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vestments and may be accepted as security for all fiduciary, trust and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof.

(c) The authorizing act further provides that in the event the Commodity Credit Corporation shall be unable to pay upon demand, when due, the principal of, or interest on, such obligations, the Secretary of the Treasury shall pay to the holder the amount thereof which is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such obligations.

(d) The notes will be acceptable to secure deposits of public moneys, but will not bear the circulation privilege.

(e) Bearer notes with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000 and $100,000. The notes will not be issued in registered form.**

251.3 Subscription and allotment. (a) Subscriptions will be received at the Federal Reserve banks and branches and at the Treasury Department, Washington. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve banks and the Treasury Department are authorized to act as official agencies. Others than banking institutions will not be permitted to enter subscriptions except for their own account. Cash subscriptions from banks and trust companies for their own account will be received without deposit but will be restricted in each case to an amount not exceeding one-half of the combined capital and surplus of the subscribing bank or trust company. Cash subscriptions from all others must be accompanied by payment of 10 percent of the amount of notes applied for. The Secretary of the Treasury reserves the right to close the books as to any or all subscriptions or classes of subscriptions at any time without notice.

(b) The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of notes applied for, to make allotments in full upon applications for smaller amounts and to make reduced allotments upon, or to reject, applications for larger amounts, or to adopt any or all of said methods or such other methods of allotment and classification of allotments as shall be deemed by him to be in the public interest; and his action in any or all of these respects shall be final. Subject to these reservations, subscriptions in payment of which Series B Collateral Trust Notes of the Corporation are tendered will be allotted in full. Allotment notices will be sent out promptly upon allotment, and the basis of the allotment will be publicly announced.**

251.4 Payment. Payment at par and accrued interest, if any, for notes allocated on cash subscriptions must be made or completed on or before May 2, 1938, or on later allotment. In every case where payment is not so completed, the payment with application up to 10 percent of the amount of notes applied for shall, upon declaration made by the Secretary of the Treasury in his discretion, be forfeited

**For statutory and source citations, see note to $ 251.1.

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to the United States. Series B Collateral Trust Notes of the Commodity Credit Corporation, maturing May 2, 1938, will be accepted at par in payment for any notes subscribed for and allotted and should accompany the subscription.*+

251.5 General powers of Federal Reserve banks. (a) As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve banks of the respective districts, to issue allotment notices, to receive payment for notes allotted, to make delivery of notes on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive notes.

(b) The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve banks.**

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**For statutory and source citations, see note to $ 251.1.

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Adequate living standards for rural rehabilitation clients in relation to sound farm management plans, Farm Security Administration. June 20, 1936.

(A.O. 173) Collection of rural rehabilitation loans, Farm Security Administration. Mar. 18, 1937.

(A.O. 178, rev. 1, and Supps.) Detailed procedure for entering into construction contracts, Farm Security Administration. June 16, 1937.

(Adm. Instr. 127 and Supps.) Loans to occupants of rural resettlement type projects for operating capital, Farm Security Administration. Jan. 23, 1937.

(A.0. 219 and Supps.) Medical examination for prospective occupants of rural resettlement type proj.

ects, Farm Security Administration. Sept. 21, 1936. (A.O. 157, rev. 1) Procedure for investigating and making grants to individuals for rural rehabili.

tation and relief in stricken agricultural areas, Farm Security Administration. Aug. 13, 1936.

(Adm. Instr. 57, rev. 1, and Supps.) Procedure in making loans to individuals for rural rehabilitation, Farm Security Administration. Mar. 23, 1936.

(Adm. Instr, 35, rev. 1, and Supps.) Sale and lease of land to resettlement clients, Farm Security Administration. June 4, 1938.

(Adm. Instr. 141) Selection of families for resettlement projects, Farm Security Administration. Sept. 25, 1936.

(A.O. 105, rev. 3) Tenant purchase procedure, Farm Securi Administration. Jan. 22, 1938.

(Adm. Instr. 137 and Supps.) For list of abbreviations used in this chapter, see note to s 301.1.

The term “Farm Security Administration" has been substituted for the term "Resettlement Administration” throughout this chapter. See $ 301.5.

Page 1 PART 301-ADMINISTRATION

Sec.

Sec. SUBPART_Orders establishing and 301.5 Resettlement Administration defining functions and duties

changed to Farm Security Ad301.1 Functions and duties of the

ministration. Farm Security Administration 301.6 Additional functions. to be exercised and performed SUBPART—Claims of deceased or by the Administrator thereof.

incompetent employees and cred301.2 Authorizations given to the Ad

itors of the Farm Security Administrator of the Farm Secur

ministration ity Administration.

301.25 Presentation of claims for de301.3 Loans by the Farm Security Ad. ministration under the Emer- 301.26 Presentation of claims for in

ceased employees or creditors. gency Relief Appropriation Act

competent employees or cred. of 1935.

itors. 301.4 Transfer of the functions, funds,

property, and so forth, of the SUBPART—Veterans' applications Resettlement Administration to 301.50 Preferential handling of vetthe Secretary of Agriculture.

erans' applications.

SUBPART-ORDERS ESTABLISHING AND DEFINING FUNCTIONS

AND DUTIES

Section 301.1 Functions and duties of the Farm Security Administration to be exercised and performed by the Administrator thereof. (a) To administer approved projects involving rural rehabilitation, relief in stricken agricultural areas, and resettlement of destitute or low-income families from rural and urban areas, including the establishment, maintenance, and operation, in such connection, of communities in rural and suburban areas.

(b) To initiate and administer a program of approved projects with respect to soil erosion, stream pollution, seacoast erosion, reforestation, forestation, flood control, and other useful projects.

(c) To make loans as authorized under the Emergency Relief Appropriation Act of 1935 (49 Stat. 115; 15 U.S.C., Sup., 728) to finance, in whole or in part, the purchase of farm lands and necessary equipment by farmers, farm tenants, croppers, or farm laborers.* [E.O. 7027, Apr. 30, 1935, as amended by E.O. 7200, Sept. 26, 1935]

*88 301.1 to 301.50, inclusive, issued under the authority contained in the Emergency Relief Appropriation Act in effect at the time of issuance, sec. 6, 49 Stat. 118, 49 Stat. 1609, sec. 2 (a), 50 Stat. 354; 15 U.S.C., Sup., 728. More specific authority and statutory provisions interpreted or applied are cited in parentheses at the end of the sections affected.

The authority delegated to the President by these statutes has been redelegated by him in the following Executive orders, among others :

E.O. 7027, Apr. 30, 1935, establishing the Resettlement Administration and prescribing its functions and duties. (98 301.1, 301.2)

E.O._7028, Apr. 30, 1935, transferring certain property, functions, funds, from Federal Emergency Relief Administration to the Resettlement Administration.

E.O. 7041, May 15, 1935, transferring certain property, functions, funds, from Secretary of Interior to the Resettlement Administration.

E.O. 7083, June 24, 1935, prescribing rules and regulations relating to methods of prosecuting projects under the Emergency Relief Appropriation Act of 1935.

E.O. 7143, Aug. 19, 1935, prescribing rules and regulations governing the making of loans by the Resettlement Administration under the Emergency Relief Appropriation Act of 1935. (8 301.3)

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E.O. 7200, Sept. 26, 1935, amending functions and duties set forth in E.O. 7027. ($ 301.1) E.O. 7347, Apr. 15, 1936 (1 F.R. 207), amending E.O. 7083.

E.O. 7396, June 22, 1936 (1 F.R. 651), making certain orders, rules and regulations

under the 1935 Act applicable to Emergency Relief Appropriation Act of 1936. E.O. 7530, Dec. 31, 1936 (2 F.R. 7), transferring property, functions, funds, from Resettlement Administration to Secretary of Agriculture. (8 301.4) E.O. 7557, Feb. 19, 1937 (2 F.R. 343), amending E.O. 7530. (8 301.4)

E.O. 7649, June 29, 1937 (2 F.R. 1136), making certain orders, rules and regulations under 1935 and 1936 Acts applicable to Emergency Relief Appropriation Act of 1937.

The Secretary of Agriculture has further delegated certain of his powers in the following memorandum among others :

Sec. Memo. 738, Sept. 30, 1937, delegating authority to the Administrator of the Farm Security Administration under the Bankhead-Jones Farm Tenant Act.

ABBREVIATIONS: The following abbreviations are used in this chapter:
A.O.

Administration order, Administrator.
Adm. Instr. Administration instruction, Administrator.
E.O.

Executive order.
Sec. Memo. Secretary's memorandum, Secretary of Agriculture.

301.2 Authorizations given to the Administrator of the Farm Security Administration. (a) In the performance of the duties

. and functions given in § 301.1, the Administrator is authorized to employ the services and means mentioned in subdivision (a) of section 3 of the Emergency Relief Appropriation Act of 1935 (49 Stat. 117), to the extent therein provided, and, within the limitations prescribed by said section, to exercise the authority with respect to personnel conferred by subdivision (b) thereof.

(b) To the extent necessary to carry out the provisions of this section and § 301.1, the Administrator is authorized to acquire, by purchase or by the power of eminent domain, any real property or any interest therein and improve, develop, grant, sell, lease (with or without the privilege of purchasing), or otherwise dispose of any such property or interest therein.* [E.O. 7027, Apr. 30, 1935]

301.3 Loans by the Farm Security Administration under the Emergency Relief Appropriation Act of 1935. (a) Loans may be made by the Farm Security Administration (1) for the purpose of financing, in whole or in part, the purchase of farm lands and necessary equipment by farmers, farm tenants, croppers, or farm laborers, and (2) for such other purposes as may be necessary in the administration of approved projects involving rural rehabilitation or relief in stricken agricultural areas.

(b) Loans for the purposes mentioned in paragraph (a) (2) may be made by the Farm Security Administration either to individuals or to such bona fide agencies or cooperative associations as the Administrator shall approve: Provided, however, That such loans shall be made to such agencies or associations only upon condition (1) that they impose no inequitable restrictions upon membership or participation therein, and (2) that they be so conducted under the supervision of the Farm Security Administration as to protect adequately the interests of the members or participants therein.

(c) Interest shall be charged on all loans made by the Farm Security Administration at rates to be fixed by the Administrator,

*For statutory citation, see note to 301.1.

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