§ 781 semiannual installment is due, one-twentieth of the Twelfth. Interest rate; on extended payments; on Thirteenth. Reamortization of mortgages.-When § 13 § 781 Fourteenth. Agreements to share gains and losses with associations. To enter into agreements with national farm loan associations of the district under the terms of which losses incurred and gains realized on account of the disposition of lands covered by a defaulted mortgage indorsed by such association will be shared equally by the bank and the association. (July 17, 1916, c. 245, § 13, 39 Stat. 372; June 16, 1933, c. 98, § 79, 48 Stat. 272.) Fifteenth. Exchange for Federal Farm Mortgage Corporation bonds.-To exchange farm loan bonds for Federal Farm Mortgage Corporation bonds of equal face value. (July 17, 1916, c. 245, § 13, 39 Stat. 372; Jan. 31, 1934, c. 7, § 8 (a), 48 Stat. 347; Aug. 19, 1937, c. 704, § 15 (b), 50 Stat. 708.) Sixteenth. Exchange of Federal Farm Mortgage Corporation bonds for farm loan bonds.-To exchange Federal Farm Mortgage Corporation bonds for farm loan bonds of equal face value. (July 17, 1916, c. 245, § 13, 39 Stat. 372; Jan. 31, 1934, c. 7, § 8. (a), 48 Stat. 347.) Seventeenth. Loans to other Federal land banks.To make loans to other Federal land banks upon such terms and conditions as may be approved by the Farm Credit Administration. (July 17, 1916, c. 245, § 13, 39 Stat. 372; Aug. 19, 1937, c. 704, § 16, 50 Stat. 708.) Eighteenth. Accepting conditional_payments for subsequent credit on indebtedness.-To accept conditional payments from borrowers for subsequent credit upon their indebtedness to the land bank; and to allow interest on such payments. All conditional payments so accepted shall be subject to such terms and conditions, not inconsistent with the provisions of this paragraph and with any rules. or regulations prescribed for its efficient execution by the Farm Credit Administration, as may be agreed upon at the time of their acceptance. If a conditional payment is accepted for subsequent credit upon a first mortgage which is at the time or is thereafter pledged as collateral security for an issue of farm-loan bonds, all requirements, conditions, and limitations set forth in sections 897899 of this title shall apply to such payment the same as though it were a present payment on the principal of the mortgage pledged as collateral security, and the land bank shall forthwith notify the farm loan registrar of its receipt of such payment and account to him therefor. Every conditional payment accepted by a land bank for subsequent § 13 credit upon indebtedness of a borrower shall be cred- "Farm Credit Administration" mentioned in the text was sub- Federal land banks authorized to make their services and facilities available to Land Bank Commissioner to aid in administering subchapter II of this chapter. See § 1018 of this title. § 791 RESTRICTIONS ON FEDERAL LAND BANKS Enumeration of restrictions.-No Federal land bank shall have power First. Limiting deposits.-To accept deposits of current funds payable upon demand except from its own stockholders, or to transact any banking or other business not expressly authorized by the provisions of this subchapter. (July 17, 1916, c. 245, § 14, 39 Stat. 372.) Second. Loaning on first mortgages except through associations.-To loan on first mortgage except through national farm loan associations as provided in sections 711-722 and sections 731-734 of this title [secs. 7 and 8 of the Federal Farm Loan Act, as amended], or through agents as provided in sections 801-808 of this title, or direct to borrowers as provided in section 723. (July 17, 1916, c. 245, § 14, 39 Stat. 372; Mar. 4, 1933, c. 270, § 5 (a), 47 Stat. 1549.) 8 14 Third. Accepting other than first mortgages.To accept any mortgages on real estate except first mortgages created subject to all limitations imposed by sections 771-773 of this title, and those taken as additional security for existing loans. (July 17, 1916, c. 245, § 14, 39 Stat. 372.) Fourth. Issuing excess of bonds; receiving excess of mortgages from associations.-To issue or obligate itself for outstanding farm loan bonds (including consolidated bonds issued on its behalf) in excess of twenty times the amount of its capital and surplus, or to receive from any national farm loan association additional mortgages when the principal remaining unpaid upon mortgages already received from such association shall exceed twenty times the amount of its capital stock owned by such association. (July 17, 1916, c. 245, § 14, 39 Stat. 372; June 16, 1933, c. 98, § 75 (a), 48 Stat. 271.) Fifth. Demanding unauthorized commissions.To demand or receive, under any form or pretense, any commission or charge not specifically authorized in this subchapter. (July 17, 1916, c. 245, § 14, 39 Stat. 372.) Sixth. Accepting mortgages on personal property exempt from execution.-To accept as additional security for any loan to any borrower under this subchapter, or any installment on any such loan, any personal property which is exempt from execution upon judgment under the laws of the State in which the land with respect to which the mortgage is given is situated. (July 17, 1916, c. 245, 14, 39 Stat. 372; Mar. 4, 1933, c. 270, § 5 (b), 47 Stat. 1549; June 16, 1933, c. 98, § 71, 48 Stat. 271.) § 801 LOANS BY FEDERAL LAND BANKS THROUGH Loans; when authorized. Whenever it shall appear to the Farm Credit Administration that national farm loan associations have not been formed, and are not likely to be formed; in any locality, because of peculiar local conditions, said administration may, in its discretion, authorize Federal land banks to make loans on farm lands through agents approved by said administration. (July 17, 1916, c. 245, § 15, 39 Stat. 373; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" and "administration" mentioned in the text were substituted for "Federal Farm Loan Roard" and "board," respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 15 § 802 § 803 8 804 § 805 § 806 § 807 Manner of making.-Loans authorized by section 801 of this title shall be subject to the same conditions and restrictions as if the same were made through national farm loan associations, and each borrower shall contribute 5 per centum of the amount of his loan to the capital of the Federal land bank, and shall become the owner of as much capital stock of the land bank as such contribution shall warrant. (July 17, 1916, c. 245, § 15, 39 Stat. 373.) Who may be employed as agent. No agent other than a duly incorporated bank, trust company, mortgage company, or savings institution, chartered by the State in which it has its principal office, shall be employed under the provisions of sections 801-808 hereof. (July 17, 1916, c. 245, § 15, 39 Stat. 373.) Expenses of and commissions to agents.-Federal land banks may pay to such agents the actual expense of appraising the land offered as security for a loan, examining and certifying the title thereof, and making, executing, and recording the mortgage papers; and in addition may allow said agents not to exceed one-half of 1 per centum per annum upon the unpaid principal of said loan, such commission to be deducted from dividends payable to the borrower on his stock in the Federal land bank. (July 17, 1916, c. 245, § 15, 39 Stat. 373.) Expenses of agents added to loans.-Actual expenses paid to agents under the provisions of sections 801-808 hereof shall be added to the face of the loan and paid off in amortization payments subject to the limitations provided in paragraph "Ninth" of section 781 of this title. (July 17, 1916, c. 245, § 15, 39 Stat. 373.) Collection of loan payments.-Said agents, when required by the Federal land banks, shall collect and forward to such banks without charge all interest and amortization payments on loans indorsed by them. (July 17, 1916, c. 245, § 15, 39 Stat. 373.) Indorsement of loans; liability thereon.-Any agent negotiating any such loan shall indorse the § 15 § 15 8 15 § 15 § 15 § 15 |