Page:United States Statutes at Large Volume 60 Part 1.djvu/1106

 60 STAT.] 79TH CONG., 2D SESS.-CH. 964-AUG. 14, 1946 his mortgage and (2) will probably be able to meet such defaulted payments within five years after the maturity date or dates of the defaulted payments, the Secretary may enter into an agreement with the mortgagor providing for the payment of such defaulted payments together with interest thereon, at such times not later than five years after the maturity date or dates as the Secretary may deem to be within the probable future means of the mortgagor. Should any mortgagor with whom the Secretary has entered into such agreement thereafter fail to meet any payments, the Secretary may proceed to foreclose the mortgage. "(b) Amounts realized under section 51 on account of property which was subject to an insured mortgage shall be deposited in the fund. Amounts payable by the Secretary under section 50 (a) as taxes, with respect to such property, shall be paid out of the fund. "I NSURED MORTGAGES ELIGIBLE AS INVESTMENTS "SEc. 15. (a) The first paragraph of section 24, chapter 6, of the Federal Reserve Act, as amended (U. S. C., 1940 ed., title 12, sec. 371) (relating to loans on farm lands by member banks), is hereby amended by inserting after the words 'National Housing Act', the following: 'or which are insured by the Secretary of Agriculture pursuant to title I of the Bankhead-Jones Farm Tenant Act'. "(b) Section 35 of chapter III of the Act entitled 'An Act to regu- late the business of life insurance in the District of Columbia', approved June 19, 1934 (D. C . Code, 1940 edition, title 35, sec. 535), is amended by inserting in paragraph (3a) after the words 'Federal Housing Administrator' the following: 'or by the Secretary of Agri- culture pursuant to title I of the Bankhead-Jones Farm Tenant Act'." ACCOUNTS AND CLAIMS OF DEFENSE RELOCATION. CORPORATIONS SEC. 6. (a) The Comptroller General of the United States is author- ized and directed to allow credit in the accounts of disbursing and certifying officers for advances made in good faith on behalf of the Department of Agriculture to defense relocation corporations and land purchasing associations. CONSOLIDATION OF AGRICULTURAL CREDIT AND SERVICE OFFICES SEC. 7. The Secretary of Agriculture and the Governor of the Farm Credit Administration are hereby directed, wherever practicable, to make suitable arrangements whereby all field offices under their super- vision or direction extending agricultural credit or furnishing agri- cultural services to farmers to utilize the same or adjacent offices to the end that eligible farmers in each locality will be enabled to obtain their agricultural credit and services at one central point. CONTINGENT PROVISIONS FOE TRANSFERBING POWERS TO AGRICULTURAL CREDIT AGENCY - SEC. 8. (a) In the event the Agricultural Credit Act (H. B. 4873), Seventy-ninth Congress, first session, passed by the House of Repre- sentatives on March 20, 1946, becomes law prior to the effective date of this Act: (1) The functions, powers, and duties vested in the Secretary of Agriculture by this Act and by the Bankhead-Jones Farm Tenant Act, as amended, except insofar as such functions, powers, or duties involve or are necessary to the administration of title III of the Bankhead-Jones Farm Tenant Act, shall be vested in the Agricultural Credit Agency; 1079 Ante, p. 1070. Ante, p. 1070. 48 Stat. 1263 . 12 U. . C., Supp. V, 1 371. Ante, p. 1072. 48 Stat. 1152. D. 0. Code §36535 (3a). Ante, p. 1072. 50 Stat. a2, 525. 7U.S.C.I1000- 1029, 1010 -1013; Sapp. V, 10701 a. Asnt, pp. 10 1071, 1072

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