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200.3 Principal place of business and branch offices. The office and principal place of business of said corporation outside the State of Delaware shall be in the city of Washington, and branch offices may be established in such places within the United States as the said board of directors shall select and determine by and with the consent of the Secretary of Agriculture and the Governor of the Farm Credit Administration.**

200.4 Capital stock of corporation. The capital stock of such corporation shall consist of 30,000 shares of the par value of $100 each.**

200.5 Authority to define methods for conduct of business. The Secretary of Agriculture and the Governor of the Farm Credit Administration are hereby authorized and directed to cause said. corporation to be formed, with such articles or certificate of incorporation, and bylaws, which they shall deem requisite and necessary to define the methods by which said corporation shall conduct its business.*t

200.6 Subscription for capital stock authorized. The Secretary of Agriculture and the Governor of the Farm Credit Administration are authorized and directed to subscribe for all of said capital stock for the use and benefit of the United States. There is hereby set aside for the purpose of subscribing to the capital stock in said corporation the sum of $3,000,000 out of the appropriation of $100,000,000 authorized by section 220 of the National Industrial Recovery Act (48 Stat. 210; 40 U.S.C. 411) and made by the Fourth Deficiency Act, fiscal year 1933, approved June 16, 1933 (48 Stat. 275).*†

200.7 Provision for voting outstanding stock. It is hereby further ordered that any outstanding stock standing in the name of the United States shall be voted by the Secretary of Agriculture and the Governor of the Farm Credit Administration jointly, or by such person or persons as the said Secretary of Agriculture and the Governor of the Farm Credit Administration shall appoint as their joint agent or agents for that purpose.*†

200.8 Provision for filling vacancies on board of directors. The board of directors (other than the initial board of directors elected by the incorporators) shall be elected, and any vacancies thereon shall be filled by the Secretary of Agriculture and the Governor of the Farm Credit Administration jointly, subject to the approval of the President of the United States.**

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**For statutory and source citations, see note to § 200.1.

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(e) Eligible paper.

201.12 Liability of producer.

201.13 Direct loans.

201.14 Conditions of loans and purchases.

201.15 Obligation of lending agency.

201.2 Areas in which loans will be 201.16 Reconstruction Finance Corpo

made.

201.3 Documents required.

201.4 Source and preparation of documents.

201.5 201.6

Farm warehouse certificates.
Amount.

201.7 Inspection and sealing of corn.
201.8 Certificate of seller.
201.9 Listing of lienholders.
201.10 Tenant loans.

ration loan agencies.

201.17 Federal Reserve Banks as fiscal agents of Reconstruction Finance Corporation.

201.18 Release of collateral.

201.19 Insurance certificate referred to in 201.11; form.

201.20 Special (corn) endorsement providing the basis of adjustment in case of loss; form.

Section 201.1 Definitions. As used in the instructions in this part and in the note and loan agreement relating thereto, unless the context requires otherwise, the following terms will be construed to mean

(a) Eligible producer. Any person, partnership, association, or corporation producing or acquiring corn, either as landowner, landlord, or tenant, who has received or will receive a grant payment in connection with his participation in the 1937 Agricultural Conservation Program.

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(b) Eligible corn. Merchantable field corn, husked and in the ear, containing not more than 2012 percent moisture on the basis of a sample taken from each crib of corn offered to be sealed (each sample to be representative of the entire quantity of corn in the crib from which the sample is obtained) which was produced in 1937 by an "eligible producer" on a farm in the areas hereinafter named,

(1) The beneficial title to which is and always has been in the eligible producer; or

(2) Purchased by one eligible producer from another eligible producer who has executed the certificate of the seller which is a part of the 1937-38 CCC Corn Form A.

(c) Eligible crib. Foundation: Substantial enough to bear the load of corn and crib without the possibility of its settling to an extent which might cause the crib to warp and break open. Floor: Strongly constructed and high enough above the ground level to facilitate ventilation and afford protection against damage to the stored corn from moisture and rodents. Walls: Slatted, cribbed, or ventilated on both sides beginning at the floor line. Width: Narrow enough to afford ample cross ventilation to dry out the corn under the prevailing climatic conditions of the locality where the crib is located. Roof: Tight and substantial enough to protect the corn against prevalent weather conditions for a period of 2 years. Struc

For use only in eligible states having Farm Storage Acts. 'Moisture tests for determining moisture content are to be made by electric testing machines in State Agricultural Conservation Offices in accordance with methods prescribed for this purpose in the Official Grain Standards Manual.

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ture: Studs, joists, braces and cross ties of sufficient dimension and frequency to withstand any ordinary breaking pressures. Sealing structure: The crib must be completely and securely enclosed, and sealed in such manner as to require a forceful breaking to make entry into the crib.

(d) Lending agency. Any bank, cooperative marketing association, or other corporation, partnership, or person lending money upon the 1937-38 CCC Corn Form A which has executed the Contract to Purchase on 1937-38 CCC Corn Form D. (A Loan Agency of the Reconstruction Finance Corporation is not included within this definition.)

(e) Eligible paper. Notes of producers with loan agreements upon 1937-38 CCC Corn Form A, or any form hereinafter approved by Commodity Credit Corporation executed on a date subsequent to December 1, 1937, and until further notice, together with supporting documents herein specified. Notes tendered for purchase by lending agencies in the State of Indiana, wherein the original payee is not a bank, trust company, building and loan association, rural loan and savings association, guaranty loan and savings association, or insurance company or association, to be acceptable must have affixed thereto stamps evidencing the payment of taxes as provided in Chapter 81, Acts Indiana General Assembly, 1933, as amended.* [1937-38 CCC Corn Form 1, as amended by 1937 Corn Circ. Letter 4, Mar. 15, 1938, 3 F.R. 1399 (DI)]

*§§ 201.1 to 201.20, inclusive, issued under the authority contained in E.O. 6340, Oct. 16, 1933, sec. 7, 49 Stat. 4, sec. 2, 50 Stat. 5.

201.2 Areas in which loans will be made. Loans will be made pursuant to the instructions in this part in the following counties of the following States:

Illinois. All counties.

Indiana. All counties except Brown, Crawford, Jefferson, Ohio, Perry, Scott, Switzerland.

Iowa. All counties.

Kansas. Anderson, Atchison, Brown, Cheyenne, Clay, Cloud, Coffey, Decatur, Doniphan, Douglas, Franklin, Geary, Graham, Jackson, Jefferson, Jewell, Johnson, Leavenworth, Linn, Lyon, Marshall, Miami, Morris, Morton, Nemaha, Osage, Phillips, Pottawatomie, Rawlins, Republic, Riley, Shawnee, Sherman, Smith, Wabaunsee, Washington, Wyandotte.

Minnesota. Anoka, Big Stone, Blue Earth, Brown, Carver, Chippewa, Cottonwood, Dakota, Dodge, Faribault, Fillmore, Freeborn, Goodhue, Grant, Hennepin, Houston, Jackson, Kandiyohi, Lac Qui Parle, Le Sueur, Lincoln, Lyon, McLeod, Martin, Meeker, Mower, Murray, Nicollet, Nobles, Olmsted, Pipestone, Pope, Redwood, Renville, Rice, Rook, Scott, Sherburne, Sibley, Steele, Stevens, Swift, Traverse, Wabasha, Waseca, Washington, Watonwan, Winona, Wright, Yellow Medicine. Missouri. Adair, Andrew, Atchison, Audrain, Barton, Bates, Benton, Boone, Buchanan, Caldwell, Callaway, Carroll, Cass, Cedar, Chariton, Clark, Clay, Clinton, Cole, Cooper, Dade, Daviess, De Kalb, Franklin, Gasconade, Gentry, Grundy, Harrison, Henry, Holt, Howard, Jackson, Jasper, Johnson, Knox, Lafayette, Lewis, Lincoln, Linn, Livingston, Macon, Marion, Mercer, Moniteau, Monroe, Montgomery, Morgan, Nodaway, Pettis, Pike, Platte, Putnam, Ralls, Randolph, Ray, St. Charles, St. Clair, St. Louis, Saline, Schuyler, Scotland, Shelby, Sullivan, Vernon, Warren, Worth.

Nebraska. Adams, Antelope, Boone, Boyd, Buffalo, Burt, Butler, Cass, Cedar, Chase, Clay, Colfax, Cuming, Custer, Dakota, Dawson, Dixon, Dodge, Douglas, Dundy, Fillmore, Franklin, Frontier, Furnas, Gage, Gosper, Greeley, Hall, Hamilton, Harlan, Hayes, Hitchcock, Holt, Howard, Jefferson, Johnson, Kearney, Keith, Knox, Lancaster, Lincoln, Madison, Merrick, Nance, Nemaha, Nuckells, Page 4

Otoe, Pawnee, Perkins, Phelps, Pierce, Platte, Polk, Redwillow, Richardson, Saline, Sarpy, Saunders, Seward, Sherman, Stanton, Thayer, Thurston, Valley, Washington, Wayne, Webster, Wheeler, York.

Ohio. Adams, Allen, Ashland, Auglaize, Brown, Butler, Champaign, Clark, Clermont, Clinton, Coshocton, Crawford, Darke, Defiance, Delaware, Erie, Fairfield, Fayette, Franklin, Fulton, Greene, Hamilton, Hancock, Hardin, Henry, Highland, Holmes, Huron, Jackson, Knox, Logan, Lorain, Lucas, Madison, Marion, Mercer, Miami, Montgomery, Morrow, Muskingum, Ottawa, Paulding, Perry, Pickaway, Pike, Preble, Putnam, Richland, Ross, Sandusky, Sciota, Seneca, Shelby, Union, Van Wert, Warren, Williams, Wood, Wyandot.

South Dakota, Bon Homme, Brookings, Charles Mix, Clay, Davidson, Deuel, Douglas, Grant, Hanson, Hutchinson, Kingsbury, Lake, Lincoln, McCook, Miner, Minnehaha, Moody, Roberts, Sanborn, Turner, Union, Yankton.

Wisconsin. Columbia, Dane, Dodge, Fond du Lac, Grant, Greene, Green Lake, Iowa, Jefferson, Kenosha, Lafayette, Racine, Rock, Sauk, Walworth, Washington, Winnebago.*†

†In 88 201.2 to 201.18, inclusive, the numbers to the right of the decimal point correspond with the respective section numbers in Instructions concerning the making of corn loans by Commodity Credit Corporation, 1937-38 CCC Corn Form 1, 3 F.R. 123.

201.3 Documents required. The following documents must be delivered in connection with every loan made or purchased by the Commodity Credit Corporation. The forms are identified and no reprints or substitutes may be used.

(a) Note of producer (1937-38 CCC Corn Form A).

(b) Loan Agreement (1937-38 CCC Corn Form A).

(c) Original and duplicate producer's Letter of Transmittal (193738 CCC Corn Form B), or lending agency's Letter of Transmittal (1937-38 CCC Corn Form C), whichever is appropriate.

(d) Farm Warehouse Certificates issued subsequent to December 1, 1937, under authority of the farm storage warehouse laws of States hereinbefore named.

(e) Insurance Certificate in form printed at the end of the instructions in this part or in form containing identical terms and conditions, except that hail coverage may be excluded.*t

CROSS REFERENCE: For insurance certificate, see § 201.19.

201.4 Source and preparation of documents. With the exception of the farm warehouse certificates, which will be issued by authorized State sealers, forms may be obtained from any County Agricultural Conservation Committee, in the counties listed in § 201.2, or any Loan Agency of the Reconstruction Finance Corporation listed in & 201.16.

All blanks in 1937-38 CCC Corn Form A must be filled in with ink, typewriter, or indelible pencil and no documents containing additions, alterations, or erasures, will be accepted by the Commodity Credit Corporation. The white copy marked "Original" will be executed and the colored copy marked "Duplicate" will be retained by the producer.

The Corn Sealer's Work Sheet (1937-38 CCC Corn Form K) and the Moisture Test Form (1937-38 CCC Corn Form H) will be retained by the County Agricultural Conservation Committee. To be acceptable to Commodity Credit Corporation the certificate contained in Section 15 of the note and loan agreement must be executed by the County Agricultural Conservation Committee.*t

*For statutory citation, see note to § 201.1.

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201.5 Farm warehouse certificates. These certificates must be in form approved by the State Warehouse Supervising Authority and the Commodity Credit Corporation. They must be issued by a sealer, or inspector, who is properly authorized by the State Warehouse Supervising Authority.

Each certificate must designate as a delivery point, a railroad loading station convenient to the producer or state that delivery will be made of the corn at a grain elevator or other point designated by the holder of the certificate, which is reasonably convenient to the producer for delivery purposes. All farm warehouse certificates and duplicates thereof must be assigned by all the parties to whom issued with a legend in substantially the following form:

For value received the undersigned hereby endorses, assigns, transfers, and delivers to the holder of the original of this certificate the corn therein described as collateral security to any indebtedness due said holder.

A duplicate copy of the certificate after assignment must be filed for record with the respective local or county officials as follows:

In all of the States listed in §201.2, the original certificate and duplicate marked "Duplicate Certificate, No Value," will be issued to the producer by the Sealer or Inspector, except in Minnesota and Nebraska, where they are issued by the Railroad and Warehouse Commission and the State Railway Commission, respectively.

To be acceptable to Commodity Credit Corporation, the original certificate must have stamped or printed thereon the receipt of the proper county official, stating that the duplicate thereof has been filed of record, as authorized by law, in the county in which the corn is stored.

In Kansas, Minnesota, South Dakota, and Wisconsin, the duplicate is to be filed with the register of deeds; in Iowa, Indiana, and Ohio, with the county recorder; in Illinois and Missouri, with the recorder of deeds; and in Nebraska, with the county clerk.*+

201.6 Amount. Loans will be made at the rate of 50 cents per bushel, a bushel being determined by using not less than 22 cubic feet of ear corn testing 14 percent in moisture content. A deduction will be made for moisture content in excess of 14 percent in accordance with the following table:

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201.7 Inspection and sealing of corn. Any eligible producer with eligible corn desiring to obtain a loan should first "level off" the corn contained in the crib(s) which he is offering as collateral and then completely enclose such crib(s). Completing this, he should arrange with the County Warehouse Board or Authorized State Sealer or Inspector for an inspection of his corn and crib(s). An inspection of the corn crib (s) and the corn contained therein will then be made. It shall be the sealer's duty to secure representative samples of corn from each crib to be sealed, as well as to record on the Corn Sealer's Work Sheet (1937-38 CCC Corn Form K) pertinent information regarding the crib structure and crib measure

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*For statutory citation, see note to § 201.1.

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