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(PUBLIC-No. 436718T CONGRESS)

(S. 4028)

An Act To amend the Federal Farm Loan Act as amended.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Federal Farm Loan Act, as amended (U. Š. C., title 12), be, and it is hereby, amended so that effective as to appropriations for and expenditures of the Federal Farm Loan Board for the fiscal year beginning July 1, 1930, and thereafter, the assessments to be made under section 3 of said Act (U. S. C., title 12, ch. 7, sec. 657) by said board against the Federal land banks, joint-stock land banks, and Federal intermediate credit banks shall be the amount of the expenses and salaries of the employees engaged in the work of the division of examinations of the Federal Farm Loan Bureau as estimated by the said board, such expenses and salaries, together with all other expenses and salaries of the said board, to be disbursed on appropriations duly made by the Congress. Approved, June 26, 1930.

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[S. 4287] An Act To amend section 202 of Title II of the Federal Farm Loan Act by providing for loans by Federal intermediate credit banks to financing institutions on bills payable and by eliminating the requirement that loans, advances, or discounts shall have a minimum maturity of six months.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 202 (a) of Title II of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 8, sec. 1031), be amended by substituting a semicolon for the period at the end of paragraph (1) thereof and adding thereafter the following new matter: and to make loans or advances direct to any such organization, secured by such obligations."

Seo. 2. That section 202 (c) of Title II of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 8, sec. 1033), be amended by striking out the words “ less than six months nor," so that said section will read as follows:

"Loans, advances, or discounts made under this section shall have a maturity at the time they are made or discounted by the Federal intermediate credit bank of not more than three years. Any Federal intermediate credit bank may in its discretion sell loans or discounts made under this section, with or without its indorsement." Approved, June 26, 1930.

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(PUBLICNO. 865—71st CONGRESS)

(H. R. 12063)
An Act To amend section 16 of the Federal Farm Loan Act.

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Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 16 of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 7, secs. 811–823), be amended by substituting in the eighth paragraph thereof (U. S. C., title 12, ch. 7, sec. 818) a comma for the period at the end of the first sentence and adding the following new matter: except as hereinafter provided."

SEC. 2. That section 16 of the Federal Farm Loan Act, as amended, be further amended by inserting after the last paragraph thereof (U. S. C., title 12, ch. 7, sec. 823) the following new paragraph:

"In any case where a joint-stock land bank has been, or may be, declared insolvent and placed in the hands of a receiver by the Federal Farm Loan Board, any Federal land bank or joint-stock land bank may, in the manner as may be prescribed by the Federal Farm Loan Board and with the approval of the Federal Farm Loan Board, acquire the assets and assume the liabilities of said jointstock land bank in the hands of a receiver. Any joint-stock land bank which has acquired or may hereafter acquire the assets and which has assumed or may hereafter assume the liabilities of another joint-stock land bank may, if authorized by the Federal Farm Loan Board, make loans secured by first mortgages on farm lands within the States in which the other joint-stock land bank was authorized to make loans at the time of such acquisition, and the acquiring bank may, with the approval of the Federal Farm Loan Board, continue to make loans in the States where it was authorized to make loans at the time of such acquisition: Provided, however, that the acquiring bank shall not be authorized to make loans at any one time in more than five States, of which one shall be the State in which the bank has its principal office, one shall be contiguous to such State, the other shall be the States in which the acquired joint-stock land banks were authorized to make loans at the time of such acquisition, and all of said five States shall be situated in contiguous territory." Approved, March 4, 1931.

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(H. R. 6172]

AN ACT To amend the Federal Farm Loan Act, as amended, to provide for additional

capital for Federal land banks, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 5 of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 7,

73 secs. 691–697), is amended by inserting after the word “subscribed" in the sixth paragraph thereof the words“ by national farm loan associations, by borrowers through agencies, and by borrowers through branch banks

SEC. 2. Section 5 of the Federal Farm Loan Act, as amended (U. S. C.

, title 12, ch. 7, secs. 691–697), is further amended by adding at the end thereof a new paragraph as follows:

“It shall be the duty of the Secretary of the Treasury on behalf of the United States, upon the request of the board of directors of any Federal land bank made with the approval of the Federal Farm Loan Board, to subscribe from time to time for capital stock of such bank in an amount or amounts specified in such approval or approvals, such subscriptions to be subject to call in whole or in part by the board of directors of said bank upon thirty days' notice with the approval of the Federal Farm Loan Board. The Secretary of the Treasury is hereby authorized and directed to take out and pay for shares having an aggregate par value equal to the amounts so called; and to enable the Secretary of the Treasury to pay for stock issued hereunder there is hereby authorized to be appropriated the sum of $125,000,000 such stock to be nonvoting. Shares of stock issued pursuant to this paragraph shall be paid off at par and retired in the same manner as the original capital stock of said bank after said original stock outstanding, if any, has been paid off and retired: Provided, however, That stock issued pursuant to this paragraph may at any time, in the discretion of the directors and with the approval of the Federal Farm Loan Board, be paid off at par and retired in whole or in part; and that said board may at any time require such stock to be paid off at par and retired in whole or in part if in the opinion of the board the bank has resources available therefor. The proceeds of all repayments on account of stock issued pursuant to this paragraph shall be held in the Treasury of the United States and shall be available for the purpose of paying for other stock thereafter issued pursuant to this paragraph.”

SEC. 3(a). Section 23 of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 7, secs. 901, 902), is amended, effective July 1, 1932, by adding at the end thereof a new paragraph as follows:

Évery Federal land bank shall semiannually carry to reserve account å sum not less than 50 per centum of its net earnings until said reserve account shall show a credit balance equal to the outstanding capital stock of said land bank. After said reserve is equal to the outstanding capital stock 10 per centum of the net earnings shall be added thereto semiannually. Whenever said reserve

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shall have been impaired it shall be fully restored before any divi. dends are paid. After deducting the 50 per centụm or the 10 per centum herein directed to be deducted for credit to reserve account, any Federal land bank

may

declare a dividend or dividends to share. holders of the whole or any part of the balance of its net earnings, but only with the approval of the Federal Farm Loan Board. In the case of Federal land banks the requirements of this paragraph shall be in lieu of the requirements of the first three sentences of the first paragraph of this section and in lieu of the requirements of the first sentence of the second paragraph of this section.”

(b) Section 23 of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 7, secs. 901, 902), is further amended by inserting after the word “earnings” and before the period in the first sentence of the second paragraph thereof a colon and the following: "Provided, That any dividend or dividends declared by any joint-stock land bank shall be subject to the approval of the Federal Farm Loan Board.”

SEC. 4. The first three paragraphs of section 24 of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 7, secs. 911-913), are amended, effective July 1, 1932, to read as follows:

“ That every national farm loan association shail, out of its net earnings, semiannually carry to reserve account a sum not less than 10 per centum of such net earnings until said reserve account shall show a credit balance equal to 25 per centum of the outstanding capital stock of said association. After said reserve has reached the sum of 25 per centum of the outstanding capital stock, 5 per centum of the net earnings shall be semiannually added thereto.

Whenever said reserve shall have been impaired it shall be fully restored before any dividends are paid.

“After deducting the 10 per centum or the 5 per centum hereinbefore directed to be credited to reserve account, said association may at its discretion declare a dividend to shareholders of the whole or any part of the balance of said net earnings.”

SEC. 5. Section 13 of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 7, sec. 781), is amended by adding at the end thereof a new paragraph to read as follows:

Tenth. When in the judgment of the directors conditions justify it, to extend, in whole or in part, any obligation that may be or become unpaid under the terms of any mortgage, and to accept payment of any such obligation during a period of five years or less from the date of such extension in such amounts as may be agreed upon at the date of making such extension. The sum of $25,000,000 of the amount authorized to be appropriated under section 5 of this Act, as amended, shall be used exclusively for the purpose of supplying any bank with funds to use in its operations in place of any amounts of which such bank may be deprived by reason of extensions made as provided in this paragraph.'

SEC. 6. The Federal Farm Loan Board is authorized to make such rules and regulations, not inconsistent with law, as it deems necessary or requisite frr the efficient execution of the provisions of the Federal Farm Loan Act, and/or any Act or Acts amendatr. 7 thereof or supplementary thereto.

Approved, January 23, 1932.

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