Receiverships of Joint-stock Land Banks Under the Federal Farm Loan Act: Hearings Before the Committee on Banking and Currency, House of Representatives, Seventy-first Congress, Second Session, on H.R. 9433, a Bill to Amend the Federal Farm Loan Act and for Other Purposes. February 21, 22, March 3, 7, 8, 1930 |
Common terms and phrases
action amount appointed appraisers assessment assets association authority BASS BESTOR bill bondholders BRADY BUSBY certificates CHAIRMAN City Joint Stock Comptroller condition Congress corporation court of equity creditors Currency Date when delinquent December 31 double liability enforce equity expenses fact farm loan act Farm Loan Board farmers February 28 Federal Farm Loan Federal land banks FITZGERALD foreclosure going Government hearing holders insolvent interest Joint Stock Land joint-stock land banks Kansas City Joint LANGWORTHY legislation letter LETTS liability of stockholders liquidation loan bonds LUCE matter ment MORRILL mortgages national bank act obligation obtained per acre operation paid present proposition protective committee purchase QUARLES question RAINEY real estate receiver receivership referred remedy RENFRO reorganization securities SEIBERLING sell shareholders situation Sowers statement statute STEAGALL STEVENSON Stock Land Bank suggest Supreme Court thing tion United WINGO
Popular passages
Page 120 - Second, such as shall be mortgaged to it in good faith by way of security for debts previously contracted. Third, such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings. Fourth, such as it shall purchase at sales under judgments, decrees, or mortgages held by the association, or shall purchase to secure debts to it.
Page 7 - Resolved,, That the Speaker of the House of Representatives be, and he is hereby, authorized to appoint a special committee...
Page 119 - ... shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such association to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares...
Page 120 - JOINT STOCK LAND BANKS SEC. 16. That corporations, to be known as joint stock land banks, for carrying on the business of lending on farm mortgage security and issuing farm loan bonds, may be formed by any number of natural persons not less than ten.
Page 114 - Act, shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation.
Page 33 - It is for the Comptroller to decide when it is necessary to institute proceedings against the stockholders to enforce their personal liability, and whether the whole or a part, and, if only a part, how much shall be collected. These questions are referred to his judgment and discretion, and his determination is conclusive. The stockholders cannot controvert it. It is not to be questioned in the litigation that may ensue. He may make it at such time as he may deem proper and upon such data as shall...
Page 65 - Comptroller, shall take possession of the books, records, and assets of every description of such association, collect all debts, dues, and claims belonging to it, and, upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and, on a like order, may sell all the real and personal property of such association, on such terms as the court shall direct; and may, if necessary to pay the debts of such association, enforce the individual liability...
Page 119 - Upon the filing of such certificate with the Comptroller of the Currency as aforesaid, the said Federal reserve bank shall become a body corporate and as such, and in the name designated in such organization certificate, shall have power — First.
Page 119 - The district within which its operations are to be carried on, and the particular city in which its principal office is to be located.
Page 65 - Such receiver, under the direction of the Federal Farm Loan Board, shall take possession of the books, records, and assets of every description of such association, collect all debts, dues, and claims belonging to it, and, with the approval of the Federal Farm Loan Board, or upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and, on a like approval or order, may sell all the real and personal property of such association on such terms as...