Page:United States Statutes at Large Volume 48 Part 1.djvu/291

 73d CONG RESS. SESS. I. CH. 98. JUNE 16, 1933. 265 TITLE V-AMENDMENTS TO AGRICULTURAL MARKET- ING ACT SECTION 50. (a) The following provisions of the Agricultural Mar- keting Act, as amended, are hereby repealed (1) Section 3 (relating to Advisory Commodity Committees) (2) Paragraph (4) of sectio n 5 (relating to powers of the Farm Board to investigate overproduction) ; (3) Paragraph (5) of section 5 (relating to miscellaneous investi- gations by the Farm Board) ; (4) Paragraph (3) of subsection (a) of section 7 (relating to loans to assist in forming clearing house associations) ; (5) Paragraph (4) of subsection (a) of section 7 (relating to education in the advantages of cooperative marketing) (6) Paragraph (5) of subsection (a) Of section 7 (relating to loans to enable cooperatives to advance a greater share of the market price of commodities than is practicable under other credit facilities) (7) Section 10 (authorizing the Farm Board to assist in forming clearin o* hous e assoc iation s) ; and (8) gection 11 (authorizing the Farm Boa rd to enter in to price insurance agreements). (b) The repeal of section 7 (a) (5) shall not be construed to pro- hibit the extension, renewal, or refinancing of any loan made there- under and outstanding on the date of the enactment of this Act, but loans to extend, renew, or refinance any such loan shall bear interest rates as determined under section 8 (a) of the Agricultural Market- ing Act as amended by section 54 of this Act. SEC. 51 . Paragraph (1) of subsection (a) of section 7 of the Agri- cultural Marketing Act, as amended, is amended to read as follows "(1) the effective merchandising of agricultural commodities and food products thereof and the financing of its operations ;" SEC. 52 . Paragraph (2) of subsection (a) of section 7 of the Agri- Physical cultural Marketing Act, as amended, is amended to read as follows : facilities. "(2) the construction or acquisition by purchase or lease, or refinancing the cost of such construction or acquisition, of physical mark etin g fa cili ties for pre pari ng, hand ling storing, processing, or merchandising agricultural commodities or their food products ;" SEC. 53 . Subsection (c) of section 7 of the Agricultural Marketing Act, as amended, is amended to read as follows "(c) Loans for the construction or acquisition by purchase or lease of physical facilities, or for refinancing the cost of such con- st ructio n or ac quistio n,l sh all be subject to th e follo wing co nditio ns "(1) No such loan shall be made in an amount in excess of 60 per cen tum of the val ue of the fac ilities. "(2) No loan for the purchase or lease of such facilities shall be made unless th e Governor of the Farm Cre dit Administra tion finds that the purchase price or rent to be paid is reasonable ." iSo in original. RETIREMENT OF ST OCK SEC. 43. The governor may at any time require any such bank to retire and cancel stock held by the governor in such bank, if, in the judgment of the governor, the bank has resources available therefor, and amounts received by the governor in any such case shall be credited to the revolving fund created under section 6 of the Agricultural Marketing Act, as amended. Retirement of stock. Agricultural Market- ing Act amendments. Provisions repealed. Adv iso ry Commodi- ties Comm ittee s. Vol.46,p.12. Overproductio n stud- ies . Vol.46,p.13. Miscellaneous inves. tigations. Clearing house loans. Vol .46,p .14. Cooperative market- ing advantage s. Vol.46,p.14. Facilitating price ad- vance, etc. Assis tance in formi ng clear ing h ouse asso cia- tions. Vol.48,p.16. Pric e ins uran ce Vol. 46, p. 17. Outst andin g lo ans f or facilitating price ad- vances, etc ., may be extended, etc. Vol . 46,1) .14. Vol.46,p. 14, amend- ed. Financing operations added. marketing Provisions for re nancing cost, added . Limitations on loans for physical facilities . Not to exceed 60 per- cen t of value . Reasonable price or rent.