bonds issued by each land bank and actually out- (h) Suspending or removal of directors, registrars, (i) Exercising supervisory authority over banks.To exercise general supervisory authority over the Federal land banks, the national farm loan associations, and the joint stock land banks herein provided for. (July 17, 1916, c. 245, § 17, 39 Stat. 275.) (j) Incidental powers.-To exercise such incidental powers as shall be necessary or requisite to fulfill its duties and carry out the purposes of this subchapter. (July 17, 1916, c. 245, § 17, 39 Stat. 375; Mar. 27, 1933, Ex. Or. 6084.) Authorization to make rules and regulations, see § 665 of this chapter. "Farm Credit Administration" and "administration" mentioned in the text were substituted for "Federal Farm Loan Board" and "board," respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 841 APPLICATIONS FOR FARM LOAN BONDS Application; to whom made; collateral security; schedule. Any Federal land bank, or joint stock land bank, which shall have voted to issue farm loan bonds under this chapter, shall make written application to the Farm Credit Administration, through the farm loan registrar of the district, for approval of such issue. With said application said land bank shall tender to said farm loan registrar as collateral security first mortgages on farm lands qualified under the provisions of sections 771, 801808, or 811-824 of this chapter [sections 12, 15, or 16 of the Federal Farm Loan Act, as amended], or United States Government bonds, not less in aggregate amount than the sum of the bonds proposed to be issued. Said bank shall furnish with such mortgages a schedule containing a description thereof and such further information as may be prescribed by the Farm Credit Administration. § 18 (July 17, 1916, c. 245, § 18, 39 Stat. 375; Mar. 27, Joint stock land banks prohibited from issuing tax-exempt bonds after "Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 842 Verification of schedule; investigation and appraisal of securities tendered; decision as to application. Upon receipt of the application provided for in section 841 of this chapter said farm loan registrar shall verify the schedule also provided for in said section and shall transmit said application and said schedule to the Farm Credit Administration, giving such further information pertaining thereto as he may possess. The Farm Credit Administration shall forthwith cause to be made such investigation and appraisement of the securities tendered as it shall deem wise, and it shall grant in whole or in part, or reject entirely, such application. (July 17, 1916, c. 245, § 18, 39 Stat. 375; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was sugstituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 18 § 843 Transmission of decisions to land bank and registrar; information to be furnished by registrar. The Farm Credit Administration shall promptly transmit its decision as to any issue of farm loan bonds to the land bank applying for the same and to the farm loan registrar of the district. Said registrar shall furnish, in writing, such information regarding any issue of farm loan bonds as the Farm Credit Administration may at any time require. (July 17, 1916, c. 245, § 18, 39 Stat. 375; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 18 $844 Written approval of issue requisite. No issue of farm loan bonds shall be authorized unless the Farm Credit Administration shall approve such issue in writing. (July 17, 1916, c. 245, § 18, 39 Stat. 375; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 18 § 851 ISSUE OF FARM LOAN BONDS Duties of registrar on approval of bond issue.Whenever any farm loan registrar shall receive from the Farm Credit Administration notice that it has approved any issue of farm loan bonds under the provisions of sections 841-844, he shall forthwith take such steps as may be necessary, in accordance with the provisions of this chapter, to insure the prompt execution of said bonds and the delivery of the same to the land bank applying therefor. (July 17, 1916, c. 245, § 19, 39 Stat. 376; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. $19 § 852 Rejection of application; return of collateral security. Whenever the Farm Credit Administration shall reject entirely any application for an issue of farm loan bonds, the first mortgages and bonds tendered to the farm loan registrar as collateral security therefor shall be forthwith returned to said land bank by him. (July 17, 1916, c. 245, § 19, 39 Stat. 376; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 19 $ 853 Disposition of collateral security on approval of application. Whenever the Farm Credit Administration shall approve an issue of farm loan bonds, the farm loan registrar having the custody of the first mortgages and bonds tendered as collateral security for such issue of bonds shall retain in his custody those first mortgages and bonds which are to be held as collateral security, and shall return to the bank owning the same any of said mortgages and bonds which are not to be held by him as collateral security. The land bank which is to issue said farm loan bonds shall transfer to said registrar, by assignment, in trust, all first mortgages and bonds which are to be held by said registrar as collateral security, said assignment providing for the right of redemption at any time by payment as provided in this chapter and reserving the right of substitution of other mortgages qualified under sections 771 and 811-824 of this chapter. Said mortgages and bonds shall be deposited in such deposit vault or bank as the Farm Credit Administration $19 shall approve, subject to the control of said registrar "Farm Credit Administration" mentioned in the text was subsituted for § 854 Mortgages eligible as collateral.-No mortgage shall be accepted by a farm-loan registrar from a land bank as part of an offering to securing farm loan bonds, either originally or by substitution, except first mortgages made subject to the conditions prescribed in sections 671-683, 711-723, 771, 801808, and 810-824 of this chapter: Provided, That such registrar, when authorized and directed to do so by the Farm Credit Administration, shall accept or retain in his custody as collateral, if otherwise eligible under the provisions of such sections, any first mortgage in connection with which the land bank depositing the same has agreed to defer for a period of not more than ten years the collection of the principal portion of maturing installments and to accept payment of the aggregate amount of such principal on an amortization plan by means of a fixed number of annual or semiannual installments sufficient to cover the interest payable thereon and in addition thereto such amounts to be applied on the principal after the expiration of the period of deferment as will extinguish the debt within an agreed period of not more than forty years from the date of such agreement. (July 17, 1916, c. 245, § 19, 39 Stat. 376; Mar. 4, 1933, c. 270, § 6 (a), 47 Stat. 1549; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was subsituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 19 § 855 Registrar's duty respecting amount of collateral; United States bonds or cash in lieu of mortgages withdrawn. It shall be the duty of each farm loan registrar to see that the farm loan bonds delivered by him and outstanding do not exceed the amount of collateral security pledged therefor. Such registrar may, in his discretion, temporarily accept, in place of mortgages withdrawn, United States Government bonds or cash. (July 17, 1916, c. 245, § 19, 39 Stat. 376.) $19 Additional security.-The Farm Credit Administration may, at any time, call upon any land bank for additional security to protect the bonds issued by it. (July 17, 1916, c. 245, § 19, 39 Stat. 376; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. Purchase money mortgages as collateral in lieu of mortgages withdrawn. Such farm loan registrar shall also accept purchase money mortgages as collateral security in place of mortgages withdrawn. The banks shall have power to execute all necessary conveyances, transfers, and assignments to carry out this provision. (July 17, 1916, c. 245, § 19, 39 Stat. 376; Mar. 4, 1933, c. 270, § 6(b), 47 Stat. 1549.) FORM OF FARM LOAN BONDS Denominations; minimum and maximum periods; interest coupons; rates of interest.-Bonds provided for in this subchapter shall be issued in denominations of $40, $100, $500, $1,000, and such larger denominations as the Farm Credit Administration may authorize; they shall run for specified minimum and maximum periods, subject to payment and retirement, at the option of the land bank, at any time after the minimum period specified in the bonds, which shall not be longer than ten years from the date of their issue. They shall have interest coupons attached, payable semiannually, and shall be issued in series of not less than $50,000, the amount and terms to be fixed by the Farm Credit Administration. They shall bear a rate of interest not to exceed 52 per centum per annum, but no bonds issued or sold after June 30, 1923, shall bear a rate of interest to exceed 5 per centum per annum. (July 17, 1916, c. 245, § 20, 39 Stat. 377; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. Rules and regulations as to payment.-The Farm Credit Administration shall prescribe rules and regulations concerning the circumstances and manner in which farm loan bonds shall be paid and retired under the provisions of this chapter. (July 17, 1916, c. 245, § 20, 39 Stat. 377; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. $19 § 19 § 20 § 20 |