Agricultural credit corporations and agricultural credit cooperative associations organized hereunder shall have power to discount with, or sell to the Federal Intermediate Credit Bank of New Orleans, Louisiana, any note, draft, bill of exchange, debenture, or other obligation, the proceeds of which have been advanced or used in the first instance for any agricultural purpose, or for the raising, breeding, fattening, or marketing of live stock, provided the amount of such paper added to the aggregate liabilities of such corporation or association does not exceed ten times the paid in and unimpaired capital and surplus of such corporation or association.
Miss. Code Ann. § 81-15-13
Organizations may discount or sell paper to Federal Intermediate Credit Bank
Known as the Mississippi Rural Credit Law
The act spans §§ 81–81 (16 sections).
Codes, 1930, § 6486; 1942, § 4928; Laws, 1924, ch. 272.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.