Page:United States Statutes at Large Volume 73.djvu/424

 386

Transfer of praisers.

PUBLIC LAW 86-168-AUG. 18, 1959

ap-

58 Stat. 390.

A m o r t i z e d and unamortized loan.

Loan limit.

50 Stat. 713.

42 Stat. 1455.

[73

ST A T.

the appraisal standards prescribed by it pursuant to subsection (a) of this section; make such additional reviews and investigations concerning the quality of first mortgages securing farm loan bonds as the F a r m Credit Administration-shall direct; and perform such other duties as may be prescribed by the F a r m Credit Administration. Any first mortgage which is found not to conform to the appraisal and loan standards prescribed by the F a r m Credit Administration shall not be credited toward meeting the amount of bond collateral which a Federal land bank is required to maintain with a farm loan registrar except in such amount as the F a r m Credit Administration shall approve." SEC. 103. On the effective date of this title each land bank appraiser shall b4 transferred from the F a r m Credit Administration to the Federal land bank served by him immediately prior to said effective date, without reduction in salary and accumulated leave, unless the F a r m Credit Administration, in its discretion, determines that individual appraisers shall be retained as farm credit appraisers. The selection of personnel for transfer, or for retention as farm credit appraisers, shall be without regard to section 12 of the Veterans' Preference Act of 1944j as amended (5 U.S.C. 861). Land bank appraisers shall be subject to the same employment conditions as other bank employees after transfer under this section. A t least sixty days prior to the effective date of this title the F a r m Credit Administration shall notify each land bank appraiser that he is to be transferred to a Federal land bank or that he is to be retained in the F a r m Credit Administration. Any land bank appraiser who notifies the F a r m Credit Administration in writing at least thirty days before the effective date of this title that he does not desire to accept employment as stated in the notice from the F a r m Credit Administration shall be separated from employment on said effective date and such separation shall be deemed involuntary. SEC. 104. (a) Section 12 of the Federal F a r m Loan Act, as amended (12 U.S.C. 771), is amended by (1) changing the last proviso of paragraph "Second" thereof to read: And provided further, That any land bank may make loans on an unamortized or partially amortized basis, under rules and regulations issued by the F a r m Credit Administration."; (2) striking out of paragraph "Seventh" thereof "loans to any one borrower shall in no case exceed a maximum of $200,000, but". (b) Section 20 of the Federal F a r m Loan Act, as amended, is amended by deleting the second sentence thereof (12 U.S.C. 861, second sentence) and by inserting the followinglmmediately before the period at the end of the last sentence thereof (12 U.S.C. 864, last sentence): ", except that, with the approval of the F a r m Credit Administration, an issue of bonds may be limited to bearer or coupon bonds". (c) The first and second sentences of section 23 of the Federal Farm Loan Act, as amended (12 U.S.C. 901), are amended hj substituting "at the end of each fiscal year" for "semiannually" therein. (d) The first and second sentences of section 24 of the Federal F a r m Loan Act, as amended (12 U.S.C. 911), are amended by substituting "at the end of each fiscal year" for "semiannually" therein. (e) The seventh paragraph of section 29 of the Federal F a r m Loan Act, as amended (12 U.S.C. 967), is amended by changing "land bank appraiser" in the second and third.sentences thereof to "farm credit appraiser". (f) Section 202(c) of the Federal F a r m Loan Act, as amended (12 U.S.C. 1033), is amended by changing the period at the end thereof to a comma and adding the following: "and any Federal intermediate credit bank may in its discretion purchase such loans or discounts with or without such endorsement.".

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