FEDERAL STATUTES ANNOTATED 1920 SUPPLEMENT ADMIRALTY See SEAMEN; SHIPPING AND NAVIGATION AGRICULTURE Act of April 20, 1920, ch. 154 (Amending Federal Farm Loan Act), 2. 2. Application for Farm Loan - Appraisal by Loan Committee- 3. Powers of Farm Loan Associations Amended, 3. Sec. 11 of Farm Loan Act 4. Restrictions on Loans Based on First Mortgages - Sec. 12 of Farm Loan Act Amended, 3. 5. Form of Farm Loan Bonds Sec. 20 of Farm Loan Act Amended, 4. 6. Special Provisions of Farm Loan Bonds-Sec. 21 of Farm Loan. Act Amended, 4. Res. of May 26, 1920, No. 45, ch. 208 (Amending Federal Farm Loan Act), 5. Farm Loan Bonds - Purchase by Secretary of Treasury Sec. 32 — of Farm Loan Act Amended, 5. Act of May 29, 1920, ch. 215 (Amending Federal Farm Loan Act), 5. Act of May 31, 1920, ch. 217 (Agricultural Appropriation Act), 6. Photographic Films - Sale or Rental, 6. Experiment Stations - Sale of Products, 7. Plant Quarantine Act - New Section Added - Moving Plants and Traveling Expenses, 8. Borrowers from United States of Money for Purchase of Wheat CROSS-REFERENCES See also. ALASKA; IMPORTS AND EXPORTS; INTERNAL REVENUE An Act To amend certain sections of the Federal Farm Loan Act, approved July 17, 1916. [Act of April 20, 1920, ch. 154, 41 Stat. L. 570.] [SEC. 1.] [Farm Loan Board - appointments - registrars appraisers examiners — sec. 3 of Farm Loan Act amended.] That the seventh paragraph of section 3 be amended by adding after the word "Act" the words" and may appoint a deputy registrar who shall during the unavoidable absence or disability of the registrar perform the duties of that office" and also by adding after registrars," in the sixth line of said paragraph the words" deputy registrars," so that the paragraph as amended will read: "The Federal Farm Loan Board shall appoint a farm loan registrar in each land bank district to receive applications for issues of farm loan bonds and to perform such other services as are prescribed by this Act, and may appoint a deputy registrar who shall during the unavoidable absence or disability of the registrar perform the duties of that office. It shall also appoint one or more land bank appraisers for each land bank district and as many land bank examiners as it shall deem necessary. Farm loan registrars, deputy registrars, land bank appraisers, and land bank examiners appointed under this section shall be public officials and shall, during their continuance in office, have no connection with or interest in any other institution, association, or partnership engaged in banking or in the business of making land mortgage loans or selling land mortgages: Provided, That this limitation shall not apply to persons employed by the board temporarily to do special work." [41 Stat. L. 570.] For sec. 3, here amended, see 1918 Supp. Fed. Stat. Ann. 14. SEC. 2. [Application for farm loan-appraisal by loan committee-report -sec. 10 of Farm Loan Act amended.] That the first paragraph of section 10 be amended to read as follows: "That whenever an application for a mortgage loan is made through a national farm loan association, the loan committee provided for in section 7 of this Act, shall forthwith make, or cause to be made, such investigation as it may deem necessary as to the character and solvency of the applicant, and the sufficiency of the security offered, and cause written report to be made of the result of such investigation, and shall, if it concurs in such report, approve the same in writing. No loan shall be made unless the report is favorable, and the loan committee is unanimous in its approval thereof. "The written report required in the preceding paragraph 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 on the loan application which it accompanies, but they shall not be bound by said appraisal." [41 Stat. L. 570.j For sec. 10, here amended, see 1918 Supp. Fed. Stat. Ann. 24, SEC. 3. [Powers of farm loan associations-sec. 11 of Farm Loan Act amended.] That the third paragraph of section 11 be amended to read as follows: "Third. To fix reasonable initial charges to be made against applicants for loans and to borrowers in order to meet the necessary expenses of the association: Provided, That such charges shall not exceed amounts to be fixed by the Farm Loan Board, and shall in no case exceed 1 per centum of the amount of the loan applied for; to acquire and dispose of property, real and personal, that may be necessary or convenient for the transaction of its business." [41 Stat. L. 570.] For sec. 11, here amended, see 1918 Supp. Fed. Stat. Ann. 25. SEC. 4. [Restrictions on loans based on first mortgages-sec. 12 of Farm Loan Act amended.] That section 12 of said Act be amended by striking out in the second provision the words "additional payments in sums of $25. or any multiple thereof for the reduction of the principal, or the payment of the entire principal, may be made on any regular installment date," and inserting in lieu thereof the words "the mortgagor may, upon any regular installment date, make in advance any number of payments or any portion thereof on account of the principal of his loan as provided by his contract or pay the entire principal of such loan," so that the provision as amended will read: "Every such mortgage shall contain an agreement providing for the repay. ment 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 1 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 agreed period, not less than five years nor more than forty years: Provided, That after five years from the date upon which a loan is made the mortgagor may, upon any regular installment date, make, in advance, any number of payments or any portion thereof on account of the principal of his loan as provided by his contract or pay the entire principal of such loan, under the rules and regulations of the Federal Farm Loan Board: And provided further, That before the first issues of farm-loan bonds by any land bank the interest rate on mortgages may be determined in the discretion of said land bank, subject to the provisions and limitations of this Act." And that the fourth provision in said section be amended by striking out in subdivision (d) all after the word "mortgaged" and inserting in lieu thereof the words "incurred for agricultural purposes, or incurred prior to the organization of the first Farm Loan Association established in and for the county in which the land is situated," so that the provision as amended will read: "Fourth. Such loans may be made for the following purposes and for no other. "(a) To provide for the purchase of land for agricultural uses. "(b) To provide for the purchase of equipment, fertilizers, and live stock necessary for the proper and reasonable operation of the mortgaged farm; the term 'equipment' to be defined by the Federal Farm Loan Board. "(c) To provide buildings and for the improvement of farm lands; the term 'improvement' to be defined by the Federal Farm Loan Board. "(d) To liquidate indebtedness of the owner of the land mortgaged incurred for agricultural purposes, or incurred prior to the organization of the first Farm Loan Association established in and for the county in which the land is situated." [41 Stat. L. 570.] For sec. 12, here amended, see 1918 Supp. Fed. Stat. Ann. 25. SEC. 5. [Form of farm loan bonds-sec. 20 of Farm Loan Act amended.] That section 20 of said Act be amended by striking out $25 and $50, in line 2 of paragraph 1, and inserting in lieu thereof the numeral $40, and also by inserting after $1,000 the words "and such larger denominations as the Federal Farm Loan Board may authorize," so that the paragraph as amended will read: "SEC. 20. That bonds provided for in this Act shall be issued in denominations of $40, $100, $500, $1,000, and such larger denominations as the Federal Farm Loan Board may authorize; they shall run for specified minimum and maximum periods, subject to payment and retirement, at the option of the land bank, at any time after five years from the date of their issue. They shall have interest coupons attached, payable semiannually, and shall be issued in series of not less than $50,000, the amount and terms to be fixed by the Federal Farm Loan Board. They shall bear a rate of interest not to exceed 5 per centum per annum. [41 Stat. L. 571.] For sec. 20, here amended, see 1918 Supp. Fed. Stat. Ann. 32. SEC. 6. [Special provisions of farm loan bonds-sec. 21 of Farm Loan Act amended.] That the last paragraph of section 21 of said Act be amended by inserting after the word "president" the words "or vice president" and by inserting after the word "secretary" the words "or assistant secretary” and also the words "For the purpose of signing such bonds the board of directors of any Federal land bank is authorized to select a vice president who need not be a member of the board of directors," and also by striking out the words "and shall" and inserting in lieu thereof the words "such bonds shall also," so that the paragraph as amended will read: "Every farm-loan bond issued by a Federal land bank shall be signed by its president or vice president and attested by its secretary or assistant secretary. For the purpose of signing such bonds the board of directors of any Federal land bank is authorized to select a vice president who need not be a member of the board of directors; such bonds shall also contain in the face thereof a certificate signed by the Farm Loan Commissioner to the effect that it is issued under the authority of the Federal Farm Loan Act, has the approval in form and issue of the Federal Farm Loan Board, and is legal and regular in all respects; that it is not taxable by National, State, municipal, or local authority; that it is issued against collateral security of United States Government bonds, or indorsed first mortgages on farm lands, at least equal in amount to the bonds issued; and that all Federal land banks are liable for the payment of each bond." [41 Stat. L. 571.] For sec. 21, here amended, see 1918 Supp. Fed. Stat. Ann. 33. |