The Leader, enterprise and press. (Fitzgerald, Ga.) 1915-1921, 1917-01-12
SERVICE WHICH FARM
LOAN BANK RENDERS

ed to the federal farm loan banks:
To buy farm mortgages within
its district and to issue and sell
farm loan bonds.
To receive from farm loan as
sociations interest and amortiza-
ton payments on mortgages and
farm loan bonds.
TO 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 I'M
der judgments. DEGREES or mort
cages held by it. Shall not hold
title exceeding FIVE years.
TO accept deposits OF securities
or current funds from member
associations, but pay no interest
thereon.
To borrow money on security
and pay interest thereon.
To buy and sell United States
bonds.
70 appraisc land for bond issue
and to charge applicants and Dor
rowcrs the cost of land appraisal,
examining titles, recording and
other legal fees, said fees to be
paid in cash or made part of loan
and paid i'll amortization pay
mentS.
To accept mortgages only from
farm loan associations and ap-
proved agents.
70 apraisc land for mortgage
through its loan committee Of
three
| 70 indorsc and become liable
for the mortgages Of its share
holders.
TO receive and deliver the pro-
cccds of loans to borrowers.
TO acquire and dispose of prop
crty necessary for the convenient
transaction Of It's business.
TO issue certificates of deposits
for not lohgcr than one year and
to pay 4 Der cent interest thereon,
convertible into farm loan bonds
at the federal land bank OF its dis
trict. NJ
To,receive and transmit to the
federal land bank payments of in
tercst and principal and anortiza-
ton payments
To lend money ON farm mort
gage security.
To issue and sell farm loar
bonds.
70 issue farm loan bonds up tc
hftccn times the amount of its
ital and surplus.
Except as otherwise provided il
mas the powers OF and is subject tc
the restrictions imposed on fed
cral land banks.
TO accept deposits of current
= funds only from its shareholders
TO deposit its securities anc
current funds subject to chccl
with any member bank of the fed
eral reserve system and to receive
interest thereon.
In nutshell, the new farm loar
law embraces the following pro
visions:
|
len farmers or more NAV form
a loan association.
Every man who wants to Dor
row JOINS the association.
Preliminary organizations ma,
be made now, but loans will no.
be granted till federal banks ar,
organized.
w. w. Flanagan, of Washing
ton. d. G., is secretary of the farm
loan board.
{ ray no money to travelling or
GAMERS who profess to represen
the government.
NO money should be collected
or paid for stock or expenses IN
, til the association is chartered.
! Zach local association SHOULD
I ask Tor loans totaling $1,000 O
more.
, Loans will be made in any sun
: from 500 to $l0,OO0-not exceed
ing half the appraised value of tn
capital and surplus.
\ Have your organization read,
g to apply for charter as soen a
r the federal land bank in your dis
trict is organized,
Dix per cent will be the maxi
mum interest rate. 1t is hope,
4 the rate will be less than that
perhaps as low as 4 per cent
Loans are made only on frs
! mortgages.
Mortgages will not run les
than hive years, nor more thai
forty years.