The Pickens sentinel. (Pickens, S.C.) 1911-2016, 1916-08-10


the capital stock of the associntio,
when In turn subscribes an eoun
amount Of stock In the federal lant
bank.
Sec. 8.-Shares are paid for in casl
or (0) the amount may be added to the
face of the loan and retired In amortf
zation payments at par. In such case
the face of the loan shall not exceed
the 80 per cent and 20 per cent lin,
itation.
Sec. 7.-Assessment on shares ma
be levied for operating expenses II
funds are not otherwise available.
POWERS.
| Sec. 1O.-To appraise land for mort
gage through It's loan committee OF
| three.
Sec. Ito indorse and become
liable for the mortgages of it's share
holders.
Sec. Ito receive and deliver the
proceeds Of loans to borrowers
Sec. Ito acquire and dispose Of
property necessary for the convenient
transaction Of Its business.
Sec. Ito issue certificates Of de-
poslt for not longer than one year and
TO pay per cent interest thereon.
convertible into farm loan bonds at the
federal land bank Of Its district.
Sec. Ito receiv" and transmit to
the federal land bank payments Of in
terest and principal and amortization
payments.
LOANS.
Sec. 12.-Loans shall be secured by
hrst mortgages on land within its land
bank district.
Section 12.-To run from TO 40
years with amortization and with ad-
d'tional optional prepayments after
five years.
Sec. 12.-Interest on loans shall nos
exceed oer cent per annum on tho
unpaid principal.
Sec. 12.--Borrowers shall pay 8
per cent simple interest on defaulted
payments.
Sec. 12.-Loans may be made for the
following purposes and for no other
under penalty:
(a) To purchase land for agricul-
tural purposes.
(b) To purchase equipment, fertil.
iZer and live stock for the operation of
the mortgaged farm.
(c) To provide buildings and for the
improvement Of farm lands.
(d) To pay debts existing at time Of
organization Of the first national farm
loan association within the county.
Sec. 12.-Maximum loan $4,000:
minimum loan 500.
Sec. 12.-No loan shall exceed so per
cent Of the value Of the land mortgaged
and 20 per cent Of the permanent In.
sured improvements.
Sec. 12.-No loans shall be made to
any person who Is not Mt the time or
shortly to become engaged in the cult.
walton Of the farm mortgaged.
Note.-All applications for loans
originate with the national farm loan
associations or agents and all loans are
made and closed by the federal land
banks. This does not apply to 1oin,
stock land banks.
TAXATION.
| Sec. 28.-Same MS applies to federal
land banks.
SPECIAL PROVISIONS.
Sec. 0.-Associations may retain as
commission One-eighth Of ! per cen,
seminnnually from interest payments
on the unpaid principal Of loans.
Sec. 0.-ASSOcintiOns may borrow
from federal land banks Mt 6 per cen
annual interest up to one.fourth Of 1t.
total stockhOldings in said bank.
Sec. 24.-Reserves and dividends
No limit Is placed on dividend distri
buttons after the reserve account, bull
up from net earnings equals 20 De-
cent Of the capital stock and after
per cent Of the net earnings annual,
thereafter are added to the reserve nc
count.
Sec. 25.-Defaults must be mad,
good within 80 days after notice.
Sec. 20.--Provision Is made for dis
solution and the appointment Of re
ceiyer.
JOINT STOCK LAND BANKS