 1456.), _ . · · , · “C 12343. Ltalélity of United States Gevernmmt; form and con- ti tents of debentures or other obligations.e—'1The United States Bf a mvorxrnaent shall assume no liability, direct or indirect, for be
- m;·;ll·I»entnres or other obligations; issued under the two pre- F
{Ming sections and .all_’ Suéh debentures and other obligations -e1 euaal contain consptonons andy appropriate language, to be ,preii oi S¤·x·ii»e:l or {organ and substance by the Federal Farm Loan Board m an·i*al3D1'€¥;¤l»·,by the Secretary of the Treasury, clearly indi-‘ si yalirzg that nogiujh liability is assumed. (Mar. 4, 1923, m 252, 11 Title I, § 2, 42\StiQ 1456..) T " _· a . 4 MDISCOUNT RATES? ··h . \z_ .; Q . ‘ m 1951. Estnblinlzraenfog discount rateb.-—Before making any -6% discounts under the protdaiona of this chapter, each Federal- 8 lmermedlate "fredit ‘Bsnk ehall establish and promulgate n F mw ot discount to he ‘approved·~by, the Federal Farm Loahj `°' Board. Any Fekral Intermediate Credit Bank which has made u an issue ot dehentures under the provision of. this chapter, inay · U zéarroataer establish, with the approval of the Federal Farm ¤ laaln Board a" rate oi discount not exceeding by more than 1 a wr centmn pexiaxmum the rate borne by its` last preceding S hirene of debentures: Provided, That the ]Federal Farm Loan gc lloard may clasaity loans and debentures according to maturity, U tj and if debentures `oi dmerent glasses sell at ardlllerent rate the- ° .1—‘·r41orai Intermediate Credit Banks may diqerentlate in rates il · oa like rlames ot loans in the same ratio, i (Mar. 4, 1923, c., 252, ‘ ¤ Title I, 5 2, 42 Stat. 1456; Mar._4,‘1925,_ ,c. .§ 2, 43 Stat. P lmmJ· `- l . ·. _, a. . ·`¤ _ ’ 1e52.. &te of interest. charged original borrower on age or obligatiw dismlmted.-—·No ormuizatloa entitled to the-prlvl-¤ b k·;.:¤·a of this title, 'ahall, veitlnout the epprova1_ of the Federal _¤ Farm Ima Board, be allowed to discount, with any Felleral I }.2i¥9lTll.l€dlHt€ Credit Bank·"a`ny note or other obligation., uponwlaiclx the ‘ original borrower has beet? charged a rate ot in- 1`weat exceeding by more than 1*,5 per centuxn per annum the 4}ia;·oux :t lite of the `Fm1eral'lritermediate Credit Bank at the E time such loan was made. '_(M&1’.·4, 1923, c. 252, Title I, § 2, rc l 42 sam, 1451;,) - ” .` ._· » · Y - ·. elf 11353. Purchase by credit banks of debentnru or obllga.tiona` d issued by it.-—A Federal Intermediate Credit _Bank may, sub· 9 _ ject to the aiaproval ot the Federal Farm Loan Board, buy in il me open market at or below par for its own account and retire C , ar or before maturity`any‘ debentures or obligations lseuedby V it. ·` (liar, 4, 1923, c._ 252, Title —I, ‘§ 2, 42 Stat. 1458.) _ 0 _ Ge.I?ITAL STOCK ‘ . _: e 1061. Amount; shares; mbgcrlptions to by Unitd Stag.-- , x ?··`or the__ purpose ot exercising the powers conferred by this a rlmpter, each Federal intermediate, Credit Bank shell have a I subsériped eapltal stock o£",$5,000,000.- Gamtal stock of such- d fmmunt shall be··divided into shares of $5 each and shell be "c subscribed, held, aud. paid by the Governéent. ot the United I
AND BANKING, § 1081 totes., It shell be the duty of the Secretary of the Treasuryl > subscribe to such ‘cz1pite.l‘ stock on behalf ot the United tntes,,such subscription to be subject to cell in whole or in 1rt.by directors of the said banks upon thirty days notice to ae Seeretary oi the Treasury and with the approval qi the ederal Farm Loan Board- The Secretary of the Treasury is nthorized and directed to take out shores es called and to sy for the same ont of any money? in the Treasury not other- , ·ise appropriated. (Mer. -4, 1923, c. 252, Title I, { 2, 42 tat.1457,) _ “ · — I APPLICATION or msmzmes 1062, Appertioament of joint expenses of Federal Land enks; Joint·St0ck Land _ Banks, sod Federal Intermediate redit Banks; expenses of Federal Farm Lmn Beirut apper· p oned te Credit Binh?-The Federal, Farm Loon Board shall mitably npportion the jointfsalaries and expen@ incurred in shalt of the Federal Land Bnnlgs, Joint Stock Land Banks, and ’edera1— Intermediate Credit Banks, and shall a%s aginst ich Federal Intermedlnte Credit Bank its proporti‘onate_ share I the salaries and expensw of the Federal Form- Ima Bureau) rode necessary in connection with the operation of this provi-
- q¤.l (mr. ·4, ie. 252, Title 1, in 2, 42 ste
- . 14§7; mr. 4,
925; c. 524; § 1, 43 Stat. 1262.)- Y _ 1072._Net' earnings; disposition; snrplu on insolvency or qnidntion.-After · all necessary ·· expenses of n Federal Interlediite Credit Bank have been paid or provided for, the mt ernlngs shall be divided into equal parts and one·hnlt thereof ' hall be paid to the United_States end the balance shall be oid into a- surplne fund until it shell omonnt to 109 per entinm of _ the subscribed capital stock ot such bank and that hereafter 10 per. centnm of such earning shall be peidlnto he surplus, After. the. aforesaid `reqnirements have been fully ter, ·`the then nef earnings shall be paid to the United States s n-frnnchise 'tox. The net earning derived by the United totes from Federal Intermediate Credit Banks shall, in the d¤lsretion, of the Secretary of the Treasury, he used to, supplement he gold reserve held against outstanding United States notes, r shall be applied to the reduction ot; the outstanding bonded naelpteaness ct the United States regulations to be pre cribed by the Secretary of be Treasury. 1 Should n Federal nterniedintej Credit Book red or; go inte liquidation, iter the. payment or all debts d other obligations es hereinefore provided, our surplus l g shall he paid to `nnd ecome the property of the Uni ` Qtntee and shell be similarly .pplled. (Mar; 4,.19ZiQ c._ %2, Title I, 5 2, 42 Stat. 1457._)·_ JABILITY ON DEBENTURES OR OTHER SUCH OBLIGA- I __ ‘ TIONS p h ‘ ` 1081. Nature of liability;-——.Ariy Federal Intermediate Credit · tank issuing debentures .or· other such obligetions under this lmpter`sl1o1l be prfmerily ·cu&b18 therefor, and shell also he lable, upon presentation of¤t%he conpons for interest payments tue upon any such debentnresaor obligations issued by ony- ther Federal Intermediate Credit Bank and remaining nnpeid n_ consequence of the defnult of the other. F=ederel_`Intermediate Sredlt Banln Any Federal Intermediate Credit Book ;sh:1ll`likevlse be liable for such portion of the principal of "debentures or blfgetions so tuned; es nrenot paid after the assets of such ther- Federal Intermediate Credit Benkjmve been liquidated md distributedl Such losses, it `nny, either of interest or of rrlnclpol, shell be assessed by the Federal Forxn Loon Board gainst solvent Federal Interntedlnte Credit Banks lia_ble‘ therefor in proportion to the dmount of eepltnl stock, surplus; and lebentures or other such obligotions which each may leave mtstending at the time of such essessinentr Every _Federal — KIltQI‘l210di&t8 · Credit Bank _ shall, by appropriate action of _ its
