No. 4.] AGRICULTURAL LEGISLATION. 295 



articles of amendment shall also set forth the total amount of capital stock 

 previously authorized and a statement that the increased amount of capi- 

 tal stock has all been paid in in cash, and the bank commissioner shall in no 

 case approve a certificate showing an increase of capital stock until he is 

 satisfied that such payment in full has been made to the bank. If a reduc- 

 tion of the capital stock shall have been authorized by the shareholders in 

 accordance with the provisions hereof, the articles of amendment shall 

 also set forth the total amount of capital stock previously authorized, the 

 amount of the reduction and the manner in which it shall be effected, and 

 a copy of the vote authorizing the reduction. No reduction of capital 

 stock shall be lawful which renders the bank bankrupt or insolvent, but 

 the capital stock may be reduced, if the assets of the bank are not reduced 

 thereby, by the surrender by every shareholder of his shares and the issue 

 to him in Ueu thereof of a proportional decreased number of shares and 

 such reduction shall not create any liability of the shareholders of such 

 bank in case of the subsequent bankruptcy of such bank. 



WHO MAY BE SHAREHOLDERS. 



Section 14. Any person, firm, association, society, or organization, 

 and any co-operative bank, credit union, trust company, or other corpora- 

 tion may purchase and hold shares in any farmland bank, subject to the 

 provisions of any laws expressly prohibiting or restricting investment 

 therein by any such corporation, association, society or organization. 



LAND RESERVE CERTIFICATES. 



Section 15. Every shareholder shall be entitled to a land reserve 

 certificate in a form approved by the commissioner, which shall be signed 

 by the president and by the treasurer of the corporation, shall be sealed 

 with its seal, and shall certify that the holder is the owner of the number 

 of shares represented by the certificate. Land reserve certificates may be 

 transferred upon the books of the corporation in accordance with the laws 

 relating to the transfer of stock in general business corporations. The 

 directors of a farmland bank may, unless other^vise provided by the bj''- 

 laws, detennine the conditions upon which a new certificate may be issued 

 in place of any certificate which is alleged to have been lost or destroyed. 



BONDS. 



Section 16. Farmland bonds in a farm approved by the commissioner 

 may be issued by a bank by vote of its board of directors whenever the 

 bank holds as mortgagee farm land mortgages of a term longer than five 

 years in amount sufficient to secure such issue. Each issue of bonds shall 

 constitute a separate series and shall be so designated, the first series being 

 designated as "Series One of Farmland Bonds of the Farm- 



land Bank", and subsequent series accordingly. No series shall be issued 

 for less than an aggregate smn of ten thousand dollars nor for more than 



