Page:United States Statutes at Large Volume 48 Part 1.djvu/298

 272 73d CONGRESS. SESS. I. CH. 98. JUNE 16, 1933 . Classes of cooperative cooperative bank credit union, cooperative association of a g rieul- associa tions modifi ed. Vol. 43, p. 1264 ; tural producers, organized under the laws of any State or of the Vol. 46, p . 816. Government of the United States, and/or any other Federal Inter- mediate Credit Bank, with its endorsement, any note, draft, bill of ex chan ge, debe ntur e, o r ot her such obl igat ion the proc eeds of whic h have been advanced or used in the first instance for any agricultural purpose or for the raising, breeding, fattening, or marketing of livestock ; and to make loans or advances direct to any such organ- ization, secured by such obligations ; and to discount for, or purchase from, any Producti on Credit Asso ciation organ ized under th e Farm Credit Act of 1933 or any production credit association in which a Production Credit Corporation organized under such Act holds stock, with its endorsement, any note, draft, bill of exchange, deben- ture, or other such obligation presented by such association, and to make loans and advances direct to any such association secured by such collateral as may be approved by the Governor of the Farm Credit Administration ; " (c) Par agraph (3) of subsection (a ) of section 202 of the Fed - eral Farm Loan Act, as amended (U .S .C ., title 12, sec . 103 1), is amended to read as follows " (3) To make loans or advances dir ect to any coo perative asso - ciation organized under the laws of any State and composed of per- sons engag ed in produ cing, or pro ducing and market ing, s taple agri cultura l prod ucts, o r lives tock, if the notes o r othe r such obliga- tions representing such loans are secured by warehouse receipts, and/or shipping documents covering such products, and/or mort- gages on livestock, and/or such other collateral as may be approved by the Governor of the Farm Credit Administration
 * Provided, That

no such loan or advance, when secured only by warehouse receipts and/or shipping documents, and/or mortgages on livestock, shall exceed 75 per centum of the market value of the products covered by other pa per ac- said warehouse receipts and/or shipping documents, or of the live- cepted. stock covered by said mortgages ; and to accept drafts or bills of exch ange i ssued or dr awn by any s uch as socia tion w hen se cured by warehouse receipts and/or shipping documents covering staple agricultural products as herein provided ." SEC. 77. After the date of the enactment of this Act, no national agricultural credit corporation shall be formed under the provisions of the title II of the Agr icultur al Cre dits Ac t of 1923 . SEC . 78. Section 31 of the Federal Farm Loan Act, as amended (U .S .C ., title 12, sec . 986), is amended by adding at the end thereof a new paragraph, as follows " Any mo rtgage e who shall knowi ngly m ake an y fal se sta tement in any paper, proposa l, or letter, relati ng to the sal e of an y mort gage, to any Federal land bank under the provisions of section 13 of this Act, as amended, or any appraiser provided for in this Act who shall willfu lly ov ervalu e any land securi ng suc h mor tgage, shall be punished by a fine of not e xceeding $5,00 0 or by impri sonment not exceeding one year, or both ." SE C. 79. Section 13 of the Federal Farm Loan Act, as amended (U.S .C ., title 12, sec . 781), is amended by adding at the end thereof the following new paragraph " Fourteenth. To enter into agreements with national farm-loan associations of the district under the terms of which losses incurred and gains realized on account of the disposition of lands covered by a defaulted mortgage indorsed by such association will be shared equally by the bank and the association ." Direct loans author- ized. Discount, etc., paper of Produ ctio n Cr edit Association . Security. Vol . 42, p. 1455; U.S.C .,p .316. Direct loans to asso- ciations of agricultural or livestock producers. Security. Other approved col- lateral adde d . Proviso. Value limit . Agricultural Credits Act, 1923. New credit corpora- tions under, forbidden . Vol . 42, p. 1401 ; U.S.C, p . 320. Fed era l Far m Loan Act, amen ded . Vol. 39, p.382;U.S.C., p. 314, amended . False statements by mortgagee in sale to any Federal land bank . Punishment for. Powers of la nd banks . Vol. 47, pp . 14,1548 U .S.C., p. 307. Provi sion for equal ly sha ring a defaulted mortgage.