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: 47
80 p. : ill. ; 22 cm.View a full description of this book.
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charge interest at a rate not exceeding six
per centum per annum.
Shareholders of every national farm
loan association shall be held individually
responsible, equally and ratably, and not
one for another, for all contracts, debts,
and engagements of such assocaition to
the extent of the amount of stock owned
by them at the par value thereof, in addition
to the amount paid in and represented
by their shares.
After a charter has been granted to a
national farm loan association any natural
person who is the owner, or about
to become the owner, of farm land qualified
under section twelve of this Act as
the basis of a mortgage loan, and who
desires to borrow on a mortgage of such
farm land, may become a member of the
association by a two-thirds vote of the
directors upon subscribing for one share
of the capital stock of such association
for each $100 of the face of his proposed
loan or any major fractional part
thereof. He shall at the same time file
with the secretary-treasurer his application
for a mortgage loan, giving the
particulars required by section twelve
of this Act.
Appraisal.
Sec. 10. That whenever an application
for a mortgage loan is made to a national
farm loan association, it shall be
first referred to the loan committee provided
for in section seven of this Act.
Said loan committee shall examine the
land which is offered as security for the
desired loan and shall make a detailed
written report signed by all three members,
giving the appraisal of said land as
determined by them and such other information
as may be required by rules
and regulations to be prescribed by the
Federal Farm Loan Board. No loan
shall be approved by the directors unless
said loan committee agrees upon a favorable
report.
The written report of said loan committee
shall be submitted to the Federal
land bank, together with the application
for the loan, and the directors of said
land bank shall examine said written report
when they pass upon the loan application
which it accompanies, but they
shall not be bound by said appraisal.
Before any mortgage loan is made by
any Federal land bank, or joint stock
land bank, it shall refer the application
and written report of the loan committee
to one or more of the land bank appraisers
appointed under the authority of
section three of this Act, and such appraiser
or appraisers shall investigate
and make a written report upon the land
offered as security for said loan. No
such loan shall be made by said land
bank unless said written report is favorable.
Forms for appraisal reports for
farm loan associations and land banks
shall be prescribed by the Federal Farm
Loan Board.
Land bank appraisers shall make such
examinations and appraisals and conductsuch investigations, concerning farm loan
bonds and first mortgages, as the Federal
Farm Loan Board shall direct.
No borrower under this Act shall be
eligible as an appraiser under this section,
but borrowers may act as members
of a loan committee in any case where
they are not personally interested in the
loan under consideration. When any
member of a loan committee or of a
board of directors is interested, directly
or indirectly, in a loan, a majority of
the board of directors of any national
farm loan associtaion shall appoint a substitute
to act in his place in passing
upon such lona.
Powers of National Farm Loan
Associations.
Section. 11. That every national farm
association shall have power:
First. To indorse, and thereby become
liable for the payment of mortgages taken
from its shareholders by the Federal land
bank of its district.
Second. To receive from the Federal
land bank of its district funds advanced by
said land bank, and to deliver said funds
to its shareholders on receipt of first
mortgages qualified under section twelve of
this Act.
Third. To acquire and dispose of such
property, real or personal, as may be
necessary or convenient for the transaction
of its business.
Fourth. To issue certificates against deposits
of current funds bearing interest
for not longer than one year at not to exceed
four per centum per annum after six
days from date, convertible into farm loan
bonds when presented at the Federal land
bank of the district in tne amount of $25
or any multiple thereof. Such deposits,
when received, shall, be forthwith transmitted
to said land bank, and be invested
by it in the purchase of farm loan bonds
issued by a Federal land bank or in first
mortgages as defined by this Act.
Restrictions on Loans Based on First
Mortgages.
Sec. 12. That no Federal land bank organized
under this Act shall make loans
except upon the following terms and conditions:First. Said loans shall be secured by
duly recorded first mortgages on farm
land within the land bank district in
which the bank is situated.
Second. Every such mortgage shall contain
an agreement providing for the repayment
of the loan on an amortization
plan by means of a fixed number of annual
or semiannual installments sufficient
to cover, first, a charge on the loan, at a
rate not exceeding the interest rate in the
last series of farm loan bonds issued by
the land bank making the loan; second, a
charge for administration and profits at a
rate not exceeding one per centum per annum
on the unpaid principal, said two
rates combined constituting the interest
rate on the mortgage; and, third, such
amounts to be applied on the principal as
will extinguish the debt within an agreedWOOD & COMPANY-Old Hats Made New. Opposite Westbrook
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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/m1/52/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Fort Worth Public Library.