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REGISTER

FEDERAL
VOLUME 7

1934

NUMBER 126

,
Washington Saturday, June 27, T942
Regulations TITLE 6AGRIG ULTURAL CREDIT
Chapter IFarm Credit Administration P art
11 N a t io n a l F a r m L o an A s s o c ia t io n s
PARTICIPATION CERTIFICATES

Section 11.2168-49 of Title 6, Code of Federal Regulations, as amended 5 F.R.
2619, is amended to read as follows:
11.2168-49
Participation certifi cates. If any shareholder or former shareholder does not desire to settle on the basis o f the fair book value of the stock of the association as determined in conservatorship proceedings pursu ant to section 29 of the Federal Farm Loan Act, as amended by section 25 d of the Farm Credit Act of 1937, he may, in lieu thereof, 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 association in the distribution of any as sets of the association which is made after all its indebtedness to creditors has been satisfied, but not to exceed the par value of such shares. The holder of a participation certificate may, at any time, by surrendering the certif icate to the secretary-treasurer of the association, receive the amount which is being paid to retired shareholders at the date of such surrender as the fair book value of the stock of the association less the amount of the credit for, or pro ceeds of, such stock which already shall have been allowed or distributed: Pro vided, however, That if the person sur rendering such certificate shall have ac quired his interest in the claim evidenced thereby through a voluntary assignment or pledge made after the commencement of any conservatorship proceedings in the association, such certificate shall not be redeemed at a value in excess of the fair book value of the association stock as of the date when the initial holder thereof became entitled to receive such 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 con nection with such certificate, exoept as follows:
a If the association is liquidated by receivership or otherwise, he shall be en titled to share pro rata with other per sons having similar rights in the dis tribution of any assets o f the association which is made after all of its indebted ness to creditors has been satisfied.
b If, prior to liquidation as pro vided in a above, the fair book value of the stock of the association reaches par, he shall be entitled to receive par for such certificate.
c If, prior to liquidation as pro vided, in a above, all indebtedness of the association i&paid but the fair book value of the stock is not par, he may share pro rata with other persons hav ing similar rights in the distribution of any assets o f 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
seal
W . E . R h ea ,
Land Bank Commissioner.
F . R . Doc. 42-5963; Filed, Ju ne 25, 1942;
3:11 p. m .

TITLE 7AGRICULTURE
Chapter VIIAgricultural Adjustment Agency W heat 48-1
P a rt
728 W h e a t
SUBPART E1943
F arm Acreage A llotments and N ormal Y ields for th e 1943 C rop of W heat Sec.
728.411
728.412

M ethod o f determ in ing farm norm al yields.
M eth od o f determ ining fa rm acreage allotm ents.

CONTENTS
REGULATIONS
A g r ic u l t u r a l A gency:

A d j u s t m e n t Pa8

Wheat, farm acreage allotments and normal yields, 1943-----

4771

A g r ic u l tu r a l M a r k e t in g A d m in i s
t r a t io n :

Miami Stockyards, notice under Packers and Stockyards A c t _______________________

4774

F a r m C r e d it A d m in is t r a t io n :

National farm loan associations, participation certificates
4771

F ederal C o m m u n ic a t io n s C o m m i s
s io n :

Diathermy apparatus; reports by manufacturers and dealers_________ ________ ______
Telephone companies, uniform system of accounts 2 docu m ents__________ __________
Radiotelegraph operators, ex tension of suspension of ex perience requirement______

4799
4799
4798

F ederal P ower C ommission :

Filing of rate schedules under Natural Gas Act, correc tion_______ _______________
I mmigration S ervice:

and
Miscellaneous amendments____
O ffice
of
4774

N aturalization
4774

P rice A dministration :

Beef and veal carcasses and wholesale cuts; correction of price regulation________ 4798
Defense rental areas:
Alexandria-Arlington, Va____ 4797
Montgomery-Prince Georges, Md_________ 1___________ 4797
Newport-Walnut Ridge, Ark 4797
Hotels and rooming houses, rent regulations:
Baltim ore__________________
4793
Various areas 3 documents _ 4783, 4787,4790
Iron and steel products; price sdhedule amended_________ 4780
Maximum price regulation, gen eral; commodities in Puerto Rico and Virgin Islands 2
documents_______________ 4798
C on tin u ed o n n ex t page
4771