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UTTER 1
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FEDERAL
.VOLUME 3

REGISTER
9 3 4
N l TED

NUMBER 168

Washington, Saturday, August 27, 1938
Rules, Regulations, Orders TITLE 6AGRICULTURAL CREDIT
FARM CREDIT ADMINISTRATION
FCA 100

R etirement of S tock U pon R epayment of L oan A ugust 26, 1938.

Section 11.2148 of Title 6, Code of Federal Regulations, is amended to read as follows:
S ec. 11.2148 Disposition of stock pro ceeds where association is in class 3
or 4.Where the association is in class 3 or 4, the bank shall retain the full amount of the proceeds of such retired stock and apply the same as a credit on the debts due by such association to the bank; provided, however, th at where the association is in class 3 the bank may pay to the association from the pro ceeds of such retired stock an amount sufficient to permit the association to make settlements under section 29 of the Federal Farm Loan Act as amended by section 25 d of the Farm Credit Act of 1937, in which case any balance of such proceeds shall be retained by the bank and applied as a credit on the in debtedness of the association to it. Sec.
6, 47 Stat. 14, 12 U. S. C. 665; sec. 7, 39
Stat. 365, 12 U. S. C. 721; sec. 8, 39 Stat.
367, 12 U. S. C. 733. Revision No. 27, Manual for Federal Land Banks, August 26, 1938.
Title 6, Code of Federal Regulations, is amended by adding the following new section:
S ec. 11.2168.72 Participation certifi cates.If any shareholder or former shareholder does not desire to settle on the basis of a fair book value of the stock of the association as determined in con servatorship proceedings pursuant to sec tion 29 of the Federal Farm Loan Act, as amended by section 25 d of the Farm Credit Act of 1937, he may, in lieu there of, be given a participation certificate which will entitle him to share pro rata on the basis of the number of shares of stock which he owned in the associa
tion in the distribution of any assets of the association which is made after all its indebtedness to creditors has been sat isfied but not to exceed the par value of such shares. The holder of a participa tion certificate may at any time, by sur rendering the certificate to the secretarytreasurer of the association, receive the amount which is being paid to retiring shareholders at the date of such surren der as the fair book value of the stock of the association, but in no event more than the amount of the fair book value of the association stock as of the date when he became entitled to receive the certificate. Settlements with holders of participation certificates in accordance with the preceding sentence should be made only on condition that they accept the settlement as payment in full. Un less the holder surrenders his participa tion certificate as herein provided, he shall receive no cash payments in connec tion with such certificate, except as follows:
1 If the association is liquidated by receivership or otherwise, he shall be entitled to share pro ra ta with other persons having similar rights in the dis tribution of any assets of the asso ciation which is made after all of its indebtedness to creditors has been satisfied.
2 If, prior to liquidation as pro vided in 1 above, the fair book value of the stock of the association reaches par, he shall be entitled to receive par for such certificate.
3 If, prior to liquidation as pro vided in 1 above, all indebtedness of the association is paid but the fair book value of the stock is not par, he may share pro rata with other persons having similar rights in the distribution of any assets of the association which may be made from time to time.
Sec. 6, 47 Stat. 14, 12 U. S. C. 665;
sec. 25 d, 50 Stat. 713, 12 U. S. C. 967.
Revision No. 27, Manual for Federal Land Banks, August 26, 1938.
SEAL
w. J. M cANELLY, Acting Land Bank Commissioner.
F . R. Doc. 38-2507; F iled, A ugust 26,1938;
12:52 p. m .

CONTENTS
RULES, REGULATIONS, ORDERS
T itle 6 A gricultural C r ed it :

Farm Credit Administration:
Page Retirement of stock upon re payment of loan_______ 2099
T itle 7A griculture :

Agricultural Adjustment Ad ministration:
New York Metropolitan Mar keting Area, Class I and Class II-A prices to be paid pursuant to order regulating handling of m ilk_________________ 2100
T itle 20F is h and G am e :
Bureau of Fisheries:
Alaska fishery regulations, amendment___________ 2100
T itle 43P ublic L ands :
Division of Grazing:
Federal Range Code, amend ments________________ 2100
NOTICES
Civil Aeronautics Authority:
Pan American Airways, Inc., exemption under Civil Aeronautics Act of certain services of______________ 2103
Department of Agriculture:
Agricultural Adjustment Ad ministration:
New York Metropolitan Mar keting Area, determina tion on proposed order regulating handling of milk_________________ 2102
Department of the Interior:
Division of Territories and Island Possessions:
Alaska Railroad, Supplement 5 to Joint Freight Tariff No. 5-E suspension of rail and water service_2102
Securities and Exchange Com mission:
Eastern Utilities Associates, ef fectiveness of declaration on issue and sale of note by registered holding com pany I---------------- ___ 2103
2099