Page:United States Statutes at Large Volume 73.djvu/422

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PUBLIC LAW 86-168-AUG. 18, 1959

[73 S T A T.

Public Law 86-168 August 18, 1959 [S. 15 12]

AN ACT To amend the Federal Farm Loan Act to transfer responsibility for making appraisals from the Farm Credit Administration to the Federal land banks, and for other purposes.

Be it enacted by the Senate and House of Reirresentatives of the of^i^ Credit Act JJ^IIQ^ States of America in Congress assembled, That this Act may be cited as the " F a r m Credit Act of 1959". TITLE I—FEDERAL LAND BANKS Registrars, a p praisers, e x a m i ners.

Restriction.

L o a n for stock purchase. Addition.

A p p r a i s a l reports. 12 USC 711-723.

SEC. 101. Section 3 of the Federal F a r m Loan Act, as amended, is amended— (a) by changing the paragraph thereof relating to the appointment of registrars, appraisers, and examiners (12 U.S.C. 666) to read: "The F a r m Credit Administration shall appoint a farm loan registrar for each farm credit district to receive applications for issues of farm loan bonds and to perform such other services as are prescribed by this Act, and may appoint a deputy registrar who shall during the unavoidable absence or disability of the registrar perform the duties of that office. I t shall also appoint as many farm credit appraisers and farm credit examiners as it shall deem necessary. Such farm loan registrars, deputy registrars, farm credit appraisers, and farm credit examiners shall have no connection with or interest in any institution, association, or partnership engaged in banking or in the business of making land mortgage loans or selling land mortgages but they may perform such duties as are authorized by the F a r m Credit Administration in connection with the business of the banks and associations it supervises: Provided, That this limitation shall not apply to persons employed by the Farm Credit Administration on a temporary basis."; (b) by deleting the paragraph thereof relating to the compensation of appraisers and inspectors (12 U.S.C. 658); (c) by deleting the paragraph thereof relating to the employment of certain personnel by the F a r m Credit Administration (12 U.S.C. 659); and (d) by deleting the second sentence of the third paragraph from the end thereof (12 U.S.C. 662). SEC. 102. (a) The second paragraph of section 9 of the Federal Farm Loan Act, as amended (12 U.S.C. 742), is amended to read: "Any person desiring to secure a loan through a Federal land bank association under the provisions of this Act may, at his option, borrow from the Federal land bank through such association the sum necessary to pay for shares of stock subscribed for by him in the Federal land bank association. Any such sum for the purchase of stock shall be made a part of the face amount of the loan and such sum shall for all purposes be additional to the 65 per centum of the normal value of the farm as specified in any provision of this Act." (b) Section 10 of the Federal F a r m Loan Act, as amended (12 U.S.C. 751-757), is amended to read: "SEC. 10. (a) Whenever an application for a mortgage loan is made to a Federal land bank association, the loan committee provided for in section 7 of this Act shall cause to be made such investigation as it may deem necessary as to the character and solvency of the applicant and the sufficiency of the security offered. When it appears that a loan may be approved, the loan committee shall obtain a written report on the security by an appraiser designated or appointed by the

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