69 Stat. 662. 50 Stat. 705. 80 STAT. 334 80 STAT. 335 67 Stat. 392. case shall the rate of interest exceed 6 per centum per annum on the unpaid principal of a loan.". (b) The Agricultural Marketing Act, as amended, is amended by deleting subsection (a) of section 8 thereof (12 U.S.Č. 1141f(a)). FARM CREDIT BOARD ELECTIONS SEC. 5. The Farm Credit Act of 1937, as amended, is amended by substituting "sixty" for "thirty" in the last sentence of section 5(e) thereof (12 U.S.C. 640e) and in the third last sentence of section 5(f) thereof (12 U.S.C. 640f) and by inserting the following immediately before the period at the end of each of such sentences: " except that for elections to fill vacancies the Farm Credit Administration may specify a shorter period than sixty days but not less than thirty days". This section shall be effective after the calendar year in which it is enacted. FEDERAL FARM CREDIT BOARD SEC. 6. Section 4(f) of the Farm Credit Act of 1953 (12 U.S.C. 636c (f)) is amended by substituting "$100" for "$50" therein. Approved August 2, 1966. LEGISLATIVE HISTORY: HOUSE REPORT No. 1695 (Comm. on Agriculture). SENATE REPORT No. 1102 (Comm. on Agriculture & Forestry). Public Law 89-595 Joint Resolution To delete the interest rate limitation on debentures issued by Federal intermediate credit banks. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the second sentence of section 203 (b) of the Federal Farm Loan Act, as amended (12 U.S.C. 1042), relating to debentures issued by Federal intermediate credit banks, is amended by deleting “, not exceeding 6 per centum per annum" therefrom. Approved September 20, 1966. 80 STAT, 821 Banks; debentures. Interest rate. 50 Stat. 715. LEGISLATIVE HISTORY: HOUSE REPORT No. 1803 accompanying H. J. Res. 1217 (Comm. on Public Law 89-633 An Act To amend the Consolidated Farmers Home Administration Act of 1961 to authorize the Secretary of Agriculture to hold prepayments made to the Secretary by insured loan borrowers and transmit them to the holder of the note in installments as they become due. 80 STAT. 879 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That paragraph (2) Farmers Home of subsection 309 (f) of the Consolidated Farmers Home Administra- Administration tion Act of 1961 is amended by striking out the words "the due date insured loans. of the annual installment" and inserting in lieu thereof the word Prepayment. "due". Approved October 8, 1966. 75 Stat. 310. 7 USC 1929. LEGISLATIVE HISTORY: HOUSE REPORT No. 1785 (Comm. on Agriculture). SENATE REPORT No. 1633 (Comm. on Agriculture & Forestry). Public Law 89-796 89th Congress, S. 688 November 8, 1966 An Act 80 STAT. 1478 To amend title III of the Bankhead-Jones Farm Tenant Act, as amended, to provide for additional means and measures for land conservation and land utilization, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 31 Agriculture. of title III of the Bankhead-Jones Farm Tenant Act, as amended Land conserva(7 U.S.C. 1010), is amended by inserting "developing and protecting tion and utilrecreational facilities," immediately after "protecting fish and wildlife,". (b) Section 32(e) of title III of such Act is amended by (1) inserting "and local nonprofit organizations" immediately after "public agencies" each place it occurs in the first sentence thereof; and (2) inserting and to local nonprofit organizations" immediately after "local public agencies" in the second sentence thereof. Approved November 8, 1966. ization, pro visión. 50 Stat. 525; 76 Stat. 607. 7 USC 1011. LEGISLATIVE HISTORY: HOUSE REPORT No. 2046 accompanying H. R. 13669 (Comm. on Agriculture). SENATE REPORT No. 1676 (Comm. on Agriculture & Forestry). Oct. 7: Considered and passed Senate. Oct. 17 Considered and passed House, in lieu of H. R. 13669. (361) Public Law 90-204 90th Congress, S. 2565 December 15, 1967 An Act To amend the Federal Farm Loan Act and the Farm Credit Act of 1933, as amended, and for other purposes. 81 STAT, 612 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the Federal Agriculture. Farm Loan Act and the Farm Credit Act of 1933, as amended, are Loan interest amended as hereinafter provided to remove the 6 per centum interest rates, removal rate limitations therein on loans made by Federal land banks and of limitations. banks for cooperatives; and to permit interest rates on such loans and on loans made by production credit associations to be determined as provided in such Acts of Congress to cover the cost of loan funds and other expenses and reserves so that the lending may continue on a selfsustaining basis. SEC. 2. Section 12 of the Federal Farm Loan Act, as amended (12 Federal land U.S.C. 771), relating to loans made by Federal land banks, is amended banks. by substituting "such rate of interest as the board of directors of the 39 Stat. 370. bank shall from time to time determine with the approval of the Farm Credit Administration" for "6 per centum per annum" in paragraph Third thereof and for "6 per centum per annum" in the first and second sentences of paragraph Ninth thereof. SEC. 3. The Farm Credit Act of 1933, as amended, is amended— (a) by inserting the following sentence between the present Production credfirst and second sentences of section 23 thereof, relating to loans it associations. made by production credit associations (12 U.S.C. 1131g): “Such 69 Stat. 663. loans shall be made on such terms and conditions, at such rates of interest, and with such security as may be prescribed in such rules and regulations."; and (b) by deleting from each of the second sentences in sections Banks for coop34 and 11 thereof (12 U.S.C. 1134j and 1134c), relating to loans eratives. made by banks for cooperatives, ", but in no case shall the rate 50 Stat. 717; of interest exceed 6 per centum per annum on the unpaid principal 80 Stat. 334. of a loan". Approved December 15, 1967. LEGISLATIVE HISTORY: HOUSE REPORT No. 971 accompanying H. R. 13706 (Comm. on Agriculture). CONGRESSIONAL RECORD, Vol. 113 (1967): Nov. 20: Considered and passed Senate. Nov. 29: Considered and passed House, amended, in lieu of H. R. 13706. Nov. 30: Senate concurred in House amendment. |