79 STAT. 932 one-half of 1 per centum of the unpaid principal balance of the loan, of any charge collected in connection with the insurance of loans; and any remainder of any such charge". 7 USC 1929. (c) Section 309 (f)(1) of such Act is amended by striking out 76 Stat. 632. "$25,000,000" and inserting in lieu thereof "$50,000,000". Approved October 7, 1965, 10:15 a. m. LEGISLATIVE HISTORY: HOUSE REPORT No. 847 accompanying H. R. 10232 (Comm. on Agriculture). CONGRESSIONAL RECORD, Vol. 111 (1965): July 23: Considered and passed Senave. Sept. 23: Considered and passed House, amended, in lieu of H. R. 10232. Sept. 24: Senate concurred in House amendments. 89th Congress, S. 2822 An Act To amend various provisions of the laws administered by the Farm Credit Administration to improve operations thereunder, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the laws admin- Farm Credit istered by the Farm Credit Administration relating to Federal land Administration. banks, Federal intermediate credit banks, banks for cooperatives, farm credit board elections and compensation of Federal Farm Credit Board, are amended as hereinafter provided. FEDERAL LAND BANKS 80 STAT. 333 80 STAT. 334 SEC. 2. Title I of the Federal Farm Loan Act, as amended, is amended by inserting immediately before the period at the end of paragraph First of section 12 thereof (12 U.S.C. 771 First) 39 Stat. 370. and immediately before the period at the end of the first sentence and immediately before the second comma in the second sentence of para graph Second of section 13 thereof (12 U.S.C. 781 Second) the follow- 48 Stat. 42. ing: "and which mortgages may include farm land within other farm credit districts to the extent authorized by the Farm Credit Administration". FEDERAL INTERMEDIATE CREDIT BANKS SEC. 3. Title II of the Federal Farm Loan Act, as amended, is amended (a) in section 202(a) thereof (12 U.S.C. 1031), by deleting 70 Stat. 663. "and" at the end of paragraph (2), by substituting "; and" for the period at the end of paragraph (3) and by adding the following new paragraph: "(4) to purchase for investment obligations of the Federal land banks and the banks for cooperatives and, to the extent authorized by the Farm Credit Administration, obligations of any agencies of the United States."; and (b) by changing section 208(b) thereof (12 U.S.C. 1092) to 42 Stat. 1458. read as follows: "The Farm Credit Administration may require reports in such form as it may specify from any or all of the Federal intermediate credit banks whenever in its judgment the same are necessary for a full and complete knowledge of its or their financial condition or operations.' BANKS FOR COOPERATIVES SEC. 4. (a) Sections 41 and 34 of the Farm Credit Act of 1933, as amended (12 U.S.C. 1134c and 1134j), are each amended (i) by striking from clause (a) in the first sentence thereof the following: ", for any of the purposes and subject to the conditions and limitations set forth in such Act, as amended"; and (ii) by adding the following sentence immediately after the first sentence thereof: "Loans to cooperative associations made by any bank for cooperatives shall bear such rates of interest as the board of directors of the bank shall from time to time determine with the approval of the Farm Credit Administration, but in no 49 Stat. 317. 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.Ć. 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). Considered and passed Senate. Apr. 14: 89th Congress, S. J. Res. 178 Joint Resolution To delete the interest rate limitation on debentures issued by Federal intermediate credit banks. 80 STAT. 821 Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the second sentence Banks; debenof section 203 (b) of the Federal Farm Loan Act, as amended (12 tures. U.S.C. 1042), relating to debentures issued by Federal intermediate Interest rate. credit banks, is amended by deleting ", not exceeding 6 per centum annum" therefrom. Approved September 20, 1966. per 50 Stat. 715. LEGISLATIVE HISTORY: HOUSE REPORT No. 1803 accompanying H. J. Res. 1217 (Comm. on Agriculture). SENATE REPORT No. 1427 (Comm. on Agriculture & Forestry). Aug. 88 Considered and passed Senate. Sept. 6: Considered and passed House, in lieu of H. J. Res. (359) 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). Sept. 6: Considered and passed House. Sept. 26: Considered and passed Senate. (360) |