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REGISTER
VOLUME 12

9 3 4

A

a /i t e d

NUMBER 220

Washington, Saturday, November 8,1947

TITLE 6 AGRICULTURAL CREDIT
Chapter I Farm Credit Administra tion, Department of Agriculture Subchapter B Federal Land Banks, National Farm Loan Associations, Federal Farm Mort gage Corporation, and Joint Stock Land Banks
M iscellaneous A m endm ents
Parts 10, 11, 12 and 19 are amended as follows:
P art 10 F ederal L and B anks N o te : In 10.3 to 10.530-51, inclusive, the
numbers to the right of the decimal point correspond with the respective section num bers in the Policy and Operations Manuals for Federal Land Banks.

Sections10.10,10.10-50,10.25,10.27-50, 10.28, 10.29, 10.31, and 10.182-50 of Title 6, Code of Federal Regulations, are here by revoked, 10.9, 10.21, 10.22, 10.23, 10.25, and 10.27 are added, and 10.1
b>, 10.2 b , c , and are amended to read as follows:
10.1 Organization of Federal Land Banks.
b Under the provisions of the act was contemplated that the capital stock of the Federal land banks ultimately would be owned entirely by borrowers through their national farm loan asso ciations and some few direct borrowers, although provision also has been made for subscriptions to such stock by the United States. As of July 1; 1947, all United States owned stock in these banks had been retired.
10.20 Functions and procedures of Federal land banks.
b Agents for Federal Farm Mortgage Corporation. The Federal land banks also act as agents in servicing Land Bank Commissioner loans on behalf of the Fed eral Farm Mortgage Corporation.
c Loans. The principal function of the Federal land banks is to make first mortgage loans on farm land to eligible applicants for the purposes and on the terms prescribed in the Federal Farm Loan Act. These bank loans are limited to 65 percent of the normal value of the security and may not exceed $50,000 to any one borrower. The maximum term for loans is 40 years, but they are com monly made for a shorter period. The Present contract interest rate on Federal
land bank loans made through national farm loan associations is 4 percent.
An application for a loan, on a pre scribed form available from the banks and associations, is filed with the secre tary-treasurer of the national farm loan association in the territory in which the property offered as security is located.
The application calls for information re garding theamount and purposes of the loan sought, the security offered, and the applicants financial condition. As a first step, the Federal Farm Loan Act provides for an investigation as to the character and solvency of the applicant and the sufficiency Of the security offered,
by the association loan committee or its investigator, and for a written report thereon. The association loan commit tee may also request a written report-on the value of the security by a land bank appraiser, who is a public official ap pointed by the Farm Credit Administra tion. Where such a report by an ap praiser has been obtained, the associa tion may notify the applicant of any loan approved by it, subject to further approval by the Federal land bank.
The application and written report of the association loan committee, as well it as any report by a land bank appraiser, are next referred to the Federal land bank; if there has been no report by a land bank appraiser, the bank will then obtain one. No loan may be made by the bank unless the reports of both the asso ciation and the land bank appraiser are favorable. On the basis of the associa tion approval and the favorable report by a land bank appraiser, the Federal land bank determines the amount of any loan that can be soundly made. The actual passing on applications in each bank is usually done by a loan or execu tive committee, and notice of its action is duly given to the interested associa tion and the applicant. Loans to live stock corporations in certain circum stances, and land bank loans in excess, of $25,000, require the approval of the Land Bank Commissioner which may be given by authorized personnel in the dis tricts see 3.8 and 3.9 of this chapter.
There are certain statutory provisions also for direct loans to borrowers by the Federal land banks and loans through agents, where they cannot be made through an association, but the general Continued on p. 7315

CONTENTS
Agriculture Department
p&e
See also Farm Credit Adminis tration.
Proposed rule making:
Milk handling in New York metropolitan area______
7334
Rules and regulations:
Limitation of shipments:
California and Arizona:
Lemons______________ 7317
7318
Oranges__________________
, Oranges, grapefruit and tan gerines in Florida 3 docu ments_______________ 7316,7317
Milk handling in Nashville, Tenn., marketing area_ 7320
Sugar Rationing Administra tion; preservation of records. 7327

Alien Property, Office of Notices:
Vesting orders, etc.:
Fujikawa, Jyuro, et al______
4 Fujita, Yoshito._____________
Horiuchi, Ryohei________:___
Iwakami, Konosuke, et al____
Krieg, Martha.._____________
Laschinsky, Carl____________
Reichel, Albert______________
Schaefer, Margaretta, et al__
Schmeisser, Louise Gail_____
Societe Normandie de Produits Chimiques__________

7349
7350
7351
7350
7349
7351
7348
7348
7348
7351

Civil Aeronautics Board Rules and regulations:
Air carrier rules:
Certification and operation:
Nonscheduled 2
docu ments----------------- 7325,7326
Scheduled, outside U. S.
3 documents______ 7325,7326
Scheduled 2 documents. 7325, 7326
Operation, general__ 1 -_____ 7326

Coast Guard Notices:
Approval and termination of ap proval of equipment________

7340

Commerce Department Rules and regulations:
Liquidation Division; preserva tion of records______________

7327

Defense, Secretary of Rules and regulations:
Military personnel, transfer be tween Department of the Army and Department of the Air Force.________________
7313

7327.