§ 983 $ 984 paper issued, or purporting to have been issued, Charging or receiving unauthorized fee or commission; disclosing names of borrowers.-Other than the usual salary or director's fee paid to any officer, director, or employee of a national farm loan association, a Federal land bank, or a joint stock land bank, and other than a reasonable fee paid by such association or bank to any officer, director, attorney, or employee for services rendered, no officer, director, attorney, or employee of an association or bank organized under this subchapter shall be a beneficiary of or receive, directly or indirectly, any fee, commission, gift, or other consideration for or in connection with any transaction or business of such association or bank. No land bank or national farm loan association organized under this subchapter shall charge or receive any fee, commission, bonus, gift, or other consideration not herein specifically authorized. No examiner, public or private, shall disclose the names of borrowers to other than the proper officers of a national farm loan association or land bank without first having obtained express permission in writing from the Land Bank Commissioner or from the board of directors of such association or bank, except when ordered to do so by a court of competent jurisdiction or by direction of the Congress of the United States, or of either House thereof, or any committee of Congress or of either House duly authorized. Any person violating any provision of this paragraph shall be punished by a fine of not exceeding $5,000 or by imprisonment not exceeding one year, or both. (July 17, 1916, c. 245, § 31, 39 Stat. 382; June 16, 1933, c. 98, § 80 (a), 48 Stat. 273.) Fraud and embezzlement.-Any person connected in any capacity with any national farm loan association, Federal land bank, or joint stock land bank, who embezzles, abstracts, or willfully misapplies any moneys, funds, or credits thereof, or who without authority from the directors draws any order, assigns any note, bond, draft, mortgage, judgment, or decree thereof, or who makes any false entry in any book, report, or statement of such 8 31 31 § 985 association or land bank with intent in either case - False pretenses as to character of bonds or coupons. Any person who shall deceive, defraud, or impose upon, or who shall attempt to deceive, defraud, or impose upon, any person, firm, or corporation by making any false pretense or representation regarding the character, issue, security, or terms of any farm loan bond, or coupon, issued under the terms of this subchapter; or by falsely pretending or representing that any farm loan bond, or coupon, issued under the terms of this subchapter by one class of land banks is a farm loan bond, or coupon, issued by another class of banks; or by falsely pretending or representing that any farm loan bond, or coupon, issued under the terms of this subchapter, or anything contained in said farm loan bond, or coupon, is anything other than, or different from, what it purports to be on the face of said bond or coupon, shall be fined not exceeding $500 or imprisoned not exceeding one year, or both. (July 17, 1916, c. 245, § 31, 39 Stat. 382.) The following acts constitute misdemeanors, and the commission of any such acts subjects any person to fine or imprisonment, under the provisions of an Act of May 24, 1926, which are included in §§ 583-588 of chapter 5 of this Title; for any bank, banking association, trust company, corporation, association, firm, partnership, or person not organized under the provisions of chapter 7 of this Title to advertise or represent that it makes Federal farm loans or advertise or offer for sale as Federal farm loan bonds any bond not issued under the provisions of chapter 7 of this Title, or make any use of the word "Federal" or the words "United States," or any other word or words implying governmental ownership, obligation or supervision in advertising, or offering for sale any bond, note, mortgage, or other security not issued by the Government of the United States or under the provisions of said chapter 7, or some other Act of Congress. $31 987 Detection and arrest of violators.-The Secretary of the Treasury is hereby authorized to direct and use the Secret Service Division of the Treasury Department to detect, arrest, and deliver into custody of the United States marshal having jurisdiction, any person or persons violating any of the provisions of sections 981-987. (July 17, 1916, c. 245, § 31, 39 Stat. 382.) False statements by mortgagee relating to sale of mortgage to Federal land bank; overvaluation of land securing such mortgage. Any mortgagee who shall knowingly make any false statement in any paper, proposal, or letter, relating to the sale of any mortgage, to any Federal land bank under the provisions of section 781 of this chapter, as amended, or any appraiser provided for in this subchapter who shall willfully overvalue any land securing such mortgage, shall be punished by a fine of not exceeding $5,000 or by imprisonment not exceeding one year, or both. (July 17, 1916, c. 245, § 31, 39 Stat. 382; June 16, 1933, c. 98, § 78, 48 Stat. 272.) § 31 § 991 GOVERNMENT DEPOSITS IN LAND BANKS Interest rate; security; maximum amount. The Secretary of the Treasury is authorized, in his discretion, upon the request of the Farm Credit Administration, to make deposits for the temporary use of any Federal land bank, out of any money in the Treasury not otherwise appropriated. Such Federal land bank shall issue to the Secretary of the Treasury a certificate of indebtedness for any such deposit, bearing a rate of interest not to exceed the current rate charged for other Government deposits, to be secured by farm loan bonds or other collateral, to the satisfaction of the Secretary of the Treasury. Any such certificate shall be redeemed and paid by such land bank at the discretion of the Secretary of the Treasury. The aggregate of all sums deposited by the Secretary of the Treasury shall not exceed the sum of $6,000,000 at any one time. (July 17, 1916, c. 245, § 32, 39 Stat. 384; Mar. 27, 1933, Ex. Or. 6084.) SO "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. Federal land banks as depositories of public money, see § 701 of this chapter. 832 § 992 Government guaranty of interest on qualified Federal land bank bonds issued during limited period; use of proceeds of such bonds; limitation on aggregate amount of such bonds; payment of interest by Government upon inability of issuing bank; rights of Government after such payment.Until such time as the Land Bank Commissioner determines that Federal farm loan bonds (other than those issued under this paragraph) are readily salable in the open market at a yield not in excess of 4 per centum per annum, but in no case more than two years after May 12, 1933, Federal land banks may issue farm loan bonds as authorized under this subchapter, for the purpose of making new loans, or for purchasing mortgages or exchanging bonds for mortgages as provided in paragraph "Second" of section 781 of this chapter. The aggregate amount of the bonds issued under this paragraph shall not exceed $2,000,000,000, and such bonds shall be issued in such denominations as the Land Bank Commissioner shall prescribe, shall bear interest at a rate not in excess of 4 per centum per annum, and shall be fully and unconditionally guaranteed as to interest by the United States, and such guaranty shall be expressed on the face thereof. In the event that it shall appear to the Land Bank Commissioner that the issuing bank or banks will be unable to pay upon demand, when due, the interest on any such bonds, the Secretary of the Treasury shall, upon the request of the Commissioner, pay the amount thereof, which is hereby authorized to be appropriated out of any money in the Treasury not otherwise appropriated. Upon the payment of such interest by the Secretary of the Treasury the amount so paid shall become an obligation to the United States of the issuing bank or banks and shall bear interest at the same rate as that borne by the bonds upon which the interest has been so paid. After the expiration of one year from May 12, 1933, if in the opinion of the Land Bank Commissioner any part of the proceeds of the bonds authorized to be issued under this paragraph is not required for the purpose of making new loans or for purchasing mortgages or exchanging bonds for mortgages as herein provided, such bonds may be issued within the maximum limit herein specified for the purpose of refinancing any outstanding issues of Federal farm loan bonds; but no such bonds shall be issued after two years from May 12, 1933, for the purpose of such refinancing. (July 17, $32 § 992a $ 993 § 1011 $ 1012 1916, c. 245, § 32, 39 Stat. 384; May 12, 1933, Limitation on issuance of bonds under this section, see § 992a of this Limitation of section 992.-After ninety days. Bonds issued under section 992; delivery in payment of certain mortgages. Any borrower who obtains a loan from a Federal land bank after May 12, 1933, may, at any time after the expiration of five years from the date such loan was made, tender to such bank on any regular installment date, bonds issued under this paragraph in an amount not to exceed the unpaid principal of his loan, and the bonds so tendered shall be accepted by the bank at par in payment of any part of such unpaid principal. (July 17, 1916, c. 245, § 32, 39 Stat. 384; May 12, 1933, c. 25, § 21, 48 Stat. 41.) LIMITATION OF COURT DECISIONS Limitation of court decisions respecting validity of provisions.-If any clause, sentence, paragraph, or part of this subchapter or of subchapter III hereof shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of said subchapters, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered. (July 17, 1916, c. 245, § 34, 39 Stat. 384; Mar. 4, 1923, c. 252, § 2, 42 Stat. 1454.) AMENDMENTS TO CHAPTER Reservation of right to amend. The right to amend, alter, or repeal this subchapter or subchapter III of this chapter is hereby expressly reserved. (July 17, 1916, c. 245, § 35, 39 Stat. 384; Mar. 4, 1923, c. 252, § 2, 42 Stat. 1454.) § 32 834 § 35 |