81-15-13 - Organizations may discount or sell paper to Federal Intermediate Credit Bank.
§ 81-15-13. Organizations may discount or sell paper to Federal Intermediate Credit Bank.
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.
Sources: Codes, 1930, § 6486; 1942, § 4928; Laws, 1924, ch. 272.