81-15-15 - Organizations may borrow money from Federal Intermediate Credit Bank. - Mississippi Statutes

§ 81-15-15. Organizations may borrow money from Federal Intermediate Credit Bank.
 

Any agricultural credit cooperative association organized hereunder shall have power, and is hereby authorized to borrow money from said Federal Intermediate Credit Bank on its notes or like instruments of indebtedness, when such notes or like instruments of indebtedness are secured by warehouse receipts or shipping documents covering such products, and in the case of live stock by mortgages on the same. No money thus borrowed shall exceed seventy-five percent of the market value of the products covered by said warehouse receipts or shipping documents, or of the live stock covered by said mortgages. 
 

Sources: Codes, 1930, § 6487; 1942, § 4929; Laws,  1924, ch. 272.