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FEDERAL REGISTER, Friday, June 18, 1943
poses are brought to the attention of e It is preferable, where an appli a County War Board or the local loan cation requires approval above the county representative of the Corporation should level, that the mortgage securing the pro be referred to the Wenatchee Branch posed loan be not filed or recorded prior Office,, to advice of final approval. If the mort f All credit information obtained in gage is prepared before the papers are connection with any application for a submitted to the District Vice President loan shall be held in strict confidence for consideration, a copy thereof should by all representatives, officials, or other accompany the papers. If the mortgage employees, who have occasion to handle is to be drawn later, the papers submitted such applications or other papers, and should include a list of the property to shall not be released or divulged except be covered by such mortgage. The Dis upon the specific approval of the presi trict Vice President will return all papers dent, a vice president, or the secretary to the loan representative, with advice of of the Corporation.
the action to be taken. Upon final ap 96.102 Loans to be made through proval by the District Vice President, the duly authorized loan representatives of proceeds of loans will be disbursed by the loan representative and Chairman of the the Regional Agricultural Credit Cor poration of Washington, D. C., at Kansas County War Board, in the same manner City, Missouri, a To expedite the han as other loans or advances are disbursed.
f When procedures are settled for dling of applications and closing of loans, the handling of loans which the County arrangements have been made to have a War Board determines require super loan representative of the Regional Ag vision of the type given by Farm Security ricultural Credit Corporation of Wash ington, D. C. hereinafter referred to as Administration supervisors, definite in structions for the handling of such loans the Corporation located in each agri cultural county in the United States. will be issued by the Corporation. It is Such representatives are designated by anticipated that upon the issuance of such instructions, loans recommended by the County War Boards; but in emer the War Board for such supervision will gency cases where immediate change in loan representatives is essential to the be supervised by Farm Security Admin istration supervisors in accordance with effectiveness of the program the Corpora such instructions.
tion may terminate the services of a representative and designate a tempo 96.103 Collection of loans. Instruc rary replacement for him to serve until tions relative to collections of loans, re an acceptable representative can be ap mittance of proceeds, and releases of pointed in the regular manner. The collateral will be issued at a later date.
Corporation will provide for bonds or Terms, Conditions and Requirements of equivalent protection covering its rep Loans resentatives and custodians.

96.104
Eligible borrowers. Loans b The Corporation will maintain an may be made to actual producers only.
office in each District Farm Credit Ad These include any farmer, stockman, or ministration headquarters city, in charge poultry producer, including any partner of an official designated as a District Vice ship or corporation engaged in agricul President. All communications andin tural or livestock production. Canners, quiries by loan representatives relative to packers, or other processers, dealers, operations of the Corporation under its commission merchants, and commercial food production financing programs hatcheries, as such, are not eligible and should be addressed to the appropriate loans shall not be made to finance their District Vice President.
commercial or processing ope: tions but c Each application for a loan which, may be made to finance farming or live if approved would cause the total of all stock production, as defined in 96.105, the applicants loans and advances out in which they may be engaged. Loans standing from the Corporation includ also may be made to. any local group of ing any undisbursed proceeds of any farmers or stockmen formed or the loans or advances previously approved purpose of acquiring larger items Of ma to exceed $2,500 shall be referred to the chinery or equipment, sires, etc., for com District Vice President for approval or mon use among the group, provided all disapproval.
members of the group join in executing Loans which, together with all the ap the note, mortgage, etc.
plicants other loans and advances out standing from the Corporation includ 96.105 Loan purposes. Loans may ing .any undisbursed proceeds of any be made to finance production, harvest loans or advances previously approved ing, and marketing of crops, purchasing, do not exceed $2,500 will be closed upon raising, breeding, fattening, and market approval by the designated loan repre ing of livestock; production and market sentative of the Corporation and the ing of poultry, poultry products, and Chairman of the County War Board or dairy products; purchase and repair of by their respective alternates if such equipment essential to the farmers pro alternates have been duly designated and duction program; and for other purposes authorized to act.
directly related or incident to the farm d Each application referred to the ing or livestock enterprise, including District Vice President for approval or necessary labor and farm living ex disapproval shall be accompanied by penses. Such loans may include pro such inspection reports and other data vision for payment of existing obliga as the District Vice President may re tions incurred in connection with the quire, and by the recommendations of current seasons operations such as the the loan representative and Chairman purchase of seed, feed, fertilizer, and the of the County War Board.
payment of accrued wages for farm labor
8289

performed in connection with the cur rent years operations; the payment of income taxes and current taxes on real and personal farm property; and the payment of current interest on mortgage indebtedness as well as current install ments on any amortized farm mortgage loan.
Ordinarily, the payment of delinquent interest, delinquent taxes, or other obli gations may not be included in the financing, but this may be done in spe cial circumstances where only relatively small amounts need to be loaned for such purposes and it reasonably appears to the persons approving the loan that the existence of such obligations is likely to impede the applicants ability to attain his maximum production of es sential agricultural commodities.
In cases where funds are required to complete an operation already partially financed for example, to complete culti vation and harvesting a crop or to finish feeding livestock, etc., and where the crops or livestock are mortgaged to a creditor who is unable or unwilling to provide additional funds, it may be ad visable to take up the existing indebted ness. In such cases, where the loan rep resentative and chairman of the county war board agree that a loan should be made in order to attain maximum pro duction of essential agricultural com modities the existing indebtedness may be refinanced as a part of the loan trans action, subject of course to all other provisions and limitations of these in structions.
96.106 Loans to tenant farmers and sharecroppers. Loans to tenant farm ers or sharecroppers shall be conditioned upon their furnishing, on forms pre scribed by the Corporation, such waiv ers or subordinations of statutory or re corded liens as will afford the Corpora tion a first lien upon the specific crops being financed: Provided, That no waiver or subordination need be taken in any case in which the statutory or re corded lien is limited to a specified share of the crops and the tenant or share cropper has an unencumbered interest in such crops which is not susceptible to the creation of a subsequent overrid ing lien and which is, in the opinion of the loan representative and chairman of the county war board, sufficient to se cure the repayment of the loan. In this respect, the established practices of other prudent lenders operating in the terri tory in which the crops are grown should be followed.
96.107 Loans to corporations. To be considered a farmer a corporation must be engaged in farming or in the breeding, raising, or fattening of live stock as a substantial part of its busi ness enterprise, as distinguished from incidental farming operations. Notes of each corporate borrower shall be en dorsed or guaranteed by the holder or holders of at least a majority of the out standing shares of voting stock of such corporate borrower, or by the principal stockholder or stockholders: Provided, That, in lieu of endorsements upon the notes, such stockholders may execute a