Improve Operations of the Farm Credit Administration: Hearing Before the Subcommittee on Conservation and Credit of ..., 89-2 on S. 2822, June 15, 1966

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Page 25 - ... expense of the bank ; and such proof of publication shall be furnished as may be required by the Federal Farm Loan Board. The Federal Farm Loan Board shall also have power to call for special reports from any particular Federal Intermediate Credit Bank whenever in its judgment the same are necessary for a full and complete knowledge of its condition.
Page 40 - First mortgages executed to Federal land banks, or to joint stock land banks, and farm loan bonds issued under the provisions of this Act, shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation.
Page 29 - In section 1 and the cooperative association applying for the loan has an organization and management, and business policies, of such character as to insure the reasonable safety of the loan and the furtherance of such policy.
Page 1 - OF THE COMMITTEE ON AGRICULTURE, Washington, DC The subcommittee met, pursuant to notice, at 10 am, in room 1302, Longworth House Office Building, Washington, DC, Hon.
Page 40 - An Act to provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, to create Government depositaries and financial agents for the United States, and for other purposes.
Page 28 - SEC. 34. Subject to such terms and conditions as may be prescribed by the chairman of its board of directors, the Central Bank is authorized : (a) to make loans to cooperative associations, as defined in the Agricultural Marketing Act, as amended, for any of the purposes and subject to the conditions and limitations set forth in such Act, as amended...
Page 31 - STATEMENT OF RICHARD T. O'CONNELL, SECRETARY, NATIONAL COUNCIL OF FARMER COOPERATIVES Mr. O'CONNELL.
Page 27 - Chan-man and gentlemen of the committee, section 4 of S. 2822 relates to the banks for cooperatives which come under the supervision of the Cooperative Bank Service of which I am Director. There are 13 banks for cooperatives, one in each of the 12 farm credit districts and the Central Bank for Cooperatives in the District of Columbia.
Page 28 - Before detailing what the amendment would do, I would like to point out what it will not do. Such an amendment would make no change in the present provision of the 1933 act that loans may only be made to "cooperative associations as defined in the Agricultural Market Act, as amended.
Page 40 - No such loan shall be made to any person who is not at the time, or shortly to become, engaged in the cultivation of the farm mortgaged.

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