784 AGRICULTURAL ECONOMICS 



252. THE MISSOURI LAND BANK 1 



AN ACT to secure a system to mobilize and liquidize farm credits, securing to the 

 agricultural classes money on long-time credits and at low rates of interest 

 so as to amortize the debt by small periodical payments, for which purpose a 

 fund is provided and a corporation created to utilize state machinery and be 

 governed by a board of high state officers authorized to make loans on farms 

 secured by deeds of trust and issue debenture bonds against the same, 

 exempting such securities from taxes and making them acceptable for certain 

 investments, thus increasing the revenue by bringing foreign capital into 

 the state 



Be it enacted by the General Assembly of the State of Missouri as 

 follows: 



SECTION i. For the purpose of fostering and encouraging agri- 

 culture in the state of Missouri, and of aiding in the development and 

 improvement of farm lands, there is hereby created a body corporate 

 and politic under the name of the Missouri Land Bank. 



SEC. 2. The design and purpose of this act is to provide the 

 means and instrumentalities whereby loans may be made to tillers 

 of the soil at the least practicable cost to them, to be repaid in such 

 manner and at such times as will be least burdensome, and at the 

 same time provide suitable guaranties against loss. 



SEC. 3. The said bank shall be under the direction and super- 

 vision of a board of governors, composed of the governor, attorney- 

 general, secretary of state, state treasurer, and state auditor, who shall 

 have the power to adopt rules and regulations for the government of 

 the bank and the transaction of its business which shall not be incon- 

 sistent with this act, nor in conflict with the constitution and laws of 

 the state. Among other things they shall adopt forms of notes and 

 deeds of trust and debenture bonds. 



SEC. 4. The said bank shall be located at the seat of government 

 and annexed to the office of the state bank commissioner, who shall 

 be the manager thereof, and the clerks and employes in his office shall 

 perform all the services necessary in the transaction of such of its 

 business as needs to be transacted in the office or counting room. All 

 additional clerks and servants necessary shall be paid for out of the 

 bank's funds. 



SEC. 5. The bank shall have power to make loans to farmers, 

 evidenced by promissory notes secured by deeds of trust in the nature 

 of mortgage on farm lands, of amounts not in excess of fifty (50) per 



1 Laws of Missouri, 1915, pp. 196-201. 



