Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1916-09-07
THE FEDERAL
FARM LOAN ACT
SYNOPSIS OF ITS SALIENT
FEATURES - SIGNED BY
PRESIDENT JULY II, 1916.

S.-Provides for a federal LAM
bank system in the continental Unit
ed States exclusive of Alaska), d!
viding the country into twelve Ian,
bank districts composed of Who'll,
states.
3.-The system is operated as
bureau of the United States treas
ury department and supervised b,
the federal farm loan board. The
secretary of the treasury is ex-offi
clio chairman of the board with foul
other members appointed by the
president for eight years at an an
nual salary of 100000. One member
Is designated farm loan commission
er and is the active executive off.
Ger.
3-Appointees of Board: (a)Farm
loan registrar for each land bank
district and
OBJ One or more land appraisers
Tor each land bank district. Salaries
paid by federal land bank or joint
stock land bank for which they act.
(c) Land bank examiners salaries
paid by the United States.
(dD Attorneys. experts, assistants
and other employees to be paid by
the United States.
H.-Powers of the Board: (a) To
organize and charter federal land
banks. joint stock land banks and
national farm loan associations.
(b) To review and alter the rate
Of interest to be charged by federal
land banks for loans.
(c) To approve or reject any or
all loans for bond issue and to grant
or refuse any specific issue of farm
loan bonds OF federal land banks
and joint stock land banks
(d) To regulate charges for APP
praisal, examining titles and record
ing.
(e) To appraise land securing
mortgages for bond issue.
81 To exercise general supervis-
DRY authority over the federal land
banks, farm loan associations and
Joint stock land banks.
30.-The farm loan commissioned
shall examine the Laws of every
state and If on examination the laws
Of any state are shown to afford in-l
atxffofonf - 40
mortgages shall be declared ineligi-
Bile under this act during the con-
tinuance of the laws in question.
32.-I.he secretary of the treasury
Is authorized to deposit United States
funds in federal land banks at cur
rent government rates Of interest,
the aggregate OF such funds not to
sxceed $4,000. 900 at any one time.
FEDERAL FARM LOAN BANKS i
Organization. !
Section 4.-One in each land bank(
district. Branches permitted within
is district Officers: President. vice /
president, secretary and treasurer; 1t
directors; six representatives of 6
arm loan associations and three rep L
'esenting the public interest. Attor- a
leys. assistants, experts and other
Employees. AL salaries fixed BY n
arm loan board and paid by bank. d
Subject to semiannual examinations
y land bank examiner. ID
CAPITAL STOCK.
Sec. 5,-$75O. 600 May be owned
y individuals, firms, corporations p
nd the United States and state gov b,
rnments.
Sec. 5.-Shares, IS each. b,
Sec. 5.-All stock remaining un-
INSCRIBED 80 days after subscription
ooks are opened shall be subscrib- 81
d by the United States and there
fter only the United States gov m
rnment and borrowers may acquire
nares OF stock. rim
Sec. 5.-United States government tr
Of TO participate in dividends. All be
ther stockholders share dividends 60
lualiy. st
Sec. 6.-The original capital stock ne
lall be sgradually retired after the ad
'ock held by farm loan associations
TALL amount to $4,000. We
Sec. 5.-Not less than per cent ia
capital shall be invested in United
:Ates government bonds. tn
POWERS. tn
Sec. aA-To buy first farm mort lie
ges wtt6:n It's district and to IT,