Federal Farm Loan Act: Hearings Before ... 67-4, on H.R. 13125 (as Revised and Numbered H.R. 14041) ... , December 21, 1922; January 4-15, 1923, Statements of Hon. Horace M. Towner ... 10231923 - 270 pages |
Common terms and phrases
acre agency agent agricultural amendment amortization amount APPLEBY applications appointed approval asso average bankers believe bill board of directors bond buyers bond issue bondholder borrowers cent Central Federal Land Chairman committee Congress cooperative COREY corporation debt district dividends double liability elected expense fact farm lands farm loan act farm loan associations Farm Loan Board farm loan system farm-loan bonds farmers favor Federal Farm Loan Federal land banks Federal reserve system fellow finance FLANNAGAN function give GOLDSBOROUGH Government increase indebtedness indorsement investment Iowa joint joint-stock land banks Judge Lobdell LEVER liquidate loan limit LYMAN MANSON MARSH mortgage national farm loan organization owners present proposition purpose question rate of interest reason secretary-treasurer sell South Dakota statement STEAGALL STEVENSON stock land banks stockholders STRONG suggestion thing tion United vote WINGO
Popular passages
Page 5 - ... 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 37 - Associations for carrying on the business of banking under this Title may be formed by any number of natural persons, not less in any case than five. They shall enter into articles of association, which shall specify in general terms the object for which the association is formed, and may contain any other provisions, not inconsistent with law, which the association may see fit to adopt for the regulation of its business and the conduct of its affairs.
Page 4 - ... to the extent of the amount of stock owned by them at the par value thereof, in addition to the amount paid in and represented by their shares.
Page 4 - Seventh. To exercise by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin and bullion; by loaning money on personal security...
Page 4 - Federal land banks, or to joint stock land banks, and farm loan bonds issued under the provisions of this 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 4 - Sixth. To prescribe, by its board of directors, by-laws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected or appointed, its officers appointed, its property transferred, its general business conducted, and the privileges granted to it by law exercised and enjoyed.
Page 3 - Third. To make contracts. Fourth. To sue and be sued, complain and defend, in any court of law or equity.
Page 2 - The board of directors of every Federal land bank shall be selected as hereinafter specified and shall consist of seven members. Three of said directors shall be known as local directors and shall be chosen by and be representative of national farm-loan associations, and borrowers through agencies ; three shall be known as district directors and shall be appointed by the Federal Farm Loan Board and represent the public interest.
Page 196 - No loan could be made in excess of 50 per cent of the value of the land and 20 per cent of the value of permanent improvements on it.
Page 40 - The reasonable expenses of the secretary-treasurer, the loan committee, and other officers and agents of national farm loan associations, and the salary of the secretary-treasurer, shall be paid from the general funds of the association, and the board of directors is authorized to set aside such sums as it shall deem requisite for that purpose and for other expenses of said association.