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ation, or corporation shall at no time exceed 10 per 
entum of the amount of the capital stock of such associa- 
bon 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, associa- 
lion 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