Section 11-34-107 – Quorum; Loan; Votes Required; Record.
11-34-107. Quorum; loan; votes required; record. A majority of the board constitutes a quorum. No loan shall be made except upon the affirmative vote of not less than three (3) of the members, and the records of the meeting shall show which members voted to approve the loan.
Section 11-34-108 – Loans on Lands Subject to Preexisting Liens; Effect.
11-34-108. Loans on lands subject to preexisting liens; effect. The board may loan money on and take as security farm lands subject to liens, charges or assessments for drainage, reclamation or irrigation purposes, payable in installments, not due at the time of making the loan, and the mortgage taken to secure the loan shall, notwithstanding […]
Section 11-34-101 – Definitions.
11-34-101. Definitions. (a) As used in this act: (i) “First mortgage” means first and superior liens on farm lands except as hereinafter provided, the fee simple title to which is in the proposed borrower; (ii) “Farm land,” “farm” and “farms” includes: (A) Lands used principally for raising agricultural products; (B) Lands used principally for dairying […]