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.