[PUBLIC-No. 232-66TH CONGRESS.]

[S. 3897.]

An Act To amend section 16 of the Act of Congress approved July 17, 1916, known as the Federal Farm Loan Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 16 of the Act of Congress approved July 17, 1916, known as the Federal Farm Loan Act, be amended by adding thereto the following:

"Any joint-stock land bank organized and doing business under the provisions of this Act may go into voluntary liquidation by making provision, to be approved by the Federal Farm Loan Board, for the payment of its liabilities: Provided, That such method of liquidation shall have been duly authorized by a vote of at least twothirds of the shareholders of such joint-stock land bank at a regular meeting, or at a special meeting called for that purpose, of which at least ten days' notice in writing shall have been given to stockholder. "For the purpose of assisting in any such liquidation duly authorized as in the preceding paragraph provided, any Federal land bank may, with the approval of the Federal Farm Loan Board, acquire the assets and assume the liabilities of any joint stock land bank, and in such transaction may waive the provisions of this Act requiring such land bank to acquire its loans only through national farm loan associations, or agents, and those relating to status of borrower, purposes of loan, and also the limitation as to the amount of individual

loans.

"No Federal land bank shall assume the obligations of any jointstock land bank, in such manner as to make its outstanding obligations more than twenty times its capital stock, except by the creation of a special reserve equal to one-twentieth of the amount of such additional obligations assumed."

Approved, May 29, 1920.

(35),

[PUBLIC RESOLUTION-No. 45-66TH CONGRESS.]

[H. J. Res. 351.]

Joint Resolution Extending the provisions of an Act amending section 32 of the Federal Farm Loan Act approved July 17, 1916, to June 30, 1921.

Resolved by the Senate and House of Representatives of the United State of America in Congress assembled, That the provisions of the Act of Congress approved January 18, 1918, entitled "An Act to amend section 32 of the Federal Farm Loan Act approved July 17, 1916," be, and the same hereby are, extended to the fiscal years ending June 30, 1920, and June 30, 1921, to the extent that the Secretary of the Treasury be, and he hereby is, authorized, as by the terms of said Act, to purchase during the fiscal years ending June 30, 1920, and June 30, 1921, or either of them, any bonds which he might have purchased during the fiscal years ending June 30, 1918, and June 30, 1919, or either of them, under the provisions of the original Act: Provided, That he shall purchase no bonds issued against loans approved after March 1, 1920.

Approved, May 26, 1920.

(36)

[PUBLIC-No. 334-66TH CONGRESS.]

[H. R. 8038.]

An Act To amend section 4 of the Act approved July 17, 1916, known as the Federal Farm Loan Act, extending its provisions to Porto Rico.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That paragraph 2 of section 4 of the Act approved July 17, 1916, known as the Federal Farm Loan Act, be amended to read as follows:

"The Federal Farm Loan Board shall establish in each Federal land bank district a Federal land bank, with its principal office located in such city within the district as said board shall designate. Each Federal land bank shall include in its title the name of the city in which it is located. Subject to the approval of the Federal Farm Loan Board, any Federal land bank may establish branches_within the land bank district. Subject to the approval of the Federal Farm Loan Board and under such conditions as it may prescribe, the provisions of this Act are extended to the island of Porto Rico; and such Federal land bank as may be designated by the Federal Farm Loan Board, is hereby authorized to establish a branch bank at such point as the Federal Farm Loan Board may direct on the island of Porto Rico. Loans made by such branch bank, when so established, shall not exceed the sum of $5,000 to any one borrower and shall be subject to the restrictions and provisions of this Act, except that such branch bank may loan direct to borrowers, and subject to such regulations as the Federal Farm Loan Board may prescribe the rate charged borrowers may be 1 per centum in excess of the rate borne by the last preceding issue of farm loan bonds of the Federal land bank with which such branch bank is connected: Provided, however, That no loans shall be made in the island of Porto Rico to run for a longer term than twenty years.

"Each borrower through such branch bank shall subscribe and pay for stock in the Federal land bank with which it is connected in the sum of $5 for each $100 or fraction thereof borrowed; 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."

Approved, February 27, 1921.

(37)

[PUBLIC-NO. 379-66TH CONGRESS.]

[S. 4664.]

An Act To amend the first paragraph of section 20 of the Act of Congress approved July 17, 1916, known as the Federal Farm Loan Act, as amended by the Act of Congress approved April 20, 1920.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first paragraph of section 20 of the Act of Congress approved July 17, 1916, as amended by the Act of Congress approved April 20, 1920, be amended to read as follows:

"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 the minimum period specified in the bonds, which shall not be longer than ten 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.'

Approved, March 4, 1921.

(88)

[PUBLIO NO. 32-67TH CONGRESS.]

[8. 1837.]

An Act To amend section 32 of the Act of Congress approved July 17, 1916, known as the Federal Farm Loan Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 32 of the Federal Farm Loan Act, approved July 17, 1916, as amended, is hereby amended by adding after the first paragraph a new paragraph to read as follows:

"Until such time as the aggregate paid-in capital stock of the twelve Federal land banks shall be $50,000,000, or more, the Secretary of the Treasury may in his discretion make deposits in addition to those authorized by the preceding paragraph, to be secured, redeemed, and paid in the same manner as provided in such paragraph, except that any additional deposit made hereunder shall be called by the Secretary of the Treasury and redeemed by the bank or banks holding the same, within fifteen days after the conclusion of each general offering of farm loan bonds by such bank or banks. The aggregate of such additional deposits outstanding at any time shall not exceed the difference between the aggregate paid-in capital stock of the twelve Federal land banks on the last day of the preceding month, and the sum of $50,000,000. The certificates of indebtedness issued to the Secretary of the Treasury by the Federal land bank for such additional deposits shall bear a rate of interest not exceeding by more than one-half of 1 per centum per annum the rate borne by the last bond issue of the land bank receiving such deposits."

Approved, July 1, 1921.

(39)