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"Seventh. The amount of loans to any one borrower shall in no case exceed a maximum of $100,000, but loans to any one borrower shall not exceed $25,000 unless approved by the Land Bank Commissioner, nor shall any one loan be for a less sum than $100, but preference shall be given to applications for loans of $10,000 and under."

SEC. 3. All of paragraph "Tenth" of section 13 of the Federal Farm Loan Act, as amended (title 12, U. S. C. 781, Tenth), except the first and third sentences thereof is hereby repealed. The Secretary of the Treasury shall cause to be carried to the surplus fund and covered into the Treasury the total amount appropriated for subscriptions to paidin surplus of the Federal land banks and now held in the revolving fund created pursuant to the provisions of law hereby repealed.

SEC. 4. The first paragraph of section 22 of the Federal Farm Loan Act, as amended (title 12, U. S. C. 891), is hereby amended to read as follows:

"Whenever any Federal land bank, or joint-stock land bank, shall receive any principal payments upon any first mortgage or bond pledged as collateral security for the issue of farm-loan bonds, it shall forthwith notify the farm-loan registrar thereof as may be required by the Farm Credit Administration. Said registrar shall reflect such payment on his records in such manner as may be prescribed by the Farm Credit Administration. Upon notice from the bank that any such mortgage is paid in full, said registrar shall cause the same to be delivered to the proper land bank, which shall promptly cancel said mortgage and transmit such canceled mortgage, together with a release or satisfaction thereof as may be required to satisfy and discharge the lien of record, to the original maker thereof, or his heirs, administrators, executors, or assigns."

SEC. 5. The first sentence of section 5 (a) of the Farm Credit Act of 1937 (50 Stat. 703) is amended to read as follows: "There shall be twelve districts in the United States, including Alaska, Puerto Rico, and Hawaii, which shall be known as Farm Credit Districts and may be designated by number."

Approved October 29, 1949.

[PUBLIC LAW 439-818T CONGRESS]
[CHAPTER 792-1ST SESSION]

[H. R. 5345]

AN ACT

To stabilize prices of agricultural commodities.

SEC. 417. (a) Section 41 of the Farm Credit Act of 1933 (U. S. C., title 12, sec. 1134c) is amended by adding at the end thereof the following:

"Notwithstanding any limitations or conditions imposed by law, but subject to the availability of funds, each Bank for Cooperatives shall have power and authority to make separate loans to cooperative associations as defined in the Agricultural Marketing Act, as amended, for the purpose of financing the construction of structures for the storage of agricultural commodities (other than structures to provide refrigerated cold storage or structures in areas in which existing privately owned storage facilities for the commodity concerned are adequate) in amounts up to a maximum of 80 per centum of the cost of such structures, as approved by the Bank for Cooperatives to whom application is made for the loan: Provided, That the cooperative association which has applied for any loan shall have furnished to the Bank for Cooperatives an appropriate commitment from the Commodity Credit Corporation that the Commodity Credit Corporation will lease or guarantee utilization of not less than 75 per centum of the storage space contained in such structures when completed for a period of at least three years if such structures are not additions to existing structures, or two years if such structures are additions to existing structures."

(b) Section 34 of the Farm Credit Act of 1933 (U. S. C., title 12, sec. 1134j) is amended by adding at the end thereof the following: "Notwithstanding any limitations or conditions imposed by law, but subject to the availability of funds, the Central Bank for Cooperatives shall have power and authority to make separate loans to cooperative associations as defined in the Agricultural Marketing Act, as amended, for the purpose of financing the construction of structures for the storage of agricultural commodities (other than structures to provide refrigerated cold storage or structures located in areas in which existing privately owned storage facilities for the commodity concerned are adequate) in amounts up to a maximum of 80 per centum of the cost of such structures, as approved by such bank: Provided, That the cooperative association which has applied for any loan shall have furnished to such bank an appropriate commitment from the Commodity Credit Corporation that the Commodity Credit Corporation will lease or guarantee utilization of not less than 75 per centum of the storage space contained in such structures when completed for a period of at least three years if such structures are not additions to existing structures, or two years if such structures are additions to existing structures."

Approved October 31, 1949.

(EXTRACT FROM)

[PUBLIC LAW 759-81ST CONGRESS]

[CHAPTER 896-2D SESSION]

[H. R. 7786]
AN ACT

Making appropriations for the support of the Government for the fiscal year ending June 30, 1951, and for other purposes.

CHAPTER VI-DEPARTMENT OF AGRICULTURE

TITLE III-REDUCTIONS IN APPROPRIATIONS Amounts available from appropriations are hereby reduced in the sums hereinafter set forth, such sums to be carried to the surplus fund and covered into the Treasury immediately upon the approval of this chapter:

An amount of $199,990,000 in the revolving fund held in the Treasury available to the Governor, Farm Credit Administration, as authorized by the Federal Farm Mortgage Corporation Act, as amended (12 U. S. C. 1020b), for resubscriptions to the capital stock of the Federal Farm Mortgage Corporation.

The total amount of $125,000,000 in the revolving fund appropriated to the Office of the Secretary, Treasury Department, as authorized by the Federal Farm Loan Act, as amended (12 U. S. C. 698), for subscriptions to the capital stock of the Federal land banks.

Approved September 6, 1950.

(272)

[PUBLIC LAW 760-81ST CONGRESS]

[CHAPTER 897-2D SESSION]

[H. R. 4800]

AN ACT

To direct the Secretary of Agriculture to convey certain mineral interests, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That, notwithstanding any other provisions of law, the Secretary of Agriculture (hereinafter referred to as the "Secretary") is authorized and directed to sell, as hereinafter provided, all mineral interests now owned by the United States, which have been reserved or acquired by it under any program heretofore administered by the Resettlement Administration, or the Farm Security Administration, or now administered by the Farmers Home Administration, except the program administered pursuant to title III of the Bankhead-Jones Farm Tenant Act, as amended, and the program for the liquidation of labor camps pursuant to Public Law 298, Eightieth Congress.

SEC. 2. Such mineral interests shall be sold only to private persons who shall apply therefor and who at the time of application are the owners of the surface of the land covered by the application. Applicants shall establish their title to the surface of the land covered by the application to the satisfaction of the Secretary at their own expense. Conveyances of mineral interests shall be by quitclaim deed executed by the Secretary or his delegate.

SEC. 3. In areas where the Secretary determines after consultation with the Department of the Interior and competent local authorities that there is no active mineral development or leasing, the mineral interests covered by a single application shall be sold for a consideration of $1. In other areas the mineral interests shall be sold at the fair market value thereof as determined by the Secretary after taking into consideration such appraisals as he deems necessary or appropriate. Area determinations made by the Secretary pursuant to this section may be revised from time to time and the consideration to be cbtained for the mineral interests in connection with any particular tract of land shall be determined by the rule applicable to the area in which the tract is located at the time of the application therefor: Provided, That, in the event any mineral interests covered by this Act are not sold as provided herein pursuant to application filed within seven years from the effective date of this Act or within seven years from the date of acquisition of the mineral interests of the United States, whichever date is later, the Secretary shall forthwith transfer title to such mineral interests, with the exception of those which were a part of or derived from the assets transferred pursuant to transfer agreements with State rural rehabilitation corporations, to the Secretary of the Interior to be administered under the mineral laws of the United States.

SEC. 4. The Secretary is directed to authorize the Federal Farm Mortgage Corporation to sell and convey the mineral interests heretofore or hereafter acquired by it in conformity with the policy expressed in this Act with respect to the mineral interests described in section 1 hereof.

SEC. 5. All proceeds from sales made under this Act of mineral interests described in section 1 hereof shall be covered into the Treasury of the United States as miscellaneous receipts, except that the proceeds from sales of mineral interests which were a part of or derived from the assets transferred pursuant to the transfer agreements with State rural rehabilitation corporations shall be credited to the appropriate corporation account.

SEC. 6. The Secretary may make such rules and regulations and such delegations of authority as he may deem necessary to carry out the provisions of this Act.

SEC. 7. No application for the purchase of mineral interests under this Act shall be filed until ninety days after this Act becomes effective. SEC. 8. There is authorized to be appropriated to the Secretary such sums as Congress may from time to time determine to be necessary to enable the Secretary to carry out the provisions of this Act. Approved September 6, 1950.

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