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: 51
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tion four of this Act, so far as the same
may be applicable: Provided, That the
board of directors of every joint stock
land bank shall consist of not less than five
members.
Shareholders of every joint stock land
bank organized under this Act shall be
held individually responsible, equally and
ratably, and not one for another, for all
contracts, debts, and engagements of such
bank 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.
Except as otherwise provided, joint stock
land banks shall have the powers of, and
be subject to all the restrictions and conditions
imposed on, Federal land banks by
this Act, so far as such restrictions and
conditions are applicable: Provided, however,
That the Government of the United
States shall not purchase or subscribe of
any of the capital stock of any such bank;
and each shareholder of any such bank
shall have the same voting privilege as
holders of shares in national banking associations.No joint stock land bank shall have
power to issue or obligate itself for outstanding
fairn loan bonds in excess of
fifteen times the amount of its capital and
surplus, or to receive deposits or to transact
any banking or other business not
expressly authorized by the provisions of
this Act.
No joint stock land bank shall be authorized
to do business until capital stock
to the amount of at least $250000 has been
subscribed, one-half thereof paid in cash
and the balance subject to call by the board
of directors and a charter has been issued
to it by the Federal Farm Loan
Board.
No joint stock land bank shall issue
any bonds until after the capital stock
is entirely paid up.
Farm loan bonds issued by joint stock
land banks shall be so engraved as to be
readily distinguished in form and color
from farm loan bonds issued by Federal
land banks, and shall otherwise bear such
distinguishing marks as the Federal Farm
Loan Board shall direct.
Joint stock land banks shall not be subject
to the provisions of subsection (b) of
section seventeen of this Act as to interest
rates on mortgage loans or farm
loan bonds, nor to the provisions of subsections
first-fourth, sixth, seventh, and
tenth of section twelve as to restrictions
on mortgage loans: Provided, however,
That no loans shall be made which are
not secured by first mortgages on farm
lands within the State in which such joint
stock land bank has its principal office, or
within some one State contiguous to such
State. Such joint stock land banks shall
be subject to all other restrictions on
mortgage loans imposed on Federal land
banks in section twelve of this Act.
Joint stock land banks shall in no case
charge a rate of interest on farm loans
exceeding by more than one per centum the
rate of interest established for the last
series of farm loan bands issued by
them.
Joint stock land banks shall in nocase demand or receive, under any form or
pretense any commission or charge not
specifically authorized in this Act.
Each joint stock land bank organized
under this Act shall have authority to issue
bonds based upon mortgages taken by it
in accordance with the terms of this Act.
Such bonds shall be in form prescribed
by the Federal Farm Loan Board, and it
shall be stated in such bonds that such
bank is organized under section sixteen
of this Act, is under Federal supervision,
and operates under the provisions of this
Act.
Powers of Federal Farm Loan Board.
Sec. 17. That the Federal Farm Loan
Board shall have power(a)
To organize and charter Federal
land banks, and to charter national farm
loan associations and joint stock land
banks subject to the provisions of this
Act, and in its discretion to authorize
them to increase their capital stock.
(b) To review and alter at its discretion
the rate of interest to be charged by
Federal land banks for loans made by them
under the provisions of this Act, said
rates to be uniform so far as practicable.
(c) To grant or refuse to Federal land
banks, or joint stock land banks, authority
to make any specific issue of farm
land bonds.
(d) To make rules and regulations respecting
the charges made to borrowers on
loans under this Act for expenses in appraisal,
determination of title, and recording.(e) To require reports and statements
of condition and to make examinations of
all banks or associations doing business
under the provisions of this Act.
(f) To prescribe the form and terms of
farm loan bonds, and the form, terms, and
penal sums of all surety bonds required
under this Act and of such other, surety
bonds as they shall deem necessary, such
surety bonds to cover financial loss as
well as faithful performance of duty.
(g) To require Federal land banks to
pay forthwith to any Federal land bank
their equitable proportion of any sums
advanced by said land bank to pay the
coupons of any other land bank, basing
said required payments on the amount of
farm loan bonds issued by each land bank
and actually outstanding at the time of
such requirement.
(h) To suspend or to remove for any district
director or any registrar, appraiser,
examiner, or other official appointed by
said board under authority of section three
of this Act, the cause of such suspension
or removal to be communicated forthwith
in writing by the Federal Farm Loan
Board to the person suspended or removed,
and in case of a district director to
the proper Federal land bank.
i) To exercise general supervisory authority
over the Federal land banks, the
national farm loan associations, and the
joint stock land banks herein provided
for.
j) o exercise such incidental powers as
shall be necessary or requisite to fulfill
its duties and carry out the purposes of
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MOLER BARBER COLLEGE, 111 Main Street, Fort Worth.
Twenty-Five Years Successful Operation. Wages paid while
learning. Good, permanent position guaranteed. Write for
catalogue.
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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/m1/56/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Fort Worth Public Library.