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APPENDIX

maturity at the time of discount, rediscount, or purchase
ot exceeding three years.
af

(8) To issue, subject to such regulations as the Comproller
 of the Currency may prescribe, collateral trust
lotes or debentures, with a maturity not exceeding three
years, and to pledge as security for such notes or debenbures
 any notes, drafts, bills of exchange, or other securiies
 held by the corporation under the terms of this title.
The regulations of the Comptroller of the Currency may
srescribe the form of notes or debentures, and of notes,
drafts, bills of exchange, warehouse receipts, chattel
Mortgages, or other instruments which may be pledged
3s. security therefor, the provisions which may be made
with regard to release, substitution, or exchange of such
securities, and with regard to protection, supervision,
mspection, and reinspection of the agricultural commodi-‘ies
 or live stock pledged or mortgaged as security
*herefor.
_(b) The United States Government shall assume no
liability, direct or indirect, for any debentures or other
sbligations issued under this title, and all such debentures
and. other obligations shall contain conspicuous and
appropriate language, to be prescribed in form and substance
 by the Comptroller of the Currency and approved
by the Secretary of the Treasury, clearly indicating that
no such liability is assumed.
(¢) Any obligation referred to in paragraphs (1) or (2)
of subdivision (a) of this section, which is secured by
chattel mortgage upon live stock of an estimated market
value at least equal to the face amount of such obligation,
may be additionally secured by mortgage or deed of trust
1pon real estate or by other securities, under such regula-“ions
 as may be made by the Comptroller of the Currency.

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3

REDISCOUNT CORPORATIONS

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SEc. 207. (a) That National Agricultural Credit Corporations
 having an authorized capital stock of $1,000,000
or over may be organized under the provisions of this
title, to exercise all the powers enumerated in section 203
sxcept that in lieu of the powers conferred in paragraphs