Page:United States Statutes at Large Volume 49 Part 1.djvu/363

 318 7 4TH CONGR ESS. SESS. I. CH. 164 . JUNE 3, 1935. Authorit y to deal with Federal interme- diate credit banks. Borrowers from cen- tral bank ; stock owner- ship. Vol. 48, p. 263; U. S. C.,p . 451. Requirement waived whe n lo an s ecur ed by commo dities . to any bank organized under this Act ; (c ) to buy f rom, and s ell to, any such bank or any Federal intermediate credit bank any note, draft, bill of exchange, debenture, or other obligation ; and (d) to borrow from, and discount or rediscount paper with, any and all such banks." SEC . 15. (a) The first sentence of subsection (a) of section 35 of the Farm Cr edit Act of 1933 (U. S. C., Stipp. VII, title 12, sec. 1134k) is amended by striking out the period at the end thereof and inserting in lieu thereof a comma and the following : " exce pt t hat , in connection with any loan made on the security of commodities, the borrower shall be required to own, at the time the loan is made, only such amount of stock as may be prescribed by rules and regulations of the Governor ." Retirement of st ock (b) Subsection (a) of such section 35 is further amended b up on dis cha rge of loan . striking out the second sentence and inserting in lieu thereof the following : " Upon discharge of the loan, stock held by the borrowing association may be, and upon the concurrent or subsequent request of the borrowing association shall be, retired and canceled, and the association shall be paid therefor an amount equal to the amount paid for such stock or loaned to subscribe therefor, as the case may be, minus the pro rata impairment, if any, of capital and guaranty fund of the Central Bank, as determined by the Chairman of the Board of the Central Bank ." (c) Such secti on 35 is further amended by a dding at the end the reof the fo llowi ng ne w subs ectio n Stock of def aulting "( c) In any case where the debt of a borrower to the Central borrower. Bank is in default, the bank may, in accordance with rules and regulations prescribed by the Governor, retire and cancel all or a part of the stock of the defaulting borrower at the fair book value thereof (not exceeding par), in total or partial liquidation of the debt, as the case may be ." Farm Eme rge ncy Mortgage Act of 19 33 19, SEC . 16 . (a) The first sentence of subsection (a) of section 30 of am onnmenoek lead the Emergency Farm Mortgage Act of 1933 is amended by striking banks; time for loans out the words " two years " and inserting in lieu thereof the words to, exte nded . a four ears ". Vol.48,p.46; U. S. years C., (b) The fourth sentence of subsection (b) of such section 30 is amended (1) By striking out the words "occurring more than sixty days after the date of enactment of this Act", and (2) By striking out the words " a period of two years from the date of enactment of this Act" and inserting in lieu thereof the following : " a period of two years from the date of the enactment of the Farm Credit Act of 1935 ". SEC. 17. (a) The first sentence of subsection (a) of section 31 of the Emergency Farm Mortgage Act of 1933 is amended by striking out the words " for two years from the date of the enactment of this Act " and inserting in lieu thereof a comma and the following " until May 13, 1937,". (b) Subsection (b) of such section 31 is amended by striking out the words "such two-year period" and inserting in lieu thereof the following : " the period of postponement ". (c) The first sentence of the Act entitled "An Act to authorize . produ ction credi t asso ciati ons to make loan s to o yster plant ers ", approved June 18, 1934 (U . S . C., title 12, sec . 1131j), is amended by striking out the following : " who are carrying on their operations under leases of oyster beds granted by any State or political sub- division thereof ". Agreement req uir ed as condition for loan. Loans to joint stock la nd ban ks for em er- gency purposes. Vol.48,p.47 . Tim e for making ex- tended. Fo reclosur es. L oans to oyster pla nters. Vol.48,p.983. Co nditio n remo ved.