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CONTENTS

FARM CREDIT ADMINISTRATION, INTRODUCTORY

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Executive Order Reorganizing Agricultural Credit Agencies of the United

States...
General Administrative Provisions:

Farm Credit Administration; provisions relating to organization.---
Land Bank Commissioner; functions under Executive Orders..
Commissioners in Farm Credit Administration; designation; appoint-

ment; salaries and expenses.
Governor of Farm Credit Administration; supplementary grant of

powers.
Seal of Farm Credit Administration.

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FEDERAL LAND BAN JOINT STOCK LAND BANKS, AND NATIONAL FARM

LOAN ASSOCIATIONS (SUBCHAPTER I, CHAPTER 7, TITLE 12, U.S.C.)

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"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;

salaries; expenses.-
Terms of office; oath; Land Bank Commissioner.
Eligibility of members; restriction on right to engage in other business-
Filling vacancies on board..
Registrars, appraisers, and examiners; appointment; restriction on

right to engage in other business...
Salaries and expenses; provision for payment.
Appraisers and inspectors; compensation; manner of payment-
Attorneys, experts, and other employees; employment; salaries and

fees.
Statements of salaries paid by land banks..
Annual report--
Examinations and reports by land banks; appraisals of farm land;

amortization tables...
Statements of condition of associations and land banks..
Bulletins and circulars..

Rules and regulations.
Organization of Federal Land Banks:

Federal land bank districts..
Establishment; titles; branches; Puerto Rico and Alaska; Hawaii;

loans by branches.-
Temporary management -
Organization certificates; contents.
Changes in organization certificate.
Time of commencement of corporate existence; powers enumerated..
Time of termination of temporary management--
Directors; number and qualifications; local and district directors---
Directors; limitation on effect of amendments of 1933..
Local directors; nomination of candidates..
Local directors; election --
District directors; directors at large; appointment and election; va-

cancies
Qualifications of directors; limitation on engagement in other business-
Directors, officers, and employees; compensation and allowances..

Insolvency; institution and conduct of receivership--Capital Stock of Federal Land Banks:

Capital stock; minimum amount of original capital; regulation of

subscriptions Capital stock; shares; value; who may subscribe to original stock.-Capital stock; transfer of stock held by national farm loan associa

tions..

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Capital Stock of Federal Land Banks—Continued.

Page Capital stock; dividends; voting stock..

23 Subscriptions to original stock; subscriptions by United States for

unsubscribed balance of original capital stock..
Retirement of original stock.-
Proportion held in quick assets..

24 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
financial agents; surety bonds; investment of funds.

25 National Farm Loan Associations generally:

Organization; articles of association; signature; copies for land banks.
Directors; officers; loan committee --

26 Compensation and qualifications of directors.

27 Secretary-treasurer; powers and duties; bonds; reports; misconduct in office

27 Expenses and salaries; payment from general funds; assessments--- 28 Number of incorporators; organizations; directors; secretary-treas

28 Report and affidavit accompanying articles of association ---

29 Investigation of solvency of applicants for incorporation... Grant or refusal of charter.

29 Authorization to receive funds to be loaned to members.

30 Securing loans for members; subscriptions to stock of land bank as collateral; retirement of stock --

30 Federal land banks; limitation on reduction of capital stock..

Federal land banks; direct loans..
Capital Stock of National Farm Land Associations:
Par value of shares..

33 Voting privileges.

33 Borrowers only to be members; applicationf or membership; sub

scription to stock in association; stock held as collateral; retire-
ment of stock.

33 Increase of stock.

34 National Farm Loan Associations; Special Provisions: Right of members to loans..

34 Payment for stock from proceeds of member's mortgage loan. Commissions on interest payments; deduction from dividends; loans by land banks to associations; rate of interest

35 Individual liability of shareholders

35, 36 New members.

36 Insolvency; institution and conduct of receivership--

80 Appraisal for Farm Loans:

Investigation by loan committee of association; character and solvency of applicant; sufficiency of security offered; report--

36 Submission to land bank of loan application and report of associa

tion's committee; consideration of association's appraisal by bank- 36 Requirement for appraisal of land offered as security before making land bank loans..

37 Forms for reports

37 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.

37 Powers of National Farm Loan Associations:

Enumerated powers---
Restriction on Loans of Federal Land Banks Based on First Mortgages:
Security by first mortgage----

39 Agreement for repayment on amortization plan. Maximum interest rate.

39 Purposes of loans..

39 Limitation on amount of loans; appraisal; reappraisal.

40 Restrictions on eligibility for loans; Assumption of mortgage and stock interests by purchaser of land or heir..

40 Maximum and minimum of loans..

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surance.

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Restriction on Loans of Federal Land Banks Based on First Mortgages
Continued.

Form of applications for loans.
Interest on defaulted payments; payment of taxes and liens; in-
Agreement by borrowers as to use of loans.
Loans not invalidated by unauthorized acts by banks or associations-
Reduction of interest on loans and deferment of principal..
Loans to be current funds, bonds of corporation, or farm loan bonds..

Mortgages on farm lands under United States reclamation projects..
Powers of Federal Land Banks Generally:

Issuing and selling farm loan bonds ---
Investing funds in first farm mortgages.
Receipt and deposit of mortgages as collateral for bonds; collection

of moneys payable under mortgages and bonds.
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

mortgagee-
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.
Accepting other than first mortgages--
Issuing excess of bonds; receiving excess of mortgages from associa-

tions...
Demanding unauthorized commissions..

Accepting mortgages on personal property exempt from execution.--
Loans by Federal Land Banks Through Agents:

Loans when authorized.--
Manner of making---
Who may be employed as agent--
Expenses of and commissions to agents.
Expenses of agents added to loans...
Collection of loan payments.
Indorsement of loans; liability thereon..

When loans to cease..
Joint Stock Land Banks:

Restriction against making loans or issuing bonds after May 12, 1933_
Organization; directors...
Individual liability of shareholders.
Powers, duties, and liabilities; stock.
Limitation on amount of issue of bonds; transacting unauthorized

business.
Minimum capital stock.
Issuing bonds before payment of stock.
Form of bonds.---
Interest rates; restrictions on mortgage loans.
Limitation on interest rates.-
Unauthorized commissions or charges..
Bonds; form and contents.
Voluntary liquidation...
Assets of liquidating bank; purchase by Federal or joint stock land

bank; assumption of liabilities
Loans to Joint Stock Land Banks to provide for orderly liquidation.-
Loans by the Land Bank Commissioner to Joint Stock Land Banks
for emergency purposes.-

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Joint Stock Land. Banks Continued.

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Insolvency; receivership; acquisition of assets by other banks; loans

by acquiring bank in additional States ---

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General Powers of Farm Credit Administration under this subchapter:

Enumeration.

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Applications for Farm Loan Bonds:

Application; to whom made; collateral security; schedule.....

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Verification' of schedule; investigation and appraisal of securities

tendered; decision as to application.

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Transmission of decisions to land bank and registrar; information to

be furnished by registrar.

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Written approval of issue requisite.

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Issue of Farm Loan Bonds:

Duties of registrar on approval of bond issue.

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Rejection of application; return of collateral security --

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Disposition of collateral security on approval of application..

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Mortgages eligible as collateral

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Registrar's duty respecting amount of collateral; United States bonds

or cash in lieu of mortgages withdrawn.

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Additional security-.

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Purchase money mortgages as collateral in lieu of mortgages with-

drawn.

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Form of Farm Loan Bonds:

Denominations; minimum and maximum periods; interest coupons;

rates of interest -

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Rules and regulations as to payment--

Delivery to bank.-

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Preparation; custody of plate and dies; exchange for registered bonds;

reexchange for coupons.

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Special Provisions of Farm Loan Bonds:

Land banks as bound by acts of officers and Credit Administration in

issue of bonds...

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Liability of each Federal land bank for bonds issued by it and by

other Federal land banks..

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Federal land banks; action of directors respecting bond liability - 66

Signing and attesting bonds; certificate of Land Bank Commissioner. 66

Consolidated bonds; authority of Federal land banks to issue and sell.

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Consolidated bonds; signature and attestation; joint and several

obligations; recitals..

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Consolidated bonds; when payable---

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Consolidated bonds; act of Commissioner binding on banks.

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Consolidated bonds; action of directors respecting bond liability -

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Certificate of Land Bank Commissioner...

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Farm loan bonds, special provisions of; consolidated bonds; participa-

tion of Federal land bank in issue; collateral..

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Consolidated bonds; failure of participating bank to pay interest or

principal; liability of other banks..

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Bond committee.

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Consolidated bonds; duties of bond committee.-

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Consolidated bonds; expenses.

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Compensation of members of bond committee

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Application of Amortization and Interest Payments:

Payments upon mortgages pledged as collateral for bond issue;

notice to registrar; cancellation of mortgage and discharge of lien

upon full payment-

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Withdrawal of collateral and substitution of other security --

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Place and mode of payment of bonds or interest thereon; cancellation

on payment--

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Withdrawal of collateral security on surrender of bonds..

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Interest payments on pledged mortgages.-

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Payment of bonds, coupons, and interest at maturity

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Payment of bonds, coupons, and interest at maturity; trust fund from

payments on mortgages held as collateral...

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Payment of bonds, coupons, and interest at maturity; deposit of trust

funds with registrars as substituted collateral security---

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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; de

to reserve account..

Dividends on balance of net earnings; investment of reserves..
Reserves and Dividends of National Farm Loan Associations:

Amount carried to reserve accounta-
Making good impairment of reserve-
Dividends on balance of net earnings.
Investment of reserves---

Disposition of reserve on liquidation..
Defaulted Farm Loans:

Mortgage held by Federal land bank; notice to indorsing association;

making good default. Exemption From Taxation:

Federal land banks; national farm loan associations; mortgages and

bonds as instrumentalities of Government...
Joint-stock land banks; State taxation of shareholder, limitations on.-

Federal and joint-stock land banks; real property not exempt.---
Investment in Farm Loan Bonds:

Fiduciary and trust funds; security for public deposits----
Buying and selling by member banks of Federal reserve system..

Buying and selling by reserve banks.--
Examinations:

Land bank examiners; appointment; number..
Requirements, responsibilities, and penalties applicable to examiners)

examinations; reports.

Salaries of examiners..
Dissolution and Appointment of Receivers:

National farm-loan associations; institution and conduct of receiver

ship; duties and powers of receivers --
Disposition of monies collected by receiver; reports---
Federal and joint stock land banks; institution and conduct of receiver-

ship---
Authorization to receiver to borrow money for paying taxes on real

estate
National farm-loan associations; disposition of stock in Federal land

bank.
Voluntary liquidation; consolidation of farm-loan associations-
National farm-loan associations; disposition of stock in Federal land

bank upon voluntary liquidation; personal liability of members.--
State Legislation Impairing Security of Farm Loans:

Examination to ascertain adequacy of safeguards to mortgagee-
Effect of insufficient protection on mortgages covering land in State;

assistance in examining laws.--

Statement to State Executive-
Penalties:

False statements in applications for loans; wilful overvaluation of land;

acceptance of loan or gratuity by examiners--
Falsely making, forging, or counterfeiting bonds or coupons; passing

false bonds or coupons; falsely altering-
Charging or receiving unauthorized fee or commission; disclosing

names of borrowers.
Fraud and embezzlement..
False pretenses as to character of bonds or coupons..
Detection and arrest of violators..
False statements by mortgagee relating to sale of mortgage to Federal

land bank; overvaluation of land securing such mortgage---

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