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ation, or corporation shall at no time exceed 10 per
entum of the amount of the capital stock of such associabon
 actually paid in and unimpaired and 10 per centum
of its unimpaired surplus fund. The term “obligations”
shall mean the direct lability of the maker or acceptor
of Paper discounted with or sold to such association and the
lability of the indorser, drawer, or guarantor who obtains
2 loan from or discounts paper with or sells paper under
his guaranty to such association and shall include in the
tase of obligations of a copartnership or association the
bligations of the several members thereof. Such
itation of 10 per centum shall be subject to the fol-OWing
 exceptions:
(1) Obligations in the form of drafts or bills of exchange
Irawn in good faith against actually existing values shall
10t be subject under this section to any limitation based
pon such capital and surplus.
(2) Obligations arising out of the discount of commer-“lal
 or business paper actually owned by the person,
“Opartnership, association, or corporation negotiating
the same shall not be subject under this section to any
Imitation based upon such capital and surplus.
®) Obligations drawn in good faith against actually
*Xisting values and secured by goods or commodities in
Process of shipment shall not be subject under this section
'o any limitation based upon such capital and surplus.
(4) Obligations as indorser or guarantor of notes, other
than commercial or business paper excepted under (2)
hereof, having a maturity of not more than six months,
and owned by the person, corporation, association, or
*opartnership indorsing and negotiating the same, shall
% subject under this section to a limitation of 15 per
tentum of such capital and surplus in addition to such
10 per centum of such capital and surplus.
(5) Obligations in the form of banker’s acceptances of
dther banks of the kind described in section 13 of the
Federal Reserve Act shall not be subject under this
section to any limitation based upon such capital and
surplus.
_ (6) Obligations of any person, copartnership, associalion
 or corporation, in the form of notes or drafts secured
by shipping documents, warehouse receipts or other such
documents transferring or securing title covering readily
marketable nonperishable staples when such property is