The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1916-12-15

JeIlu 10 lIdlSdcL Tie DuSIueSS OIL
your association in it's relations /
with the Federal land bank. The
secretary-treasurer is in reality |
the business manager Of the local |
loan association, and is required
to be under bond.
A ''atc ljj11,sso about the size and
the territor1."r' IF a National
Farm Loan Associall,- are
permitted under the law to pay
your secretarytreasurer salary.
If you have a small association it
is likely that one Of your mem
bers will act as secretary-treas
without pay. So it may be eco
nomical to have smaller associa-
tions and have more Of them than
to have a large association and
pay your secretarytreasurer a
salary Or, if it be deemed advis-
able, all the associations in one
county could employ one secre-
tary- ry-treasurer, located at the
county seat. It might be possible
to secure the services of an attor-
ney who would act as secretary
treasurer without compensation
on condition that each borrower
OF that county engage him to pre-
pare abstracts Of title at a stated
amount per abstract. It is i'm
portant to keep down expenses.
Remember this is a cooperative
banking system.
There are no territorial limits
for loan association, except that
lit cannot operate across state
. lines. An association may accept
members from any place within
the territory outlined in it's artic-
les Of association.
Before you hold a meeting to
organize National Farm Loan
Association, get a good announce
ment printed in your local paper
telling Of the netting and it's pur-
pose and inviting all those inter
ested to attend. Perhaps the edi-
tor would print a coupon to be
t signed by interested persons and
mailed to you SO you would have
5 in advance, a good idea of all the
;. persons interested.
4 Remember, it takes ten or more
to organize an association, and the
e association must start business
. with applications for at least $25,
: 900 Of loans. II some of youl
J. members cannot use the money a
: once, but you need them to MAKE
a up your total, let them join now
r sign the articles Of association
0 and get the money any time with
: in six months. We would advis,
you not to accept for membershi,
c any one who cannot use the mone7
t within six months.
: Remember, only actual farmer
l. may borrow, land only borrower
may become members. A borrow
q er need not actually live on hi
t. land, but he must farm it eithe
i directly or with hired help.
h he leases it to a tenant he canno
n borrow, because he ceases to b.
5. an actual farmer Corporation
IL and partnerships cannot borrow.
u We get great many inquire
asking whether or not loans ma,
l. be made on lands held under irri
r CATION or reclamation projects |
|. there is no lien against your lan'
IS you may borrow under the Fed
IS eral Farm Loan Act. You mus
= be able to execute a first mortg e
r to borrow under this Act Or, yo-
d could borrow to wipe out the lie
l. that now exists, under the imita
r. tions prescribed by the law.
il The Federal Farm Loan Boar
# is now engaged in the task Of out
h lining the twelve Federal LAM
4 banks districts, and the announce
G ment of these districts and the IL
Il cation of one bank in each wi
# be made during December, 191t