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