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4182

FEDERAL REGISTER, Wednesday, August 20, 1941

gated by the provisions of the 1941 Pro ducers Note and Loan Agreement 1941
C. C. C. Cotton Form A, pursuant to which the loan is made to pay to the share tenants and sharecroppers their By the United States Civil Service pro rata shares of the proceeds of the loan and of any additional proceeds from Commission.
the cotton. If the eligible cotton pro H . B. M it c h e l l , duced on a farm has been divided among President.
the producers on the farm, the landlord, A u g u st 14, 1941.
tenants, and sharecroppers may each obtain a loan on his separate share, or IF. R . Doc. 41-6164; Filed, August 19, 1941;
11:52 a. m.
two or more such producers may obtain a loan jointly..
b Cooperator. Cooperator means any eligible producer who has not know ingly planted or caused or permitted the TITLE 6AGRICULTURAL CREDIT
planting of cotton in 1941 on any farm CHAPTER IICOMMODITY CREDIT in excess of the cotton-acreage allot CORPORATION
ment established for the farm in connec tion with farm-marketing quotas for 1941 C. C. C. Cotton Form 1
cotton for the 1941-42 marketing year.
P art 2211941 C otton L oans All other producers are noncooperators.
c Eligible cotton. Eligible cotton INSTRUCTIONS CONCERNING LOANS ON 1941
shall be cotton produced in 1941 by a COTTON
cooperator, or that portion of the cotton These instructions are issued pursuant produced in 1941 by a noncooperator to the provisions of Title III, sec. 302 which is in excess of his share of the a of the Agricultural Adjustment Act normal or actual production, whichever of 1938, as amended.
is the greater of the farm cotton acreage Commodity Credit Corporation has allotment; provided that such cotton authorized the making of loans in ac meets the following requirements:
cordance with these instructions upon 1 Such cotton must be of a grade the security of cotton. Such loans may and staple specified in 221.3 of these be obtained either directly from Com instructions.
modity Credit Corporation or from 2 Such cotton must be represented lending agencies.
by warehouse receipts issued by ap Sec.
proved warehouses in the form pre 221.1
Definitions.
scribed in 221.8 of these instructions.
221.2
Forms.
3 Such cotton must not be com 221.3
Amount.
221.4
Classification of cotton.
pressed to high density.
221.5
Preparation of documents.
4 Such cotton must be free and clear 221.6
D eterm ination of cooperators or of all liens and encumbrances, except in noncooperators.
favor of lienholders who have executed 221.7
Approved warehouses.
221.8
Warehouse receipts.
the lienholders waiver in 1941 C.C.C.
221.9
Warehouse charges.
Cotton Form A.
221.10 Liens.
5 Such cotton must be tendered for 221.11 Direct loans.
221.12 Time and m anner of tendering loans a loan by a person who has the legal for purchase and pooling.
right to pledge the same as security for 221.13 Lending agency.
a loan and who except in cases where 221.14 Loan agencies of the R econstruction such person is a landlord, cash tenant, Finance Corporation.
221.15 Repayments.
or standing-rent tenant, and is placing under loan cotton in which both he and 221.1 Definitions. As used in these the share tenants or sharecroppers instructions, unless the context otherwise have an interest has legal title to the requires, the following terms will be con cotton.
strued respectively to mean:
6 The beneficial interest to the cot a Eligible producer. Eligible pro ton must be, and must always have been, ducer means any person, partnership, in the person tendering such cotton for association, or corporation producing cot a loan or in such person and any share ton in 1941 in the capacity of a landtenant or sharecropper having a share owner, landlord, tenant, or sharecropper.
in the cotton or its proceeds in case such If a share tenant or sharecropper has person is a landlord, cash tenant, or an interest jointly with a landlord, cash standing-rent tenant, and is placing un tenant, or standing-rent tenant, in der loan cotton in which both he and a eligible cotton, such cotton may be placed share tenant or sharecropper have an under the loan in the name of the land interest.
lord, cash tenant, or standing-rent ten 7 Such cotton must not have been ant. In such case the landlord, cash received in payment of standing or fixed tenant, or standing-rent tenant is obli rent.
torney position within the grades in which he has such status or, subject to a noncompetitive examination approved by the Board, to a position in a higher grade.

8
Such cotton must not be owned jointly by a cooperator and a noncoop erator.
d L e n d i n g a g e n c y . Lending agency means any bank, corporation, partnership, association, or person mak ing a loan to a producer, pursuant to a 1941 Producers Note and Loan Agree ment 1941 C.C.C. Cotton Form A in accordance with these instructions. A
loan agency of the Reconstruction Finance Corporation is not included within this definition.
e Eligible paper. Eligible paper means a 1941 Cotton Producers Note and Loan Agreement 1941 C.C.C. Cotton Form A., duly executed subsequent to July 31, 1941, and prior to May 1, 1942.
State documentary revenue stamps should be affixed thereto where required by law. A 1941 Cotton Producers Note and Loan Agreement 1941 C.C.C. Cotton Form A executed by an administrator, executor, or trustee will be acceptable only where valid in law, and must be sub mitted for a direct loan in accordance with 221.11 of these instructions, unless accompanied by a repurchase agreement of the lending agency. Copies of this agreement may be obtained from a loan agency of Reconstruction Finance Cor poration.
221.1 to 221.15, inclusive, issued under auth ority contained in sec. 302 a , 52 Stat.
43; 7 U.S.C. Sup., 1302.

221.2 Forms. The following docu ments must be delivered in connection with every loan:
a 1941 Cotton Producers Note and Loan Agreement 1941 C.C.C. Cotton Form A .
b Warehouse receipts complying with the provisions of 221.8 hereof is sued by an approved warehouse.
c Producers Letter of Transmittal 1941 C.C.C. Cotton Form B or Lending Agencys Letter of Transmittal 1941
C.C.C. Cotton Form C > 221.3 Amount. The base loan rate applicable at each approved warehouse will be shown on the Schedule of Ap proved Warehouses issued by Commod ity Credit Corporation and available at the loan agencies of the Reconstruction Finance Corporation. Premiums and discounts applicable to each grade and staple length are shown in the table be low. Loans will not be made on grades or staple lengths of cotton not shown in such table. Loans to cooperators will be made at the rates shown in the Schedule of Approved Warehouses adjusted for the appropriate premium or discount for each grade and staple and loans to non cooperators will be made on the basis of 60 percent o f such rates. All loans will be made on the net weight of the lint cotton.