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orderly liquidation of any such bank in accordance with such plan as may be approved by the Land Bank Commissioner. Before any such plan is approved by the Commissioner he shall be satisfied that the plan carries out the purposes of this section and that such part of the proceeds of the loan as is devoted to settlements with bondholders will be used only to effect an equitable settlement with all bondholders. After the plan has been approved by the Commissioner he shall require the bank to mail a copy thereof to all its known bondholders and to publish a notice setting forth its provisions in at least three newspapers having general circulation. (May 12, 1933, ch. 25, § 30, 48 Stat. 46, as amended June 16, 1933, ch. 98, § 80 (a), 48 Stat. 273; June 3, 1935, ch. 164, $ 16, 49 Stat. 313.)
LOANS BY THE LAND BANK COMMISSIONER TO JOINT-STOCK LAND
BANKS FOR EMERGENCY PURPOSES
SEC. 31. (a) The Federal Farm Mortgage Corporation is authorized and directed to make available to the Land Bank Commissioner until July 1, 1938, out of the funds of the Corporation, the sum of $2,000,000, to be used for the purpose of making loans to the joint-stock land banks organized and doing business_under the Federal Farm Loan Act, as amended. Loans made by the Land Bank Commissioner under this section shall be made in the na ne and on behalf of the Corporation and shall bear interest at a rate not to exceed 4 per centum per annum. No loan shall be made under this section to any joint-stock land bank except for the purpose of obtaining, for a period of one year from the date on which the loan is made, postponement of the foreclosire of first mortgages held by such bank on account of (1) default in the payment of interest and principal due under the terms of the mortgage, and (2) unpaid delinquent taxes, excluding interest and penalties, which may be secured by the lien of said mortgage: Provided, That during the period of postponement of foreclosure such bank shall charge the mortgagor interest at a rate not exceeding 4 per centum per annum on the aggregate a lount of such delinquent taxes and defaulted interest and principal with respect to which loans are made pursuant to this section. The amount loaned to any joint-stock land bank under this section shall be made without reappraisal: Provided, That the amount loaned with respect to any mortgage on account of unpaid principal shall not exceed 5 per centum of the total unpaid principal of such mortgage, and the total amount loaned to any such 'and bank with respect to any mortgage shall not exceed 25 per centum of the total unpaid principal of such mortgage. (As amended Aug. 19, 1937, ch. unpaid principal of such mortgage, and the total amount loaned to any such land bank with respect to any mortgage shall not exceed 25 per centum of the total unpaid principal of such mortgage. (As amended Aug. 19, 1937, ch. 704, § 3, 50 Stat. 703.)
(b) No such loan shall be made with respect to any mortgage unless the Land Bank Commissioner is satisfied that the mortgagor, after exercising ordinary diligence to pay his accrued delinquent taxes, and meet accrued interest and principal payments, has defaulted thereon; and unless the bank shall have agreed to the satisfaction of the Land Bank Commissicner that during the period of postponement the bank will not foreclose such mortgage : nless the property covered thereby is abandoned by the mortgagor or unless in the opinion of the Land Bank Commissioner such foreclosure is necessary for other reasons.
(c) Each such loan shall be secured by an assignment to the Land Bank Commissioner of the lien of the taxes and/or of the bank's mortgage with respect to which the loan is made: Provided, That the part of each such lien so assigned representing the interest and principal due and unpaid in any such mortgage which has been assigned to the farm loan registrar shall be subordinate to the existing lien of the bank for the balance of the indebtednoss then or thereafter to become due under the terms of such mortgage; hut the Land Bank Commissioner may require the bank to furnish additional collateral as security for such loan, if such collateral is available to the bank.
(d) The Land Bank Commissioner is authorized to make such rules and regulations as may be necessary to carry out the purposes of this section and to make the relief contemplated immediately available. (May 12, 1933, ch. 25, § 31, 48 Stat. 47, as amended June 16, 1933, ch. 98, § 80 (a), 48 Stat. 273; June 3, 1935, ch. 164, § 17 (a), (b), 49 Stat. 318.)
SAVING CLAUSE See note under section 640a of this title.
CROSS REFERENCE Cancellation of notes of Reconstruction Finance Corporation for loans made to Joint Stock Land Banks, see section 611a of Title 15, Commerce and Trade.
8_824. Insolvency; receivership; acquisition of assets by other banks; loans by acquiring bank in additional States. 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 Farm Credit Administration, any Federal land bank or joint-stock land bank may, in the manner as may be prescribed by the Farm Credit Administration and with the approval of the Farm Credit Administration, acquire the assets and assume the liabilities of said joint-stock 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 Farm Credit Administration, 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 Farm Credit Administration, 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. (July 17, 1916, ch. 245, 16, 39 Stat. 374; Mar. 4, 1931, ch. 518, § 2, 46 Stat. 1548; Ex. Ord. No. 6084, Mar. 27, 1933.)
CROSS REFERENCE Institution and conduct of receivership of land banks, see section 963 of this title.
POWERS OF FARM CREDIT ADMINISTRATION 8 831. Enumeration.—The Farm Credit Administration shall have power
(a) Organizing and chartering banks and loan associations; authorizing increase of stock.To organize and charter Federal land banks, and to charter national farm loan associations and joint-stock land banks subject to the provisions of this subchapter, and in its discretion to authorize them to increase their capital stock.
(b) Reviewing and altering interest rates.—To review and alter at its discretion the rate of interest to be charged by Federal land banks for loans made by them under the prov'sions of this subchapter, said rates to be uniform so far as practicable.
(c) Granting or refusing authority to issue bonds.—To grant or refuse to Federal land banks, or joint-stock land banks, authority to make any specific issue of farm-loan bonds.
(d) Making rules and regulations as to charges on loans.—To make rules and regulations respecting the charges made to borrowers on loans under this subchapter for expenses in appraisal, determination of title, and recording.
(e) Requiring reports, etc; examining banks and associations. -To require reports and statements of conditions and to make examinations of all banks or associations doing business under the provisions of this subchapter.
(f) Prescribing form and terms of bonds and surety bonds.To prescribe the form and terms of farm-loan bonds, and the form, terms, and penal sums of all surety bonds required under this subchapter and of such other surety bonds as they shall deem necessary, such surety bonds to cover financial loss as well as faithful performance of duty.
(g) Regulating payments between banks.—To require Federal land banks to pay forthwith to any Federal land bank their equitable proportion of any sums advanced by said land bank to pay the coupons of any other land bank, basing said required payments on the amount of farm-loan bonds issued by each land bank and actually outstanding at the time of such requirement.
(h) Suspending or removal of directors, registrars, appraisers, and examiners.—To suspend or to remove for cause any district director or director at large, or any registrar, appraiser, examiner, or other official appointed by the Farm Credit Administration under authority of sections 651-664 of this title, as amended, the cause of such suspension or removal to be communicated forthwith in writing by said Administration to the person suspended or removed, and in case of a district director or director at large to the proper Federal land bank, Federal intermediate credit bank, production credit corporation and regional bank for cooperatives.
(i) Exercising supervisory authority over banks.—To exercise general supervisory authority over the Federal land banks, the national farm-loan associations, and the joint stock land banks herein provided for.
(j) Incidental powers.--To exercise such incidental powers as shall be necessary or requisite to fulfill its duties and carry out the purposes of this subchapter. (July 17, 1916, ch. 245, § 17,
. 39 Stat. 375; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 9, 50 Stat. 707.)
REFERENCES IN TEXT In the original "this subchapter" reads "this Act”, meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.
TRANSFER OF FUNCTIONS Farm Credit Administration was transferred to the Department of Agriculture. See note preceding section 636 of this title.
SAVING CLAUSE See note under section 640a of this title.
CROSS REFERENCE Rules and regulations by Farm Credit Administration, see section 665 of this title.
§ 832. Allocation of expenses of administrative services rendered each year by Farm Credit Administration to certain banking institutions; disposition of moneys.-(a) The Farm Credit Administration shall, prior to the first day of each fiscal year commencing after June 30, 1944, estimate for the ensuing fiscal year the cost of examinations of the joint-stock land banks, Federal land banks, national farm-loan associations, banks for cooperatives, Central Bank for Cooperatives, Federal intermediate credit banks, production credit corporations, and production credit associations; shall apportion the amount so determined among the joint-stock land banks, Federal land banks, banks for cooperatives, Central Bank of Cooperatives, Federal intermediate credit banks, production credit corporations, and production credit associations on such equitable basis as said Administration shall determine; and shall assess against and collect in advance the amount so apportioned from the banks, corporations, and other organizations among which the apportionment is made.
(b) The Farm Credit Administration shall, prior to the first day of each fiscal year commencing after June 30, 1944, estimate the cost to it for the ensuing fiscal year of the administrative supervision of the Federal land bank system, the banks for cooperatives, the Central Bank for Cooperatives, the Federal intermediate credit banks, and the production credit system; shall apportion the amount so determined among the Federal land banks, the banks for cooperatives, the Central Bank for Cooperatives, the Federal intermediate credit banks, and the production credit corporations on such equitable basis as said Administration shall determine; and shall assess against and collect in advance from such banks and corporations the amount so apportioned.
(c) The amounts collected pursuant to subsections (a) and (b) hereof shall be covered into the Treasury, and credited to a special fund, which fund is hereby authorized to be appropriated to said Administration for expenditure during each fiscal year for salaries and expenses applicable to examination and administrative supervision as set forth in the annual appropriation made for the same fiscal year for salaries and expenses of said Administration. As soon as practicable after the end of each such fiscal year, said Administration shall determine on a fair and reasonable basis (1) the cost of the examination services rendered during the fiscal year to each said bank, corporation, or other organization; and (2) the amount which fairly and equitably should be allocated to each bank and corporation as the cost during the fiscal year of such administrative supervision, and if the sum of these two items in any case is greater than the total amount collected from the bank, corporation, or other organization, the difference shall be collected from such bank, corporation, or other organization and, if less, shall be refunded from said special fund to the bank, corporation, or organization entitled thereto. (Sept. 21, 1944, ch. 412, title VI, § 601 (a-c), 58 Stat. 740.)
CODIFICATION This section was enacted as a part of the Department of Agriculture Organic Act of 1944.
SIMILAR PROVISIONS Provisions similar to this section were contained in the Department of Agriculture Appropriation Act for the following year:
1945—June 28, 1944, ch. 296, § 1, 58 Stat. 832.
§ 833. Purchase of manuscripts, data, and special reports; employment of personnel for special services. The Farm Credit Administration is authorized to purchase manuscripts, data, and special reports by personal service without regard to the provisions of any other Act, and to employ persons, firms, and others for the performance of special services, including legal services: Provided, That expenditures under this authority shall not be made unless provision is made therefor in the applicable appro priation and the cost thereof is not in excess of limitations prescribed therein. (Sept. 21, 1944, ch. 412, title VI, § 602, 58 Stat. 741.)
CODIFICATION This section was enacted as a part of the Department of Agriculture Organic Act of 1944.
APPLICATIONS FOR FARM-LOAN BONDS § 841. Application; to whom made; collateral security; schedule.--Any Federal land bank, or joint-stock land bank, which shall have voted to issue farm-loan bonds under this chapter, shall make written application to the Farm Credit Administration, through the farm-loan registrar of the district, for approval of such issue. With said application said land bank shall tender to said farm-loan registrar, as collateral security first mortgages on farm lands qualified under the provisions of sections 771, 801-808, or 811-824 of this title, or United States Government bonds, not less in aggregate amount than the sum of the bonds proposed to be issued. Said bank shall furnish with such mortgages a schedule containing a description thereof and such further information as may be prescribed by the Farm Credit Administration. (July 17, 1916, ch. 245, $ 18, 39 Stat. 375; Ex. Ord. No. 6084, Mar. 27, 1933.)
REFERENCES IN TEXT In the original “this chapter" reads "this Act", meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.
8 842. Verification of schedule; investigation and appraisal of securities tendered; decision as to application. Upon receipt of the application provided for in section 841 of this title said farmloan registrar shall verify the schedule also provided for in said section and shall transmit said application and said schedule to the Farm Credit Administration, giving such further information pertaining thereto as he may possess. The Farm Credit Administration shall forthwith cause to be made such investigation and appraisement of the securities tendered as it shall deem wise, and it shall grant in whole or in part, or reject entirely, such application. (July 17, 1916, ch. 245, § 18, 39 Stat. 375; Ex. Ord. No. 6084, Mar. 27, 1933.)
§ 843. Transmission of decisions to land bank and registrar: information to be furnished by registrar.—The Farm Credit Ad