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such stock shall be held by such Federal land bank as collateral security for the loan of the borrower; shall participate in all dividends; and upon full payment of the loan shall be canceled at par and proceeds paid to borrower, or the borrower may apply the same to the final payments on his loan. (July 17, 1916, ch. 245, § 4, 39 Stat. 362; Feb. 27, 1921, ch. 78, 41 Stat. 1148; Mar. 4, 1923, ch. 252, § 303, 42 Stat, 1474; Mar. 4, 1929, ch. 700, 45 Stat. 1558; May 17, 1932, ch. 190, 47 Stat. 158; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 5 (a), 50 Stat. 704.)

REFERENCES IN TEXT In the original, “this subchapter and subchapter III of this chapter" reads “this act,” meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this code, see note under section 641 of this title.

§ 672a. Extension of provisions to Hawaii.—The provisions of this subchapter and of subchapter III of this chapter and any Act amendatory thereof or supplementary thereto, are extended to the Territory of Hawaii. The Farm Credit Administration shall include the Territory in a Federal land bank district, and such Federal land bank as the Administration may designate is authorized to establish branch banks in the Territory. (Mar. 10, 1924, ch. 46, § 2, 43 Stat. 17; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT In the original, “this subchapter and subchapter III of this chapter" reads "the Federal Farm Loan Act." For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.

8 673. Temporary management. Each Federal land bank shall be temporarily managed by five directors appointed by the Farm Credit Administration. Said directors shall be citizens of the United States and residents of the district. They shall each give a surety bond, the premium on which shall be paid from the funds of the bank. They shall receive such compensation as the Farm Credit Administration shall fix. They shall choose from their number, by majority vote, a president, a vice president, a secretary, and a treasurer. They are further authorized and empowered to employ such attorneys, experts, assistants, clerks, laborers, and other employees as they may deem necessary, and to fix their compensation, subject to the approval of the Farm Credit Administration. (July 17, 1916, ch. 245, § 4, 39 Stat. 362; Ex. Ord. No. 6084, Mar. 27, 1933.)

§ 674. Organization certificates; contents.—Said temporary directors shall, under their hands, forthwith make an organization certificate, which shall specifically state:

First. The name assumed by such bank.

Second. The district within which its operations are to be carried on, and the particular city in which its principal office is to be located.

Third. The amount of capital stock and the number of shares into which the same is to be divided: Provided, That every Federal land bank organized under this subchapter shall by its articles of association permit an increase of its capital stock from

time to time for the purpose of providing for the issue of shares to national farm-loan associations and stockholders who may secure loans through agents of Federal land banks in accordance with the provisions of this subchapter.

Fourth. The fact that the certificate is made to enable such persons to avail themselves of the advantages of this subchapter. The organization certificate shall be acknowledged before a judge or clerk of some court of record or notary public, and shall be, together with the acknowledgment thereof, authenticated by the seal of such court or notary, transmitted to the Land Bank Commissioner, who shall record and carefully preserve the same in his office, where it shall be at all times open to public inspection. (July 17, 1916, ch. 245, § 4, 39 Stat. 362; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933, ch. 98, $ 80 (a), 48 Stat. 273.)

REFERENCES IN TEXT In the original “this subchapter" reads "this Act,” meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.

§ 675. Changes in organization certificate.—The Farm Credit Administration is authorized to direct such changes in or additions to any such organization certificate, not inconsistent with this subchapter, as it may deem necessary or expedient. (July 17, 1916; ch. 245, § 4, 39 Stat. 363; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT In the original "this subchapter" reads "this Act," meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.

8 676. Time of commencement of corporate existence; powers enumerated.

Upon duly making and filing such organization certificate the bank shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power

First. To adopt and use a corporate seal.

Second. To have succession until it is dissolved by Act of Congress or under the provisions of this chapter.

Third. To make contracts.

Fourth. To sue and be sued, complain, interplead, and defend, in any court of law or equity, as fully as natural persons.

Fifth. To elect or appoint directors, and by its board of directors to elect a president and a vice president, appoint a secretary and a treasurer and other officers and employees, define their duties, require bonds of them, and fix the penalty thereof; by action of its board of directors dismiss such officers and employees, or any of them, at pleasure and appoint others to fill their places.

Sixth. To prescribe, by its board of directors, subject to the supervision and regulation of the Farm Credit Administration, bylaws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected, its officers elected or appointed, its property transferred, its general business conducted and the privileges granted to it by law exercised and enjoyed.

Seventh. To exercise, by its board of directors or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business herein described. (July 17, 1916, ch. 245, § 4, 39 Stat. 363; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT In the original “this chapter" reads “this Act,” meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.

§ 677. Time of termination of temporary management.-After the subscriptions to stock in any Federal land bank by national farm loan associations, hereinafter authorized, shall have reached the sum of $100,000, the officers and directors of said land bank shall be chosen as herein provided and shall, upon becoming duly qualified, take over the management of said land bank from the temporary officers selected under section 673 of this title. (July 17, 1916, ch. 245, § 4, 39 Stat. 363.)

§ 677a. Directors; compensation of officers and employees.The members of the farm credit board of each farm credit district provided for in section 640a of this title shall be ex officio the directors of the Federal land bank located in that district. Any compensation that may be provided by the board of directors of any Federal land bank for officers or employees shall be subject to the approval of the Farm Credit Administration. (July 17, 1916, ch. 245, § 4, 39 Stat. 363; Mar. 4, 1923, ch, 252, § 304, 42 Stat. 1474; June 16, 1933, ch. 98, § 70a (a) (1-4), § 80 (a), 48 Stat. 269, 273; Aug. 19, 1937, ch. 704, § 7 (b), 50 Stat. 707.)

CAPITAL STOCK OF FEDERAL LAND BANKS

§ 691. Minimum amount of original capital; regulation of subscriptions.—Every Federal land bank shall have, before beginning business, a subscribed capital of not less than $750,000. The Farm Credit Administration is authorized to prescribe the times and conditions of the payment of subscriptions to capital stock, to reject any subscription in its discretion, and to require subscribers to furnish adequate security for the payment thereof. (July 17, 1916, ch. 245, § 5, 39 Stat. 364; Ex. Ord. No. 6084, Mar. 27, 1933.)

8 692. Shares; value; who may subscribe to original stock. The capital stock of each Federal land bank shall be divided into shares of $5 each, and may be subscribed for and held by any individual, firm, or corporation, or by the Government of any State or of the United States. (July 17, 1916, ch. 245, § 5, 39 Stat. 364.)

§ 693. Transfer of stock held by national farm loan associations.–Stock held by national farm loan associations shall not be transferred or hypothecated, and the certificates therefor shall so state. (July 17, 1916, ch. 245, § 5, 39 Stat. 364.)

650673-46-36

8 694. Dividends; voting stock.–Stock owned by the Government of the United States in Federal land banks shall receive no dividends, but all other stock shall share in dividend distributions without preference. Each national farm loan association and the Government of the United States shall be entitled to one vote for each share of stock held by it in deciding all questions at meetings of shareholders, and no other shareholder shall be permitted to vote. Stock owned by the United States shall be voted by the Land Bank Commissioner, as directed by the Farm Credit Administration. (July 17, 1916, ch. 245, § 5, 39 Stat. 364; Ex. Ord. No. 6084, Mar. 17, 1933; June 16, 1933, ch, 98, § 80 (a), 48 Stat. 273.)

§ 695. Subscriptions to original stock; subscriptions by United States for unsubscribed balance of original capital stock.-It shall be the duty of the Farm Credit Administration, as soon as practicable after July 17, 1916, to open books of subscription for the capital stock of a Federal land bank in each farm credit district. If within thirty days after the opening of said books any part of the minimum capitalization of $750,000 herein prescribed for Federal land banks shall remain unsubscribed, it shall be the duty of the Secretary of the Treasury to subscribe the balance thereof on behalf of the United States, said subscription to be subject to call in whole or in part by the board of directors of said land bank upon thirty days' notice with the approval of the Farm Credit Administration; and the Secretary of the Treasury is hereby authorized and directed to take out shares corresponding to the unsubscribed balance as called, and to pay for the same out of any moneys in the Treasury not otherwise appropriated. Thereafter no stock shall be issued except as hereinafter provided. (July 17, 1916, ch. 245, § 5, 39 Stat. 364; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 5 (a), 50 Stat. 704.)

§ 696. Retirement of original stock -After the subscriptions to capital stock by national farm-loan associations shall amount to $750,000 in any Federal land bank, said bank shall apply semiannually to the payment and retirement of the shares of stock which were issued to represent the subscriptions to the original capital twenty-five per centum of all sums thereafter subscribed by national farm-loan associations, by borrowers through agencies, and by borrowers through branch banks to capital stock until all such original capital stock is retired at par. (July 17, 1916, ch. 245, § 5, 39 Stat. 364; Jan. 23, 1932, ch. 9, § 1, 47 Stat. 12.)

$ 697. Proportion held in quick assets. At least twenty-five per centum of that part of the capital of any Federal land bank for which stock is outstanding in the name of national farm-loan associations shall be held in quick assets, and may consist of cash in the vaults of said land bank, or in deposits in member banks of the Federal reserve system, or in readily marketable securities which are approved under rules and regulations of the Farm Credit Administration: Provided, That not less than five per centum of such capital shall be invested in United States Government bonds. (July 17, 1916, ch. 245, § 5, 39 Stat. 364; Ex. Ord. No. 6084, Mar. 27, 1933.)

8 698. Subscriptions by United States; terms; amount; retirement.—It shall be the duty of the Secretary of the Treasury on behalf of the United States, upon the request of the board of directors of any Federal land bank made with the approval of the Farm Credit Administration, to subscribe from time to time for capital stock of such bank in an amount or amounts specified in such approval or approvals, such subscriptions to be subject to call in whole or in part by the board of directors of said bank upon thirty days' notice with the approval of the Farm Credit Administration. The Secretary of the Treasury is hereby authorized and directed to take out and pay for shares having an aggregate par value equal to the amounts so called; and to enable the Secretary of the Treasury to pay for stock issued hereunder there is hereby authoribed to be appropriated the sum of $125,000,000, such stock to be nonvoting. Shares of stock issued pursuant to this section shall be paid off at par and retired in the same manner as the original capital stock of said bank after said original stock outstanding, if any, has been paid off and retired: Provided, however, That stock issued pursuant to this section may at any time, in the discretion of the directors and with the approval of the Farm Credit Administration, be paid off at par and retired in whole or in part; and that said Administration may at any time require such stock to be paid off at par and retired in whole or in part if, in the opinion of the Administration, the bank has resources available therefor. The proceeds of all repayments on account of stock issued pursuant to this section shall be held in the Treasury of the United States and shall be available for the purpose of paying for other stock thereafter issued pursuant to this section. (July 17, 1916, ch. 245, § 5, 39 Stat. 364; Jan. 23, 1932, ch. 9, § 2, 47 Stat. 12; Ex. Ord. No. 6084, Mar. 27, 1933.)

LAND BANKS AS GOVERNMENT DEPOSITARIES AND AGENTS

$ 701. Federal and joint-stock land banks as Government depositaries and financial agents; surety bonds; investment of funds. -All Federal land banks and joint-stock land baks organized under this chapter, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, except receipts from customs, under such regulations as may be prescribed by said Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them. And the Secretary of the Treasury shall require of the Federal land banks and joint-stock land banks thus designated satisfactory security, by the deposit of United States bonds or otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government. No Government funds deposited under the provisions of this section shall be invested in mortgage loans or farm-loan bonds. (July 17, 1916, ch. 245, § 6, 39 Stat. 365.)

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