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APPENDIX 
(3) To make loans or advances direct to any cooper- 
ative association organized under the laws of any State 
and composed of persons engaged in producing, or pro- 
ducing and marketing, staple agricultural products, or 
live stock, if the notes or other such obligations repre- 
senting such loans are secured by warehouse receipts, 
ind /or shipping documents covering such products and/or 
mortgages on live stock: Provided, That no such loan or 
tdvance shall exceed 75 per centum of the market value 
of the products covered by said warehouse receipts and/or 
shipping documents, or of the live stock covered by said 
mortgages. 
(b) No paper shall be purchased from or discounted for 
any national bank, State bank, trust company, or savings 
‘stitution under this section, if the amount of such paper 
added to the aggregate liabilities of such national bank, 
State bank, trust company or savings institution, whether 
direct or contingent (other than bona fide deposit lia- 
bilities), exceeds the amount of such liability permitted 
under the laws of the jurisdiction creating the same; 
or exceeds twice the paid in and unimpaired capital 
and surplus of such national bank, State bank, trust 
‘ompany, or savings institution. No paper shall under 
this section be purchased from or discounted for any other 
‘orporation engaged in making loans for agricultural 
Purposes or for the raising, breeding, fattening, or market- 
ing of live stock, if the amount of such paper added to 
the aggregate liabilities of such corporation exceeds the 
Amount of such liabilities permitted under the laws of the 
jurisdiction creating the same; or exceeds ten times the 
paid in and unimpaired capital and surplus of such 
corporation. It shall be unlawful for any national bank 
which is indebted to any Federal Intermediate Credit 
Bank upon paper discounted or purchased under this 
section, to incur any additional indebtedness, if by virtue 
of such additional indebtedness its aggregate liabilities, 
direct or contingent, will exceed the limitations herein 
*ontained.’ 
(¢) Loans, advances, or discounts made under this 
section shall have a maturity at the time they are made 
or discounted bv the Federal Intermediate Credit Bank 
"This provision in effect amends sec. 5202, Revised Statutes, and sec. 13, Federal 
Reserve Act. 
I