CONTENTS FARM CREDIT ADMINISTRATION, INTRODUCTORY Page 1 Executive Order Reorganizing Agricultural Credit Agencies of the United States... Farm Credit Administration; provisions relating to organization.--- ment; salaries and expenses. powers. 5 5 5 6 FEDERAL LAND BAN JOINT STOCK LAND BANKS, AND NATIONAL FARM LOAN ASSOCIATIONS (SUBCHAPTER I, CHAPTER 7, TITLE 12, U.S.C.) 6 7 7 7 8 8 9 9 10 11 11 11 12 12 12 13 "Federal Farm Loan Act"; administration -- Federal Farm Loan Bureau.. salaries; expenses.- right to engage in other business... fees. amortization tables... Rules and regulations. Federal land bank districts.. loans by branches.- cancies 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.. 13 13 15 15 16 16 17 17 18 18 19 20 21 22 80 22 23 23 23 24 24 26 urer. 29 30 31 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.. 24 Subscriptions to additional stock by United States; terms; amount; retirement Federal and joint stock land banks as Government depositaries and 25 National Farm Loan Associations generally: Organization; articles of association; signature; copies for land banks. 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.. 33 Voting privileges. 33 Borrowers only to be members; applicationf or membership; sub scription to stock in association; stock held as collateral; retire- 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--- 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.. 41 35 37 38 39 ! 20 ! ! ! ! ! ! Pago 41 surance. 41 42 42 42 43 43 44 45 45 45 45 45 45 46 46 47 47 48 48 48 49 49 49 49 Restriction on Loans of Federal Land Banks Based on First Mortgages Form of applications for loans. Mortgages on farm lands under United States reclamation projects.. Issuing and selling farm loan bonds --- of moneys payable under mortgages and bonds. mortgagee- Exchange of farm mortgage corporation bonds for farm loan bonds.- Limiting deposits.- tions... Accepting mortgages on personal property exempt from execution.-- Loans when authorized.-- When loans to cease.. Restriction against making loans or issuing bonds after May 12, 1933_ business. bank; assumption of liabilities 49 49 50 50 50 50 50 51 51 51 51 52 52 52 52 53 53 53 53 54 54 54 54 55 55 56 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. Duties of registrar on approval of bond issue. Rejection of application; return of collateral security -- Disposition of collateral security on approval of application.. Mortgages eligible as collateral Registrar's duty respecting amount of collateral; United States bonds or cash in lieu of mortgages withdrawn. Purchase money mortgages as collateral in lieu of mortgages with- Denominations; minimum and maximum periods; interest coupons; Rules and regulations as to payment-- 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 - 66 Signing and attesting bonds; certificate of Land Bank Commissioner. 66 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- tion of Federal land bank in issue; collateral.. Consolidated bonds; failure of participating bank to pay interest or principal; liability of other banks.. Consolidated bonds; duties of bond committee.- Compensation of members of bond committee 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 Withdrawal of collateral and substitution of other security -- Place and mode of payment of bonds or interest thereon; cancellation Withdrawal of collateral security on surrender of bonds.. Interest payments on pledged mortgages.- Payment of bonds, coupons, and interest at maturity Payment of bonds, coupons, and interest at maturity; trust fund from payments on mortgages held as collateral... Payment of bonds, coupons, and interest at maturity; deposit of trust ige Page 79 74 74 75 76 76 76 77 77 77 78 78 78 78 78 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.. Amount carried to reserve accounta- Disposition of reserve on liquidation.. 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... Federal and joint-stock land banks; real property not exempt.--- Fiduciary and trust funds; security for public deposits---- Buying and selling by reserve banks.-- Land bank examiners; appointment; number.. examinations; reports. Salaries of examiners.. National farm-loan associations; institution and conduct of receiver ship; duties and powers of receivers -- ship--- estate bank. bank upon voluntary liquidation; personal liability of members.-- Examination to ascertain adequacy of safeguards to mortgagee- assistance in examining laws.-- Statement to State Executive- False statements in applications for loans; wilful overvaluation of land; acceptance of loan or gratuity by examiners-- false bonds or coupons; falsely altering- names of borrowers. land bank; overvaluation of land securing such mortgage--- 79 79 79 80 80 80 81 82 82 82 83 83 84 84 85 85 86 87 87 |