290 BOARD OF AGRICULTURE. [Pub. Doc. 



bank, and that the standing of the proposed incorporators is such as to give 

 assurance that its affairs will be administered in accordance with the spirit 

 of this act. The words "Farmland Bank'' shall be a part of the corporate 

 name of every corporation organized imder the provisions of this act, and 

 the word "Farmland" shall not be used in the corporate name of any 

 other corporation doing business in this commonwealth. 



POWERS. 



Section 3. Every corporation wliich is subject to the provisions of this 

 act shall have the following powers and privileges and shall be subject to 

 the following liabilities and restrictions: — 



First. — To adopt and use a corporate seal. 



Second. — To have perpetual succession in its corporate name unless 

 dissolved according to the provisions of this act. 



Third. — To make contracts, incur Uabilities and borrow money as 

 hereinafter provided. 



Fourth. — To sue and be sued in its corporate name, and to prosecute or 

 defend to final judgment, execution or decree in any court of law or equity. 



Fifth. — To elect not less than six nor more than fifteen directors, a 

 treasurer, clerk, and auditing committee, and, by its board of directors, to 

 elect a president, vice president, committee on loans, and other officers 

 and agents, and to fix the compensation of all directors, officers and com- 

 mittees and to define their duties. 



Sixth. — To make by-laws, not inconsistent with the laws of this com- 

 monwealth, for regulating its government and for the administration of 

 its affairs as herein provided. 



Seventh. — To make loans upon farm lands anj'where within the com- 

 monwealth: provided, 



(a) That such loans shall be made for a term not longer than thirty-five 

 years, and shall be secm-ed by a first mortgage on farm lands. 



(6) That no loan shall exceed fifty per cent of the value of the mortgaged 

 property, the value to be determined by an appraisal by the committee 

 on loans as hereinafter provided. 



(c) That every mortgage for a period longer than five years shall contain 

 a mandatory provision for the amortization of the loan at maturity, or 

 reduction of the same by annual, semi-aimual, or quarterly payments on 

 account of principal. 



(d) That every loan, for a period longer than five j^ears, or any unpaid 

 balance thereof, may be paid off in whole or in part by the borrower, in 

 accordance with rules to be prescribed by the said bank and approved by 

 the commissioner, at any interest period after such loan has continued for 

 five years. 



(e) That the total amount loaned to any one individual or corporation 

 shall never at any time exceed ten per cent of the total amount of the then 

 paid-in land reserve fund and surplus. 



(/) That no loan shall be made by any bank upon the security of its 



