74TH
CONGRESS.
SESS.
I.
CHS.
159,160,164.
May
29,
-
,
1
935.
313
June
3,
1935.
and
twenty
acres,
more
or
less,
with
improvements
thereon
if
any,
comprising
the
abandoned
Green
Lake
Fish
Cultural
Station,
in
Hancock
County,
Maine,
said
tract
being
no
longer
needed
for
fish-
cultural
purposes:
Provided,
That
such
action
shall
be
in
full
Proiso.
recognition
of
any
outstanding
lease,
license,
or
permit,
affecting
peruits,
etc.,
recog-
said
land.
n
iz
ed.
Approved,
May
29,
1935.
[CHAPTER
160.]
AN
ACT
To
amend
section
128
of
the
Judicial
Code,
as
amended.
[H.
R.
6114.3
[Public,
No.
86.]
Be
it
eazcted
by
the
Senate
and
House
of
Representatives
of
the
United
States
of
America
in
Congress
assembled,
That
paragraph
circuit
courts
ot
ap-
"Third"
of
subsection
(a)
of
section
128
of
the
Judicial
Code,
as
Pvoi.
43,p.936;
U.
S.
amended
(43
Stat.
936;
U.
S.
C.,
title
28,
sec.
225(a)),
be,
and
it
is
O-.,p12.9-
hereby,
amended
to
read
as
follows:
"
Third.
In
the
district
courts
for
Alaska
or
any
division
thereof,
ciRsie
of
final
de
and
for
the
Virgin
Islands,
in
all
civil
cases
wherein
the
Consti-
tution
or
a
statute
or
treaty
of
the
United
States
or
any
authority
slands
and
irgi
exercised
thereunder
is
involved;
in
all
other
civil
cases
wherein
the
value
in
controversy,
exclusive
of
interest
and
costs,
exceeds
$1,000;
in
all
criminal
cases,
and
in
all
habeas
corpus
proceedings;
and
in
the
District
Court
of
the
Canal
Zone
in
the
cases
and
modes
canl
one.
prescribed
in
sections
61
and
62,
title
7,
Canal
Zone
Code
S(48
Stat.
1122).
Approved,
May
31,
1935.,
[CHAPTER
164.]
A
AN
ACT
June
3,
1935.
To
amend
the
Emergency
Farm
Mortgage
Act
of
1933,
to
amend
the
Federal
Is.
1384.]
Farm
Loan
Act,
to
amend
the
Agricultural
Marketing
Act,
and
to
amend
the
[Public,
No.
87.]
Farm
Credit
Act
of
1933,
and
for
other
purposes.
Be
it
enacted
by
the
Senate
and
House
of
Representatives
of
the
United
States
of
America
in
Congress
assembled,
That
this
Act
may
Farm
credit
t
of
be
cited
as
the
"Farm
Credit
Act
of
1935."
1.
SEc.
2.
(a)
Section
32
of
the
Emergency
Farm
Mortgage
Act
of
Msmerge
Far
1933,
as
amended
(U.
S.
C.,
Supp.
VII,
title
12,
sec.
1016),
is
further
oents
amended
by
striking
out
of
the
third
sentence
the
following
"
and
iomrlloa
ntofmraa
made
for
the
purpose
of
reducing
and
refinancing
an
existing
sRepaymnt
provi-
mortgage
.
vol.
4
a.p.B;u.s.o.,
(b
eSuch
section
32,
as
amended,
is
further
amended
by
striking
p.,p.sofoansn
out
the
fifth
sentence
and
inserting
in
lieu
thereof
the
following:
lage.
"
Loans
may
be
made
under
this
section
for
any
of
the
purposes
for
which
Federal
land
banks
are
authorized
by
law
to
make
loans,
and
for
the
following
additional
purpose,
and
none
other:
Refinanc-
.
s.
c.,.
p33.
ng,
either
in
connection
with
proceedings
under
chapter
III
of
the
Bankruptcy
Act
of
July
1,
1898,
as
amended,
or
otherwise,
any
indebtedness,
secured
or
unsecured,
of
the
farmer,
or
which
is
secured
by
a
lien
on
all
or
any
part
of
the
farm
property
accepted
as
security
for
the
loan."
(e)
Such
section
32,
as
amended,
is
further
amended
by
striking
Daons
out
the
seventh
sentence
and
inserting
in
lieu
thereof
the
following:
"As
used
in
this
section,
(1)
the
term
'farmer'
means
any
person
"Farmer".
who
is
at
the
time,
or
shortly
to
become,
bona
fide
engaged
i
farm-
vo48p
in
operations,
either
personally
or
through
an
agent
or
tenant,
or
the
p
ial
part
of
whose
income
is
derived
from
farming
oper-
ations
or
vestock
raising,
and
includes
a
personal
representative
314
74TII
CONGRESS.
SESS.
I.
CH.
164.
JUNE
3,
1935.
"Person".
of
a
deceased
farmer;
(2)
the
term
'person'
includes
an
individual
or
a
corporation
engaged
in
the
raising
of livestock;
and
(3)
the
"Corporation".
term
'corporation'
includes
any incorporated
association;
but
no
Restrictions
on
loans
such
loan
shall
be
made
to
a
corporation
(A)
unless
all the
stock
of
to
corporations.
the
corporation
is
owned
by
individuals
themselves
personally
actu-
ally
engaged
in
the
raising
of
livestock
on
the
land
to
be
mortgaged
as
security
for
the
loan,
except
in
a
case
where
the
Land
Bank
Commissioner
permits
the
loan
if
at
least
75
per
centum
in
value
and
number
of
shares
of
the
stock
of
the
corporation
is
owned
by
the
individuals
personally
actually
so
engaged,
and
(B)
unless
the
owners
of
at
least
75
per
centum
in
value
and
number
of
shares
of
the
stock
of
the
corporation
assume
personal
liability
for
the
loan.
No
loan
shall
be
made
to
any
corporation
which
is
a
subsidiary
of,
or
affiliated
(either
directly
or
through
substantial
identity
of
stock
ownership)
with, a
corporation
ineligible
to
procure
a
loan
in the
amount
applied
for."
Loans;
tieformak-
(d)
Such
section
32,
as
amended,
is
further
amended
by
striking
Ante,
p. 300.
out
the
eighth
and
ninth
sentences
and
inserting
in
lieu
thereof
the
Vol.
48,p.347.
following:
"Until
February
1,
1940,
the
Land
Bank
Commissioner
shall,
in
his
name,
make
loans
under
this
section
on
behalf of
the
Federal
Farm
Mortgage
Corporation,
and
may
make
such loans
in
Form
of.
cash
or
in
bonds
of
the
corporation,
or
if
acceptable
to
the
borrower,
in
consolidated
farm loan
bonds;
but
no
such
loans
shall
be
made
by
him
after
February
1,
1940,
except
for
the
purpose
of
refinanc-
Limitation
on
ing
loans
previously
made
by
him under
this
section.
As much
as
amount
of
bonds
re-
moved.
may
be
necessary
of
the
assets
of
the
corporation,
including
the
bonds
Vol.
48,
p.
.
(and
proceeds
thereof)
issued
under
section
4
of
the
Federal
Farm
Mortgage
Corporation Act,
may
be
used
for
the
purposes
of
this
section."
mFy
rer
land
bks
(e)
Such
section
32,
as
amended,
is
further
amended
by
inserting
etc.,
on
behalf
of
at
the
end
thereof
the
following:
"Any
Federal land
bank,
when
porntioner
or
Or-
duly
authorized
by
the
Land
Bank
Commissioner
and
the
Federal
Vol.
48pp.48347
Farm
Mortgage
Corporation,
shall
have
the
power
to
execute
any
instrument
relating
to any
mortgage
taken
to
secure
a
loan
made
or
to
be
made
under
this
section4
or
relating
to
any
property
included
in
any
such
mortgage,
or
relating
to
any
property
acquired
by
the
Land Bank
Commissioner
and/or
the
Federal
Farm
Mortgage
Cor-
poration. Any
such
instrument
heretofore
or
hereafter
executed
on
behalf
of
the
Land
Bank
Commissioner
and/or
the
Federal
Farm
Mortgage
Corporation
by
a
Federal
land
bank,
through
its duly
authorized
officers,
shall
be
conclusively
presumed
to
have
been
duly
authorized
by
the
Land
Bank
Commissioner
and
the
Federal
Farm
Mortgage
Corporation."
Feetal
Far
Loan
SEC.
3.
(a) Effective
July
1,
1935,
the
first
sentence
of
paragraph
Vol..
39
2
Vol.
C"
Twelfth
"
of
section
12
of the
Federal
Farm
Loan
Act,
as
amended,
p.2.
4;'
is
amended
by
striking
out
the following: "within
two
years
after
1P2
pp.
592,
18
2
such
date,
shall
not
exceed
41/2per
centum
per
annum
for
all
interest
payable on
installment
dates
occurring
within
a
period
of
five
years
commencing
sixty
days
after
the
date
this
paragraph
takes
effect;
and
no
payment
of
the
principal
portion
of
any
installment
of
any
such
loan
shall
be
required
during
such
five-year
period
if
the
bor-
rower
shall
not
be
in
default
with
respect
to
any
other
condition
or
covenant
of
his
mortgage
",
and
inserting
in
lieu
thereof
the
lonterst
rateson
following:
"after
such
date,
shall
not
exceed
3/
per
centum
per
annum
for
all
interest
payable
on
installment
dates
occurring
within
a
period
of
one
year
commencing
July
1,
1935,
and
shall
not
exceed
4
per
centum
per
annum
for
all
interest
payable
on
installment
dates
74TH
CONGRESS.
SESS.
I.
CH.
164.
JUNE
3,
1935.
occurring
within
a
period
of
two
years
commencing
July
1,
1936;
and
no
payment
of
the
principal
portion
of
any
installment
of
any
Payments
on
prin-
such
loan
outstanding
on
the
date
of
the
enactment
of
the
Farm
ci
p
al
deferred.
Credit
Act
of
1935
shall
be
required
prior
to
July
11,
1938,
if the
borrower
shall
not
be
in
default
with
respect
to
any
other
condition
or
covenant
of
his
mortgage."
(b)
Effective
July
1,
1935,
the
second
sentence
of
such
paragraph
Loansmade
by
Fed-
"Twelfth
"
is
amended
by
striking
out
the
following:
"the
rate
of
Vol.48,p.43s;us.C.,
interest
on
such
loans
for
such
five-year
period
shall
be
5
per
centum
"
429
in
lieu
of
41/2
per
centum
",
and
inserting
in
lieu
thereof:
"
the
rates
Rates
of
interest.
of
interest
paid
for
the
respective
periods
above
specified
shall
be
one-half
of
1
per
centum
per
annum
in
excess
of
the
rates
of
interest
paid
during
the
corresponding
periods
by
borrowers
on
mortgage
loans
made
through
national
farm
loan
associations".
SEc.
4.
The
fourth
sentence
of
section
24
of
the
Federal
Farm
National
Farm
Loan
Loan
Act,
as
amended
(U.
S.
C.,
Supp.
VII,
title
12,
sec.
913),
is
dAsciations;
divi-
further
amended
by
striking
out
the
period
at
the
end
thereof
and
vol.
39,
p.
0;
vol.
47,
p.
14;
U.
S.
C.,
inserting
in
lieu
thereof
a
colon
and
the following:
"Provided,
p.
438.
That
the
declaration
and
payment
of
any
such
dividend
shall
be
oAppr0alrequired.
subject
to
the
approval
of
the
Land
Bank
Commissioner."
SEO.
5.
(a)
Paragraph
(1)
of
subsection
(a)
of
section
202
of
the
Federal
intermediate
Federal
Farm
Loan
Act,
as
amended
(U.S.
.C.,
Supp.
VII,
title
12,
rol.
48,
p.
271;
sec.
1031),
is
further
amended
by
striking
out
that
portion
of
the
.
c.
p.
44.
paragraph
which
follows
the
secoinserting
in
lieu
Discounts
and
semicolon
and
inserting
i
lieu
thereof
the
following:
"
and
to
discount
for,
or
purchase
from,
any
to
banks
for
coopera-
production
credit
association
or
bank
for
cooperatives
organized
tive
authori
5
ed.
under
the
Farm
Credit
Act
of
1933,
or
any
production
credit
associa-
tion
in
which
a
Production
Credit
Corporation
organized
under
such
Act
holds
stock,
with
its
indorsement,
any
note,
draft,
bill
of
exchange,
debenture,
or
other
such
obligation
presented
by
such
association
or
bank,
and
to
make
loans
and
advances
direct
to
any
collateralrequired.
such
association
or
bank
secured
by
such
collateral
as
may
be
approved
by
the
Governor
of
the
Farm
Credit
Administration;".
(b)
Paragraph
(3)
of
subsection
(a)
of
such
section
202,
as
Commission
on
amended,
is
further
amended
by
striking
out
the
period
at
the
end
drafts,ete.,uponbanks
thereof
and
inserting
in
lieu
thereof
a
comma
and
the
following:
tbions.Ptivea
"
at
such
rates
of
commission
as
may
be
approved
by
the
Governor
ol.
48,
p.
272.
of
the
Farm
Credit
Administration.
(c)
Subsection
(d)
of
such
section
202,
as
amended
(U.
S.
C.,
Supp.
dis
ontf.est
VII,
title
12,
sec.
1034),
is
hereby
repealed.
Vol
2,
.
14,
re-
SEB.
6.
(a)
Subsection
(a)
of
section
203
of
the
Federal
Farm
Debentures.
Loan
Act
(.
S.
C.,
title
12,
sec.
1041)
is
amended
by
striking
out
'lT
4
'.,
p.
144 ;
the
proviso
and
inserting
in
lieu
thereof
the
following:
"
Provided,
Aggregate
amount
That
the
aggregate
amount
of
the
outstanding
debentures
and
simi-
authorizedaout
lar
obligations
issued
individually
by
any
Federal
intermediate
credit
bank,
together
with
the
amount
of
outstanding
consolidated
deben-
tures
issued
for
its
benefit
and
account,
shall
not
exceed
ten
times
the
surplus
and
paid-in
capital of
such
bank
".
(b)
Such
section
203
(U.
S.
C.,
title
12,
secs.
1041-1043)
is
further
ol.
42,
p.456.
amended
by adding
at
the
end
thereof
the
following
new
subsections:
l(d)
Whenever
it
shall
appear
desirable
to
issue
consolidated
MCoslidated
deben-
debentures
of
the
twelve
Federal
intermediate
credit
banks
and
to
iende
sell
them
through
a
common
selling
agency,
and
the
Federal
inter-
mediate
credit
banks
shall,
by
resolutions,
consent
to
the
same,
the
.S.
C.,p.445.
banks
may
issue
and
sell
said
debentures
subject
to
the
provisions
of
this
section
and
the
provisions
of
section
21
of
Title
I
of
this
Act,
insofar
as
applicable.
As
used
in
this
Act,
the
term
'deben-
"Dbebanre"
eon-
tures'
includes
such
consolidated
debentures.
74TH
CONGRESS.
SESS.
I.
CH.
164.
JUNE
3,
1935.
A
ceptable
as
lawful
4"(e)
All
debentures
issued
by
Federal
intermediate
credit
banks
tunds.
or
p
shall
be
lawful
investments,
and
may
be
accepted
as
security,
for
all
fiduciary,
trust,
and public
funds,
the
investment
or
deposit
of
which
shall
be
under
the
authority
or
control
of
the United
States
or
of any
officer
or
officers
thereof."
435,
p.
1
456
2.
SEC.
7.
Subsection (a)
of
section
204
of
the
Federal
Farm
Loan
Federa
intermediate
Act,
as
amended
(U.
S.
C.,
Supp
VII,
title
12,
sec.
1051),
is
further
credit
banks
rates
of
amended
to
read
as
follows:
discountndteret
"(a)
Any
Federal
intermediate
credit
bank
may,
with the
approval
Approval
required.
Of
the
Intermediate Credit
Commissioner,
from
time
to
time
estab-
lish
rates
of
discount
and
interest
which,
except
with
the
approval
of
the
Governor of
the
Farm
Credit
Administration,
shall
not
exceed
by
more
than
1
per
centum
per
annum the
rate
borne
by
the
last
preceding
issue
of
debentures
which
it
issued
or
in
which
it
partici-
ofotcquitcreditank
pated.
Any
Federal
intermediate
credit
bank
may
be
required
by
the
Governor
of
the
Farm
Credit Administration
to
acquire,
upon
such
terms
as
he
may
approve,
loans
and/or
discounts
of
any
Vol.
42,
p.
1458;
.
other
Federal
intermediate
credit
bank."
C., p. 44.
SEo.
8.
Section
208
of
the
Federal
Farm
Loan
Act
(U.
S.
0
title
12,
sees.
1091-1094)
is
amended
by adding
at
the
end
thereof
Reports
records,
etc.,
the
following
new
subsection:
of
executive
depart-
"(e)
The
executive
departments, boards,
commissions,
and
inde-
ments,
agencies.
pendent
establishments
of
the
Government,
the
Reconstruction
Availability
to
Finance
Corporation,
the Federal
Deposit Insurance Corporation,
banks
the
Federal
Reserve
Board.
and
the
Federal
Reserve
banks
are
severally
authorized,
under
such
conditions
as
they
may
prescribe,
to
make
available
to
any
Federal
intermediate
credit
bank,
in
con-
fidence,
upon
the
request
of
the
Governor
of
the
Farm
Credit
Administration,
such
reports,
records,
or other
information
as
they
may
have
available
relating
to
the
condition
of
any
institution
to
which
a
Federal
intermediate
credit
bank
has
made, or
contemplates
making,
loans,
or which
it
is
using,
or contemplates
using,
as
a
cus-
Agricultural
Market-
todian
of
securities
or
other
credit
instruments,
or
as
a
depositary."
ingActamendments.
SEC.
9.
Paragraph
(2)
of
subsection
(a)
of
section
7
of
the
Agri-
Vol.
46,
p.
14;
Vol.
48s,
p.
265;
U..
c.,
cultural
Marketing
Act,
as
amended
(U.
S.
C.,
Supp
VII,
title
12,
p
oans
to
cooperative
se
e
.
1141e),
is
further
amended
to
read
as
follows:
associations.
"(2)
the
construction
or
acquisition
by purchase
or
lease,
or
faCostctonet.,
of
refinancing
the
cost
of
such
construction
or
acquisition,
of
physical
facilities."
Vol.4,
p.
2..
SEC.
10.
Paragraph
(1)
of
subsection
(c)
of
section
7
of
the
Agricultural
Marketing
Act,
as
amended
(U.
S.
C.,
Supp.
VII,
title
Amount.
12
sec.
1141e),
is
further
amended
to
read
as
follows:
t
(1)
No
loan
shall
be
made
in
an
amount
in
excess
of
60
per
centum
of
the
appraised
value
of
the
security
therefor."
.Y,
p.
4
,
p
2;
.s
.
Sec.
11.
Subsection
(a)
of
section
8
of
the Agricultural
Marketing
Act,
as amended
(U.
S.
C.,
Supp.
VII,
title
12,
sec.
1141f),
is
further
Interest
rates
amended
to
read
as
follows:
"(a)
Loans to
any
cooperative
association
shall
bear
such
rates
of
interest
as
the
Governor
of
the
Farm
Credit
Administration
shall
from
time
to
time
determine
to
be
necessary
for
the
needs
of
the
lending
agencies
and
shall
by
regulation
prescribe
(but
in
no
case
shall
the
rate
of
interest
exceed
6
per
centum
per
annum
on
the
Loan'for
merchan-
unpaid
principal):
Provided,
hoowever,
That
the
rate
of
interest
on
i
riclturacom-
any
loan
made
under
the
provisions
of
section
7
(a)
(1)
hereof,
Vol.
46,p.
14;
vol.
47,
other
than
upon
the
security
of
commodities,
shall
conform
as
nearly
p
.
2.
as
may
be
practicable
to
a
rate
1
per
centum
in
excess
of
the
pre-
vailing
interest
rate
paid
by production
credit
associations
to
the
74TH
CONGRESS.
SESS.
I.
CH.
164.
JUNE
3,
1935.
317
Federal
intermediate
credit
bank
of
the
land
bank
district
in
which
the
principal
business
office
of
the
borrower
is
located;
the
rate
of
Loans
upon
security
interest
on
any
loan
made
upon
the
security
of
commodities
shall
conform,
as
nearly
as
may
be
practicable,
to
the prevailing
interest
rate
on
commodity
loans
charged
borrowers
from
the
Federal
inter-
mediate
credit
bank
of
the
land
bank
district
in
which
the
principal
business
office
of
the
borrower
is
located;
and
that
the
rate
of
interest
Loan
for
construe
tion
of
physical
facili-
on
any
loan
made
under
the
provisions
of
section
T
(a)
(2)
hereof
ties.
shall
conform
as
nearly
as
may
be
practicable
to
the
prevailing
p. 2
46
'.14;Vol48
rate
on
mortgage
loans
made
to
members
of
national
farm
loan
associations."
SEC.
12.
Subsection
(a)
of
section
15
of
the
Agricultural
Market-
,Vol.
46:,
18.;
Vol.48,
ing
Act,
as
amended
(U.
S. C.,
Supp.
VII,
title
12,
sec.
1141j),
is
2;
.
p.
4
further
amended
to
read
as
follows:
"(a)
As
used
in
this
Act,
the
term'
cooperative
association'
means
ti"Coopnerative
ia-
any
association
in
which
farmers
act
together
in
processing,
prepar-
ing
for
market,
handling,
and/or
marketing
the
farm
products
of
persons
so
engaged,
and
also
means
any
association
in
which
farmers
act
together
in
purchasing,
testing,
grading,
processing,
distributing,
and/or
furnishing
farm
supplies
and/or
farm
business
services:
Provided,
however,
That
such
associations
are
operated
for
the
Poio
u.
mutual
benefit
of
the
members
thereof
as
such
producers
or
pur-
tual
benefit,
etc.
chasers
and
conform
to
one
or
both
of
the
following
requirements:
"
First.
That
no
member
of
the
association
is
allowed
more
than
Requirements.
one
vote
because
of
the
amount
of
stock
or
membership
capital
he
may
own
therein;
and
"Second.
That
the
association
does
not
pay
dividends
on
stock
or
membership
capital
in
excess
of
8
per
centum
per
annum.
"And
in
any
case
to
the
following:
"Third.
That
the
association
shall
not
deal
in
farm
products,
farm
supplies,
and
farm
business
services
with
or
for
nonmembers
in
an
amount
greater
in
value
than
the
total
amount
of
such
business
transacted
by
it
with
or
for
members.
All
business
transacted
by
any
cooperative
association
for
or
on
behalf
of
the
United
States
or
any
agency
or
instrumentality
thereof
shall
be
disregarded
in
deter-
mining
the
volume
of
member
and
nonmember
business
transacted
by
such
association."
SEC.
13.
Section
34
of
the
Farm
Credit
Act
of
1933
is
amended
to
19
ameddl0t
at
read
as
follows:
vol,
48, p.262.
SEo.
34.
Subject
to
such
terms
and
conditions
as
may
be
pre-
Centr
bank
for
scribed
by
the
Chairman
of
its
Board
of
Directors,
the
Central
Bank
Ldnag
powers
of.
is
authorized:
(a)
to
make
loans
to
cooperative
associations,
as
48s,
p;P
.
S;
Sol.
defined
in
the
Agricultural
Marketing
Act,
as
amended,
for
any
of
8
4
.
1
the
purposes
and
subject
to
the
conditions
and
limitations
set
forth
in
such
Act,
as
amended;
(b)
to
make
loans
(by
way
of
discount
or
otherwise)
to
banks
for
cooperatives
organized
under
section
2
of
vol.4,
p.25
this
Act;
(c)
to
buy
from,
and
sell
to,
any
such
bank
or
any
Federal
u^itht
to
dea
intermediate
credit
bank
any
note,
draft,
bill
of
exchange,
deben-
diatecreditbanks.
tre,
or
other
obligations;
and
(d)
to
borrow
from,
and
discount
or
rediscount
paper
with,
any
and
all
such
banks.
ISi.
14.
ection
41
of
the
Farm
Credit
Act
of
1933
(U.
S.
C.,
t.L
p-.
2a; .s
Supp.
VII,
title
12,
sec.
1134c)
is
amended
to
read
as
follows:
"SEo.
41.
Subject
to
such
terms
and
conditions
as
may
be
pre-
Bas
for
oopera
scribed
by
the
Govern,
the
banks
for
cooperatives
are
authorized:
(a)
to
make
loans
to
cooperative
associations
as
defined
in
the
e
odingo
w
R
s
Agriceltural
Marketing
Act,
as
amended,
for
any
of
the
purposes
and
subjeet
to
the
conditionsnd
dlimitations
set
forth
in
such
Act,
as
amended;
(b)
to
make
loans
(by
way
of
discount
or
otherwise)
74TH
CONGRESS.
SESS.
I.
CH.
164.
JUNE
3,
1935.
Authorty
to
deal
to
any
bank
organized
under
this
Act;
(c)
to
buy
from,
and
sell
to,
diatecreditbanks.
any
such
bank
or
any
Federal
intermediate
credit
bank
any
note,
draft,
bill
of
exchange,
debenture,
or
other
obligation;
and
(d)
to
borrow
from,
and
discount
or
rediscount
paper
with,
any
and
all
such
banks."
Borrowers
from
cen-
SEC.
15.
(a)
The
first
sentence
of
subsection
(a)
of
section
35 of
tral
bank;
stock
owner-
ship.
the
Farm
Credit
Act
of
1933
(U.
S.
C.,
Supp.
VII,
title
12,
seca
CV.
44s
263
;
.
S.
1134k)
is
amended
by
striking
out
the
period
at
the
end
thereof
and
Requirement
waived
inserting
in
lieu
thereof
a
comma
and
the
following:
"except
that,
commodities.
in
connection
with
any
loan made
on
the
security
of
commodities,
the
borrower
shall
be
required
to
own,
at
the
time
the
loan
is
made,
only
such
amount
of
stock
as
may
be
prescribed
by
rules
and
regulations
of
the
Governor."
Retirement
of
stock
(b)
Subsection
(a)
of
such
section
35
is
further
amended
by
opon
dischageofloan.
striking
out
the
second
sentence
and
inserting
in
lieu
thereof
the
following:
"
Upon
discharge
of
the
loan,
stock
held
by
the
borrowing
association
may
be,
and
upon
the
concurrent
or
subsequent
request
of
the
borrowing
association
shall
be,
retired
and
canceled,
and
the
association
shall
be
paid
therefor
an amount
equal
to
the
amount
paid
for
such
stock
or
loaned
to
subscribe
therefor,
as
the
case
may
be,
minus
the
pro
rata
impairment,
if
any,
of
capital
and
guaranty
fund
of
the
Central
Bank,
as
determined
by
the Chairman
of
the
Board
of
the
Central
Bank."
(c)
Such
section
35
is
further
amended
by
adding
at
the
end
thereof
the
following
new
subsection:
stock
of
defaulting
"(C)
In
any
case
where
the
debt
of
a
borrower
to
the
Central
borrower.
Bank
is
in
default,
the
bank
may,
in
accordance
with
rules
and
regulations
prescribed
by
the
Governor,
retire
and
cancel
all
or
a
part
of
the
stock
of
the
defaulting
borrower
at
the
fair
book
value
thereof
(not
exceeding
par),
in
total
or
partial
liquidation
of
the
debt,
as
the
case
may
be."
Emergency
Farm
SEC.
16.
(a)
The
first
sentence
of
subsection
(a)
of
section
30
of
Mortgage
Act
of
1933,
amendments.
the
Emergency
Farm
Mortgage
Act
of
1933
is
amended
by
striking
banks;
time
foloans
out
the
words
"two
years
and
inserting
in
lieu
thereof
the
words
to. extended.
"
four
years
Vol
48,
p.
46;
U.X.
S
four
years
".
C.,p.
43.
(b)
The
fourth
sentence
of
subsection
(b)
of
such section
30
is
amended:
ascotnditi
loqn
(1)
By
striking
out
the
words
"occurring
more
than
sixty
days
after
the
date
of
enactment
of
this
Act",
and
(2)
By
striking
out
the
words
"
a
period
of
two
years
from
the
date
of
enactment
of
this
Act"
and
inserting
in
lieu
thereof
the
following:
"
a
period
of
two
years
from
the
date
of
the
enactment
of
the
Farm
Credit
Act
of
1935
"
Losbaks
to
int
emer-
SEC.
17.
(a)
The
first
sentence
of
subsection
(a)
of
section
31
of
gency
urpoes.
the
Emergency
Farm
Mortgage
Act
of
1933
is
amended
by
striking
Tie
or
making
ex-
out
the
words
"
for
two
years
from
the
date
of
the
enactment
of
tended.
this
Act
"
and
inserting
in
lieu
thereof
a
comma
and
the
following:
"until
May
13,
1937,".
Foreclosres.
(b)
Subsection
(b)
of
such
section
31
is
amended
by
striking
out
the
words
"
such
two-year
period
"
and inserting
in
lieu
thereof
Loans
to
oyster
the
following:
"the
period
of
postponement
".
ters.
(c)
The
first
sentence
of
the
Act
entitled
"An
Act
to
authorize
V'
s
p
'.
production
credit
associations
to
make
loans
to
oyster
planters",
approved
June
18,
1934
(U.
S.
C.,
title
12,
see.
11311),
is
amended
condition
removed
by
striking
out
the
following:
"
who
are
carrying
on
their
operations
der
leases
of
oyster
beds
granted
by
any
State
or
political
sub-
division
thereof
".
,20
74T
CONGRESS.
SESS.I.
CHS.
164,165,167.
JUNE
3,4,1935.
its
availability
for
use
as
such
during
the
terms
of
the
loan
is
rea-
sonably
assured."
Persons
ineligible
to
SE.
23.
On
and
after
the
date
of
enactment
of
this
Act
no
per-
old
offilce
hereunder.
d oficee
son
shall
be
eligible
for
appointment
or
election as
an
administra-
tive
or
executive
official
or
as
a
member
of
the
board
of
directors
of
a
Federal
land
bank,
or
shall
continue
to
hold
office
as
such mem-
ber
or
as
an
ex-officio
director
of
a
Federal
intermediate
credit
bank
or
of
any
corporation
or
bank
organized
pursuant
to
the
Farm
Credit
Act
of
1933,
if
such
person
has
been
finally
adjudged
guilty
of
a
felony,
or
finally
adjudged
liable
in
damages
in
any
civil pro-
ceeding
for
fraud,
in
any
State
or
Federal
court.
savingclause.
SEc.
24.
(a)
If
any provision
of
this
Act,
or
the
application
thereof
to
any
person
or
circumstances,
is
held
invalid,
the
remain-
der
of
the
Act,
and
the
application
of
such
provision
to
other
per-
sons
or
circumstances,
shall
not
be
affected
thereby.
Right
to
amend,
etc.
(b)
The
right
to alter,
amend,
or repeal
this
Act
is
hereby
expressly
reserved.
Approved,
June
3,
1935.
June
3,
193.
[S.
J.
Res.
88.]
[Pub.
Res.,
No.
22.]
[CHAPTER
165.]
JOINT
RESOLUTION
To
abolish
the
Puerto
Rican
Hurricane
Relief Commission
and
transfer
its
functions
to
the
Secretary
of
the
Interior.
Resolved
by
the
Senate
and
House
of
Representatives
of
the
United
Puerto
Rian
Hurri-
States
of
America
in
Congress
assembled.
That
the
Puerto
Rican
cane
Relisef
Comms-
Hurricane
Relief
Commission,
created
by
joint
resolution
entitled
Vol.
45,
p.
1067.
Joint
resolution
for
the
relief
of
Porto
Rico
"
approved
December
Functions,
etc.,
21,
1928,
is
hereby
abolished
and
all of
the
functions
of
the
said
traisfred
to
Depart-
Commission,
together
with
its
employees,
records,
supplies,
equip-
ment
of
the
Intcrior.
ment,
and
property
of
every
kind,
and
unexpended
balances
of
appro-
priations
are
hereby
transferred
to
the
Division
of
Territories
and
Island
Possessions,
Department
of
the
Interior,
to
be
administered
prooiso
under
the
supervision
of
the
Secretary
of the
Interior:
Provided,
Personalservicescon-
That
personnel
now
temporarily
assigned
to
the
Puerto
Rican
Hurri-
cane
Relief
Commission
from
the
War
Department
and
from
the
Department
of Agriculture
shall,
without
in
any
way
affecting
their
permanent
status
in
such
Departments,
continue
to
serve
in
their
present
capacity,
but
under
supervision
of
the Secretary of the
Inte-
rior
until
June
30, 1935,
unless
sooner
relieved
by
the
Secretary of
the
Interior,
and
that
the length
of
such
service
shall
not
be
con-
tinued
beyond
June
30,
1935,
except
by
special
agreement
between
the
Secretary
of
the
Interior
and
the
heads
of
the
other
Departments
concerned.
Approved,
June
3,
1935.
[CHAPTER
167.]
A N
ACT
June
4,
195.
[s.
1023.
To
provide
for
the
payment
of
a
military
instructor
for
the
high-school
cadets
[Public,
No.
88.1
of
Washington,
District
of
Columbia.
Be
it
enacted
by
the
Senate
and
House
of
Representatives
of
the
Distrit
of
Columbia.
United
States
of
Ameica
in
Congress
assembled,
That,
notwithstand-
Payment
of
a
mill-
tary
torforhigh-
ing
any
other
provision
of law,
one
retired
officer
of
the
United
ool
cat
author-
States
Army,
acting
as
professor
of
military
science
and
tactics
at
wol-
39,
p-
6
82,
the
public
high
schools
of
Washington,
District
of
Columbia,
shall
be
permitted
to
receive,
in
addition
to
his
retired
pay,
the pay
of
a
teacher
in
the
public
high
schools
of
Washington,
District
of
he