Rural Credits: Hearings Before the Committee on Banking and Currency, United States Senate, Sixty-seventh Congress, Fourth Session, on Senate Bills to Provide Credit Facilities for the Agricultural and Livestock Industries in the United States; to Amend the Federal Farm Loan Act; to Amend the Federal Reserve Act; and for Other Purposes ...

Front Cover

From inside the book

What people are saying - Write a review

We haven't found any reviews in the usual places.

Selected pages

Other editions - View all

Common terms and phrases

Popular passages

Page 154 - Corporation shall be exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority...
Page 155 - Nothing herein shall be construed to exempt the real property of associations from either State, county, or municipal taxes to the same extent, according to its value, as other real property is taxed.
Page 154 - 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 242 - After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders shall be entitled to receive an annual dividend of six per centum on the paid-in capital stock, which dividend shall be cumulative. After the aforesaid dividend claims have been fully met...
Page 158 - If any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Page 156 - 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 157 - ... shall be a beneficiary of or receive, directly or indirectly, any fee, commission, gift, or other consideration for or in connection with any transaction or business of the bank.
Page 228 - An Act to provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, to create Government depositaries and financial agents for the United States, and for other purposes.
Page 160 - Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, any federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions...
Page 229 - Said examiners shall be subject to the same requirements, responsibilities and penalties as are applicable to National bank examiners under the National Bank Act, the Federal Reserve Act and other provisions of law. Whenever directed by the Federal Farm Loan Board...

Bibliographic information