ediate 
counts 
ment. 
‘sdersl 
d dis 
aderal 
merm- 
[nter- 
at the 
adiate 
aderal 
DRPO~ 
redit 
regu- 
ibe— 
ount, 
ut its 
f ex- 
ch— 
pose, 
Ad for 
pur- 
ad 
ie, OT 
ents 
adily 
10rt- 
and 
sned 
for 
APPENDIX 
maturity at the time of discount, rediscount, or purchase 
ot exceeding three years. 
af 
(8) To issue, subject to such regulations as the Comp- 
roller 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 deben- 
bures any notes, drafts, bills of exchange, or other securi- 
ies 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 sub- 
stance 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. 
ole 
ae 
ale 
~ 
3 
REDISCOUNT CORPORATIONS 
unt, 
b its 
ort- 
ring 
o 8 
edits 
SEc. 207. (a) That National Agricultural Credit Cor- 
porations 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