Administrative Provisions Relative to This Subchapter

12 U. S. C. § 651

Federal Farm Loan Bureau

F. F. L. Act § 3

There shall be at the seat of government a bureau charged with the execution of this subchapter and of subchapter III of this chapter and of all Acts amendatory thereof, to be known as the "Federal Farm Loan Bureau", under the general supervision of the Farm Credit Administration. (July 17, 1916, ch. 245, § 3, 39 Stat. 360; Ex. Ord. No. 6084, Mar. 27, 1933.)

The Federal Farm Loan Bureau and its functions were transferred to the Farm Credit Administration by Ex. Ord. No. 6084, set out preceding section 636 of this title.

12 U. S. C. § 656

Registrars, appraisers, and examiners; appointment; restriction on right to engage in other business

F. F. L. Act § 3

The Farm Credit Administration shall appoint a farm loan registrar in each farm credit district to receive applications for issues of farm loan bonds and to perform such other services as are prescribed by this chapter, and may appoint a deputy registrar who shall during the unavoidable absence or disability of the registrar perform the duties of that office. It shall also appoint one or more land bank appraisers for each farm credit district and as many farm credit examiners as it shall deem necessary. Farm loan registrars, deputy registrars, land bank appraisers, and farm credit examiners appointed under this section and sections 651, 658–664 of this title shall be public officials and shall, during their continuance in office, have no connection with or interest in any other institution, association, or partnership engaged in banking or in the business of making land mortgage loans or selling land mortgages: Provided, That this limitation shall not apply to persons employed by the administration temporarily to do special work. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Apr. 20, 1920, ch. 154, § 1, 41 Stat. 570; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, §§ 5 (a), 20, 50 Stat. 704, 710.)

12 U. S. C. § 656a

Examiners to be designated

"farm credit examiners"

F. C. Act 1937 § 20

Examiners appointed pursuant to the provisions of section 656 of this title shall after August 19, 1937, be designated and known as farm credit examiners. (Aug. 19, 1937, ch. 704, § 20, 50 Stat. 710.)

12 U. S. C. § 658

F. F. L. Act § 3

Appraisers and inspectors; compensation; manner of payment

Federal land bank appraisers, and appraisers or inspectors of Federal intermediate credit banks, shall receive such compensation as the Farm Credit Administration shall fix and shall be paid by the Federal land banks, joint stock land banks, and the Federal intermediate credit banks they serve, in such proportion and in such manner as the Farm Credit Administration shall order. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Mar. 4, 1923, ch. 252, § 302, 42 Stat. 1473; Mar. 4, 1925, ch. 524, § 3, 43 Stat. 1262; Ex. Ord. No. 6084, Mar. 27, 1933.)

12 U. S. C. § 659

Attorneys, experts, and other employees; employment; salaries and fees

F. F. L. Act § 3

The Farm Credit Administration shall be authorized and empowered to employ such attorneys, experts, assistants, clerks, laborers, and other employees as it may deem necessary to conduct the business of said administration. All salaries and fees authorized in sections 651, 656, and 658-664 of this title and not otherwise provided for shall be fixed in advance by said administration and shall be paid in the same manner as the salary of the Land Bank Commissioner. All such attorneys, experts, assistants, clerks, laborers, and other employees, and all registrars, examiners, and appraisers shall be appointed without regard to the provisions of sections 632, 633, 635, 637, 638, and 640-642 of Title 5, or any rule or regulation made in pursuance thereof and may be classified without regard to the Classification Act of 1949: Provided, That nothing herein shall prevent the President from placing said employees in the classified service. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Mar. 4, 1925, ch. 524, § 4, 43 Stat. 1263; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933, ch. 98, title VIII, § 80 (a), 48 Stat. 273; Oct. 28, 1949, ch. 782, title XI, § 1106 (a), 63 Stat. 972.)

Abolishment of office of Land Bank Commissioner, see section 636f (a) of this title. 12 U. S. C. § 660

Statements of salaries paid by land banks

F. F. L. Act § 3

Every Federal land bank shall semiannually submit to the Farm Credit Administration a schedule showing the salaries or rates of compensation paid to its officers and employees. (July 17, 1916, ch. 245, § 3, 39 Stat.

12 U. S. C. § 661

Annual report

F. F. L. Act § 3

The Farm Credit Administration shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Ex. Ord. No. 6084, Mar. 27, 1933.)

12 U. S. C. § 662

Examinations and reports by land banks; appraisals of farm land; amortization tables

F. F. L. Act § 3

The Farm Credit Administration shall from time to time require examinations and reports of condition of all land banks established under the provisions of this chapter and shall publish consolidated statements of the results thereof. It shall cause to be made appraisals of farm lands as provided by this chapter, and shall prepare and publish amortization tables which shall be used by national farm loan associations and land banks organized under this chapter. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Ex Ord. No. 6084, Mar. 27, 1933.)

12 U. S. C. § 663

Statements of condition

of loan associations and land banks

F. F. L. Act § 3

The Farm Credit Administration shall prescribe a form for the statement of condition of national farm loan associations and land banks under its supervision, which shall be filled out by each such association or bank and transmitted to said administration as required by it. (July 17, 1916, ch. 245, § 3, 39 Stat 361; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 11, 1955, ch. 785, title III, § 301 (a), 69 Stat. 664.)

12 U. S. C. § 664

Bulletins and circulars

F. F. L. Act § 3

It shall be the duty of the Farm Credit Administration to prepare from time to time bulletins setting forth the principal features of this subchapter and of subchapter III of this chapter and through the Department of Agriculture or otherwise to distribute the same, particularly to the press, to agricultural journals, and to farmers' organizations; to prepare and distribute in the same manner circulars setting forth the principles and advantages of amortized farm loans and the protection afforded debtors under said subchapters, instructing farmers how to organize and conduct farm loan associations, and advising investors of the merits and advantages of farm loan bonds; and to disseminate in its

discretion information for the further instruction of farmers regarding the methods and principles of cooperative credit and organization. Said administration is instructed to lay before the Congress at each session its recommendations for further appropriations to carry out the objects of this section. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Ex. Ord. No. 6084, Mar. 27, 1933.)

12 U. S. C. 665

Rules and regulations

The Farm Credit Administration is authorized to make such rules and regulations, not inconsistent with law, as it deems necessary or requisite for the efficient execution of the provisions of this subchapter and of subchapter III of this chapter, the Farm Credit Act of 1933, and/or any Act or Acts amendatory thereof or supplementary thereto. (Jan. 23, 1932, ch. 9, § 6, 47 Stat. 14; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 11, 1955, ch. 785, title I, § 110 (d), 69 Stat. 662.)

Organization of Federal Land Banks

12 U. S. C. § 672

Establishment; titles;

branches; Puerto Rico and Alaska; loans by branches

F. F. L. Act § 4

The Farm Credit Administration shall establish in each farm credit district a Federal land bank, with its principal office located in such city within the district as said administration shall designate. Each Federal land bank shall include in its title the name of the city in which it is located. Subject to the approval of the Farm Credit Administration, any Federal land bank may establish branches within the farm credit district. Subject to the approval of the Farm Credit Administration and under such conditions as it may prescribe, the provisions of this subchapter and of subchapter III of this chapter are extended to the island of Puerto Rico and the Territory of Alaska; and the Farm Credit Administration shall designate a Federal land bank which is authorized to establish a branch bank in Puerto Rico and a Federal land bank which is authorized to establish a branch bank in the Territory of Alaska. Loans made by each such branch bank shall be subject to the restrictions and provisions of this chapter, except that each such branch bank may loan direct to borrowers, and, subject to such regulations as the Farm Credit Administration may prescribe, the rate charged borrowers may be 12 per centum in excess of the rate borne by the last preceding issue of farm loan bonds of the Federal land bank with which such branch bank is connected: Provided, That no loan shall be made in Puerto Rico or

Each borrower through such branch bank shall subscribe and pay for stock in the Federal land bank with which it is connected in the sum of $5 for each $100 or fraction thereof borrowed; such stock shall be held by such Federal land bank as collateral security for the loan of the borrower; shall participate in all dividends; and upon full payment of the loan shall be canceled at par and proceeds paid to borrower, or the borrower may apply the same to the final payments on his loan.

Notwithstanding the provisions of this section, loans may be made in Puerto Rico and Alaska through national farm loan associations, and the interest rate applicable to such loans shall be as provided in sections 771 and 772 of this title. Said associations shall be organized pursuant to sections 711-723 of this title, except that, upon the recommendation of the Federal land bank concerned, any such national farm loan association may be organized by ten or more borrowers who have obtained direct loans through a branch bank which aggregate not less than $20,000, and who reside in a locality which may be covered and served conveniently by the charter of a national farm loan association and any national farm loan association after it has become organized may permit any direct-loan borrower through a branch bank to join the association. As to any direct-loan borrower through a branch bank who participates in the organization of a national farm loan association or joins a national farm loan association after it has become organized (1) the association shall endorse, and thereby become liable for the payment of, his mortgage loan held by the Federal land bank; (2) the stock in the Federal land bank held by him shall be exchanged for a like amount of stock in said bank issued in the name of the association and the association shall issue a like amount of its stock to him, all in the manner and subject to the terms and conditions provided in section 723 (d) of this title; and (3) the interest rate payable by him, beginning with the next regular installment date following the endorsement of his loan, shall be reduced to a rate one-half of 1 per centum per annum less than the rate paid by him prior to such endorsement. (July 17, 1916, ch. 245, § 4, 39 Stat. 362; Feb. 27, 1921, ch. 78, 41 Stat. 1148; Mar. 4, 1923, ch. 252, title III, § 303, 42 Stat. 1474; Mar. 4, 1929, ch. 700, 45 Stat. 1558; May 17, 1932, ch. 190, 47 Stat. 158; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 5 (a), 50 Stat. 704; June 30, 1945, ch. 204, § 3, 59 Stat. 267; Oct. 28, 1949, ch. 786, § 1 (a), 63 Stat. 985.)

12 U. S. C. 672a

Extension of provisions to Hawaii

The provisions of this subchapter and of subchapter III of this chapter and any Act amendatory thereof or supplementary thereto, are extended to the Territory of Hawaii. The Farm Credit Administration