Tarrant County, Fort Worth, Texas, farmers, stockmen and dairymen's directory : containing the names and addresses and amount assessed to each : acreage of farms and capacity of dairies. Parcel post rates and zones, also a complete copy Federal Farm Loan Act, suggestions, questions and answers regarding same Page: 45
80 p. : ill. ; 22 cm.View a full description of this book.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
treasurer of every national farm loan association
to act as custodian of its funds
and to deposit the same in such bank as
the board of directors may designate, to
pay over to borrowers all sums received
for their account from the Federal land
bank upon first mortgage as in this Act
prescribed, and to meet all other obligations
of the association, subject to the
orders of the board of directors and in accordance
with the by-laws of the association.
It shall be the duty of the secretarytreasurer,
acting under the direction of the
national farm loan association, to collect,
receipt for, and transmit to the Federal
land bank payments of interest, amortization
installments, or principal arising out
of loans made through the association. He
shall be the custodian of the securities,
records, papers, certificates of stock, and
all documents relating to or bearing upon
the conduct of the affairs of the association.
He shall furnish a suitable surety
bond to be prescribed and approved by
the Federal Farm Loan Board for the
proper performance of the duties imposed
upon him under this Act, which shall
cover prompt collection and transmission
of funds. He shall make a quarterly report
to the Federal Farm Loan Board upon
forms to be provided for that purpose.
Upon request from said board said secretary-treasurer
shall furnish information
regarding the condition of the national
farm loan association for which he is acting,
and he shall carry out all duly authorized
orders of said board. He shall
assure himself from time to time that the
loans made through the national farm
loan associatoin of which he is an officer
are applied to the purposes set forth in
the application of the borrow er as approved,
and shall forthwith report to the
land bank of the district any failure of any
borrower to comply with the terms of his
application or mortgage. He shall also
ascertain and report to said bank the
amount of any delinquent taxes on land
mortgaged to said bank and the name of
the delinquent.
The reasonable expenses of the secretarytreasurer,
the loan committee, and other
officers and agents of national farm loan
associations, and the salary of the secretary-treasurer,
shall be paid from the general
funds of the association, and the
board of directors is authorized to set
aside such sums as it shall deem requisite
for that purpose and for other expenses of
said association. When no such funds are
available, the board of directors may levy
an assessment on members in proportion
to the amount of stock held by each, which
may be repaid as soon as funds are available,
or it may secure an advance from
the Federal land bank of the district, to be
repaid with interest at the rate of six per
centum per annum, from dividends belonging
to said association. Said Federal land
bank is hereby authorized to make such
advance and to deduct such repayment.
Ten or more natural persons who are
the owners, or about to become the owners,of farm land qualified as security for a
mortgage loan under section twelve of this
Act, may unite to form a national farm
loan association. They shall organize subject
to the requirements and the conditions
specified in this section and in section
four of this Act, so far as the same
may be applicable: Provided, That the
board of directors may consist of five
members only, and instead of a secretary
and a treasurer there shall be a secretarytreasurer,
who need not be a shareholder of
the association.
When the articles of association are forwarded
to the Federal land bank of the
district as provided in this section, they
shall be accompanied by the written report
of the loan committee as required in section
ten of this Act, and by an affidavit
stating that each of the subscribers is the
owner, or is about to become the owner,
of farm land qualified under section
twelve of this Act as the basis of a mortgare
loan; that the loan desired by each
person is not more than $10,000 nor less
than $100, and that the agregate of the desiied
loans is not less than $20,000; that
said affidavit is accompanied by a subscription
to stock in the Federal land banl
equal to five per centum of the aggregate
sum desired on mortgage loans; and that
a temporary organization of said association
has been formed by the election of a
board of directors, a loan committee, and
a secretary-treasurer who subscribes to
said affidavit, giving his residence and
post office address.
Upon receipt of such articles of association,
with the accompanying affidavit
and stock subscription, the directors of
said Federal land bank shall send an appraiser
to investigate the solvency and
character of the applicants and the value
of their lands, and shall then determine
whether in their judgment a charter should
be granted to such association. They shall
forward such articles of association and
the accompanying affidavit to the Federal
Farm Loan Board with their recommendation.
If said recommendation is unfavorable,
the charter shall be refused.
If said recommendation is favorable, the
Federal Farm Loan Board shall thereupon
grant a charter to the applicants therefor,
designating the territory in which such
association may make loans, and shall forward
said charter to said applicants
through said Federal land bank: Provided,
That said Federal Farm Loan Board may
for good cause shown in any case refuse
to grant a charter.
Upon receipt of its charter such national
farm loan association shall be authorized
and empowered to receive from the Federal
land bank of the district sums to be loaned
to its members under the terms and conditions
of this Act.
Whenever any national farm loan assocition
shall desire to secure for any member
a loan on frist mortgage \from the
Federal land bank of its district it shall
subscribe for capital stock of said land
bank to the amount of five per centum of-45
F. G. BOUND-Boot and Shoe Maker. Cripples a Specialty.
Dealer in Leather and Shoe Findings. 107 West First St.
Phone Lamar 2918__ _______ _____ ____ _____ _________ ____________ __ _
..&- - - - - - - --- - - - - - --
Upcoming Pages
Here’s what’s next.
Search Inside
This book can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Book.
Tarrant County, Fort Worth, Texas, farmers, stockmen and dairymen's directory : containing the names and addresses and amount assessed to each : acreage of farms and capacity of dairies. Parcel post rates and zones, also a complete copy Federal Farm Loan Act, suggestions, questions and answers regarding same, book, 1917; Fort Worth. (https://texashistory.unt.edu/ark:/67531/metapth34954/m1/50/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Fort Worth Public Library.