[PUBLIO LAW 561-77TH CONGRESS] [CHAPTER 321-2D SESSION] [S. 2508] AN ACT To amend section 32 of the Emergency Farm Mortgage Act of 1933, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the tenth sentence of section 32 of the Emergency Farm Mortgage Act of 1933, as amended, is amended by striking out "June 1, 1942" wherever it appears therein and inserting in lieu thereof "July 1, 1943". Approved, June 3, 1942. (233) To extend for two additional years the reduced rates of interest on Federal land bank and Land Bank Commissioner loans. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the first sentence of paragraph Twelfth of section 12 of the Federal Farm Loan Act, as amended (relating to the 32-per-centum-interest rate on Federal land bank loans), is amended by striking out "occurring within a period of seven years commencing July 1, 1935" and inserting in lieu thereof "occurring within a period of nine years commencing July 1, 1935". (b) Said paragraph Twelfth, as amended, is further amended by inserting immediately following the second sentence of said paragraph the following: "The foregoing provisions shall also apply to interest on so-called purchase-money mortgages and on real estate sales contracts taken by the Federal land banks which is payable on installment dates occurring after June 30, 1942, except that in the case of such mortgages and contracts the rate of interest shall be onehalf of 1 per centum per annum in excess of the rate paid by borrowers on mortgage loans made through national farm loan associations." (c) The fourth sentence of said paragraph Twelfth (relating to the 1942 time limit on payments made by the United States to land banks on account of such interest reduction), is amended to read as follows: "No payments shall be made to a bank with respect to any period after June 30, 1944." SEC. 2. The last paragraph of section 32 of the Emergency Farm Mortgage Act of 1933, as amended (relating to reduction in the interest rate on loans by the Land Bank Commissioner), is amended to read as follows: "Notwithstanding the foregoing provisions of this section, the rate of interest on loans made under this section shall not exceed 4 per centum per annum for all interest payable on installment dates occurring on or after July 22, 1937, and prior to July 1, 1940, and shall not exceed 32 per centum per annum for all interest payable on installment dates occurring on or after July 1, 1940, and prior to July 1, 1944. Notwithstanding the interest rate provided for in so-called purchase-money mortgages and real estate sales contracts taken by the Federal Farm Mortgage Corporation, the rate of interest payable on such mortgages and contracts shall not exceed 4 per centum per annum for all interest payable on installment dates occurring on and after July 1, 1942, and prior to July 1, 1944." Approved, June 27, 1942. [PUBLIC LAW 91-78TH CONGRESS] [H. R. 2427] AN ACT To amend section 32 of the Emergency Farm Mortgage Act of 1933, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the tenth sentence of section 32 of the Emergency Farm Mortgage Act of 1933, as amended, is amended by striking out "July 1, 1943" wherever it appears therein and inserting in lieu thereof "July 1, 1945". Approved June 26, 1943. [PUBLIC LAW 387-78TH CONGRESS] [H. R. 4102] AN ACT To extend for one additional year the reduced rate of interest on Land Bank Commissioner loans. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first sentence of the last paragraph of section 32 (relating to reduction in the interest rate on loans by the Land Bank Commissioner) of the Emergency Farm Mortgage Act of 1933, as amended (U. S. C., 1940 edition, Supp. II, title 12, sec. 1016 (i)), is amended to read as follows: "Notwithstanding the foregoing provisions of this section, the rate of interest on loans made under this section shall not exceed 4 per centum per annum for all interest payable on installment dates occurring on or after July 22, 1937, and prior to July 1, 1940, and shall not exceed 32 per centum per annum for all interest payable on installment dates occurring on or after July 1, 1940, and prior to July 1, 1944, and shall not exceed 4 per centum per annum for all interest payable on installment dates occurring on or after July 1, 1944, and prior to July 1, 1945." Approved June 30, 1944. (EXTRACT FROM) [PUBLIC LAW 425-78TH CONGRESS] AN ACT To provide for the control and eradication of certain animal and plant pests and diseases, to facilitate cooperation with the States in fire control, to provide for the more efficient protection and management of the national forests, to facilitate the carrying out of agricultural conservation and related agricultural programs, to facilitate the operation of the Farm Credit Administration and the Rural Electrification Administration, to aid in the orderly marketing of agricultural commodities, and for other purposes. TITLE VI SEC. 601. (a) The Farm Credit Administration shall, prior to the first day of each fiscal year commencing after June 30, 1944, estimate for the ensuing fiscal year the cost of examinations of the joint-stock land banks, Federal land banks, national farm-loan associations, banks for cooperatives, Central Bank for Cooperatives, Federal intermediate credit banks, production credit corporations, and production credit associations; shall apportion the amount so determined among the joint-stock land banks, Federal land banks, banks for cooperatives, Central Bank for Cooperatives, Federal intermediate credit banks, production credit corporations, and production credit associations on such equitable basis as said Administration shall determine; and shall assess against and collect in advance the amount so apportioned from the banks, corporations, and other organizations among which the apportionment is made. (b) The Farm Credit Administration shall, prior to the first day of each fiscal year commencing after June 30, 1944, estimate the cost to it for the ensuing fiscal year of the administrative supervision of the Federal land bank system, the banks for cooperatives, the Central Bank for Cooperatives, the Federal intermediate credit banks, and the production credit system; shall apportion the amount so determined among the Federal land banks, the banks for cooperatives, the Central Bank for Cooperatives, the Federal intermediate credit banks, and the production credit corporations on such equitable basis as said Administration shall determine; and shall assess against and collect in advance from such banks and corporations the amount so apportioned. c) The amounts collected pursuant to subsections (a) and (b) hereof shall be covered into the Treasury, and credited to a special fund, which fund is hereby authorized to be appropriated to said Administration for expenditure during each fiscal year for salaries and expenses applicable to examination and administrative supervision as set forth in the annual appropriation made for the same fiscal year for salaries and expenses of said Administration. As soon as practicable after the end of each such fiscal year, said Administration shall determine on a fair and reasonable basis (1) the cost of the examination services rendered during the fiscal year to each said bank, corporation, or other organization; and (2) the amount which fairly and equitably should be allocated to each bank and corporation as the cost during the fiscal year of such administrative supervision, and if the sum of these two items in any case is greater than the total amount collected from the bank, corporation, or other organization, the difference shall be collected from such bank, corporation, or other organization, and, if less, shall be refunded from said. special fund to the bank, corporation, or other organization entitled thereto. (d) The eighth paragraph of section 3 of the Federal Farm Loan Act, as amended (12 U. S. C. 657), and the Act of June 26, 1930 (ch. 613, 46 Stat. 815), are hereby repealed, effective July 1, 1944. SEC. 602. The Farm Credit Administration is authorized to purchase manuscripts, data, and special reports by personal service without regard to the provisions of any other Act, and to employ persons, firms, and others for the performance of special services, including legal services: Provided, That expenditures under this authority shall not be made unless provision is made therefor in the applicable appropriation and the cost thereof is not in excess of limitations prescribed therein. SEC. 603. All expenditures which under the accounting system prescribed for the Federal Farm Mortgage Corporation by the General Accounting Office are to be treated as capital investments, increasing the book value of acquired fixed property (real estate and chattel), shall be considered as nonadministrative expenses for the purposes of section 7 of the Act of June 22, 1936 (15 U. S. C. 712a). Approved, September 21, 1944. |