Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1916-09-07
rectors of five or more.

irectors of five or more.
i Sec. 16.-May operate within the
state in which it's principal office is
located and within some one con.
tinguous state.
Sec, 2S.-Subject to semi,annual ex
aminations by the federal land bank
examiner.
CAPITAL STOCK.
Sec. 16.-s250, 900 minimum.
Sec. 16.-Double liability of share
holders.
Sec. 16.-The United States gov
eminent shall own none of the shares
of stock.
Sec. 16.-No farm loan bonds can
be issued until the capital stock is
fully paid, although the bank may
begin business when one-hslf of the
capital is subscribed and paid in
cash.
POWERS.
Sec. 16.-To lend money on farm
mortgage security.
Sec. 16.-To issue and sell farm
loan bonds.
Sec. 1910 issue farm loan bonds
up to Is times the amount of its
capital and surplus
Sec. 16.-Except as otherwise pro-
Vided it has the powers of and is
subject to the restrictions imp3s |
on federal land banks.
four.
PRIVILEGES.
Sec. 16.-May lend more than s10,-
900 to any one borrower, but not
beyond SO per cent of the value Of
the land and 20 per cent of the
permanent insured Improvements.
Sec. 16.-Loans are not restricted
to the purposes prescribed for ma
tional farm loan associations.
Sec. 16.-Loans may be made to
farm owners regardless Of whether
engaged in cultivation of the land
nortgaged or not.
Sec. 16.-Interest on loans shall
lot exceed more than 1 per cent,
he interest rate established for it's
asst series of bonds, nor more than
per cent in any case.
Sec. 16.-Commiss or 9th r.
charges not specifically authorized by
his act shall not be demanded or
eceiyed.
BONDS,
Sec. 20.-Issued in series Of $780,
100 or more. in denominations Of
rs, $50, 500, $500 and $1,000.
Sec. 20-May bear maximum rate
# per cent interest per anpum,
Sec. 16.-Bonds shall be 50 en-,
raved as to be readily distinguish
BILE from federal land bank bonds.
Sec. Mortgages and United
tates government bonds equal in
mount to the farm loan bonds is
led are retained as collateral Sc
lrity by the land bank registrar
Sec 17,-No issue Isl authorized
itheut the approval OF the farm "a
AN board.
Sec. 27.-Federal reserve banks are O.
authorized to buy and sell the bonds
joint stock land banks p'
Sec. 22.-Substitution of mortgages os
Id Baited States government bonds
ED as collateral TO farm loapp bonds 10
permitted. Il
Sec. 27.-Its bonds are lawful in
sstments for fiduciary and trust :"
nds and security for all public de-
,sits. g 81
> TAXATION,
Sec. 26-The capital stock, sur pr
US and earnings are subject to er
e taxing powers of the state.
Sec. 26.-Its mortgages executed SC
der this act and its farm loan re
,nds and all income derived there
ON are exempt from federal, state
ID municipal and local taxation. pr
Sec. 26-Real property taken and an
Id under the provisions of sections e9
and 10 is not taxjexempt.
SPECIAL PROVISIONS.
Sec. s.-Joint stock Hand banks He
} made public repositories and a.
ncial agents OF the United States
vernment. co
Sec. s.-Public deposits cannot be
-ested in farm mortgages or in !
m loan bonds. = yes
sec. 16.-Rates Of interest for dri
ms under s per ceht are not sub ha,
t to review or alteration by the Ida