FARM CREDIT ADMINISTRATION, INTRODUCTORY Executive Order Reorganizing Agricultural Credit Agencies of the United General Administrative Provisions: Farm Credit Administration; provisions relating to organization.. Governor of Farm Credit Administration; supplementary grant of Seal of Farm Credit Administration_. FEDERAL LAND BANKS, JOINT STOCK LAND BANKS, AND NATIONAL FARM "Federal Farm Loan Act"; administration.. "First mortgage" and "farm loan bonds" defined.. Administrative provisions relative to this subchapter: Federal Farm Loan Bureau....... Federal Farm Loan Board; number of members; appointment; Terms of office; oath; Land Bank Commissioner.. Eligibility of members; restriction on right to engage in other business- Registrars, appraisers, and examiners; appointment; restriction on Salaries and expenses; provision for payment.-. Appraisers and inspectors; compensation; manner of payment -- Statements of salaries paid by land banks__ 11 Annual report_ 11 Examinations and reports by land banks; appraisals of farm land; 12 2223 3 Establishment; titles; branches; Puerto Rico and Alaska; Hawaii; 13 Time of commencement of corporate existence; powers enumerated.. 16 17 Directors; number and qualifications; local and district directors--. 17 18 18 Local directors; election_-_- District directors; directors at large; appointment and election; va- 19 20 Qualifications of directors; limitation on engagement in other business- 21 22 80 Capital stock; minimum amount of original capital; regulation of 22 Capital stock; shares; value; who may subscribe to original stock....... 23 232 23 Capital Stock of Federal Land Banks-Continued. Capital stock; dividends; voting stock. Subscriptions to original stock; subscriptions by United States for Retirement of original stock.... Proportion held in quick assets_ Subscriptions to additional stock by United States; terms; amount; retirement_ Land Banks as Government Depositaries and Agents: Federal and joint stock land banks as Government depositaries and National Farm Loan Associations generally: Organization; articles of association; signature; copies for land banks. Secretary-treasurer; powers and duties; bonds; reports; misconduct Expenses and salaries; payment from general funds; assessments_ urer.. Report and affidavit accompanying articles of association__-- Authorization to receive funds to be loaned to members.. Securing loans for members; subscriptions to stock of land bank as Federal land banks; limitation on reduction of capital stock. Capital Stock of National Farm Land Associations: Par value of shares__ Voting privileges.. Borrowers only to be members; applicationf or membership; sub- 33 Individual liability of shareholders.. Increase of stock. National Farm Loan Associations; Special Provisions: Right of members to loans. Payment for stock from proceeds of member's mortgage loan- by land banks to associations; rate of interest_ New members.. Insolvency; institution and conduct of receivership Appraisal for Farm Loans: Investigation by loan committee of association; character and sol- Forms for reports Examinations by land bank appraisers as to farm loan bonds and first mortgages_ Borrower ineligible as land bank appraiser; association director or committeeman disqualified by interest in loan__ Powers of National Farm Loan Associations: Enumerated powers- Restriction on Loans of Federal Land Banks Based on First Mortgages: Agreement for repayment on amortization plan. Maximum interest rate_ Purposes of loans__ Limitation on amount of loans; appraisal; reappraisal_ Restrictions on eligibility for loans; Assumption of mortgage and stock interests by purchaser of land or heir.. Maximum and minimum of loans_ - 40 40 41 Receipt and deposit of mortgages as collateral for bonds; collection Restriction on Loans of Federal Land Banks Based on First Mortgages- Form of applications for loans_ surance_. Agreement by borrowers as to use of loans_. Loans not invalidated by unauthorized acts by banks or associations.. Issuing and selling farm loan bonds__ Pago 41 Acquiring and disposing of property Depositing securities and funds with reserve banks_ Receiving deposits from associations.. Borrowing money. Buying and selling United States bonds.. Charging fees for loans. Extension of obligations unpaid under terms of mortgages.. Postponement of payment of installments of loans... Interest rate; on extended payments; on taxes, liens, etc., paid by Reamortization of mortgages. Agreements to share gains and losses with associations Exchange for and purchase of farm mortgage corporation bonds.. Exchange of farm mortgage corporation bonds for farm loan bonds_Restrictions on Federal Land Banks: Limiting deposits.. Loaning on first mortgages except through associations_. Issuing excess of bonds; receiving excess of mortgages from associa- Restriction against making loans or issuing bonds after May 12, 1933. 52 Individual liability of shareholders. Powers, duties, and liabilities; stock.. Limitation on amount of issue of bonds; transacting unauthorized Assets of liquidating bank; purchase by Federal or joint stock land Loans to Joint Stock Land Banks to provide for orderly liquidation.. Loans by the Land Bank Commissioner to Joint Stock Land Banks 57 Joint Stock Land Banks-Continued. Insolvency; receivership; acquisition of assets by other banks; loans by acquiring bank in additional States___. General Powers of Farm Credit Administration under this subchapter: Applications for Farm Loan Bonds: Application; to whom made; collateral security; schedule.......... Verification of schedule; investigation and appraisal of securities tendered; decision as to application... Transmission of decisions to land bank and registrar; information to Written approval of issue requisite_ Registrar's duty respecting amount of collateral; United States bonds Preparation; custody of plate and dies; exchange for registered bonds; Special Provisions of Farm Loan Bonds: Land banks as bound by acts of officers and Credit Administration in Liability of each Federal land bank for bonds issued by it and by Federal land banks; action of directors respecting bond liability.. Signing and attesting bonds; certificate of Land Bank Commissioner. Consolidated bonds; authority of Federal land banks to issue and sell. Consolidated bonds; signature and attestation; joint and several Consolidated bonds; when payable.. Consolidated bonds; act of Commissioner binding on banks.. Consolidated bonds; action of directors respecting bond liability. Certificate of Land Bank Commissioner__ Farm loan bonds, special provisions of; consolidated bonds; participa- Consolidated bonds; failure of participating bank to pay interest or Payments upon mortgages pledged as collateral for bond issue; notice to registrar; cancellation of mortgage and discharge of lien 74 Application of Amortization and Interest Payments-Continued. Payment of bonds, coupons, and interest at maturity; notice to registrar of disposition of principal payments on mortgages held as collateral; transfer to registrar on demand_ Reserves and Dividends of Land Banks: Amount carried to reserve account; making good impairment; debit to reserve account_ Dividends on balance of net earnings; investment of reserves_. Reserves and Dividends of National Farm Loan Associations: Amount carried to reserve account_ Making good impairment of reserve Dividends on balance of net earnings.. Disposition of reserve on liquidation_ Defaulted Farm Loans: Mortgage held by Federal land bank; notice to indorsing association; Page 74 74 75 76 76 76 76 76 77 Exemption From Taxation: Federal land banks; national farm loan associations; mortgages and Joint-stock land banks; State taxation of shareholder, limitations on__ Investment in Farm Loan Bonds: Fiduciary and trust funds; security for public deposits_-- Buying and selling by member banks of Federal reserve system.. Requirements, responsibilities, and penalties applicable to examiners; 79 Salaries of examiners_ 79 National farm-loan associations; institution and conduct of receiver- Disposition of monies collected by receiver; reports. Federal and joint stock land banks; institution and conduct of receiver- Authorization to receiver to borrow money for paying taxes on real National farm-loan associations; disposition of stock in Federal land Voluntary liquidation; consolidation of farm-loan associations. State Legislation Impairing Security of Farm Loans: Examination to ascertain adequacy of safeguards to mortgagee. Statement to State Executive_ ___ Penalties: False statements in applications for loans; wilful overvaluation of land; Falsely making, forging, or counterfeiting bonds or coupons; passing Charging or receiving unauthorized fee or commission; disclosing Fraud and embezzlement.. False pretenses as to character of bonds or coupons.. 84 85 85 86 87 False statements by mortgagee relating to sale of mortgage to Federal 87 |