Page:United States Statutes at Large Volume 69.djvu/704

 662

PUBLIC LAW 347-AUG. 11, 1955

12 USC 114 Id.

1134c,

12 USC 114 Id.

11341,

12 USC 1141d.

1134j,

12 USC 114 If,

12 USC 1138e. 12 USC 1138f. 12 USC 636f. 12 USC 665.

Prior loans, applicability of title, etc.

Effective date.

[69

STAT

SEC. 107. Section 41 of the Farm Credit Act of 1938, as amended, is amended by adding a new paragraph as follows: "Notwithstanding any other provision of law, any officer or employee of the Farm Credit Administration or of any bank for cooperatives designated to act as custodian of collateral securing loans made by any such bank to any cooperative association eligible to borrow therefrom may, in accordance with regulations of the Farm Credit Administration, act at the same time as custodian of collateral securing loans made by any other lenders to any cooperative association eligible to borrow from any such bank." SEC. 108. (a) Section 38 of the Farm Credit Act of 1933 is amended by striking the words "Chairman of the Board" in the last sentence of said section and substituting in lieu thereof the words "Board of Directors". (b) Section 34 of the Farm Credit Act of 1983, as amended, is amended by striking the words "Chairman of its Board of Directors" in the first paragraph of said section and substituting in lieu thereof the words "Farm Credit Administration". SEC. 109. Subsection (a) of section 8 of the Agricultural Marketing Act, as amended, is amended to read as follows: "(a) Loans to cooperative associations made by any bank for cooperatives shall bear such rates of interest as the board of directors of the bank shall from time to time determine with the approval of the Farm Credit Administration, but in no case shall the rate of interest exceed 6 per centum per annum on the unpaid principal of a loan." SEC. 110. (a) Section 65 of the Farm Credit Act of 1933 is amended by striking the word "regional" in the first sentence of said section. (b) Section 66 of the Farm Credit Act of 1933, as amended, is hereby repealed. (c) The second sentence of section 7(a) of the Farm (^redit Act of 1958 is hereby repealed. (d) Section 6 of the Act approved January 23, 1932 (47 Stat. 14), is amended by adding immediately following the comma after the word "Act" where it first appears the following: "the Farm Credit Act of 1933". SEC. 111. This title shall be applicable to loans made before its effective date from the date on which they may be changed by agreement to conform hereto, otherwise, except as provided in this title, such loans shall be treated as though this title had not been enacted. Any cooperative association owning capital stock or guaranty fund credits in any bank for cooperatives issued before the effective date of this title which is eligible to vote shall, as long as such eligibility continues, be entitled to vote to the same extent as a holder of class C stock which is eligible to vote; any cooperative association owning such stock or guaranty fund credits shall be entitled to have such stock or credits retired as though this title had not been enacted; and any such association may with the consent of the bank have such stock or credits, if it is found eligible to own class B or class C stock, converted in wiole or in part into class B or class C stock or equivalent guaranty fund credits: Provided, That any bank for cooperatives with the approval of the Farm Credit Administration may retire at any time capital stock or guaranty fund credits issued before the effective date of this title held by any cooperative association and may hold the proceeds of such retired stock or guaranty fund credits as security for any indebtedness of the association to the bank. SEC. 112. This title shall take effect on the first day of the month ]iext following one hundred and twenty days after its enactment.

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