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FEDERAL
VOLUME 4

REGISTER
934

O n it e d

NUMBER 238

Washington, Saturday, December 9, 1939
Rules, Regulations, Orders
as so used includes a natural person, partnership, or corporation engaged in the business of farming or of breeding, raising, or fattening livestock.
TITLE 6AGRICULTURAL CREDIT
b Natural persojis. To be an eligi CHAPTER IFARM CREDIT
ble applicant, a natural person must de ADMINISTRATION
vote certain time and energy to the active management of his farming or FCA 153
livestock operations; and the enterprise P art 51R ules and R egulations for must be conducted in such a manner P roduction C redit A ssociations P ro that he reaps the benefits of the opera mulgated by A ll P roduction C redit tion if it is successful, and suffers the C orporations !
loss if it is a failure. He need not be Effective at the close of business on principally so engaged nor reside on the December 31, 1939, Title 6, Code of Fed place where the farming or livestock eral Regulations, is amended by striking operations are carried on. An applicant out all of Part 51 Sections 51.201 to for a loan, the proceeds of which are to 51.313, inclusive and inserting in lieu be used for farming or livestock opera tions conducted through tenants or thereof the following:
sharecroppers, will be ineligible unless Sec.
it affirmatively appears that he has a 51.1 Loan Purposes.
right to, and does actually exercise the 51.2 Eligibility.
substantial direction and control in the 51.4 Approval of Loan.
51.5 Interest Rates.
management of the enterprise. When 51.8 Inspections.
a landlord is entitled only to a fixed re 51.10 Time Lim it on Closing Loans.
51.11 Relation of Association to O ther Or turn without regard to the success or failure of the farming operations, or ganizations.
does not rightfully exercise the substan 51.1 Loan purposes. The associa tial direction and control of the manage tion is authorized to provide short-term ment of such operations, the tenant, not and intermediate-term credit for any the landlord, is to be considered the general agricultural purpose to qualified farmer.
farmers and stockmen. Loans may in c Partnerships. The eligibility of a clude funds for the purchase of associa partnership is governed by the same tion class B stock required to be held by principles as those governing the eligi members in connection with their loans. bility of natural persons.
a When a doubt exists as to the au d Corporations. To be considered a thority of an association to make a par farmer, a corporation must be prin ticular type of loan, all pertinent facts cipally engaged in fanning or in the in connection therewith should be for breeding, raising, or fattening of live warded to the president of the production stock.
credit corporation hereinafter referred For a corporation to be considered as to as the corporation for a decision. so principally engaged, the major portion Sec. 23, 48 Stat. 261; 12 U.S.C. 1131 t of its assets must be represented by prop 51.2 Eligibility a In g e n e r a l . erty actually devoted to farming and/or To be eligible for a loan, an applicant the raising, breeding, or fattening of live must be a farmer within the meaning of stock; at least half of its gross income that word as used in the Farm Credit Act must be derived from such operations;
of 1933 and amendments thereto and acts and at least half of the time of its active amendatory thereof. The term farmer officers and personnel must be spent in the conduct of such business.
ti n all sections of P art 51 th e section n u m
When a loan is made to a corporation, bers to the rig h t of th e decimal point corre either the holder or holders of at least spond w ith th e section num bers in th e Rules and Regulations for Production Credit Associ a majority of its outstanding shares of ations, effective December 31, 1939.
voting stock or, with the consent of the
CONTENTS
RULES, REGULATIONS, ORDERS
T itle 6 Agricultural C redit :

Farm Credit Administration:
Page Production Credit Associa tions, rules promulgated by:
Farm Credit Administration _________________ 4805
.JSreduction Credit Corpora tions ________________ 4806
T itle 9Animals and Animal P roducts:

Bureau of Animal Industry:
, Authority delegated to the Chief of_______________ 4807
Cattle condemned and destroyed in control of tut berculosis, etc., appraise ment and compensation_ 4808
T itle 16C ommercial P ractices:
Federal Trade Commission:
_Pta5nond Knitting Mills, Inc., cease and desist order__ _ 4808
T itle 25I ndians :

Office of Indian Affairs:
jQUapaw agency, leases and sales of minerals________ 4809
T itle 26I nternal R evenue :

Bureau of Internal Revenue:
2ncome and excess profits tax, spread of depreciation, etc____________________ 4809
T itle 43P ublic L ands: I nterior :
General Land Office:
Lease bonds, rules amended ""and supplemented______ 4809
New Mexico No. 3, stock driveyay withdrawal No. 9, reduced-------------------------- 4810
NOTICES
Department of Labor:
Division of Public Contracts:
Minimum wage determina tions:
CotapnrTextile Industry, op p o r tu n ity to s h o w cause________________
Scientific Industrial and " -Laboratory I n s t r u
ments Industry, hear ing---------------------------Continued on next page
4805

4810

4810