Imperial Valley press., 1914-09-12

whose IdnQ Une SAME was p1OuuCeus
and shall thenceforward hold said cot
ton as custodian for said regional
bank or branch thereof, with the
right and power to appoint as many
deputy custodians, with actual pos
session, as said custodian may deem
prope" and necessary; and among said
deputy custodians may be included the
producers of said cotton, or owners
of the land on which the same was
produced, said custodians to take In
all cases from the deputy custodian
q forthcoming bond and an acknowl-
edgment in writing of the fact that
said deputy custodian holds the same
as custodian of public property with
the common-law liability of ware
housemen The state or national bank
acting as custodian shall keep all cot
ton SO held insured against loss by
fire, loss if any payable to the re-
gioifai l'alik branci unereof, and
shall Keep correct and itemized ac-
count of insurance and storage actual
ly paid, and upon the sale of said
cotton, as hereinafter provided, shall
have said expenditures refunded, to-
gether with interest on the same at
the rate of per centum per annum.
Payments of insurance and storage
are 20 stand until paid in the nature
of an obligation of the United States.
Wha,, col III ic cold oc
after provided, said state or national
hank shall, in addition to the refund
ing just provided for, be paid for its
labor and services as custodian 81
cents per bale; and as custodian shall
be responsible only for gross negli-
gence or breach of trust. All cotton
paid for as hereinbefore provided with
federal reserve notes or other lawful
coin or currency shall be and remain
the property OF the regional bank or
branch thereof and shall be held un-
til sold at the pleasure of the fed
eral reserve board when and after
middEng spot cotton sells in the open
market at Savannah, Ga, at Is cents
per pound, or upon request of the per-
son or persons from whom title passed
to the regional bank
"Sec 5. That whenever the Federal
Reserve Board shall order, under the
conditions named in the foregoing
sectiOn2l, the regional bank shall sch
said cotton through the custodians,
and the latter shall calculate interest
on the original prices paid by the re-
giOnal bank at the rate of four pe-
centum per arnum and shall remit
principal and interest to the regional
tank. The custodian shall prepare
under oath and furnish Che regional
bank an account showing the amounts
actually paid for insurance and stor-
age and interest thereon, as hercin-
tefore provided, and also showing It's
compensation as herein allowed.
These items the custodian shall re-
tain to pay itself, and the balance
Of The proceeds arising from the sale
Of said cotton shall be paid over to
WV - ANuuNSi VI FSiooii Oi Whoot iittu
the same was produced and from which
/, title PASSED to the regional bank, or
to the legal rcpres .atatives of suci,
person receiving such loan.
"Sec. 6. That if in airy county there
shall be no bank, or if in any county
there shall be no state or national
hank willing to act as custodian, as
LcreiN provided, then it is hereby mad
the duty Of the postmaster Of the
county site of said county to act as
custodian, with power to appoint dep.
uty custodians. who shall have actual
/, possession of the agricultural and food
products passed to the ownership of
the regional bank. and otherwise per.
form the duties and receive the COM
pensation herein allowed. In the