Tombstone epitaph., 1916-08-20

or be made part of loan and paid in amortization payments.
 Sec. 14.-To accept mortgages only from farm loan associations and ap- proved agents.
 Sec. l4.-To accept deposits of cur rent funds only from its stockholders.
 Sec. 6-To become financial agents of United States government and de- pository of public money. Public de- posits cannot be invested in mort gages or farm loan bonds.
 Sec. l3.-To deposit its securities and current funds subject to check with any member bank of the federal reserve system and to receive interest thereon.
 Sec. o0-Issued in series of SJO,0O0 or more, in denominations of S25, $50. SlO0 $500 and S1.OOO.
 Sec. 20.-May bear a maximum rate of per cent interest ger aaaaiI.
 Sec. 19.-Mortgages and United States government bonds equal in amount to the farm loan bonds issued are retained as collateral security by the land bank registrar.
 Sec. 1.-The outstanding farm loan bonds shall not exceed 20 times the capital and surplus.
 Sec. 2l.-Shall be guaranteed by bank of issue and all other federal land banks.
 Sec. 17.--No issue Is authorized without the approval of the farm loan board.
 Sec. 22.-Substitution of mortgages and United States government bonds held as collateral to farm loan bonds is permitted.
 TAXATION. Sec. 26.-The capital stock, sur plus, mortgages and farm loan bonds and all income derived therefrom are exempt from federal. state. municipal and local taxation.
 Sec. 26.-Real property taken and held under the provisions of sections Il and 13 is not tax exempt. AGENTS. Sec. 15.-Incorporated banks, trust companies, mortgage companies or chartered savings institutions may act as agents for federal land banks if no farm joan association has been formed in a given locality after one year. Sec. 15.-Borrowers securing loans through agents are required to sub scribe , per cent of the loan to the capital of the federal land bank. Sec. 15.-Agents are entitled to a commission of one-half of l per cent per annum on unpaid principal of each loan they negotiate and the bank shall pay agent for actual expenses fof ap- praising land, examining titles. exc cutting and recording the mortgage pa- pers which shall be added to the face l of the loan. Sec. 15.-Agents shall indorse and become liable for the payment of the loans they negotiate and the argre- gate unpaid principal of such loans | shall not exceed ten times the agents capital and surplus. Sec. 15.-Agents are required to make good any default within 30 days | after notice.
 Sec. 15.-All collections made shall be remitted without charge. SPECIAL PROVISIONS.
 Sec. Standardization and other | payments constitute trust fund to be invested as follows: (a) To pay of maturing farm loan | bond issues. (b) To purchase farm loan bonds.
 Co To lend on first farm mortgages | within the district.
 td) To buy United States govern ment bonds. Sec. 23.-Reserve and dividends: No | limit is placed on dividend distributions after a reserve account has been built up from earnings equal to 20 per cent of the capital stock and after 5 per cent of the net earnings annually thereafter are added to the reserve ac. | count.
 | Sec. 23.-Reserve funds to be invest
 ed as prescribed by the federal farm
 loan board. | Sec. 2T.-Farm loan bonds are lawful
 investments for fiduciary and trust
 funds and security for all public de.
 posits.
 | Sec. 21.-Federal reserve bank may
 buy and sell farm loan bonds. | Sec. 29.-Provision Is made for dis.
 solution and the appointment of a re. | ceiver.
 | Sec. 14.-No commission or charge |
 shall be demanded or received. | NATIONAL FARM LOAN ASS0CI. | ATl0NS