Mansfield mirror. (Mansfield, Wright County, Mo.) 1908-1957, 1915-02-18

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be kept invested in bonds Of the
state of Missouri, of the Unitec
States, or of other states of the
United States. or in such Other
safe securities as the board O.
! governors may from time to time
designate, and the income Thereof
shall be added to the said fund
and become IA part thereof.
Section Is. Whenever the re
serve fund shall have accumu
lated to an amount sufficiently
large that the banks business
will not suffer by its return tt
the state, the board of govern
ors shall notify the general as.
sembly of its opinion to that eff
feet, and thereupon provision
may be made for its repayment,
to the state.
Section 10. The first $500,
10000 shall be loaned to appli
cantS at the interest rate of four
and threc.tenthS (4.3) pei
cent so that their loans will be
amortized or retired according
to the approximate estimate
heretofore scheduled. There
after loans must be made at the
rate which the bank shall be
able to secure for the next pre-.
ceding issue of bonds, and there
upon the manager shall cause to
he made IL new amortization
table based on said interest rate.
Section 20. The manager may
determine from time to time the
length of time bonds shall run
and upon what method they may
be recalled so a. to conform the
amount of the bonds OutStand
ing to the amount of the mort.
, gage on hand, and there must al,
ways be a substantial agree
, ment between the amount OF out
standing bonds and notes and
mortgages on hand.
Section y. The board of gov
errors shall designate the per.
sons or officers who shall be re.
quired to give bonds for the
faithful discharge of the duties
required Of them, and in no case
shall any person or officer be al.
lowed to handle, or have posses.
sion or custody of any of the
moneys or securities of the
bank without sufficient bonds to
indemnify the bank against loss.
Section %. 1t shall be lawful
for any savings bank or any
bank or trust company receiving
deposits on savings account to
invest its savings accounts in
the debenture bonds issued I'M
der the provisions of this act,
and in any and all cases where
the law of this state requires de.
posts to be made with the
superintendent of the insurance
department, or with the state
treasurer of bonds or securities,
the said debenture bonds shall
be available to that end in like
manner and with like effect as if
they were the bonds of the state
of Missouri.
Section %. This bill contain.
ing features not at this time in
accord with the constitution Of
the state, it is hereby provided
that it is not to be or to become
effective or operative until the
constitution shall be amended or
changed that it shall no longer
be in conflict with that instru.
ment, but it shall become imme.
diately operative and effective
whenever and as soon as the
fundamental law shall permit.
Amendment
Joint and concurrent resOlu.
ton submitting TO the qualified
voters of the state of Missouri an
amendment to the constitution
thereof, empowering the General
Assembly to enact a special law
creating a corporation to be
known as the Missouri State
Land Bank, with powers to mobi'
lie and liquidize farm credits, to
appropriate state moneys as a
loan in aid thereof, and exempt.
ing from state, county and mu.
nicipal taxes all of the assets OF
said bank, also debenture bonds
issued by it.