85 STAT. 624 12 USC 641 and note. 12 USC 672a. 12 USC 665, 639 note. 12 USC 810, 636. 12 USC 1131-2. 12 USC 773a. 12 USC 640a6401, 656a, 724, 1040. 12 USC 832,833 examiners as may be directed by the Farm Credit Administration; and State banks, trust companies, and savings associations may be required in like manner to file a written consent that reports of their examination by constituted State authorities may be furnished by such authorities upon the request of the Farm Credit Administration. SEC. 5.23. REPORTS ON CONDITIONS OF INSTITUTIONS RECEIVING LOANS OR DEPOSITS.-The executive departments, boards, commissions, and independent establishments of the Government of the United States, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Reserve banks are severally authorized under such conditions as they may prescribe, upon request of the Farm Credit Administration, to make available to it or to any institution of the System in confidence all reports, records, or other information relating to the condition of any organization to which such institution of the System has made or contemplates making loan or for which it has or contemplates discounting paper, or which it is using or contemplates using as a custodian of securities or other credit instruments, or a depository. The Federal Reserve banks in their capacity as depositories, agents, and custodians for bonds, debentures, and other obligations issued by the banks of the System or book entries thereof are also authorized and directed, upon request of the Farm Credit Administration, to make available for audit by farm credit examiners all appropriate books, accounts, financial records, files, and other papers. SEC. 5.24. JURISDICTION.-Each institution of the System shall for the purposes of jurisdiction be deemed to be a citizen of the State, commonwealth, or District of Columbia in which its principal office is located. No district court of the United States shall have jurisdiction of any action or suit by or against any production credit association upon the ground that it was incorporated under this Act or prior Federal law, or that the United States owns any stock thereof, nor shall any district court of the United States have jurisdiction, by removal or otherwise, of any suit by or against such association except in cases by or against the United States or by or against any officer of the United States or against any person over whom the courts of the State have no jurisdiction, and except in cases by or against any receiver or conservator of any such association appointed in accordance with the provisions of this Act. SEC. 5.25. STATE LEGISLATION.-Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this Act, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the Farm Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this Act. SEC. 5.26. REPEAL.-(a) The Federal Farm Loan Act, as amended; section 2 of the Act of March 10, 1924 (Public Numbered 35, Sixtyeighth Congress, 43 Stat. 17), as amended; section 6 of the Act of January 23, 1932 (Public Numbered 3, Seventy-second Congress, 47 Stat. 14), as amended; the Farm Credit Act of 1933, as amended; sections 29 and 40 of the Emergency Farm Mortgage Act of 1933; Act of June 18, 1934 (Public Numbered 381, Seventy-third Congress, 48 Stat. 983); Act of June 4, 1936 (Public Numbered 644, Seventy-fourth Congress, 49 Stat. 1461), as amended; sections 5, 6, 20, 25(b) and 39 of the Farm Credit Act of 1937, as amended; sections 601 and 602 of the Act of September 21, 1944 (Public Law 425, Seventy-eighth Congress, 58 Stat. 740, 741), as amended; sections 1, 2, 3, 4, 5, 6, 7, 8, 16, and 17(b) of the Farm Credit Act of 1953, as amended; sections 2, 101, and 201 (b) of the Farm Credit Act of 1956 are hereby repealed. All references in other legislation, State or Federal, rules and regulations of any agency, stock, contracts, deeds, security instruments, bonds, debentures, notes, mortgages and other documents of the institutions of the System, to the Acts repealed hereby shall be deemed to refer to comparable provisions of this Act. (b) All regulations of the Farm Credit Administration or the institutions of the System and all charters, bylaws, resolutions, stock classifications, and policy directives issued or approved by the Farm Credit Administration, and all elections held and appointments made under the Acts repealed by subsection (a) of this section shall be continuing and remain valid until superseded, modified, or replaced under the authority of this Act. All stock, notes, bonds, debentures, and other obligations issued under the repealed acts shall be valid and enforceable upon the terms and conditions under which they were issued, including the pledge of collateral against which they were issued, and all loans made and security or collateral there for held by, and all contracts entered into by, institutions of the System shall remain enforceable according to their terms unless and until modified in accordance with the provisions of this Act; it being the purpose of this subsection to avoid disruption in the effective operation of the System by reason of said repeals. SEC. 5.27. AMENDMENTS TO OTHER LAWS.-(a) The Executive Schedule of basic pay (80 Stat. 458, 5 U.S.C. 5311-5317), as amended, is further amended by striking from positions at level IV the "Governor of the Farm Credit Administration." (5 U.S.C. 5315 (51)) and inserting in positions at level III the additional position "(58) Governor of the Farm Credit Administration." (5 U.S.C. 5314). (b) The third paragraph of section 15 of the Federal Reserve Act (12 U.S.C. 393) is amended to read as follows: "The Federal Reserve banks are authorized to act as depositaries for and fiscal agents of any Federal land bank, Federal intermediate credit bank, bank for cooperatives, or other institutions of the Farm Credit System.' SEC. 5.28. SEPARABILITY.-If any provision of this Act, or the application thereof to any persons or in any circumstances, is held invalid, the remainder of this Act and the application of such provision to other persons or in other circumstances shall not be affected thereby. SEC. 5.29. RESERVE RIGHT TO AMEND OR REPEAL.-The right to alter, amend, or repeal any provision or all of this Act is expressly reserved. Approved December 10, 1971. 85 STAT. 625 12 USC 636a636h, 1131e-1. 12 USC 1027 and note, 10236. Savings provision. 83 Stat. 864. 42 Stat. 1480. LEGISLATIVE HISTORY: HOUSE REPORTS: No. 92-593 accompanying H. R. 11232 (Comm. on Agricul- SENATE REPORT No. 92-307 (Comm. on Agriculture and Forestry). July 29, considered and passed Senate. Nov. 1, considered and passed House, amended, in lieu of H. R. 11232. Public Law 93-24 93rd Congress, H. R. 1975 April 20, 1973 An Act To amend the emergency loan program under the Consolidated Farm and Rural Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsections (a), Emergenoy farm (b), (c), (d), (e), and (f) of section 328 of the Consolidated Farm loans. and Rural Development Act, as amended by Public Law 92-385, are 86 Stat. 557.. repealed. 7 USC 1969. SEC. 2. Subsection (a) of section 321 of the Consolidated Farm and Repeal. Rural Development Act is amended by striking out all of the language 75 Stat. 311. within the parentheses and inserting the following: "(including loans 7 USC 1961. the Secretary is authorized to make or insure under subtitles A and B of this title or any other Act of Congress)". 7 USC 1922, SEC. 3. Subsection (b) of section 321 of the Consolidated Farm and 1941. Rural Development Act is amended by deleting said subsection in its entirety and substituting in lieu thereof: "(b) The Secretary shall make loans in any such area designated by the Secretary in accordance with subsection (a) hereof and in any area designated as a major disaster by the President pursuant to the provisions of the Disaster Relief Act of 1970, as amended, (1) to estab- 84 Stat. 1745. lished farmers, ranchers, or oyster planters who are citizens of the 42 USC 4401 United States and (2) to private domestic corporations or partner- note. ships engaged primarily in farming, ranching, or oyster planting: 87 STAT, 24 Provided, That they have experience and resources necessary to assure 87 STAT. 25 a reasonable prospect for successful operation with the assistance of such loan, and are unable to obtain sufficient credit elsewhere to finance their actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time." SEC. 4. Section 324 of the Consolidated Farm and Rural Develop- Interest rate. ment Act is amended by striking out "3 per centum" and inserting in 7 USC 1964. lieu thereof "5 per centum". SEC. 5. Section 328 of the Consolidated Farm and Rural Develop- Insured loans. ment Act, as amended by Public Law 92-173, is further amended by 85 Stat. 491. striking out "$100,000,000" and inserting "$500,000,000”. SEC. 6. Section 321(a) of the Consolidated Farm and Rural Development Act is amended by striking the word "may" and inserting in lieu thereof the word "shall”. 7 USC 1968. Repeal. SEC. 7. Section 232 of Public Law 91-606 is repealed. SEC. 8. Notwithstanding the repeal herein of section 5 of Public Law 84 Stat. 1753. 92-385, and notwithstanding any other provision of law, the Secre- 42 USC 4452. tary of Agriculture shall make loans in accordance with the provi- Exception. sions of section 5 of Public Law 92-385 to eligible applicants in natural disaster areas determined or designated by the Secretary of Agriculture where such determination or designation had been made after January 1, 1972 and prior to December 27, 1972. The authority to accept applications for such loans shall expire 18 days after the effective date of this Act. 87 STAT. 25 72 Stat. 387; 78 Stat. 7. SEC. 9. Notwithstanding the provisions of any other law, any loan made by the Small Business Administration in connection with any disaster occurring on or after the date of enactment of this Act under sections 7(b) (1), (2), or (4) of the Small Business Act (15 U.S.C. 636(b) (1), (2), or (4)) shall bear interest at the rate determined under section 324 of the Consolidated Farm and Rural Development Act, as amended by section 4 of this Act. No portion of any such loan shall be subject to cancellation under the provisions of any law. Approved April 20, 1973. LEGISLATIVE HISTORY: HOUSE REPORTS: No. 93-15 (Comm. on Agriculture) and SENATE REPORT No. 93-85 (Comm. on Agriculture and Forestry). Feb. 22, considered and passed House. Mar. 28, considered and passed Senate, amended. Apr. 12, House and Senate agreed to conference report. Public Law 94-68 94th Congress, S. 555 August 5, 1975 An Act To amend the Consolidated Farm and Rural Development Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Consolidated Farm and Rural Development Act (the Act) is amended as follows: SEC. 2. Subsection (a) of section 321 of the Act is amended to read: "The Secretary shall designate any area in the United States, Puerto Rico, and the Virgin Islands as an emergency area if he finds that a natural disaster has occurred in said area which substantially affected farming, ranching, or aquaculture operations. For purposes of this subtitle 'aquaculture' means husbandry of aquatic organisms under a controlled or selected environment.". SEC. 3. Subsection (b) of section 321 of the Act is amended as follows: (a) in the first sentence after the words "major disaster” insert "or emergency", strike the words "oyster planters" and "oyster planting" and insert in lieu thereof the words "persons engaged in aquaculture" and "aquaculture", respectively; and (b) delete everything after the first sentence, strike the period, and insert: "and are unable to obtain sufficient credit elsewhere to finance their actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time. The provisions of this subsection shall not be applicable to loan applications filed prior to July 9, 1975.". Emergency farm loans, 7 USC 1921 note. 7 USC 1961. "Aquaculture," SEC. 4. Section 322 of the Act is amended to read: "Loans may be 7 USC 1962. made under this subtitle for any of the purposes authorized for loans under subtitle A or B of this title, as well as for crop or livestock changes deemed desirable by the applicant: Provided, That such loans may include, but are not limited to, the amount of the actual loss sustained as a result of the disaster.". SEC. 5. Section 324 of the Act is amended to read: "Loans made or insured under this Act shall be (1) at a rate of interest not in excess of 5 per centum per annum on loans up to the amount of the actual loss caused by the disaster, and (2) for any loans or portions of loans in excess of that amount, the interest rate will be that prevailing in the private market for similar loans, as determined by the Secretary. All such loans shall be repayable at such times as the Secretary may determine, taking into account the purposes of the loan and the nature and effect of the disaster, but not later than provided for loans for similar purposes under subtitles A and B of this title, and upon the full personal liability of the borrower and upon the best security available, as the Secretary may prescribe: Provided, That the security is adequate to assure repayment of the loans; except that if such security is not available because of the disaster, the Secretary shall (i) accept as security such collateral as is available, a portion or all of which may have depreciated in value due to the disaster and which in the opinion of the Secretary, together with his confidence in the repayment ability Interest rate; liability; security; collateral, 7 USC 1964, 7 USC 1922, 1941 |