Benjamin N. Cardozo

“ Upon applying for a loan, the applicant 'shall subscribe for shares of stock in such farm loan association to an amount equal to 5 per centum of the face of the desired loan,' the subscription at his election to be paid out of the proceeds, and the stock to be held by the association as collateral security. 'Said capital stock shall be paid off at par and retired upon full payment of said loan.' Id. ”

“ Whether the respondent may vote upon his stock, after his mortgage has been paid in full, until the shares have been redeemed, and whether he has a remedy to compel the Farm Credit Administration to liquidate the business promptly, are questions that have been considered in the briefs, but that do not call for answer upon the record now before us. ”

“ With few exceptions, the only assets which a farm loan association has or can have are the shares which it takes in the federal land bank to counter-balance the shares of its own stock taken by he borrower, together with dividends distributed by the bank, and reasonable charges for necessary expenses, not in excess of '1 per centum of the amount of the loan applied for.' Byrne v. ”