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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,
