J 
APPENDIX 
(1) and (2) of subdivision (a) of such section, sucl 
corporations shall have powers,— 
(1) Upon the indorsement of any National Agricultura 
Credit Corporation, or of any bank or trust compan) 
which is a member of the Federal Reserve System, t¢ 
rediscount for such corporation, bank, or trust company 
notes, drafts, bills of exchange, and acceptances, which 
conform to the requirements of paragraphs (1) and (2 
of subdivision (a) of section 203. Such indorsement 
shall be deemed to be a waiver of demand notice and 
protest by such corporation as to its own indorsemen’ 
exclusively, 
(2) To discount or purchase notes, drafts, or bills of 
exchange issued or drawn by cooperative associations of 
producers of agricultural products, provided such notes, 
drafts, or bills of exchange are secured at the time of 
discount or purchase by warehouse receipts or other like 
documents conveying or securing title to nonperishable 
and readily marketable agricultural products, and have 
a maturity at the time of discount or purchase not ex- 
ceeding nine months. 
(3) To sell or necotiate with or without recourse any 
note, draft, or bill of exchange discounted or purchased 
hereunder. 
(b} National Agricultural Credit Corporations organ- 
ized under the provisions of this section, shall not be sub- 
ject to the limitations contained in section 204, but the 
Comptroller of the Currency may, by general regulations. 
from time to time prescribe the amount of indebtedness. 
direct or contingent, which such corporations may incur, 
and the aggregate amount of paper of different types 
which such corporations may rediscount for any one 
corporation. 
(¢) Corporations with powers limited, as provided in 
this section, shall not be subject to the requirements as 
to deposit of bonds or other obligations of the United 
States, as provided in section 208 of this title, 
PERMIT TO BEGIN BUSINESS 
Sec. 208. (a) That no National Agricultural Credit 
Corporation, except corporations with powers limited as 
provided in section 207, shall commence business until 
it has deposited with the Federal reserve bank of the 
district wherein it has its place of business, bonds or