Page:United States Statutes at Large Volume 47 Part 1.djvu/84

 60 March 3, 1932. [II.J. Res.292.1 [Pub. Res ., No .11.1 Agricultu ral-credit corporati ons . Advances authorized to assist in organizing, etc. Limit on a mount of loan. Investigation of financial structure of cor por at ion . Approval of manage- ment. Due da te of in- debtedness. Minimum paid in capital stock . Appropriat ion au- thorized. Vol. 46, pp. 1032, 1160, 116 7. To constitute revolv- ing fund. Administrat ion ex- penses. Payments. 72d CONGRESS. SESS. I. CH. 70. MARCH 3, 1932 . [CHAPTER 70 .] JO INT RESOLUTION To authorize the Secretary of Agriculture to aid in the establishment of agricul- tural-credit corporations, and for other purposes. Resolved by the Senate and House of Re presenta tives o f t he United States o f America in Congress assembled, That the Secretary of Agri- culture is hereby authorized to make advances or loans to individuals, under such regulations as he may prescribe, for the purpose of assist- ing in fo rming loc al agricu ltural-cr edit corp orations, livestoc k-loan companies, or like organizations, or of increasing the capital stock of such corpo ration s, com panies, or o rganiza tions qualif ied to do busines s with Feder al int ermedi ate cr edit ba nks, o r to w hich s uch privileges may be extended. SEC. 2. (a) No loans shall be made to individual stockholders on the capital stock of, or to create or increase the capital stock of such corporation, company, or organization in an amount in excess of 75 per centu m of the par value of the c apital st ock of su ch corpor ation, company, or o rganiz ation owned by or propose d to b e subs cribed to by such individual. (b) No loan shall be made upon the capital stock of any corpora- tion unti l the Sec retary of Agricult ure shall find tha t the fin ancial structure of such corporation is sound and unimpaired and by him approved, nor shall any loan be made upon the capital stock of such corporation until the management of such conipany shall be made known to and approved by the Secretary, arid the Secretary shall have the right at any time to declar e the ind ebtedness to the G overn- ment that may be created hereunder due whenever in his judgment the financial structure of the corporation shall become so impaired or the management become so unsatisfactory as to jeopardize the interests of the Government. SEC. 3. No loan or advance shall be made to any individual upon the capital stock of or to create or increase the capital stock of any corpora tion, unless the p aid in capit al stoc k of s uch co rporat ion shall be at least $10,000. SEC. 4. To carry out the provisions of this resolution, including all expenses incurred thereunder, there are authorized to be appro- priated, out of the unexp ended balanc es of a ppropr iation s made to carry out the provisions of Public Resolution Numbered 112, Seventy- first Congress (46 Stat . 1032), as amended by the Interior Depart- ment Appropriation Act for the fiscal year ending June 30, 1932, and as amended by Public Resolution Numbered 120 (46 Stat . 1167), and out of the collections from loans made under Public Resolution Numbered 112, as so amended, a sum not exceeding $10,000,000, which sum shall be paid into a revolving fund. Not to exceed 2 per centum of such fund may be used for expenses of administration. All moneys received from time to time upon the repayment of any advance or loan made pursuant to this Act, together with the interest, shall be paid into the revolving fund and shall thereafter be available for the purposes and in the manner hereinbefore provided. Approved, March 3, 1932.