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APPENDIX 
of not more than three years. Any Federal Intermediate 
Credit Bank may in its discretion sell loans or discount: 
made under this section, with or without its indorsement 
(d) Rates of interest or discount charged by the Feders) 
Intermediate Credit banks upon such loans and dis 
counts shall be subject to the approval of the Federal 
Farm Loan Board. On the majority vote of the mem- 
bers of the Federal Farm Loan Board any Federal Inter- 
mediate Credit Bank shall be required to rediscount the 
discounted paper of any other Federal Intermediate 
Credit Bank at rates of interest to be fixed by the Federal 
Farm Loan Board. 
Tithe IT —NATIONAL AcricUuLTurRAL CrEDIT CORPO 
RATIONS 8 
ae 
Sec. 203. (a) That each National Agricultural Credit 
Corporation shall have power, under such rules and regu: 
lation as the Comptroller of the Currency may prescribe— 
(1) To make advances upon, to discount, rediscount. 
or purchase, and to sell or negotiate, with or without it 
indorsement or guaranty, notes, drafts, or bills of ex- 
change, and to accept drafts or bills of exchange, which— 
(A) Are issued or drawn for an agricultural purpose, 
or the proceeds of which have been or are to be used for 
an agricultural purpose; 
(B) Have a maturity, at the time of discount, pur- 
chase, or acceptance, not exceeding nine months; and 
(C) Are secured at the time of discount, purchase, or 
acceptance by warehouse receipts or other like documents 
conveying or securing title to nonperishable and readily 
marketable agricultural products, or by chattel mort- 
gages or other like instruments conferring a first and 
paramount lien upon live stock which is being fattened 
for market, or on agricultural crops being grown for 
market. 
(2) To make advances upon or to discount, rediscount, 
or purchase, and to sell or negotiate with or without its 
indorsement or guaranty, notes secured by chattel mort- 
gages conferring a first and paramount lien upon maturing 
or breeding live stock or dairy herds, and having a 
EE ——— 
$ The section numbers under this title refer to sections of the Agricultural Credits 
Act of 1923,