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I SCRIPTAI

VOLUME 12

XV

V , 9 3 4

NUMBER 31

Washington, Thursday, February 13, 1947
TITLE 6 AGRICULTURAL CREDIT
Chapter I Farm Credit Administra tion, Department of Agriculture P art 10F ederal L and B anks INSURANCE

REQUIREMENTS FOR BANK
COMMISSIONER LOANS

AND

Sections. 10.191 through 10.194 of Chap ter I, Title 6, Code of Federal Regula tions are hereby amended to read as follows:
10.191 Manner in which mort gagors option to use loss proceeds shall be exercised. The bank or association as promptly as possible after the receipt of the sum referred to in 10.190 shall send to the mortgagor a notice in writing thereof. Within 30 days after such no tice is sent, if the mortgagor desires to exercise his option, he shall so notify the bank or association in writing. With such notice or within 30 days thereafter, unless such time for good cause be ex tended, the mortgagor shall furnish in formation in such form as shall be satis factory covering the plans of the mort gagor for the reconstruction of the build ing involved in sound and serviceable form and condition, at least equal to that which existed immediately prior to the loss. Within said 30 days the mortgagor shall also furnish satisfactory assurance that such reconstruction will be com pleted within a reasonable time, and that there will be no unsatisfied liens for la bor, materials, and/or other expenses that will have priority over-the mortgage when such reconstruction shall have been completed or when the said sum received shall have been paid to or for the account of the mortgagor.
10.192 Loss proceeds not to be dis bursed in absence of evidence that prior liens will not attach. No sum received shall be paid to or for the account of the mortgagor for the purpose of en abling him to reconstruct a building until the bank or association is satisfied that no lien by reason of reconstruction of the buildings covered by such insurance will have priority over the mortgage thereon. The regulations adopted by the bank should establish adequate safe guards With respect to such disburse ments.

10.193 Reconstruction of improve ments in different form. If the mort gagor desires to use the-insurance money, in whole or in part, in order to replace the building involved with an insurable building of less expensive type, or to sub stitute any other insurable building, the said fund may be used for such purpose, provided ih e land bank or association is satisfied that the proposed building will be suitable and adequate to the agri cultural needs of the farm.
10.194 Evidence that mortgagor can supply additional funds; meaning of term, reconstruction. If the sum received after making the deductions, if any, authorized by the regulations in 10.183
to 10.197, inclusive be inadequate to enable the mortgagor to reconstruct as herein provided, and he desires never theless to do so, he shall furnish satis factory assurance that he will have the necessary additional funds. Where, un der the regulations in 10.183 to 10.197, inclusive, a building may be repaired, re placed, or substituted, the operations in volved shall be deemed to be covered by the words reconstruct or reconstruc tion, as the case may require.
Sec. 12%
Ninth, 39 Stat. 370; 12 U. S. C.
771 Ninth SEAL
J. R. ISLEIB, Land Bank Commissioner.
F. R. Doc. 47-1367; Filed, Feb. 12, 1947;
8:49 a. m.

TITLE 7 AGRICULTURE
Chapter I Production and Market ing Administration Standards, In spections, Marketing Practices P art 47R ules of P ractice U nder the P erishable A gricultural C ommodities A ct, 1930
MISCELLANEOUS AMENDMENTS

CONTENTS
Agriculture Department
Pae
See also Commodity Exchange Au thority; Farm Credit Adminis tration; Forest Service.
Notices:
Mississippi Valley Stock Yards;
petition for modification____ 1038
Rules and regulations:
National agricultural conserva tion program, 1947; Oregon Corr._____ ____________ L 1028
Rules of practice under Perish able Agricultural Commodities Act; miscellaneous amend ments __________________ 1023
Sweetpotatoes, canned; stand ards for grades ------------------ 1026
Alien Property, Office of
Notices :
Vesting orders, etc.:
D e u t s c h e Zentralgenossenschaftskasse------------------ 1036
Kapff, Paul________ - ____ 1036
Langmaack, Katherine------- 1037
Metakay Realty Corp--------- 1035
Meyer, Henry_____________ 1035
Schmeisz, Julius---------------- 1035
Uzelino, Jean Philipp--------1036
Von Massenbach, Elsa______ 1037
Civil Aeronautics Board
Notices:
Hearings :
Eastern Air Lines, Inc_____
Mid-Continent Airlines, Inc., et al., Kansas City-Mem phis-Florida case-----------Rules and regulations:
Airplane airworthiness; service tests for aircraft------------Normal, utility, acrobatic, and restricted purpose cate gories ---------.----------------Transport categories---------Certificates:
Flight engineer, temporary Pilot, lighter-than-air; dura tion and recent experience requirements ----------------

1038
1038
1028
1028
1029
1030

1029
By virtue of the authority vested in the Secretary of Agriculture by the AdminisCommodity Exchange Authority trative Procedure Act 60 Stat. 237; 6 Rules and regulations:
U. S. C. 1001 et seq. Land the Perishable - Commodity Exchange Act; rules Agricultural Commodities Act, 1930, as of practice applicable to pro amended 46 Stat. 531; 7 U. S. C. 1940 ed.
ceedings before Secretary of Agriculture-:--------------------- 1030
Continued on p. 1025

1023