. Better fruit. Fruit-culture. ipi6 BETTER FRUIT Page 21 may be deteriiiined by the board of directors. The association must ap- point an appraisal committee for tlie purpose of valuing lands offered as se- curity for loans. No member of such committee shall have any interest in the property upon which he passes. Funds for Current Expenses To provide funds for current ex- penses, the loan association may retain as a commission from each interest payment not to exceed one-eighth of one per cent semi-annually upon the unpaid principal of the loan. This commission is to be deducted from the divid
. Better fruit. Fruit-culture. ipi6 BETTER FRUIT Page 21 may be deteriiiined by the board of directors. The association must ap- point an appraisal committee for tlie purpose of valuing lands offered as se- curity for loans. No member of such committee shall have any interest in the property upon which he passes. Funds for Current Expenses To provide funds for current ex- penses, the loan association may retain as a commission from each interest payment not to exceed one-eighth of one per cent semi-annually upon the unpaid principal of the loan. This commission is to be deducted from the dividends payable to such farm-loan association by the Federal land bank. If the commissions are not adequate, and an association does not wish to assess members for current expenses, it may borrow at (i per cent from the Federal land bank to an amount not to exceed in the aggregate one-fourth of its bank stock. Reserves and Dividends The law requires both the land banks and the farm-loan associations to make provision for certain reserves before they can pay any dividends. Agents of Land Banks In sections where local conditions do not make the formation of associations practicable, the Farm Loan Board may authorize the Federal land bank to make loans through agents approved by the board. These agents are to be banks, trust companies, mortgage com- panies or savings institutions, char- tered by the state. They may receive as compensation the actual expense involved in transacting the loan and in addition thereto a sum not to exceed one-half of one per cent per annum on the un])ai(l principal of the loans made through them. When the Farm Loan Board decides that a locality is ade- quately served by farm-loan associa- tions, no further loans are to be made through agents. Joint-Stock Land Banks In addition to the system of twelve Federal land banks and the national farm-loan associations of l)orr()wers, the act permits the establishment of joint-stock land banks and authorizes them to
Size: 1449px × 1724px
Photo credit: © Library Book Collection / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcollect, bookcollectionbiodiversity, booksubjectfruitculture
