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for only a short period, or feeders to be mitting the use of one coal tar dye which has been listed under the Federal Pood, finished to prime grade.

Drug, and Cosmetic Act but is not now c The making of operating loans in listed in said regulations. In order to volving poultry production is subject to be of maximum benefit to affected proc the general policies contained in 331.6 essors, the amendment should be made effective as soon as possible. Therefore, c of this chapter.
under section 4 of the Administrative 341.9 Rales and terms.
Procedure Act 5 U.S.C. 1003, it is found upon good cause that notice and other a
public procedure thereon are impracti

cable and unnecessary, and since the 5 For loans made to full-time fam
amendment relieves restrictions and ily-type farmers in Hawaii to establish otherwise is merely procedural in nature, such crops as pineapple, coffee, and it may be made effective less than 30
sugar cane which usually require more days after publication in the F ed er al than 18 months from planting to harvest dates, the initial payment will be sched R e g is t e r .
uled on a date coinciding with the date The amendment shall become effective the income is to be received but not more on November 24th, 1959.
than 24 months from the date of the Done at Washington, D.C., this 19th loan check.
day of November 1959.
Secs. 21, 41, 44, 50 Stat. 524, as amended, 528, as amended, 530, as amended; 7 U.S.C.
1007, 1015, 1018. Order of Acting Sec. of Agric., 19 F.R. 74, 22 F.R. 8188

M . R . C lar k so n,
Acting Administrator, Agricultural Research Service, F.R. Doc.

Dated: November 17, 1959.
K . H. H ansen,
Administrator, Farmers Home Administration.
PR. Doc. 59-9911; Filed, Nov. 23, 8:47 a.m.

9415

FEDERAL REGISTER

Tuesday, N ovem ber 24, 1959

1959;

59-9939; Filed, Nov. 23, 1959;
8:50 a.m.

Title 12 BANKS AND BANKING
Chapter V Federal Home Loan Bank Board
Title 9 ANIMALS AND
ANIMAL PRODUCTS

SUBCHAPTER C FEDERAL SAVINGS AND
LOAN SYSTEM

Chapter I Agricultural R e s e a r c h Service, Department of Agriculture
PART 555 BOARD RULINGS

SUBCHAPTER A MEAT INSPECTION
REGULATIONS

PART 18 REINSPECTION AND
PREPARATION OF PRODUCTS
Use in Preparation of Meat Food Prod ucts of Chemicals, Antioxidants, Coloring Matter, Flavoring, Water, Ice, Cereal, Vegetable Starch, Non-
fat Dry Milk, Etc.
Pursuant to the authority conferred by the Meat Inspection Act, as amended and extended 21 U.S.C. 71-96 and section 306 of the Act of June 17, 1930, as amended 19 U.S.C. 1306, 18.7 of the Meat Inspection Regulations 9 CFR
18.7 is hereby amended by changing Paragraph a 2 to read as follows:

No. 12.916J

N o v e m b e r 18, 1959.
Resolved that the Federal Home Loan Bank Board, upon the basis of considera tion by it of. the advisability of publica tion of statements of general policy and interpretations relating to Federal sav ings and loan associations adopted or formulated by the Board for the guid ance of the public, and for the purpose of effecting such publication, hereby amends the rules and regulations for the Federal Savings and Loan System 12
CFR Ch. V, Subchapter C by adding at the end of said Subchapter C a new Part 555, effective November 24, 1959, to read as follows:

555.1

Directors.

a Quorum of; number necessary for.
Where the number of directors provided for in the bylaws or as fixed thereunder by resolution of the members have been elected, it is necessary to have a majority of the authorized number in order to constitute a quorum. This would be true even though the number of directors actually serving had been reduced by rea son of death, resignation or removal from office. On the other hand, if, between annual meetings, the authorized number is increased without the election of new directors to fill the new vacancies, a quorum would be a majority of the num ber of directors as it existed prior to the increase. Newly created directorships which have not been filled are not counted in determining the number nec essary to constitute a quorum.
b Vacancies; power of directors to fill. The board of directors of a Federal association havinga Charter N or Char ter K rev. and the prescribed bylaws, without calling a special meeting of the members for the purpose of electing di rectors to fill vacancies, may validly elect directors to fill vacancies, including va cancies created by 1 resignation, 2
increase in the number of the directors by the board of directors as provided by the bylaws, and 3 increase in the number of directors voted by the mem bers, as provided by the bylaws, if the members failed to elect directors to the new positions created by them. Each director so elected by the board of directors shall serve until the next annual meeting of the members.
555.2 Escrow business; power to en gage in.

A Federal association has no power, express or implied, to conduct the busi ness of acting as escrow agent with re spect to funds unrelated to loans made by the association. In the handling of escrows related to its loans, a Federal association may not assume duties or responsibilities or perform acts which are in conflict with the limitations on its power imposed by the Home Owners Loan Act of 1933, as amended, and regu lations thereunder or its charter.
555.3

Real estate.

a Fraternity houses; classification of.
For lending purposes, fraternity Sec.
houses should be classified under 545.
Directors.
555.1
Escrow business; power to engage in.
6 - l b i v of this subchapter as "other 555.2
Real estate.
555.3
improved real estate designed or used 2
Coal tar dyes upon certification by 555.4
Real estate loans.
primarily for residential purposes. A l Insurance.
the manufacturer, and the furnishing of 555.5
though fraternity houses are the resi Unsecured loans; refinancing of;
authoritative evidence to the inspector 555.6
dences of students, they are not homes or authority for.
in charge, that the dyes are certified un Share loans; security for; shares combination homes and business prop 555.7
der the Federal Food, Drug, and Cosmetic erties within the contemplation of the purchased w ith proceeds of the Act for use in connection with foods.
regulations.
loan.
Savings accounts.
b Motels; classification of. For lend The foregoing amendment to the Meat 555.8
Members; borrowing; loan participa ing purposes, motels, which in reality Inspection Regulations deletes a listing 555.9
tion; effect on.
are roadside hotels, should be classified of coal tar dyes acceptable for use in cer 555.10 Certificates of deposit; investment as other improved real estate as de tain products under the regulations so as in; power to make; liquidity re to make it unnecessary to amend the reg quirement;
eligibility under fined in 541.12 of this subchapter. The regulations must be interpreted within 545.8-2.
ulations each time the list of coal tar the spirit and intent of the governing dyes eligible for certification under the A u t h o r it y : 555.1 to 555.10 issued under Federal Food, Drug, and Cosmetic Act authority sec. 5, 48 Stat. 132, as amended; statutes. Section 5 of the Home Owners for use in connection with foods is 12 U.S.. 1464; Reorg. Plan No. 3 of 1947, 12 Loan Act authorizes the incorporation of changed by the removal or addition of F JR. 4981, 3 CFR, 1947 Supp.; secs. 3, 12, 60 Federal associations for two primary purposes i.e., "to provide local mutual a dye. it relieves restrictions by perStat. 238, 244, 5 U.S.C. 1002, 1011.