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VOLUME 10

S

1934
Wa n t e d

NUMBER 233

Washington, Thursday, November 29, 1945
Regulations TITLE 6AGRICULTURAL CREDIT
Chapter IFarm Credit Administration P art 10F ederal L and B anks , G enerally PURCHASE AND

RETIREMENT or STOCK

Sections 10.223-58, 10.223-63, and 10.223-64 of Title 6, Code of Federal Regulations are hereby amended to read as follows:
10.223-58 Acquiring stock in addi tion to any available stock which bor rower owns retirement of stock owned by borrower, Any available stock al ready owned by the borrower shall be .stock in an unimpaired association which is owned by the borrower or in-which the borrower owns the beneficial interest, and which, computed at its par value, is in excess at 5 percent of any indebted ness unpaid principal, advances, and any other items properly chargeable to the borrower, including accrued interest thereon at the date of acquirement of the purchased asset to the bank in con nection with which such stock was issued.
Stock in an unimpaired association other than the one through which the pur chased asset is being acquired may be treated as available stock provided such association consents to its retirement.
Also, where an association has been through conservatorship and is operat ing under sction 25 b of the Farm Credit Act of 1937 with a completed compartment, any stock owned by the borrower in group 1, computed at its fair book value, which is in excess of 5 per cent of any bank loan or loans of the borrower through group 1, may be re tired and th proceeds thereof used to purchase stock in group 2 in connection with the asset being acquired. Under the foiegoing definition, where a bor rower has more than one loan through the association or owns stock in connec tion with a loan which is secured only in part by the property securing the asset being acquired, any excess stock in con nection with such loan or loans is avail able stock. Sec. 6, 47 Stat. 14; 12 U.S.C.
665; Sec. 13 Eighth , 39 Stat. 372, as amended; 12 U.S.C. 781 Eighth , as amended
CONTENTS
10.223-63 Payment in cash by bor rower where amount of stogk required is REGULATIONS
AND NOTICES
not substantial; additional loan to bor rower to provide for payment of stock to A l ie n P r o p e r t y C u s t o d ia n :
P a Se be purchased; release1by bank of condi Costs and expenses incurred in tional payments in amounts sufficient to certain court actions; Mich cover the purchase of required stock;
igan, Illinois, Wisconsin, procedure fo r purchase of stock by bor and Iowa i ------ ----------- 14577
rower. Where the amount of stock re C ivil A eronautics B oard:
quired is not substantial, it may be feasi Air carrier operating certifica ble to obtain payment therefor in cash.
tion; Delta Air Corp., nonIn other cases the borrower may desire, compliance with first pilot and it may be feasible, to provide for requirements.---- ------------ 14545
payment for the stock by means of an Civilian P roduction A dministra additional loan. It will also be appro t io n :
priate for the bank to permit the release Cotton fabric preference rat of conditional payments, under section ings and restrictions M 31 of the Policy Manual for Federal Land 317A____________ _____ 14546
Banks, in amounts sufficient to cover the Delegation of authority; pri-
purchase of the required stock. How orities action by Office of ever, where none of the foregoing pro International Trade Opera cedures is followed, the stock may pe tions, Department of Compurchased under either of the following merce Dir. 27___________ 14546
procedures:1
Newspapers L-240, Am. 1 ----- 14546
a The bank may extend credit on a . Commodity E xchange A utho r ity :
secured or unsecured basis to the bor Rye, limits on position and daily rower in an amount sufficient to pur trading -in C orr.________ 14545
chase such stock. The type of agree F arm C redit A dministration :
ment to be entered into with the borrower Federal land banks, generally;, for the repayment of the purchase price purchase and retirement of of the stock and the procedure to be fol stock---------------------- . 14543
lowed in handling such transactions on F ederal P ower C o m m ission :
the banks books shall have the approval Arkansas Power & Light Co,, of the Administration.
_ hearing___________________ 14576
b The association, upon application F ood and D rug A dministration :
by the borrower, may extend credit in Antibiotic drugs, tests and an amount sufficient to purchase such methods of assay; miscel stock, subjeet to the following:
laneous amendments 14545
1 In such application the borrower Penicillin-containing drugs, cer shall agree that his liability to the asso tification of batches, mis ciation for such stock shall be secured cellaneous amendments____ 14545
by a lien on the borrowers property I nterstate C ommerce C om m ission :
which is security for t h e ,paper being Car service:
acquired, junior to any lien held or to Bauxite ore concentrates from be acquired by the Federal land bank on Mobile, Ala_____________ 14575
such property. It is not necessary that Fruits or vegetables, fresh or the lien for the stock indebtedness be green, destination free recorded.
tim e ____________________ 14575
2 TheT association may charge the Refrigerator cars, demurrage- 14575
borrower interest at a rate not to exceed Unloading:
4 per centum per annum on the unpaid Clay, St. Helens, Oreg 14576
balance of any indebtedness incurred for Freight cars:
this purpose.
Baltimore, M d____________ 14577
3 The association may in turn, pur Philadelphia, Pa__________ 14577
suant to 12 U. S. C. 743, borrow from the Washington, D. C----------- 14577
Federal land bank the amount necessary Lumber at Oregon joints----- 14576
Veneer at St. Johns, Oreg----- 14577
Continued on next page 14543