The Meridian times. (Meridian, Idaho) 1909-1938, 1916-08-18

aminations by the federal land bank
examiner.
CAPITAL STOCK.
Sec. 1880 900 minimum.
Sec. 1e.-DoubIe liability Of share
holders.
Sec. 16.-The United States govern
ment shall own none OF the shares of
stock.
Sec. 1e.--No farm loan bonds can be
issued until the capital stock Is fully
paid, although the bank may begin
business when one-half 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 16.-To issue farm loan bonds
up to IS times the amount of its CAPT.
tai and surplus
Sec. 16.-Except as otherwise pro
vided 1t has the powers Of and is sub
ject to the restrictions imposed on
federal land banks.
PRIVILEGES.
Sec. 16.-May lend more than $4,000
to any one borrower, but not beyond
so per cent of the value Of the land
and 20 per cent of the permanent In
sured improvements.
Sec. 16.-Loans are not restricted to
the purposes prescribed for national
farm loan associations.
Sec. 16.-Loans may be made to
farm owners regardless Of whether en-
gagged In cultivation of the land rsort-
gagged or not.
Sec. 16.-Interest on loans shall not
exceed more than 1 per cent, the In
terest rate established for Its last series
Of bonds, nor more than 9 per cent In
any case.
Sec. 16.-Commissions or other
charges not specifically authorized by
this act shall not be demanded or re-
ceived.
BONDS.
Sec. 20.-Issued In series of $4,000
or more, in denominations Of $25, $50,
| 500, $500 and $1,000.
| Oct. zO.-0dJ DCdI u1dAlAuAn kaIC VA
5 per cent interest per annum.
Sec. 16.-Bonds shall be so engraved
as to be readily distinguishable from
federal land bank bonds.
Sec. 10. - 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. 17.-No issue is authorized with
out the approval of the farm loan
board.
Sec. 27.-Federal reserve banks are
authorized to buy and sell the bonds Of
joint stock land banks.
Sec. 22.-Substitution Of mortgages
and United States government bonds
held as collateral to farm loan bonds is
permitted.
Sec. 27.-Its bonds are lawful invest
ments for fduciary and trust funds
and security for all public deposits.
TAXATION.
Sec. 26.-The capital stock, surplus
and earnings are subject to the taxing
powers of the state.
Sec. 26.-Its mortgages executed IN
der this act and its farm loan bonds
and all income derived therefrom are
exempt from federal, state and munic
ipal and local taxation.
Sec. 26.-Real property taken anC
held under the provisions OF section:
IL and 10 is not tax exempt.
SPECIAL PROVISIONS.
Sec. 6.-Joint stock land banks are
made public repositories and inancia
agents of the United States govern
ment.
Sec. 6.-Public deposits cannot be in
vested in farm mortgages or In farm
loan bonds.
Sec. 16.-Rates Of interest for loan
under per cent are not subject t.
review or alteration by the farm LOAF
board.
Sec. 13.-Shall receive no deposits
except public deposits.
Sec. characterization and othe
payments constitute trust fund to b,
invested as follows:
(a) To pay off its maturing farm
loan bonds.
(b) To purchase farm loan bonds.
(c) To lend on first mortgages with
in its prescribed field.
(d) To purchase United States gov
eminent bonds.
Sec. 23.-Reserve and dividends pro
vided for as in the case of federal Liant
banks.
Sec. 29.-Provision is made for dis
solution and the appointment Of re
ceiver.
A Huge Sturgeon.
One of the largest surgeons tina
has ever been caught in the Delawar