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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, ch. 245, § 15, 39 Stat. 373.)

§ 805. 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 subsection ninth of section 781 of this title. (July 17, 1916, ch. 245, § 15, 39 Stat. 373.)

$ 806. 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, ch. 245, § 15, 39 Stat. 373.)

$ 807. Indorsement of loans; liability thereon.-Any agent negotiating any such loan shall indorse the same and become liable for the payment thereof, and for any default by the mortgagor, on the same terms and under the same penalties as if the loan had been originally made by said agent as principal and sold by said agent to said land bank, but the aggregate of the unpaid principal of mortgage loans received from any such agent shall not exceed 10 times its capital and surplus. (July 17, 1916, ch. 245, $ 15, 39 Stat. 373.)

8 808. When loans to cease. If at any time the district represented by any agent under the provisions of sections 801-808 of this title shall, in the judgment of the Farm Credit Administration, be adequately served by national farm-loan associations, no further loans shall be negotiated therein by agents under said sections. (July 17, 1916, ch. 245, § 15, 39 Stat. 373; Ex. Ord. No. 6084, Mar. 27, 1933.)

TRANSFER OF FUNCTIONS Farm Credit Administration was transferred to the Department of Agriculture. See note preceding section 636 of this title.

JOINT-STOCK LAND BANKS $ 810. Restriction against making loans or issuing bonds after May 12, 1933.—After May 12, 1933, no joint-stock land bank shall issue any tax-exempt bonds or make any farm loans except such as are necessary and incidental to the refinancing of existing loans or bond issues or to the sale of any real estate now owned or hereafter acquired by such bank. ( May 12, 1933, ch. 25, § 29, 48 Stat. 46.)

8 811. Organization; directors.--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. They shall be organized subject to the requirements and under the conditions set forth in sections 671-683 of this title, so far as the same may be applicable: Provided, That the board of directors of every joint-stock land bank shall consist of not less than five members. (July 17, 1916, ch. 245, § 16, 39 Stat. 374.)

REFERENCES IN TEXT Sections 678-683, included within reference in this section, have been repealed. See notes under section 677a and 678-683 of this title.

CROSS REFERENCE Joint-stock land banks not to issue after May 12, 1933, tax-exempt bonds or make any farm loans except such as are necessary and incidental to the refinancing of existing loans or bond issues or to sale of real estate, see section 810 of this title.

8 812. Individual liability of shareholders. Shareholders of every joint-stock land bank organized under this chapter shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such bank 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. (July 17, 1916, ch. 245, $ 16, 39 Stat. 374.)

REFERENCES IN TEXT In the original "this chapter" reads "this Act,” meaning the Federa! Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.

8 813. Powers, duties, and liabilites; stock.—Except as otherwise provided, joint-stock land banks shall have the powers of, and be subject to all the restrictions and conditions imposed on, Federal land banks by this chapter, so far as such restrictions and conditions are applicable: Provided, however, That the Government of the United States shall not purchase or subscribe for any of the capital stock of any such bank; and each shareholder of any such bank shall have the same voting privileges as holders of shares in national banking associations. (July 17, 1916, ch. 245, $ 16, 39 Stat. 374.)

REFERENCES IN TEXT In the original “this chapter" reads "this Act,” meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.

CROSS REFERENCE Joint-stock land banks not to issue after May 12, 1933, tax-exempt bonds or make any farm loans except such as are necessary and incidental to the refinancing of existing loans or bond issues or to sale of real estate, see section 810 of this title.

§ 814. Limitation on amount of issue of bonds; transacting unauthorized business.-No joint-stock land bank shall have power to issue or obligate itself for outstanding farm-loan bonds in excess of fifteen times the amount of its capital and surplus, or to receive deposits or to transact any banking or other business not expressly authorized by the provisions of this chapter. (July 17, 1916, ch. 245, § 16, 39 Stat. 374.

REFERENCES IN TEXT In the original “this chapter" reads "this Act,” meaning the F deral Far.n Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.

CROSS REFERENCE Joint-stock land banks not to iss'e after May 12, 1933, tax-exempt bonds or make any farm loans except such as are necessary and incidental to the

refinancing of existing loans or bond issues or to sale of real estate, see section 810 of this title.

§ 815. Minimum capital stock.—No joint-stock land bank shall be authorized to do business until capital stock to the amount of at least $250,000 has been subscribed, one-half thereof paid in cash, and the balance subject to call by the board of directors, and a charter has been issued to it by the Farm Credit Administration. (July 17, 1916, ch. 245, § 16, 39 Stat. 374; Ex. Ord. No. 6084, Mar, 27, 1933.)

CROSS REFERENCE Joint-stock land banks not to issue after May 12, 1933, tax-exempt bonds or make any farm loans except such as are necessary and incidental to the refinancing of existing loans or bond issues or to sale of real estate, see section 810 of this title.

$ 816. Issuing bonds before payment of stock.--No joint-stock land bank shall issue any bonds until after the capital stock is entirely paid up. (July 17, 1916, ch. 245, § 16, 39 Stat. 374.)

CROSS REFERENCE

Joint-stock land banks not to issue after May 12, 1933, tax-exempt bonds or make any farm loans except such as are necessary and incidental to the refinancing of existing loans or bond issues or to sale of real estate, see section 810 of this title.

8 817. Form of bonds.-Farm-loan bonds issued by joint-stock land banks shall be so engraved as to be readily distinguished in form and color from farm-loan bonds issued by Federal land banks, and shall otherwise bear such distinguishing marks as the Farm Credit Administration shall direct. (July 17, 1916, ch. 245, $ 16, 39 Stat. 374; Ex. Ord. No. 6084, Mar. 27, 1933.)

§ 818. Interest rates; restrictions on mortgage loans.—Jointstock land banks shall not be subject to the provisions of subsection (b) of section 831 of this chapter as to interest rates on mortgage loans or farm-loan bonds, nor to the provisions of subsections first, fourth, sixth, seventh, and tenth of section 771 of this title as to restrictions on mortgage loans: Provided, however, That no loans shall be made which are not secured by first mortgages on farm lands within the State in which such joint-stock land bank has its principal office, or within some one State contiguous to such State, except as hereinafter provided. Such jointstock land banks shall be subject to all other restrictions on mortgage loans imposed on Federal land banks in section 771 of this chapter. (July 17, 1916, ch. 245, § 16, 39 Stat. 374; Mar. 4,

, , 1931, ch. 518, § 1, 46 Stat. 1548.)

§ 819. Limitation on interest rates.-Joint-stock land banks shall in no case charge a rate of interest on farm loans exceeding by more than 1 per centum the rate of interest established for the last series of farm-loan bonds issued by them. (July 17, 1916, ch. 245, § 16, 39 Stat. 374.)

§ 820. Unauthorized commissions or charges.—Joint-stock land banks shall in no case demand or receive, under any form or pretense, any commission or charge not specifically authorized in this chapter. (July 17, 1916, ch. 245, $ 16, 39 Stat. 374.)

REFERENCES IN TEXT In the original “this chapter" reads "this Act,” meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.

$ 821. Bonds; form and contents. Each joint-stock land bank organized under this chapter shall have authority to issue bonds based upon mortgages taken by it in accordance with the terms of this chapter. Such bonds shall be in form prescribed by the Farm Credit Administration, and it shall be stated in such bonds that such bank is organized under sections 811-823 of this title, is under Federal supervision, and operates under the provisions of this chapter. (July 17, 1916, ch. 245, $ 16, 39 Stat. 374; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT In the original “sections 811-823 of this title", reads "section sixteen of this Act”, and “this chapter" reads "this Act", meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section C41 of this title.

CROSS REFERENCE Joint-stock land bank forbidden to issue tax-exempt bonds except such as are necessary and incidental to refinancing existing bond issues or to the sale of real estate, see section 810 of this title, which largely superseded this section.

$ 822. Voluntary liquidation.—Any joint-stock land bank organized and doing business under the provisions of this chapter may go into voluntary liquidation by making provision, to be approved by the Farm Credit Administration, for the payment of its liabilities: Provided, That such method of liquidation shall have been duly authorized by a vote of at least two-thirds of the shareholders of such joint-stock land bank at a regular meeting, or at a special meeting called for that purpose, of which at least ten days' notice in writing shall have been given to stockholders. (July 17, 1916, ch. 245, § 16, 39 Stat. 374; May 29, 1920, ch. 215, 41 Stat. 691; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT In the original “this chapter" reads "this Act,” meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.

CROSS REFERENCE Liquidation and consolidation of farm loan associations see also section 965 of this title.

§ 823. Assets of liquidating bank; purchase by Federal or jointstock land bank; assumption of liabilities. For the purpose of assisting in any such liquidation authorized as in section 822 of this title provided, any Federal land bank or joint-stock land bank may, with the approval of the Farm Credit Administration, acquire the assets and assume the liabilities of any joint-stock land bank, and in such transaction any Federal land bank may waive the provisions of this chapter requiring such bank to acquire its loans only through national farm loan associations or agents, and those relating to status of borrower, purposes of loan, and also the limitation as to the amount of individual loans.

No Federal land bank shall assume the obligations of any jointstock land bank in such manner as to make its outstanding obligations more than twenty times its capital stock except by creation of a special reserve equal to one-twentieth of the amount of such additional obligations assumed. No joint-stock land bank shall assume the obligations of any other joint-stock land bank in such manner as to make its outstanding obligations more than fifteen times the amount of its capital and surplus except by creation of a special reserve equal to one-fifteenth of the amount of such additional obligations assumed. (July 17, 1916, ch. 245, $ 16, 39 Stat. 374; May 29, 1920, ch. 215, 41 Stat. 691; Mar. 4, 1925, ch. 524, § 5, 43 Stat. 1263; Ex. Ord. No. 6084, Mar. 27, . 1933.)

JOINT-STOCK LAND BANKS; LIMITATION ON POWERS Joint-stock land banks are now prohibited from making loans or issuing tax-exempt bonds, except in circumstances permitted under § 810 of this chapter. This prohibition constituted section 29 of part 2 of “The Emergency Farm Mortgage Act of 1933.". The remaining sections of part 2, which are quoted in this note, made provision for loans, to be made to joint-stock land banks during a limited period of time, to aid in the orderly liquidation of these corporations, and to enable them to grant certain emergency relief to their borrowers.

LOANS TO JOINT-STOCK LAND BANKS TO PROVIDE FOR

ORDERLY LIQUIDATION SEC. 30. (a) The Reconstruction Finance Corporation is authorized and directed to make available to the Land Bank Commissioner, out of the funds of the Corporation, the sum of $100,000,000, to be used, for a period not exceeding four years from the date of enactment of this act, for the purpose of making loans to the joint stock land banks organized and doing business under the Federal Farm Loan Act, as amended, at a rate of interest not to exceed 4 per centum per annum, payable annualy. Such loans shall be made upon application therefor by such banks and upon compliance with the requirements of this section. The amount which may be loaned hereunder to any such bank shall not exceed an amount having the same proportion to the said $100,000,000 as the unpaid principal of the mortgages held by such bank on the date of enactment of this act bears to the total amount of the unpaid principal of the mortgages held by all the joint stock land banks on such date.

(b) Any joint stock land bank applying for a loan under this section shall deliver to the Land Bank Commissioner as collateral security therefor first mortgages or purchase-money mortgages on farm lands, first mortgages on farm real estate owned by the bank in fee simple, or such other collateral as may be available to said bank, including sales contracts and sheriff's certificates on farm lands. The real estate upon which such collateral is based shall be appraised by appraisers appointed under the Federal Farm Loan Act, as amended, and the borrowing bank shall be entitled to borrow not to exceed 60 per centum of the normal value of such real estate as determined by such appraisal. Fees for such appraisals shall be paid by the applicant banks in such amounts as may be fixed by the Land Bank Commissioner. No such loan shall be made until the applicant bank, under regulations to be prescribed by the Land Bank Commissioner, (1) shall have agreed to grant to each borrower then indebted to the bank under the terms of a first mortgage a reduction to 5 per centum per annum in the rate of interest specified in such mortgage, beginning at his next regular installment date and (2) shall have agreed to the satisfaction of the Commissioner that during a period of two years from June 3, 1935, the bank will not proceed against the mortgagor on account of default in the payment of interest or principal due under the terms of its mortgage and will not foreclose its mortgage unless the property covered by such mortgage is abandoned by the mortgagor or unless, in the opinion of the Commissioner, such foreclosure is necessary for other reasons. Such loans shall be made to aid the

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