Page:United States Statutes at Large Volume 50 Part 1.djvu/728

 75TS CONGRESS, 1ST SESSION-CHS. 70 3, 704-AUGUST 19, 19 37 Secretary of the Interior : And provided further, That all fees, costs, and expenses collected by the commissioner shall be disposed of as provided in section 11 of this Act. SEC. 10 . That all fees, costs, and expenses arising in cases under this Act and properly chargeable to the United States shall be certi- fied, approved, and paid as are like fees, costs, and expenses in the courts of the United States. SEC. 11 . That all fines and costs imposed and collected shall be d eposi ted by said comm ission er of the U nited Stat es, or the marsh al of the United States collecting the same, with the clerk of the United States District Court for the Western District of Virginia. Approved, August 19, 1937. [CHAPTER 7041 AN ACT To amend the F ederal Farm Loan A ct, to amend the Em ergenc y Farm Mortg age Act of 1933, to amend the Farm Credit Act of 1933, to amend the Federal Farm Mortgage Corporation Act, to amend the Agricultural Marketing Act, and for other purposes. Be it enacted by the Senate and House o f Representatives o f the United States of America in Congress assembled, Thai this Act, may be cited as the "Farm Credit Act of 1937". SEC. 2. Section 4 (b) of the Federal Farm Mortgage Corporation Act (U . S. C., 1934 edition, title 12, sec. 1020d) is amended by adding at the end thereof the following new paragraph "When in the judgment of the directors conditions justify it, the corporation shall have power to extend, in whole or in part, any unpaid obligation under the terms of any mortgage, and to accept payment of any such obligation together with interest thereon, at a rate not exceeding 5 per centum per annum, during such period and in such amounts as may be agreed upon at the date of making such e xtens ion ." SEC. 3. Section 31 (a) of the Emergency Farm Mortgage Act of 1933 (48 Stat. 47), as amended, is amended by striking out all prior to the first proviso and inserting in lieu thereof the following "( a) The Federal Farm Mortgage Corporation is authorized and directed to make available to the Land Bank Commissioner until July 1, 1938, out of the funds of the Corporation, the sum of $2,000 000 to be used for the purpose of making loans to the joint- stock land banks organized and doing business under the Federal Farm Loan Act, as amended . Loans made by the Land Bank Com- missioner under this section shall be made in the name and on behalf of the Corporation and shall bear interest at a rate not to exceed 4 per centum per annum . No loan shall be made under this section to any joint-stock land bank except for the purpose of obtaining, for a period of one year from the date on which the loan is made, post- ponement of the foreclosure of first mortgages held by such bank on account of (1) default in the payment of interest and principal due under the terms of the mortgage, and (2) unpaid delinquent taxes, excluding interest and penalties, which may be secured by the lien of said mortgage :". SEC . 4 . The first sentence of section 4 (b) of the Federal Farm M ortgage Co rporation Act, as a mended (U . S . C ., 1934 editio n, ti tle 12, sec . 1020d), is amended to read as follows : "The corporation is further authorized to purchase from time to time, for cash, such con- solidated farm loan bonds at such prices and upon such terms as may be approved by the board of directors of the corporation ; to make loans to Federal land banks and joint stock land banks on the 703 Disposal of fees, etc. Fees ch arge abl e to United States, pay- ment of. Deposit of fines and costs. August 19,1937 [H. R.7909] [Public, No. 323] Farm Credit Act of 193 7. Federal Farm Mort- gage Cor poration. 48 Stat .348. 12U.S.C.§1020d. Extension of unpaid obligations under terms of mortgages ; acceptance of pay- ment ; interest rate. Joint-stock land banks. 48 Stat. 47 . 12U.S.C.§823; Supp. II, § 823. Amount available for loans to, by Land Bank Commissioner . Interest rate. Use of money loaned. Purchase of consoli- dated f arm lo an bonds ; loans to Fed- eral land banks ; se- curity. 48 Stat. 346. 12U.S.C.§1020d.