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TITLE 6-AGRICULTURAL CREDIT
Chapter I-Farm Credit Administration...
1 200 301
Federal Reserve System: See Banks and Banking, 12 CFR Chapter II. Reconstruction Finance Corporation: See Business Credit, 13 CFR Chapter I. EDITORIAL NOTE: For list of abbreviations used in this chapter, see note to § 1.1.
CHAPTER 1-FARM CREDIT ADMINISTRATION Subchapter A-Administrative Provisions
Part SUBCHAPTER A-Administrative Pro- SUBOHAPTER D-Federal Interme. visions
diate Credit Banks 1 Executive orders
40 General 2 Farm credit districts
41 Organization and internal affairs
42 Loans and discounts 3 Functions of administrative officers 43 Privately capitalized financing insti4 Disclosure or use of official informa
44 Cooperative associations SUBCHAPTER B-Federal Land 45 Collateral trust debentures
Banks, National Farm Loan Asso- SUBOHAPTER E-Production Credit ciations, Federal Farm Mortgage
Division Corporation and Joint Stock Land 50 Rules and regulations for production Banks
credit associations promulgated by
Farm Credit Administration 10 Federal Land Banks generally
51 Rules and regulations for production 11 National Farm Loan Associations
credit associations promulgated by 12 Federal Farm Mortgage Corporation all production credit corporations 14 Joint Stock Land Banks
SUBCHAPTER T-Banks for Cooper19 Fees
atives SUBCHAPTER 0-Regulations Issued 70 Loan interest rates and security by the Federal Land Banks
71 Loan policies
SUBCHAPTER G-Regional Agricul21 Federal Land Bank of Springfield
tural Credit Corporations 22 Federal Land Bank of Baltimore
90 Territory 2 Federal Land Bank of Columbia
91 Lending policies 24 Federal Land Bank of Louisville
92 Loans, types and kinds; eligibility 25 Federal Land Bank of New Orleans
of borrowers 26 Federal Land Bank of St. Louis 93 Application of proceeds of sale 27 Federal Land Bank of St. Paul 94 Security requirements 28 Federal Land Bank of Omaha
SUBCHAPTER H–Emergency Crop 29 Federal Land Bank of Wichita
and Feed Loan Section 30 Federal Land Bank of Houston 110 Loans in the United States 31 Federal Land Bank of Berkeley 111 Loans in Hawaii 32 Federal Land Bank of Spokane 112 Loans in Puerto Rico
PART 1–EXECUTIVE ORDERS Sec.
Sec. 1.1 Reorganization of agricultural 1.3 Allocation of funds to meet the credit agencies.
necessity for relief in stricken ag. 1.2 Transfer of Division of Coopera
ricultural areas. tive Marketing to Federal Farm 1.4 Allocation of funds to the Farm Board.
Credit Administration for the making of emergency crop loans.
Section 1.1 Reorganization of agricultural credit agencies. After investigation, it is found and declared that the following changes in executive agencies and the functions thereof are necessary to accomplish the purposes set forth in section 401, Legislative Appropriation Act, fiscal year 1933, as amended, (47 Stat. 1517; 5 U.S.C. 124):
(a) The functions of the Secretary of Agriculture as a member of the Federal Farm Board, and the offices of the appointed members of the Federal Farm Board, except the office of the member designated as chairman thereof, are abolished.
(b) The name of the Federal Farm Board is changed to the Farm Credit Administration.
(c) The name of the office of Chairman of the Federal Farm Board is changed to Governor of the Farm Credit Administration, and he is vested with all the powers and duties of the Federal Farm Board.
(d) The functions of the Secretary of the Treasury as a member of the Federal Farm Loan Board, and the offices of the appointed members of the Federal Farm Loan Board, except the office of the member designated as Farm Loan Commissioner, are abolished, and all the powers and functions of the Federal Farm Loan Board are transferred to and vested in the Farm Loan Commissioner, subject to the jurisdiction and control of the Farm Credit Administration as herein provided.
(e) There are transferred to the jurisdiction and control of the Farm Credit Administration:
(1) The Federal Farm Loan Bureau and the functions thereof; together with the functions of the Federal Farm Loan Board, including the functions of the Farm Loan Commissioner;
(2) The functions of the Treasury Department and the Department of Agriculture, and the Secretaries thereof, under Executive authorizations to give aid to farmers, dated July 26, 1918, and any extensions or amendments thereof;
(3) The functions of the Secretary of Agriculture under all provisions of law relating to the making of advances or loans to farmers, fruit growers, producers and owners of livestock and crops, and to individuals for the purpose of assisting in forming or increasing the capital stock of agricultural-credit corporations, livestock-loan companies, or like organizations, except Public Resolution No. 74, Seventieth Congress, approved December 21, 1928 (45 Stat. 1067), providing for the Puerto Rican Hurricane Relief Commission;
(4) The Crop Production Loan Office and the Seed Loan Office of the Department of Agriculture, and the functions thereof;
(5) The functions of the Reconstruction Finance Corporation and its Board of Directors relating to the appointment of officers and agents to manage regional agricultural credit corporations formed under section 201(e) of the Emergency Relief and Construction Act of 1932 (47 Stat. 713; 12 U.S.C. 1148); relating to the establishment of rules and regulations for such management; and relating to the approval of loans and advances made by such corporations and of the terms and conditions thereof.
(f) The functions vested in the Federal Farm Board by section 9 of the Agricultural Marketing Act (46 Stat. 15; 12 U.S.C. 1141g) are abolished, except that such functions shall continue to be exercised to such extent and for such time as may be necessary to permit the orderly winding up of the activities of stabilization corporations heretofore recognized under authority of such section, and the governor of the Farm Credit Administration shall take appropriate action for winding up at the earliest practicable date the activities of such corporations and all affairs related to the exercise of such functions.
(g) The records, property (including office equipment), and personnel used and employed in the execution of the functions hereinbefore transferred are transferred to the jurisdiction and control of the Farm Credit Administration. (h) The sum of $2,000,000 of the unexpended balances of
appropriations made to the Federal Farm Board by Public Resolutions No. 43 and No. 51 of the Seventy-second Congress (47 Stat. 741, 799) shall be impounded and returned to the Treasury, which sum shall be in addition to the other savings to be effected by the Farm Credit Administration as a result of this order.
(i) The unexpended balances of appropriations to the Secretary of Agriculture, the Federal Farm Loan Bureau, and the Federal Farm Board for salaries, expenses, and all other administrative expenditures in the execution of the functions herein vested in the Farm Credit Administration shall be transferred to and vested in the Farm Credit Administration as a single fund for its use for salaries, expenses, and all other administrative expenditures for the execution of any or all of such functions without restriction as to the particular functions for the execution of which the same were originally appropriated. All other appropriations, allotments, and other funds available for use in connection with the functions and executive agencies hereby transferred and consolidated are hereby transferred to and vested in the Farm Credit Administration, and shall be available for use by it, for the same purposes as if the Farm Credit Administration were named in the law or authority providing such appropriations, allotments, or other funds.
(j) All power, authority, and duties conferred by law upon any officer, executive agency, or head thereof, from which or from whom transfer is hereinbefore made, in relation to the executive agency or function transferred, are transferred to and vested in the Governor of the Farm Credit Administration.
(k) The Governor of the Farm Credit Administration is directed to dismiss, furlough, transfer, or make other appropriate disposition of such of the officers and employees under his jurisdiction and control as are not required for the proper execution of the functions of the Farm Credit Administration.
(m) The Governor of the Farm Credit Administration is authorized to execute any and all functions and perform any and all duties vested in him through such persons as he shall by order designate or employ.
(n) The Governor of the Farm Credit Administration, by order or rules and regulations, may consolidate, regroup, and transfer offices, bureaus, activities, and functions in the Farm Credit Administration, so far as may be required to carry out the purposes to which this order is directed, and may fix or change the names of such offices, bureaus, and activities and the duties, powers, and titles of their executive heads.
This order shall take effect upon the sixty-first calendar day after its transmission to Congress unless otherwise determined in accordance with the provisions of section 407 of the Legislative Appropriation Act, fiscal year 1933, as amended. (Secs. 401, 403, 407, as amended by sec. 16, 47 Stat. 1517–1519, 48 Stat. 16; 5 U.S.C. 124, 126, 130) [E.O. 6084, Mar. 27, 1933]
ABBREVIATIONS: The following abbreviations are used in this chapter: Circ. Letter FLB
Circular letter, Federal Land Bank series. Circ. Letter JSLB
Circular letter, Joint Stock Land Bank series. Circ. Letter PCC
Circular letter, Production Credit Corporation series. Ex. Com. Min.
Minutes of the Executive Committee. Ex. Com. Order
Executive Committee order. E.O.
Executive order. Exh.
Exhibit. FCA Order
Farm Credit Administration order, Governor, FCA. FFMC
Federal Farm Mortgage Corporation. FICB
Federal Intermediate Credit Bank. Gen. Memo.
Loan guide for Banks for Cooperatives.
Revision of rules and regulations for Production
Credit Associations. RACC Bull.
Regional Agricultural Credit Corporation bulletin. RACC Circ. Letter
Regional Agricultural Credit Corporation Circular
letter. Res. Bd. Dir.
Resolution of the Board of Directors.
Resolution of the Executive Committee.
Subject. T.D. (Misc.) Sec. Treas. Treasury decision, miscellaneous, Secretary of Treas
ury. 1.2 Transfer of Division of Cooperative Marketing to Federal Farm Board.—The whole of the Division of Cooperative Marketing in the Bureau of Agricultural Economics of the Department of Agriculture, all functions pertaining to the work and services of such division, its records, property, including office equipment, personnel, and unexpended balances of appropriation, pertaining to such work or services is hereby transferred from the Department of Agriculture to the jurisdiction and control of the Federal Farm Board. The transfer above mentioned shall be effective from and including October 1st, 1929. (Sec. 13 (e), 46 Stat. 18; 12 U.S.C. 1141 h) [E.O. 5200, Oct. 1, 1929]
1 The Farm Credit Administration has succeeded to the functions of the Federal Farm Board. See E.O. 6084, Mar. 27, 1933, 6 CFR 1.1.
1.3 Allocation of funds to meet the necessity for relief in stricken agricultural areas. There is hereby allocated to the Director of Emergency Conservation Work for the establishment and maintenance of Civilian Conservation Corps camps, the sum of $12,500,000; to the Farm Credit Administration for making loans to farmers for seed, feed, freight, summer fallowing, and similar purposes, under such terms and conditions as the Governor thereof may prescribe, the sum of $25,000,000; to the Federal Emergency Relief Administration for making grants to States the sum of $56,250,000, and for the purpose of increasing employment through the purchase of lands in the stricken areas, the sum of $12,500,000; and to the Secretary of Agriculture or such agency as he may designate the sum of $43,750,000 for the purchase, sale, gift, or other disposition of seed, feed, and livestock, and for transportation thereof. (49 Stat. 115) [E.O. 6747, June 23, 1934]
1.4 Allocation of funds to the Farm Credit Administration for the making of emergency crop loans. (a) There is set aside from funds provided by the Emergency Relief Appropriation Act of 1935 (49 Stat. 115) for the use of the Farm Credit Administration for the purpose of making loans to farmers during the year 1936, under limitation (b) in section 1 of the said Act, in the United States, Hawaii, and Puerto Rico, for fallowing, for the production of crops, for planting, cultivating, and harvesting crops, for supplies incident to and necessary for such production, planting, cultivating, and harvesting, and for feed for livestock, or for any of such purposes, under such terms and conditions as the Governor of the Farm Credit Administration (hereinafter referred to as the Governor). may prescribe, a sum not to exceed $30,000,000, of which the sum of $7,000,000 is hereby allocated to the said Administration to be supplemented from time to time by such additional allocations as may be necessary
(b). The amount which may be lent to any one borrower shall not exceed $200, and each applicant for a loan shall establish to the satisfaction of the proper officer or employee of the Farm Credit Administration, under such conditions as the Governor may prescribe, that the applicant is unable to procure such loans from any other source: Provided, That preference shall be given to the applications of farmers whose cash requirements are small.
(c) Loans made under the provisions of this section shall be secured by a first lien, or by an agreement to give a first lien, upon all crops of which the production, planting, cultivating, or harvesting is to be financed, in whole or in part, with the proceeds of such loan, or, in case of any loan for the purchase or production of feed for livestock, a first lien upon the livestock to be fed. Such loans shall be made and collected under such regulations as the Governor shall