The Federal Farm Loan Bureau One of a Series of Lectures Especially Prepared Fo
The Federal Farm Loan Bureau One of a Series of Lectures Especially Prepared Fo
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This organization is effected by the election of six local directors by the National Farm Loan Associations of the district and the appointment of three district directors by the Federal Farm Loan Board. Thereafter, the affairs of the Federal land bank will be conducted by this permanent organization. The Act thus becomes even as to the organization of the land bank's cooperative system of borrowers.
The Sources of Funds The land banks when organized have an initial supply of money furnished in... the main by the Trea- 26 MODERN AMERICAN LAW LECTURE sury of the United States. This initial capital fur- nished in part by the Government and to a very limited extent by private investors amounts to $750, 000 for each bank, or $9, 000, 000 in all. This sum, however, is only a supply of ready cash for the beginning of business. The regular supply of money must be obtained from investors. This is done in the following manner: When any bank has accepted mortgages to the amount of $50, 000 or more, it may apply through a resident officer of the Farm Loan Bureau known as the registrar for authority to issue Federal Farm Loan bonds.
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To quickly assess the difficulty of the text, read a short excerpt:
This organization is effected by the election of six local directors by the National Farm Loan Associations of the district and the appointment of three district directors by the Federal Farm Loan Board. Thereafter, the affairs of the Federal land bank will be conducted by this permanent organization. The Act thus becomes even as to the organization of the land bank's cooperative system of borrowers.
The Sources of Funds The land banks when organized have an initial supply of money furnished in... the main by the Trea- 26 MODERN AMERICAN LAW LECTURE sury of the United States. This initial capital fur- nished in part by the Government and to a very limited extent by private investors amounts to $750, 000 for each bank, or $9, 000, 000 in all. This sum, however, is only a supply of ready cash for the beginning of business. The regular supply of money must be obtained from investors. This is done in the following manner: When any bank has accepted mortgages to the amount of $50, 000 or more, it may apply through a resident officer of the Farm Loan Bureau known as the registrar for authority to issue Federal Farm Loan bonds.
What to read after The Federal Farm Loan Bureau One of a Series of Lectures Especially Prepared Fo?
You can find similar books in the "Read Also" column, or choose other free books by Quick Herbert to read onlineMoreLess
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