§ 1062 & 1072 Governor on behalf of the United States shall make APPLICATION OF EARNINGS Salaries and expenses of Federal Farm Loan § 206 (a) Bureau; assessment against banks for proportionate share. The Farm Credit Administration shall equitably apportion the joint salaries and expenses incurred in behalf of Federal land banks, joint stock land banks, and Federal intermediate credit banks, and shall assess against each Federal intermediate credit bank its proportionate share of the salaries and expenses of the Federal Farm Loan Bureau made necessary in connection with the operation of this provision (July 17, 1916, c. 245, § 206 (a); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1457; Mar. 4, 1925, c. 524, § 1, 43 Stat. 1262; Mar. 27, 1933, Ex. Or. 6084). "Farm Credit Administration" mentioned in the text was substituted for 'Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. For salaries and expenses to be included in assessments, see § 657, of this chapter. See also § 1094, below, for assessment of examination costs. Net earnings; surplus fund; franchise tax; dis- § 206 (b) position by United States of sums received from net earnings of banks and from surplus remaining after liquidation of banks. After all necessary expenses of a Federal intermediate credit bank have been paid or provided for, the net earnings shall be paid into a surplus fund until it shall amount to 100 per centum of the subscribed capital stock of such bank, and thereafter 50 per centum of such earnings shall be paid into the surplus. Whenever the surplus thus paid in shall have been impaired it shall be fully restored before payment of the franchise tax herein prescribed. After the aforesaid requirements of this section have been fully met and, except as otherwise provided in this subchapter, 50 per centum of the net earnings shall be paid to the United States as a franchise tax. The net earnings derived by the United States from Federal intermediate credit banks shall, in the discretion of the Secretary of the Treasury, be used to supplement the gold reserve held against outstanding United States notes, or § 1081 LIABILITY ON DEBENTURES OR OTHER SUCH Liability of one bank for debentures issued by 8 207 and/or made available from time to time for the "Farm Credit Administration" mentioned in the text was substituted § 1091 EXAMINATIONS AND REPORTS Reports of condition of banks and other lending § 208 (a) institutions rediscounting with credit banks; examinations and audits of credit banks. In order to enable each Federal intermediate credit bank to carry out the purpose of this subchapter, the Comptroller of the Currency is hereby authorized and directed, upon the request of any Federal intermediate credit bank, (1) to furnish for the confidential use of such bank such reports, records, and other information, as he may have available, relating to the financial condition of national banks through or for which the Federal intermediate credit bank has made or contemplates making discounts, and (2) to make through his examiners, for the confidential use of the Federal intermediate credit bank, examinations of organizations through or for which the Federal intermediate credit bank has made or contemplates making discounts or loans: Provided, That no such examination shall be made without the consent of such organization except where such examination is required by law: Provided, That any organization, except State banks, trust companies and savings associations, shall, as a condition precedent to securing rediscount privileges with the Federal intermediate credit bank of its district, file with such bank its written consent to its examination as may be directed by the Farm Credit Administration by land bank examiners; and State banks, trust companies and savings associations may be in like manner required to file their written consent that reports of their examination by constituted authorities may be furnished by such authorities upon request to the Federal intermediate credit bank of their district. Each Federal intermediate credit bank shall be examined and audited at least once each year by the Farm Credit Administration, and the results of such examination and audit shall be made public by the administration (July 17, "Farm Credit Administration" and "administration" mentioned in 1092 Submission and publication of reports of condi- §208 (b) tion by banks. Every Federal intermediate credit bank shall make to the Farm Credit Administration not less than three reports during each year as requested by the administration and according to the form which may be prescribed by the administration, verified by the oath or affirmation of the president, or secretary, or treasurer, of each Federal Intermediate credit bank and attested by the signature of at least three of the directors. Each report shall exhibit, in detail and under appropriate heads, the resources and liabilites of the Federal intermediate credit bank at the close of business on any past day specified by the Farm Credit Administration, within five days from the receipt of a request or requisition therefor from the administration, and in the same form in which it is made to the Farm Credit Administration shall be published in a newspaper published in the place where such Federal intermediate credit bank is established, or if there is no newspaper in the place, then in the one published nearest thereto, in the same county, at the expense of the bank; and such proof of publication shall be furnished as may be required by the Farm Credit Administration. The Farm Credit Administration 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 (July 17, 1916, c. 245, § 208 (b); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1458; Mar. 27, 1933, Ex. Or. 6084). "Farm Credit Administration" and "administration" mentioned in the text substituted for "Federal Farm Loan Board" and "board", respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. $1093 Investigations and reports by land bank ap- § 208 (c) praisers and examiners for credit banks.-Land bank appraisers are authorized, upon the request of any Federal intermediate credit bank and with the approval of the Farm Credit Administration, to investigate and make a written report upon the products covered by warehouse receipts or shipping $ 1094 documents, and the livestock covered by mortgages, "Farm Credit Administration" mentioned in the text was substituted Cost of examinations; assessments against or- § 208 (d) ganizations investigated.-The Farm Credit Administration shall assess the cost of all examinations made by the examiners of the administration under the provisions of this subchapter upon the bank, trust company, savings institution, or organization investigated, in accordance with the regulations to be prescribed by the administration. (July 17, 1916, c. 245, § 208(d); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1459; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration " and "administration" mentioned in the text were substituted for "Federal Farm Loan Board" and "board", respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 1101 RULES AND REGULATIONS Authority of Farm Credit Administration.-The Farm Credit Administration is authorized to make such rules and regulations, not inconsistent with law, as it deems necessary for the efficient execution of the provisions of this subchapter. (July 17, 1916, c. 245, § 209; Mar. 4, 1923, c. 252, § 2, 42 Stat. 1459; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 209 § 1111 TAX EXEMPTION Capital and income; debentures instrumentalities of Government. The privileges of tax exemption accorded under section 931 of this chapter shall apply also to each Federal intermediate credit bank including its capital, reserve, or surplus, and the income derived therefrom, and the debentures issued under this subchapter shall be deemed and held to be instrumentalities of the Government and § 210 |