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

loan aSSOclatlCnS interest ana dlHOT'
tization payments on mortgages and
farm loan bonds.
Sec 13.-Io acquire and dispose of
real and personal property necessary
for the convenient transaction of
business; and land taken in salts
faction of debts or purchased under
Judgments, DEGREES or mortgages held
by it, Shall not hold title exceeding
five years.
Sec. 13.-To accept deposits Of Sc
curities or current funds from mem
Der associations but pay no interest
thereon.
| Sec. 13.-To borrow money on Sc
kcurity and pay interest thereon.
Sec. 13.-To buy and sell United
States bonds.
Sec. 13.-To appraise lands for
bond issue and to charge applicants
and borrowers the cost of land ap-l
and other legal fees, said fees to be
paid in cash or be made part of
loan and paid in amortization pay
ments. /
Sec. 14.lTo accept mortgages only
from farm loan associations and ap-
proved agents.
Sec. 14.-To accept deposits Of
current funds only from its stock
holders
Sec. 6.-To become financial agents
of United States government and de-
pository of public money. Public oe-
posits cannot be invested in mort
cages or farm loan bonds.
Sec. 13.-To deposit its securities
and current funds subject to check
with any member bank of the fed
interest thereon
BONDS.
Sec. 20-Issued in series of $780,
900 or more, in denominations of
SIS. $50, 500. $500 and $1,000.
Sec. 20.-May bear a maximum
rate of per cent interest per an
mum.
Sec. 19.-Mortgages and United
States government bonds equal in
amount to the farm loan bonds is
sued are retained as collateral Sc
curity by the land bank registrar.
Sec. 1.-THE outstanding farm
oan bonds shall not exceed 20 times
he capital and surplus.
Sec. 21.-Shall be guaranteed by
bank of issue and ALL other feder-
Al land banks.
Sec. 17.-No issue is authorized b
without the approval of the farm il
oan board.
Sec. 22.-Substitution of mortgages
Ind United States government bonds a
leld as collateral to farm loan bonds II
S permitted.
TAXATION. In
Sec. 26.-The capital stock, sur Il
Illus, mortgages and farm loan bonds
nd all Income derived therefrom are p
from federal. state, munich o.
'aI and local taxation.
Sec. 26.-Real property taken and Il
4eld under the provisions of sections Of
l and Is Is not tax exempt.
AGENTS. tt
Sec. 15.-Incorporated banks. trust
mortgage companies or ~
hartered savings institutions may u
ct as agents for federal land banks
no farm loan association has been IL
ormed in given locality after one
ear. OF
Sec. 15-Borrowers securing loans ai
trough agents are required to sub [oo
,ribe per cent Of the loan to the
apitaI of the federal land bank. LII
Sec. 15-Agents are entitled to a
OF One-half of / per cent PC
Or annum on unpaid principal of I'd
lch loan they negotiate and the pc
ank shall pay agent for actual ex-
snses for appraising land, examining "
ties, executing and recording the III
ortpaea naners which sbau ha in
lded To the face Of the loan ga
Sec. 15--Agents shall endorse and
come liable for the payment of oi'
e loans they negotiate and the ag-- ioa
egate unpaid principal of such loa
Ans shall not exceed ten tunes the Leu
ents capital and surplus. apl
Sec. 15.-Agents are required to
Ike good any default within 30 :
vs. after notice. era
Sec. 15.-Au collections made shall
RENTED without charge.
SPECIAL PROVISIONS. con
Sec. Decentralization and other sen
yments constitute trust fund TO on
invested as follows: b
az To pay off maturing farm loan frol
Id issues. cen
b. To purchase farm loan bonds. OF