Page:United States Statutes at Large Volume 49 Part 1.djvu/361

 316 74TH CONGRESS. SESS. I. CH. 164. JUNE 3, 1935. Acceptable as lawful "(e) All de bentu res is sued by Fed eral inter mediat e cre dit ba nks ~a tment for public shall be lawful investments, and may be accepted as security, for all fiduciar y, trust, and public funds, th e investme nt or depo sit of whi ch shall be under the authority or contro l of the U nited Stat es or of a ny Vol. 42, .p. 1456 ; Vol. officer or officers thereof . " 43, 1262SEC. 7. Subsection (a) of section 204 of the Federal Farm Loan F Fe eede aal'intermediate Act, as amended (U. S . C ., Supp VII, title 12, sec . 1051), is further credit banks ; rates of ame nded to rea d as follow s discount and interest. . p „ (a) Any Federal intermediate credit bank may, with the approval of t he Int ermed iate C redit Commi ssion er, fr om ti me 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- 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 oth er Fe deral inter mediat e cre dit ba nk ." SEC. 8. Section 208 of the Federal Farm Loan Act (U . S. C, title 12, sees . 1091-1094) is amended by adding at the end thereon the following new subsection " (e) The executive departments, boards, commissions, and inde- pendent establishments of the Government, the Reconstruction Ava ilab ilit y 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- todian of securities or other credit instruments, or as a depositary ." SEC . 9 . Paragraph (2) of subsection (a) of section 7 of the Agri- cultural Marketing Act, as amended (U . S . C ., Supp VII, title 12, sec . 1141e), is further amended to read as follows : "(2) the construction or acquisition by purchase or lease, or refinancing the cost of such construction or acquisition, of physical facilities ." SEC . 10. Paragraph (1) of subsection (c) of section 7 of the Agricultural Marketing Act, as amended (U . S . C ., Supp . VII, title 12, sec . 1141e), is further amended to read as follows : "(1) No loan shall be made in an amount in excess of 60 per centum of the appraised value of the security therefor ." 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 amended to read as follows "(a) Loans to any cooperative association shall bear such rates of inter est as the Govern or of the F arm C redit Admin istrat ion s hall 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 unpaid principal) : Provided, however, That the rate of interest on any loan made under the provisions of section 7 (a) (1) hereof, other than upon the security of commodities, shall conform as nearly 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 Approval required . Acquiring loans, etc ., of other credit banks. Vol. 42, p. 1458; U .S. C.,p.446. Reports, records, etc ., of exe cut ive de par t- ments, agencies. Agricultural Market- ing Act, amendments . Vol. 46, p . 14; Vol. 48, p. 265; U. S. C., p. 454. Loans to cooperative associations. Construction, etc., of facilities. Vol. 48, p. 285. Amo unt. j Vol. 48, p. 266; U.S. C.,p.455. Interest rates. Provis o. Loans for merchan- dising agricultural com- modities. Vol.46,p.14; Vol.47, p.265.