The Omaha guide., 1932-09-17
Federal Home Loan
Bill
continued from last week.

NSoHlhuucu WEEK.
Or director of a member in group A, each class B direct
or shall be an officer or director of a member in group
B, and each class G director shall be an officer or direct
or of a member in group G. Each member shall be en-
titled to nominate suitably qualified persons for election
as directors of the class corresponding to the group to
which such member belongs, and shall cast one vote for
each director in its class. The directors of each class
shall be nominated and elected in accordance with such
rules and regulations as may be prescribed by the board.
(e) Any director appointed or elected as provided
in this section to fill a vacancy shall hold office only I'M
til the expiration of the term Of his predecessor.
~ The board shall designate one of the directors
of each bank to be chairman, and one to be vice chair
man, OF the board OF directors of such bank.
(g) If at any time when nominations are requir-
Cd, members shall hold less than $1,OOO,OOO of the cap
ital stock of the Federal Home Loan Bank, the board
shall appoint a director or directors to fill the place or
places for which such nominations are required. A dir
ector so appointed shall serve until the expiration of the
calendar year during which he takes office.
() Each bank may pay its directors reasonable
compensation for the time required of them, and their
necessary expenses, in the performance of their duties, in accordance with
the resolutions adopted by such directors subject to the approval Of the
board
% Such board Of directors shall administer the affairs of the
hank fairly and impartany and without discrimination in favor of or
against any member OF nOnmember borrower, and shall, subject to the pro-
visions hereof extend to each institution authorized to secure advances such
advances as may be made safely and reasonably with due regard for the
claims and demands of other institutions. and with due regard tO the main
renance Of adequate credit standing for the Federal Home Loan Bank and
its obligations.
EXAMINATIONS AND STUDIES BY THE BOARD
SEC. 8. The board shall ause to be made from time time ex
animation Of the laws Of the various States of the United States and the
regulations and procedure Hereunder governing conditions under which
institutions Of the kinds which may become members or nonmember under
this Act RI permitted to be formed o. to do business, or relating to the
conveying Or recording of land titles, o to homestead and other rights, or
to the enforcement Of the rights of holders of mortgages o N lands securing
loans or otherwise If any such examination shall indicate, IN the opinion
Of the board. that under the laws of any State or the regulations or pro-
eed1re Hereunder would be inadequate protection to a Federal Home Loan
Bank n making Of collecting advances under this Act the board may
withhold or limit the operation of any Federal Home Loan Bank in such
State until satisfactory conditions of law, regulation, Dr. procedure shall be
established In any State where State examination of members n non
member borrowers is deemed inadequate for the purposes o. the Federal
Home Loan Banks, the board shall establish such examination. all or part
of the cost of which may be considered as part of the cost of making ad-
vances in such State The banks and II the board may make studies Of
trends Of home and other property values, methods of appraisals, and other
subjects such S they may deem useful for the general guidance of their
policies and operations and those Of institutions authorized to secure adj
vances-
ELIGIBILITY TO SECURE ADVANCES
SEC O. Any member or nonmember borrower of a Federal
Home Loan Bank shall be entitled to apply in writing for advances Such
aDpication shall be in such form as shall be required by the Federal Home
Liam Bank With the approval Of the board. Such Federal Home Loan Bank
NAV At its discretion deny any such application, or subject to the approval
Of the board, may grant it IN such conditions as the Federal Home Loan