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FEDERAL REGISTER, Saturday, February 1, 1941

706

FE D E R A L R E G IST E R

I

P ublished daily, except Sundays, Mondays, and days follow in g legal holidays b y th e D iv ision of th e Federal R egister, T h e N ational Archives, p u rsu a n t t o th e au th ority con
ta in ed in th e Federal R egister Act, approved J u ly 26, 1935 49 S tat. 500, u nder regula tio n s prescribed by th e A dm inistrative Com m ittee, approved by th e President.
T h e A dm inistrative C om m ittee con sists of th e A rchivist or A cting A rchivist, a n officer of th e D epartm ent of Ju stice designated by th e A ttorney General, an d th e P ublic Printer or A cting P ub lic Printer.
T h e daily issu e of th e F ederal R egister w ill be furnish ed by m ail to subscribers, free o f postage, for $1.25 per m on th or $12.50 per year; sin g le copies 10 cen ts each; payable in advance. R em it m oney order payable to th e S u p erin ten d en t o f D ocu m en ts directly to th e G overnm ent P rin tin g Office, W ashington, D. C.

CONTENTSContinued Federal Power Commission;
Hearings:
Peoples Light Company-------St. Croix Falls Minnesota Im provement Co-------------
St. Croix Falls Wisconsin Im
provement Co---------------Securities and Exchange Commis sion:
Masland, Fernon, & Anderson, continuance of hearing----North West Utilities Co., et al., applications granted----------

Pa8e 724
723
724

725
725

95.5 Use of loan proceeds; right to withhold advances. Each applicant for a loan will be required to agree to use the proceeds of his loan in accordance with the terms of his operating budget approved by the Wenatchee Branch. All commitments as to future advances shall be optional with the lender. By making advances the Wenatchee Branch shall not be deemed nor held to have obligated itself to the making of any other or fur ther advances.
95.6 Adequacy of credit. Each ap plicant will be required to furnish evi dence satisfactory to the Wenatchee Branch that the amount of his loan, together with other available resources, will be sufficient to finance the produc tion, harvesting, and packing of his fruit crop in accordance with approved stand ards.
95.7 Security. All notes shall be secured by crop liens or mortgages con veying a first and paramount lien on crops grown or to be grown during the current season. Additional security in the form of liens upon machinery, equip ment, real estate and other property may be required.
95.8 Loans to corporations. Notes of each corporate borrower shall be en dorsed or guaranteed by the holder or
holders of at least a majority of the outstanding shares of voting stock of such corporate borrower; or, at the option of the Wenatchee Branch, by the prin cipal stockholder or stockholders: Pro vided, That in lieu of endorsements upon the notes such stockholders may execute a continuing guaranty of all indebtedness of such borrower to the Wenatchee Branch and to its successors or assigns.
"At the option of the Wenatchee Branch, the shares of capital stock owned by the endorsing or guaranteeing stockholders shall be pledged as security for the loan.
95.9 Other creditors. As a condition to the granting of a loan, the Wenatchee Branch may require the applicant to obtain from all creditors, whether se cured or unsecured, such waivers and subordinations sis in the opinion of the Wenatchee Branch are necessary to af ford it a first and paramount lien upon the crops to be produced and any chat tels or other property offered or required as security for its advances; and also may require standstill and nondisturb ance agreements executed by the hold ers of chattel and real estate mortgages constituting liens upon the orchard or other property. All such waivers and agreements shall be so drawn as to re main in effect so long as the Wenatchiee Branch, or its assignee, is a creditor of the borrower.
95.10 Packing and marketing of fruit. Each applicant for a loan will be required to agree that he will pack and offer for sale only such grades and vari eties of fruit as may be designated or approved by the Wenatchee Branch, and that he will conform to a program ap proved by the Wenatchee Branch for the disposition of less desirable grades and varieties.
95.11 Factors. Borrowers will be re quired to arrange for the packing, storing, and marketing of their fj;uit by factors whose facilities, methods, and charges have been approved by the Wenatchee Branch.
95.12 Sales of fruit; remittance of proceeds. Each borrower and each mar keting agency will be required to agree to market all fruit in accordance with a marketing program satisfactory to the Wenatchee Branch. All net proceeds of sales of pledged fruit will be required to be remitted to the Wenatchee Branch by the marketing agency, which shall fur nish accounts of sales showing the quan tity, grade and variety of fruits sold, to whom sold, prices received, selling bharges and other costs deducted, and the net proceeds remitted.
95.13 Interest and other charges.
Each borrower will be required to reim burse the Wenatchee Branch for the ac tual cost of title examination and the recordation of necessary legal instru ments incidental to the loan. Interest will be charged on all loans and advances at the rate of 5 x/2 per centum per annum.
An additional charge of V2 of 1 per centum of the amount lent, to be de
ducted from the proceeds of the loan, will be made to reimburse the Wenatchee Branch for a portion of the cost of horti cultural and supervisory services fur nished by it.
95.14 Reserve fund. Each applicant for a loan will be required to agree to participate in the creation of a reserve fund, to be established, held and admin istered in the following manner:
a There shall be deducted from the net sales proceeds of all pledged fruit the sum of 2 cents per packed box or its equivalent of packed fruit sold and 2
cents per field box or its equivalent for all fruit otherwise sold; Such deduction shall be made by the Wenatchee Branch from remittances received by it.
b The fund so created shall be de posited in a Federal Reserve Bank, in a separate account, subject to the order of the Wenatchee Branch and held by it for the following purposes:
1 To indemnify the W e n a t c h e e Branch for any credit losses on loans made to fruit growers in the WenatcheeOkanogan area. The Wenatchee Branch shall be authorized to charge against such fund any and all credit losses as determined by it;
2 After all loans made by the Wen atchee Branch have been liquidated and all losses chargeable to the reserve fund have been determined and deducted therefrom, the balance shall be held for a reasonable time by the Wenatchee Branch available for the development of a comprehensive long range program in cluding the establishment of a credit cor poration to finance growers production needs when such-program for the benefit of the fruit industry of the area is fixed and determined by a majority of the con tributing interested growers in coopera tion with the United States Department of Agriculture or otherwise. Upon the determination of such a program, the Wenatchee Branch shall be authorized to pay the balance of the reserve fund to the institution and/or institutions and/or agencies designated thereunder.
95.15 A d d i t i o n a l regulations amendments. The right is reserved to amend these regulations, without notice, and to prescribe such additional rules and regulations as may be deemed neces sary to protect the interests of the We natchee Branch and to make its lending program effective. If the Wenatchee Branch, with the approval of the Farm Credit Administration, continues to fi nance fruit production in the WenatcheeOkanogan District after the close of the 1941-1942 season, these rules and regu lations, as amended, shall extend to such future financing in the same manner and to the same extent as though specifically prescribed for that purpose.
SEAL
c . C. J acobsen , Director, Regional Agricultural Credit Division.
F. R. Doc. 41-733; Filed, January 31, 1941;
11:36 a. m.J