Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1916-09-07
buy and sell farm loan bonds.

buy and sell farm loan bonds
1 Sec. 29.-Proyision Is made TO-
: dissolution and the appointment o
liza receiver.
Sec. 14.-No commission or charge
not specifically authorized in this act
shall be demanded or received.
Il NATIONAL FARM
i LOAN ASSOCIATIONS
! Organization.
i Section TEN farm owners de.
string loans aggregating $4,000 or
more may form such an association.
Sec. Its affairs are administer
ed by five directors, including presi-
dent, vice president and loan COM
mittee of three serving without COM
lpensation, and by secretary treas
urer with salary fixed by the farm
loan board and paid by the associa-
ton.
CAPITAL STOCK.
Sec. 8.-Shares, SIS each; (9) carry
ing double liability; (8) may be own
ed only by borrowers who are requir-
ed to subscribe 5 per cent of their
loan in the capital stock of the asso-
citation which in turn subscribes an
equal amount of stock in the fed
eral land bank.
Sec. 8.-Shares are paid for in
cash or (9) the amount may be add
ed to the face of the loan and re-
tired in amortization payments att
par In such case the face of the
loan shall not exceed the so per
cent and 20 per cent limitation.
Sec. Assessment on shares may
be levied for operating expenses i'll
funds are not otherwise available.
POWERS.
Sec. 10.-To appraise land FIR
mortgage through it's loan committee
of three.
Sec. Ito indorse and become
liable for the mortgages of its share
holders.
Sec. Ito receive and deliver
the proceeds of loans to borrowers.
Sec. Ito acquire and dispose
of property necessary for the con-
venient transaction of it's business.
Sec. Ito issue certificates of
deposit for not longer than one
year and to pay 4 per cent inter-
est thereon, convertible into farm
loan bonds at the federal land bank
Of it's district.
Sec. ITO receive and transmit
10 the federal land bank payments
Of interest and principal and amort-
cation payments.
LOANS.
Sec. 12.-Loans shall be secured
" first mortgages on land within
is land bank district.
Section Ito run from to 40
ears with amortization and with q
additional optional proponents after
i've years.
Sec. 12.-Interest on loans shalt9
lot exceed per cent per annum on
be unpaid principal.
Sec, 12>-BOrfow shall pay
er cent simple interest on default
d payments.
Sec. 12-Loans may be made faf9
be following purposes and for no
thor ,,uder nenalty.
(a) To purchase land for agricul- i
ural purposes.
(b) To purchase equipment, feftA-
,er and live stock for the opera
lon of the mortgaged farm. :
(c) To provide buildings and for
ne improvement of farm sands,
(d) To pay debts existing at time =
{ organization of the first nation -
| farm loan association within the
ounty.
Sec. 12.-Maximum loan $10,OOO; !.
inimum loan 500. =
Sec. 1z-No loan shall exceed so al
sr cent of the value of the land
ortgaged and 20 per cent OF the ~
ornament insured improvements.
Sec. 12.-No loans shall be made
any person who is not at the
ne or shortly to become engaged at
the cultivation of the farm mort na
.ged. 81
Note,-All applications for loans n
iginate with the national farm IN IN
an associations or agents and ADJ La
ans are made and closed by che
ieral land banks. This does not los
ply to joint stock Land banks. Jee
TAXATION IA
Sec. z6.--Ssme as applies to fed 4
Al land banks ~