Page images
PDF
EPUB

(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. 11418) 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.

Page 3

(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. FFMO

Federal Farm Mortgage Corporation. FICB

Federal Intermediate Credit Bank. Gen. Memo.

General memorandum.
Loan Guide.

Loan guide for Banks for Cooperatives.
Memo. of fees and charges. Memorandum of fees and charges.
PCA Rev.

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.
Res. Ex. Com.

Resolution of the Executive Committee.
Res. Fed. Farm Loan Bd. Resolution of the Federal Farm Loan Board.
Rev.

Revision.
Subj.

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

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.

Page 4

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]

1.3 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 Governors

all this section to andut the provisions oditures for sup

prescribe, and shall bear interest at the rate of 51/2 per centum per annum.

(d) Fees for recording, filing, registration, and examination of records (including certificates) in connection with each loan made hereunder shall be paid by the borrower: Provided, however, That such fees aggregating not to exceed 75 cents per loan may be paid by him from the proceeds of his loan. No fees for releasing liens given to secure loans shall be paid from the funds made available hereunder.

(e) The funds hereby or hereafter allocated may be used also for all necessary administrative expenses in carrying out the provisions of this section to and including June 30, 1937.

(f) In carrying out the provisions of this section, the Farm Credit Administration may (1) make expenditures for supplies and equipment, traveling expenses, rental of offices, printing and binding, and other necessary expenses, and (2) accept voluntary and uncompensated services, appoint officers and employees without regard to the provisions of the Civil Service laws and regulations, and fix the compensation of any officers and employees so appointed without regard to the Classification Act of 1923 (42 Stat. 1788), as amended. (49 Stat. 115) [E.O. 7305, Feb. 28, 1936]

PART 2–FARM CREDIT DISTRICTS Section 2.1 Farm credit districts. The twelve farm credit districts and the twelve cities selected for the location of the Federal land banks are as follows:

DISTRICT NO. 1 The States of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York and New Jersey.

Location of the Federal Land Bank-Springfield, Massachusetts.

DISTRICT NO. 2

The States of Pennsylvania, Delaware, Maryland, Virginia and West Virginia, the District of Columbia, and the Island of Puerto Rico.

Location of the Federal Land Bank-Baltimore, Maryland.

The Federal Land Bank of Baltimore is authorized to establish a branch bank in the City of San Juan on the Island of Puerto Rico.

DISTRICT NO. 3

The States of North Carolina, South Carolina, Georgia and Florida.
Location of the Federal Land Bank-Columbia, South Carolina.

DISTRICT NO. 4

The States of Ohio, Indiana, Kentucky and Tennessee.
Location of the Federal Land Bank-Louisville, Kentucky.

DISTRICT NO. 5
The States of Alabama, Mississippi and Louisiana.
Location of the Federal Land Bank-New Orleans, Louisiana.

Page 6

DISTRICT NO. 6
The States of Illinois, Missouri and Arkansas.
Location of the Federal Land Bank-St. Louis, Missouri.

DISTRICT NO. 7
The States of Michigan, Wisconsin, Minnesota, and North Dakota.
Location of the Federal Land Bank-St. Paul, Minnesota.

DISTRICT NO. 8
The States of Iowa, Nebraska, South Dakota and Wyoming.
Location of the Federal Land Bank—Omaha, Nebraska.

DISTRICT NO. 9

The States of Oklahoma, Kansas, Colorado and New Mexico.
Location of the Federal Land Bank-Wichita, Kansas.

DISTRICT NO. 10

The State of Texas.
Location of the Federal Land Bank-Houston, Texas.

DISTRICT NO. 11 The States of California, Nevada, Utah and Arizona, and the Territory of Hawaii.

Location of the Federal Land Bank-Berkeley, California.

The Federal Land Bank of Berkeley is designated as the Federal Land Bank which is authorized to establish branch banks in the Territory of Hawaii.

DISTRICT NO. 12

The States of Washington, Oregon, Montana and Idaho. Location of the Federal Land Bank-Spokane, Washington. (Sec. 4, 39 Stat. 369, 41 Stat. 1148, sec. 2, 43 Stat. 17; 12 U.S.C. 671, 672) [Res. Fed. Farm Loan Bd., Dec. 27, 1916, Res. Fed. Farm Loan Bd., May 18, 1922, FCA Order 31, Feb. 15, 1934]

PART 3-FUNCTIONS OF ADMINISTRATIVE OFFICERS Sec.

Sec. 3.1 Authority, and order of precedence, 3.10 Authorization for joint stock land

of Deputy Governors to act in the banks to hold title to real estate absence of the Governor.

for a longer period than five 3.5 Functions, powers, authority, and years.

duties of Land Bank Commis- 3.11 Authority to grant charters and sioner.

amendments to charters of na3.6 Order of precedence of Deputy tional farm loan associations.

Land Bank Commissioners. 3.12 Approval of loans by the Federal 3.7 Approval of acts of receivers of land banks in excess of $25,000.

joint stock land banks by Land 3.13 Approval of loans by the Federal Bank Commissioner and Deputy land banks to livestock corporaLand Bank Commissioners.

tions. 3.8 Approval of acts of receivers of 3.14 Approval of Land Bank Commis

joint stock land banks by Chief sioner loans to livestock corpora-
of Joint Stock Land Bank Sec tions.
tion,

3.15 Authority of Deputy Land Bank 3.9 Authorization to hold title to real Commissioners to approve retire

estate for a longer period than ment of capital stock of Federal five years.

land banks.

lon

Page 7

(499)

« PreviousContinue »