[PUBLIC-No. 379-66тH CONGRESS.J

[S. 4664.]

An Act To amend the first paragraph of section 20 of the Act of Congress approved July 17, 1916, known as the Federal Farm Loan Act, as amended by the Act of Congress approved April 20, 1920.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first paragraph of section 20 of the Act of Congress approved July 17, 1916, as amended by the Act of Congress approved April 20, 1920, be amended to read as follows:

"SEC. 20. That bonds provided for in this Act shall be issued in denominations of $40, $100, $500, $1,000, and such larger denominations as the Federal Farm Loan Board may authorize; they shall run for specified minimum and maximum periods, subject to payment and retirement, at the option of the land bank, at any time after the minimum period specified in the bonds, which shall not be longer than ten years from the date of their issue. They shall have interest coupons attached, payable semiannually, and shall be issued in series of not less than $50,000, the amount and terms to be fixed by the Federal Farm Loan Board. They shall bear a rate of interest not to exceed 5 per centum per annum.”

Approved, March 4, 1921.

(38)

[8. 1837.]

An Act To amend section 32 of the Act of Congress approved July 17; 1916, known as the Federal Farm Loan Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 32 of the Federal Farm Loan Act, approved July 17, 1916, as amended, is hereby amended by adding after the first paragraph a new paragraph to read as follows:

"Until such time as the aggregate paid-in capital stock of the twelve Federal land banks shall be $50,000,000, or more, the Secretary of the Treasury may in his discretion make deposits in addition to those authorized by the preceding paragraph, to be secured, redeemed, and paid in the same manner as provided in such paragraph, except that any additional deposit made hereunder shall be called by the Secretary of the Treasury and redeemed by the bank or banks holding the same, within fifteen days after the conclusion of each general offering of farm loan bonds by such bank or banks. The aggregate of such additional deposits outstanding at any time shall not exceed the difference between the aggregate paid-in capital stock of the twelve Federal land banks on the last day of the preceding month, and the sum of $50,000,000. The certificates of indebtedness issued to the Secretary of the Treasury by the Federal land bank for such additional deposits shall bear a rate of interest not exceeding by more than one-half of 1 per centum per annum the rate borne by the last bond issue of the land bank receiving such deposits."

Approved, July 1, 1921.

(89)

[PUBLIC-No. 50-67TH CONGRESS.]

[S. 1811.]

An Act To amend the Federal Farm Loan Act, as amended.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first paragraph of section 20 of the Federal Farm Loan Act, as amended, be, and hereby is, amended to read as follows:

"SEC. 20. That bonds provided for in this Act shall be issued in denominations of $40, $100, $500, $1,000, and such larger denominations as the Federal Farm Loan Board may authorize; they shall run for specified minimum and maximum periods, subject to payment and retirement, at the option of the land bank, at any time after the minimum period specified in the bonds, which shall not be longer than ten years from the date of their issue. They shall have interest coupons attached, payable semiannually, and shall be issued in series of not less than $50,000, the amount and terms to be fixed by the Federal Farm Loan Board. They shall bear a rate of interest not to exceed 5 per centum per annum, but no bonds issued or sold after June 30, 1923, shall bear a rate of interest to exceed 5 per centum per annum.'

Approved, August 13, 1921.

(40)

EXTRACT FROM PUBLIC LAW No. 219, 67TH CONGRESS, APPROVED MAY 15, 1922.]

That the term "first mortgage," as used in section 12 of the Federal Farm Loan Act, approved July 17, 1916, shall be construed to include mortgages on farm lands under United States reclamation projects notwithstanding there may be against such lands a reserved or created lien in favor of the United States for construction or other charges as provided in the Act of June 17, 1902, and Acts amendatory thereof and supplementary thereto, known as the reclamation law: Provided, That such lands are otherwise eligible for loans under the Federal Farm Loan Act: And provided further, That the amount and date of maturity of such lien shall be given due consideration in fixing the value of such lands for loan purposes. Approved, May 15, 1922.

(41)

54-539 O-71-4

[PUBLIC RESOLUTION-No. 104-67TH CONGRESS.]

[H. J. Res. 466.]

Joint Resolution To provide an additional appropriation for the Federal Farm Loan Board for the fiscal year 1924.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the sum of $24,000 is appropriated, out of any money in the Treasury not otherwise appropriated, for the fiscal year ending June 30, 1924, to provide payment for the following additional positions in the Federal Farm Loan Board: Two members at the rate of $10,000 each and two private secretaries at the rate of $2,000 each.

Approved, March 4, 1923.

(42)