Section 440. Commissions and payment of expenses

The savings and loan bank
  may charge each member an annual commission, not to exceed  one-half  of
  one  per  centum,  upon  the  outstanding  bonds and notes issued in its
  behalf, provided, however, that the rate of commission in any year shall
  be the same on  all  outstanding  obligations  in  respect  to  which  a
  commission  is  charged;  or  in  lieu  of charging such commissions the
  expenses incurred on account of any such obligations may be  charged  to
  the member on whose behalf such obligations are issued.