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United States Code
UNITED STATES OF AMERICA
This circular contains all general provisions, by acts of Congress and Executive Order, relating to the establishment and operation of the Farm Credit Administration.
This circular also contains all provisions of law relative to the organization and operation of the Federal intermediate credit banks, production credit corporations, production credit associations, and banks for cooperatives, together with certain miscellaneous provisions of law relative to short term and intermediate credit.
The provisions of the acts of Congress and of the Executive Order contained herein are set forth in accordance with the codification thereof in chapter 7 of Title 12 of the official Code of Laws of the United States of America in Force December 26, 1926, and supplements thereto. Through the courtesy of the editor in charge of the Code, it has been possible to include herein the provisions of an act of January 31, 1934, in the form which will be used in the supplement to Title 12 of the Code.
In the right margin of this circular, throughout Subchapter III, opposite each section which was incorporated in Title IÎ of the Federal Farm Loan Act, either originally or by amendment to that title, is printed the number of the Federal Farm Loan Act section in which the provisions are contained.
The sections and subchapters into which this circular is divided are numbered to correspond with the same material in the 7th chapter of Title 12 of the Code. At the end of each section is a parenthetical reference to the act of Congress from which the provisions were derived, and to any subsequent amendatory acts. Wherever a section has been affected by the Executive Order which is set forth at the beginning of this circular, reference to the Order is made in the parenthetical statement at the end of the section.
FARM CREDIT ADMINISTRATION, INTRODUCTORY
Executive Order Reorganizing Agricultural Credit Agencies of the United
Farm Credit Administration; provisions relating to organization...
ment; salaries and expenses -
7 7 8
FEDERAL INTERMEDIATE CREDIT BANKS (SUBCHAPTER III, CHAPTER 7,
TITLE 12, U.S.C.)
Number, names, and charters of banks.--.
Application for charter---.
Lending powers; purchase and sale of debentures of intermediate
credit banks; loans to cooperative associations..
trust companies, savings institutions, or corporations making loans
mediate credit banks... Issue of Debentures:
Collateral trust debentures or similar obligations; security for; matur
ity; limitation respecting amount-
collateral and handling thereof; interest rates--
to be included.. Discount Rates:
Establishment and approval of; limitation on.
counted with bank.
Purchase by bank of debentures issued by it-Capital Stock:
Amount, shares; subscriptions to by United States; assessments
against other banks to restore capital impairment of one bank;
Salaries and expenses of Federal Farm Loan Bureau; assessment
against banks for proportionate share.-Net earnings; surplus fund; franchise tax; disposition by United
States of sums received from net earnings of banks and from sur
plus remaining after liquidation of banks_ Liability on Debentures or Other Such Obligations:
Liability of one bank for debentures issued by other banks; agree
ments by banks for transfer of funds for debenture payments--Examinations and Reports:
Reports of condition of banks and other lending institutions redis
counting with credit banks; examinations and audits of credit
Examinations and Reports—Continued.
Submission and publication of reports of condition by banks--
Offenses by officers, employees, or agents of banks; receiving fees or
and reserves of banks.
Retirement of stock held by Government.-