Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1916-08-25

proved agents.
Sec. 14.-To accept deposits of cur
rent funds only from its stockholders.
Sec. 6.-To become financial agents
of United States government and de-
positOry of public money. Public de-
posits cannot be invested in mort
cages or farm loan bonds.
Sec 13.-To deposit it's securities
| and current funds subject to check
with any member bank of the federal
reserve system and to receive interest
thereon.
BONDS.
Sec. 2O.-Issued in series Of $4,000
or more, in denominations of $50, $50.
500, $500 and $1,000.
Sec. 2O.-May bear a maximum rate
of per cent interest per annum.
Sec. 19-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. 14.-The outstanding farm loan
bonds shall not exceed 20 times the
capital and surplus.
Sec. 21.-Shall be guaranteed by
bank of issue and all other federal land
banks.
Sec. 17.-No issue is authorized
without the approval of the farm loan
board.
Sec. dissatisfaction of mortgages
and United States government bonds
held as collateral to farm loan bonds is
permitted
TAXATION.
Sec. 26-The capital stock, sur
plus mortgages and farm loan bonds
and all income derived therefrOm are
exempt from federal, state, municipal
and local taxation.
Sec. 26.-Real property taken and
held under the provisions Of sections
IL and Ii is not tax exempt.
AGENTS.
Sec. 15.-Incorporated banks, trust
companies, mortgage companies or
chartered savings institutions may act
as agents for federal land banks If no
| farm loan association has been formed
| In a given locality after one year.
Sec. 15.-Borrowers securing loans
| through agents are required to sub
scribe per cent of the loan to the
| capital of the federal land bank.
Sec. 15.-Agents are entitled to
| commission of One-half of / per cent
| per annum on unpaid principal of each
l. ,Ioall
| pay agent for actual expenses for ap-
| praising land. examining titles, exc
| cutting and recording the mortgage pa
pers which shall be added to the face
| of the loan.
| Sec. 15.-Agents shall indorse and
| become liable for the payment of the
| loans they negotiate and the aggre-
gate unpaid principal of such loans
| shall not exceed ten times the agents
| capital and surplus.
Sec. 15.-AgentS are required to
make good any default within 80 days
after notice.
Sec. 15.-All collections made shall
| be RENTED without charge.
SPECIAL PROVISIONS.
Sec. characterization and other
| payments constitute a trust fund to be
| invested as follows:
| (a) To pay off maturing farm loan
| bond issues.
(b) To purchase farm loan bonds.
(c) To lend on first farm mortgages
within the district.
(d) To buy United States govern
ment bonds.
Sec. 23.-Reserve and dividends: No
limit is placed on dividend distributions
after a reserve account has been built
up from earnings equal to 20 per cent
OF the capital stock and after per
! cent of the net earnings annually
| thereafter are added to the reserve ac-
| count.
! Sec. 23.-Reserve funds TO be invest
| ed as prescribed by the federal farm
loan board.
| Sec. 27.-Farm loan bonds are lawful
investments for -fiduciary and trust
funds and security for all public de-
poSits.
Sec. 27.-Federal reserve bank may
buy and sell farm loan bonds.
| Sec. 29.-Provision is made for dis
solution and the appointment of re-
ceiver.
Sec. 14.-No commission or charge
not specifically authorized in this act