Page:United States Statutes at Large Volume 59 Part 1.djvu/287

 59 SmAT.] 79TH CONG. , 1ST SESS.-CH. 204-JUNE 30, 1945 (b) The tenth paragraph of section 21 of the Federal Farm Loan Act, as amended (title 12, U. S. C. 880), is further amended by strik- ing out the following: "consisting of obligations of the United States Government, or first mortgages on farm lands" and substituting in lieu thereof the following: "prescribed by the Federal Farm Loan Act, as amended". SEc. 11. The fourth sentence of section 32 of the Emergency Farm Mortgage Act of 1933, as amended (title 12, U. S . C . 1016 (c)), is further amended by striking out the following words: "interest on unpaid principal at a rate of not to exceed 5 per centum per annum" and substituting therefor the following words: "interest on unpaid principal at a rate of 1 per centum per annum higher than the rate on loans through national farm loan associations made at the same time by the Federal land bank in the farm credit district in which the security for the loan under this section is located: Provided, however, That loans guaranteed under title III of the Servicemen's Readjustment Act of 1944 may be made at such lower rate as may be necessary to qualify them for such guaranty". SEC. 12. Section 32 of the Emergency Farm Mortgage Act of 1933, as amended (title 12, U. S . C . 1016), is further amended by adding after the fourth sentence thereof a new sentence reading as follows: "The instruments under which each loan under this section is made and security given therefor shall provide that if at any time it shall appear to the lender that the borrower may be able to obtain a Federal land bank loan on the mortgaged property, the borrower shall, on request of the lender, apply for a Federal land bank loan to pay off the loan under this section, and shall accept such loan as may be offered to him by the Federal land bank, if sufficient in amount to pay the loan under this section and pay for any stock which it is necessary for him to purchase in obtaining the loan from the Federal land bank". SEC. 13. The tenth sentence of section 32 of the Emergency Farm Mortgage Act of 1933, as amended (title 12, U. S . C. 1016), is amended by striking out "July 1, 1945" wherever it appears therein and inserting in lieu thereof "July 1, 1946". SEC. 14. The last two sentences of section 3 of the Federal Farm Mortgage Corporation Act (title 12, U. S. C . 1020b) are hereby amended to read as follows: "The Federal Farm Mortgage Corporation is authorized to repay to the Secretary of the Treasury on behalf of the United States all amounts in excess of $50,000,000 heretofore subscribed to the capital stock of the Corporation. The proceeds of such repayment shall be held in the Treasury of the United States as a fund available for sub- scription, by the Governor on behalf of the United States with the approval of the Secretary of the Treasury, to the capital of the Corporation when, in the judgment of the directors of the Corpora- tion, additional subscriptions to its capital are necessary." SEC. 15. Section 4 (b) of the Federal Farm Mortgage Corporation Act, as amended (title 12, U. S. C. 1020d), is further amended by adding at the end thereof the following: "The Corporation is authorized and empowered to sell and assign, without recourse and without warranty, its notes and mortgages representing loans made by the Land Bank Commissioner pursuant to section 32 of the Emergency Farm Mortgage Act of 1933, as amended (title 12 U. S . C. 1016), to the Federal land bank located in the farm credit district in which the mortgaged farm properties are situated and to sell and assign in like manner purchase money mort- gages and contracts for the sale of farms held by the Federal Farm Mortgage Corporation in connection with the sale of farm property situated in such district." 269 42 Stat. 1476. Land Bank Com- missioner loans. 48 Stat. 48. Interest rate. 58 Stat. 291. 38 U. S. C., Supp. IV, §§ 694-694. Post, pp. 270, 542, 626 et seq. 48 Stat. 48. 12 U. S. C., Supp. IV, § 1016. Supra: infra. Use of Federal land bank loans to refi- nance Commissioner loans. 57 Stat. 196. 12 U. S. C., Supp. IV, § 1016 (g). 54 Stat. 573. Capital stock, re- payment. Availability for further subscription. 48 Stat. 346; 50 Stat. 703. Financial transac- tions authorized. 12 U. S. C., Supp. IV, 1016. S.qpm.

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