The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1922-06-01

vances, for periods not exceeding on
year from the respective date of suei
advances, upon such TERMS, not incon
sistent with this Act, as it may deter
mine:
! (A) To any person engaged IN th'
United States in producing, dealing IN
or marketing any such products, or f'
any association engaged in producing
or marketing such products for the
purpose of assisting such person OF as
ISOLATION to carry such products unit
they can be manufactured or possessed
or sold for domestic consumption OF
for export in an orderly manner. ANY
such advance shall bear interest at a
rate not exceeding one per centum IN
excess of the discount rate for ninety
day commercial paper prevailing at
the Federal Reserve Bank at the dis
trict in which the borrower is located
at the time the advance is made.
(B) TO any person without the
United States purchasing such pro-
ducts. but in no case shall any OF the
money so advanced be expended with
out the United States. Every such adj
vance shall be secured by adequate Sc
curity of such character as shall be
prescribed by the Board of Directors
Of the Union. The rate of interest
charged on any such advance shall be
determined by the board of directors
Of the Union. The Union shall return
the power to recall any such advance
or to require additional security at
any time.
(C) TO any bank, banker, or trust
company in the United States which
makes or has made an advance or ad-
vances to any such person as is de
scrabed in paragraph (a) of this sec
ton for the purposes therein set
forth or which makes or has made an
advance or advances to any producer
for the purposes set forth in para
graph (a). The aggregate Of the adj
vances made to any bank, banker, or
trust conpny shall not exceed the
amount remaining unpaid OF the ad-
vances made by such bank, banker, or
trust company for purposes herein de-
scribed. Such advances shall bear in
terest at rates determined by the
Board of Directors of the Union.
Section 8. All advances made under
Section of this Act shall be made
against promissory note or notes, or
other instrument or instruments in
writing imposing on the borrower a
primary and unconditional obligation
to repay the advance at maturity,
with interest as stipulated therein,
with full and adequate security in
each instance by Endorsement, guaran-
ty, pledge or otherwise. The Union
shall retain the power to require adj
ditional security at any time.
Section 9. Whenever in the opinion
of the Board of Directors of the Union
the public interest may require it, the
Union shall be authorized and en-
to make advances upon such
terms not inconsistent with this act as
it may determine to any bank, banker,
Or trust company in the United States,
Or to any cooperative association of
producers in the United States which
may have made advances for agricul-
tural purposes, including the breeding,
raising, fattening, and marketing of
i've stock, or may have discounted or
notes, drafts, bills of ex
change, or other negotiable instru
nents issued for such purposes. Such
ADVANCE or advances may be made up
IN promissory notes or note, or other
instrument or instruments, in such
'orm as to impose on the borrowing