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§ 1062

& 1072

Governor on behalf of the United States shall make
payment for stock and paid-in surplus of such bank
and such payment shall be subject to call in whole
or in part by the board of directors of the bank,
with the approval of the Governor (July 17, 1916,
c. 245, § 205; Mar. 4, 1923, c. 252, § 2, 42 Stat.
1457; May 19, 1932, c. 191, § 2, 47 Stat. 159; Mar.
27, 1933, Ex. Or. 6084; Jan. 31, 1934, c. 7, § 15,
48 Stat. 344).

APPLICATION OF EARNINGS

Salaries and expenses of Federal Farm Loan § 206 (a) Bureau; assessment against banks for proportionate share. The Farm Credit Administration shall equitably apportion the joint salaries and expenses incurred in behalf of Federal land banks, joint stock land banks, and Federal intermediate credit banks, and shall assess against each Federal intermediate credit bank its proportionate share of the salaries and expenses of the Federal Farm Loan Bureau made necessary in connection with the operation of this provision (July 17, 1916, c. 245, § 206 (a); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1457; Mar. 4, 1925, c. 524, § 1, 43 Stat. 1262; Mar. 27, 1933, Ex. Or. 6084).

"Farm Credit Administration" mentioned in the text was substituted for 'Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter.

For salaries and expenses to be included in assessments, see § 657, of this chapter. See also § 1094, below, for assessment of examination costs.

Net earnings; surplus fund; franchise tax; dis- § 206 (b) position by United States of sums received from net earnings of banks and from surplus remaining after liquidation of banks. After all necessary expenses of a Federal intermediate credit bank have been paid or provided for, the net earnings shall be paid into a surplus fund until it shall amount to 100 per centum of the subscribed capital stock of such bank, and thereafter 50 per centum of such earnings shall be paid into the surplus. Whenever the surplus thus paid in shall have been impaired it shall be fully restored before payment of the franchise tax herein prescribed. After the aforesaid requirements of this section have been fully met and, except as otherwise provided in this subchapter, 50 per centum of the net earnings shall be paid to the United States as a franchise tax. The net earnings derived by the United States from Federal intermediate credit banks shall, in the discretion of the Secretary of the Treasury, be used to supplement the gold reserve

held against outstanding United States notes, or
shall be applied to the reduction of the outstanding
bonded indebtedness of the United States under
regulations to be prescribed by the Secretary of the
Treasury. Should a Federal intermediate credit
bank be dissolved or go into liquidation, after the
payment of all debts and other obligations as
hereinbefore provided, any surplus remaining shall
be paid to and become the property of the United
States and shall be similarly applied (July 17, 1916,
c. 245, § 206 (b); Mar. 4, 1923, c. 252, § 2, 42 Stat.
1457; May 19, 1932, c. 191, § 3, 47 Stat. 159).

§ 1081

LIABILITY ON DEBENTURES OR OTHER SUCH
OBLIGATIONS

Liability of one bank for debentures issued by
other banks; agreements by banks for transfer of
funds for debenture payments.-Any Federal
intermediate credit bank issuing debentures or
other such obligations under this subchapter shall
be primarily liable therefor, and shall also be liable,
upon presentation of the coupons for interest pay-
ments due upon any such debentures or obligations
issued by any other Federal intermediate credit
bank and remaining unpaid in consequence of the
default of the other Federal intermediate credit
bank. Any Federal intermediate credit bank shall
likewise be liable for such portion of the principal
of debentures or obligations so issued as are not
paid after the assets of such other Federal inter-
mediate credit bank have been liquidated and dis-
tributed. Such losses, if any, either of interest or
of principal, shall be assessed by the Farm Credit
Administration against solvent Federal inter-
mediate credit banks liable therefor in proportion
to the amount of capital stock, surplus, and deben-
tures or other such obligations which each may
have outstanding at the time of such assessment.
Every Federal intermediate credit bank shall, by
appropriate action of its board of directors duly
recorded in its minutes, obligate itself to become
liable on debentures and other such obligations as
provided in this section: Provided, That in view of
the liability of all Federal intermediate credit banks
for the debentures and other such obligations of
each bank under this chapter, the banks shall, in
accordance with rules, regulations, and orders of
the Farm Credit Administration, enter into
adequate agreements and arrangements among
themselves by which funds shall be transferred

8 207

and/or made available from time to time for the
payment of all such debentures and other such
obligations and the interest thereon when due in
accordance with the terms thereof (July 17, 1916,
c. 245, § 207; Mar. 4, 1923, c. 252, § 2, 42 Stat.
1458; May 19, 1932, c. 191, § 4, 47 Stat. 159; Mar.
27, 1933, Ex. Or. 6084).

"Farm Credit Administration" mentioned in the text was substituted
for "Federal Farm Loan Board" pursuant to the Executive Order cited
thereto, which is set out in full at the beginning of this chapter.

§ 1091

EXAMINATIONS AND REPORTS

Reports of condition of banks and other lending § 208 (a) institutions rediscounting with credit banks; examinations and audits of credit banks. In order to enable each Federal intermediate credit bank to carry out the purpose of this subchapter, the Comptroller of the Currency is hereby authorized and directed, upon the request of any Federal intermediate credit bank, (1) to furnish for the confidential use of such bank such reports, records, and other information, as he may have available, relating to the financial condition of national banks through or for which the Federal intermediate credit bank has made or contemplates making discounts, and (2) to make through his examiners, for the confidential use of the Federal intermediate credit bank, examinations of organizations through or for which the Federal intermediate credit bank has made or contemplates making discounts or loans: Provided, That no such examination shall be made without the consent of such organization except where such examination is required by law: Provided, That any organization, except State banks, trust companies and savings associations, shall, as a condition precedent to securing rediscount privileges with the Federal intermediate credit bank of its district, file with such bank its written consent to its examination as may be directed by the Farm Credit Administration by land bank examiners; and State banks, trust companies and savings associations may be in like manner required to file their written consent that reports of their examination by constituted authorities may be furnished by such authorities upon request to the Federal intermediate credit bank of their district. Each Federal intermediate credit bank shall be examined and audited at least once each year by the Farm Credit Administration, and the results of such examination and audit shall

be made public by the administration (July 17,
1916, c. 245, § 208 (a); Mar. 4, 1923, c. 252, § 2, 42
Stat. 1458; Mar. 27, 1933, Ex. Or. 6084).

"Farm Credit Administration" and "administration" mentioned in
the text were substituted for "Federal Farm Loan Board" and "board",
respectively, pursuant to the Executive Order cited thereto, which is set
out in full at the beginning of this chapter.

1092

Submission and publication of reports of condi- §208 (b) tion by banks. Every Federal intermediate credit bank shall make to the Farm Credit Administration not less than three reports during each year as requested by the administration and according to the form which may be prescribed by the administration, verified by the oath or affirmation of the president, or secretary, or treasurer, of each Federal Intermediate credit bank and attested by the signature of at least three of the directors. Each report shall exhibit, in detail and under appropriate heads, the resources and liabilites of the Federal intermediate credit bank at the close of business on any past day specified by the Farm Credit Administration, within five days from the receipt of a request or requisition therefor from the administration, and in the same form in which it is made to the Farm Credit Administration shall be published in a newspaper published in the place where such Federal intermediate credit bank is established, or if there is no newspaper in the place, then in the one published nearest thereto, in the same county, at the expense of the bank; and such proof of publication shall be furnished as may be required by the Farm Credit Administration. The Farm Credit Administration shall also have power to call for special reports from any particular Federal intermediate credit bank whenever in its judgment the same are necessary for a full and complete knowledge of its condition (July 17, 1916, c. 245, § 208 (b); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1458; Mar. 27, 1933, Ex. Or. 6084).

"Farm Credit Administration" and "administration" mentioned in the text substituted for "Federal Farm Loan Board" and "board", respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter.

$1093

Investigations and reports by land bank ap- § 208 (c) praisers and examiners for credit banks.-Land bank appraisers are authorized, upon the request of any Federal intermediate credit bank and with the approval of the Farm Credit Administration, to investigate and make a written report upon the products covered by warehouse receipts or shipping

$ 1094

documents, and the livestock covered by mortgages,
which are security for notes or other such obliga-
tions representing any loan to any organization,
under this subchapter. Land bank examiners are
authorized, upon the request of any Federal inter-
mediate credit bank and with the approval of the
Farm Credit Administration, to examine and make
a written report upon the condition of any organiza-
tion, except national banks, to which the Federal inter-
mediate credit bank contemplates making any such
loan (July 17, 1916, c. 245, § 208 (c); Mar.4, 1923, c.
252, § 2, 42 Stat. 1459; Mar. 27, 1933, Ex. Or. 6084).

"Farm Credit Administration" mentioned in the text was substituted
for "Federal Farm Loan Board" pursuant to the Executive Order cited
thereto, which is set out in full at the beginning of this chapter.

Cost of examinations; assessments against or- § 208 (d) ganizations investigated.-The Farm Credit Administration shall assess the cost of all examinations made by the examiners of the administration under the provisions of this subchapter upon the bank, trust company, savings institution, or organization investigated, in accordance with the regulations to be prescribed by the administration. (July 17, 1916, c. 245, § 208(d); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1459; Mar. 27, 1933, Ex. Or. 6084.)

"Farm Credit Administration " and "administration" mentioned in the text were substituted for "Federal Farm Loan Board" and "board", respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter.

§ 1101

RULES AND REGULATIONS

Authority of Farm Credit Administration.-The Farm Credit Administration is authorized to make such rules and regulations, not inconsistent with law, as it deems necessary for the efficient execution of the provisions of this subchapter. (July 17, 1916, c. 245, § 209; Mar. 4, 1923, c. 252, § 2, 42 Stat. 1459; Mar. 27, 1933, Ex. Or. 6084.)

"Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter.

§ 209

§ 1111

TAX EXEMPTION

Capital and income; debentures instrumentalities of Government. The privileges of tax exemption accorded under section 931 of this chapter shall apply also to each Federal intermediate credit bank including its capital, reserve, or surplus, and the income derived therefrom, and the debentures issued under this subchapter shall be deemed and held to be instrumentalities of the Government and

§ 210

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