TWENTIETH ANNUAL YEAR BOOK— PART VII 591 



case shall any farm Improvements be considered worth more than five 

 thousand dollars ($5,000). In no case shall a loan be made in excess of 

 the average assessed valuation for the three preceding years as ascer- 

 tained from the county auditor in the county where the land is sit- 

 uated. The board shall require that the property be appraised by compe- 

 tent agents and in no event shall a loan be made except upon the ap- 

 proval of the board. 



"A majority of the board shall constitute a quorum, but no loan 

 shall be made except upon the affirmative vote of three (3) members, 

 and the records of the meeting shall show which members voted to ap- 

 prove the loan. 



"A reappraisement may be permitted at any time in the discretion 

 of the board and such additional loan may be granted as such reappraisal 

 may warrant under the provisions of this section. Whenever the amount 

 of the loan applied for exceeds the amount herein limited, such loan 

 may be granted to the amount permitted under the terms of this sec- 

 tion, without requiring a new application or appraisal. 



"No such loan shall be made to any person who is not at the time, 

 or shortly to become, engaged in the cultivation and development of the 

 farm land mortgaged. In case of the sale of the mortgaged land the 

 board may permit said mortgage of the vendor to be assumed by the pur- 

 chaser or by the heirs of the deceased mortgagor. 



"The amount of loans to any one borrower shall never exceed a max- 

 imum sum of ten thousand dollars ($10,000), nor shall any loan be for a 

 less sum than five hundred dollars ($500)." 



Experience in the South Dakota rural credit has furnished many 

 valuable suggestions for improving it. Iowa will have the benefit of the 

 experience of South Dakota and other states in working out a system 

 of farm land credit which will meet the particular needs of the state. 



The Chairman : I am going to announce the committee on 

 resolutions at this time. The committee on resolutions is: W. 

 P. Dawson, chairman, Cherokee county ; Harry B. Fox, Sac coun- 

 ty ; George Morse, Iowa county ; A. O. Anderson, Lyon county ; 

 Warren B. Nichols, Pottawattamie county; Fletcher McCormick, 

 Poweshiek county. 



Mr. White : I make a motion right here that all resolutions 

 be referred to the committee without first presenting them on the 

 floor of the convention. 



Voices : Second the motion. 



The Chairman : I believe that is all, and we will proceed to 

 our next number on the program, which is a talk on cattle feeding 

 experiences by Mr. Charles Cessna, of Grinnell. 



