Chapter LXXXVI: Section 122: That no loans shall be made by any State association

until--

_First_: There have been organized in the United States at least one thousand local associations, in accordance with sections ninety-nine, one hundred, one hundred and one, and one hundred and two of this Act.

_Second_: Until at least twenty State associations have been organized in accordance with sections one hundred and ten, one hundred and eleven, and one hundred and twelve of this Act.

_Third_: Until there has been paid up in cash the sum of twenty-five million dollars.

_Fourth_: Until there has been organized, as hereinafter provided, the National Land Credit Bank.