Section 2
SEC. 2. Loans from the fund established under this Act shall be extended only to bona fide farmers through the corresponding cooperative association of which he is a member, and organized under existing laws to give credit, market farm products, purchase commodities, and perform other cooperative functions for their members. Farmers' cooperative associations which have been duly organized for the purpose of this Act shall be jointly and severally liable with any of their members for the repayment of any loan granted to such members from the fund established under this Act. With the exception of such liability, no security shall be required for the loans made from the said fund.