Pertaining to United States Code UNITED STATES OF AMERICA This circular contains all general provisions, by acts of Congress and Executive Order, relating to the establishment and operation of the Farm Credit Administration. This circular also contains all provisions of law relative to the organization and operation of the Federal intermediate credit banks, production credit corporations, production credit associations, and banks for cooperatives, together with certain miscellaneous provisions of law relative to short term and intermediate credit. The provisions of the acts of Congress and of the Executive Order contained herein are set forth in accordance with the codification thereof in chapter 7 of Title 12 of the official Code of Laws of the United States of America in Force December 26, 1926, and supplements thereto. Through the courtesy of the editor in charge of the Code, it has been possible to include herein the provisions of an act of January 31, 1934, in the form which will be used in the supplement to Title 12 of the Code. In the right margin of this circular, throughout Subchapter III, opposite each section which was incorporated in Title IÎ of the Federal Farm Loan Act, either originally or by amendment to that title, is printed the number of the Federal Farm Loan Act section in which the provisions are contained. The sections and subchapters into which this circular is divided are numbered to correspond with the same material in the 7th chapter of Title 12 of the Code. At the end of each section is a parenthetical reference to the act of Congress from which the provisions were derived, and to any subsequent amendatory acts. Wherever a section has been affected by the Executive Order which is set forth at the beginning of this circular, reference to the Order is made in the parenthetical statement at the end of the section. CONTENTS FARM CREDIT ADMINISTRATION, INTRODUCTORY Page 1 5 Executive Order Reorganizing Agricultural Credit Agencies of the United States Farm Credit Administration; provisions relating to organization... ment; salaries and expenses - powers-- 6 6 7 7 7 8 8 8 9 10 11 11 11 12 FEDERAL INTERMEDIATE CREDIT BANKS (SUBCHAPTER III, CHAPTER 7, TITLE 12, U.S.C.) Number, names, and charters of banks.--. Application for charter---. Lending powers; purchase and sale of debentures of intermediate credit banks; loans to cooperative associations.. trust companies, savings institutions, or corporations making loans mediate credit banks... Issue of Debentures: Collateral trust debentures or similar obligations; security for; matur ity; limitation respecting amount- collateral and handling thereof; interest rates-- to be included.. Discount Rates: Establishment and approval of; limitation on. counted with bank. Purchase by bank of debentures issued by it-Capital Stock: Amount, shares; subscriptions to by United States; assessments against other banks to restore capital impairment of one bank; Administration... Salaries and expenses of Federal Farm Loan Bureau; assessment against banks for proportionate share.-Net earnings; surplus fund; franchise tax; disposition by United States of sums received from net earnings of banks and from sur plus remaining after liquidation of banks_ Liability on Debentures or Other Such Obligations: Liability of one bank for debentures issued by other banks; agree ments by banks for transfer of funds for debenture payments--Examinations and Reports: Reports of condition of banks and other lending institutions redis counting with credit banks; examinations and audits of credit 12 12 13 13 13 15 15 16 17
Page 18 Examinations and Reports—Continued. Submission and publication of reports of condition by banks-- Cost of examinations; assessments against organizations investigated. Authority of Farm Credit Administration. Capital and income; debentures instrumentalities of Government-- Offenses by officers, employees, or agents; embezzlement; misapplica- tion of funds; unauthorized making, issuing, or assigning instru- Overvaluation of property offered as security for loan.. Offenses by officers, employees, or agents of banks; receiving fees or Forgery, counterfeiting, and like offenses relating to obligations of False representations as to debentures or other obligations of banks. Unlawful use of words “Federal intermediate credit bank”. Charging of unauthorized fees or commissions by banks.. PRODUCTION CREDIT CORPORATIONS AND PRODUCTION CREDIT ASSOCIATIONS (SUBCHAPTER IV, CHAPTER 7, TITLE 12, U.S.C.) Production Credit Corporations: Establishment; number; location.. Capital stock; amount; value of shares; amount and subscription for initial stock; payments for stock subscribed on behalf of United Purchase of stock in production credit associations; class of stock to be purchased and held; amount of stock; retirement of stock held by corporations; application of earnings on stock held by corpora- Production Credit Associations: Organization; articles of association; charters; by laws; powers of governor respecting associations.-- Capital stock; value of shares; classes of stock; voting rights; limitation of transfer of class B stock; exchange of class B stock upon holder ceasing to be borrower; dividends; ownership of stock as entitling credit corporation to approve or remove officers Application of earnings; losses in excess of reserve account; restor- ation of capital impairment; reserve account; guaranty fund; Loans to farmers; terms and conditions.. Borrowing from and rediscounting paper with Federal intermediate banks; limitation on power to borrow from or rediscount paper Establishment; number; location --- Capital stock; amount; value of shares; payments from revolving fund for stock purchased by Government- Lending power--- and reserves of banks. Retirement of stock held by Government.- 32 32 |
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