Page:United States Statutes at Large Volume 50 Part 1.djvu/550

 75Th CON GRES S, 1ST SESSION-CH. 5 17- JULY 22, 19 37 farm needs (including minor improvements and minor repairs to real property), and for the refinancing of indebtedness, and for family subsistence. (b) Loans made under this section shall bear interest at a rate not in excess of 3 per centuni per annum, and shall have maturities not in excess of five years, and may be renewed. Such loans shall be pay- able in such installments as the Secretary may provide in the loan agreement. All loans made under this title shall be secured by a chattel mortgage, a lien on crops, and an assignment of proceeds from the sale of agricultural products, or by any one or more of the fore- goin ' y b (c) Only fa rm owner s, farm t enants, farm lab orers, s harecropp ers, and other individuals who obtain, or who recently obtained, the major portion of their income from farming operations, and who cannot obtain credit on reasonable terms from any federally incorporated lending institution, shall be eligible for loans under this sect ion. DEBT ADJUSTMENT SEC. 22 . The Secretary shall have power to assist in the voluntary adjustment of indebtedness between farm debtors and their creditors and may cooperat e with a nd pay t he whole or part of the e xpenses of State, Territorial, and local agencies and committees engaged in such debt adjustment. He is also authorized to continue and carry out undertakings with respect to farm debt adjustment uncompleted at the time when appropriations for the purpose of this section are first ava ilab le. Services furnished by the Secretary under this section shall be without charge to the debtor or creditor. APPROPRIATION SEC. 23. (a) For the fiscal year ending June 30, 1938, the balances of funds available to the Secretary for loans and relief to farmers, pursuant to Executive Order Numbered 7530 of December 31, 1936, as amen ded by E xecutive Order N umbered 7557 of February 19, 1937, which are unexpended on June 30, 1937, are authorized to be appropriated to carry out the provisions of this title. (b ) The Pr esident is author ized to allot to the Sec retary, out of appropriations made for relief or work relief for any fiscal yea r ending prior to July 1, 1939, such sums as he determines to be necessary to carry out the provisions of this title and to enable the Secretary to carry out such other forms of rehabilitation of indi- viduals eligible under this t itle to receive loans as may be aut horized by law and designated in the Executive order directing the allotment. TITLE I II-RETIREMENT OF SUBM ARGINAL LAND PROGRAM SEC. 31. The Secretary is authorized and directed to develop a prog ram o f lan d co nserv ation and land util izat ion, inclu ding the retirem ent of la nds whic h are su bmargina l or not primaril y suitab le for cul tivation, in orde r thereb y to cor rect mal adjustmen ts in lan d use, and thus assist in controlling soil erosion, reforestation, preserv- ing natural resources, mitigating floods, preventing impairment of clams and reservoirs, conserving surface and subsurface mois tur e, protecting the watersheds of navigable streams, and protecting the public lands, health, safety, and welfare. POW ERS UNDE R LAND P ROGRAM SEC. 32. To effectuate the program provided for in section 31, the Secretary is authorized- Interest rate. Security. Persons eligible. Debt adjustment. Ap prop riat ion. Use o f balances. 525 Al lotm ents out of relief, etc ., appropria- tions. Title III-Retire- me nt of submar ginal land. De velopment of program of conserva- tion, etc. Powe rs under lan d pr ogram.