Chapter 39. To amend section 32 of the Act of Congress approved July 17, 1916, known as the Federal Farm Loan Act
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CHAP. 39.— An Act To amend section 32 of the Act of Congress approved July 17, 1916, known as the Federal Farm Loan Act. July 1, 1921. [[S. 1837](/us/bill/67/s/1837).] [[Public, No. 32](/us/pl/67/32).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That section 32 of the FederalFederal Farm Loan Act Amendment. Vol. 39, p. 384, amended. 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 theAdditional loan to banks authorized. 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, exceptPayment. 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 aggregateLimitation of amount. 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 issuedInterest rate. 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.