Volume 50 · 521
Public Law 75–516
To extend for one additional year the 3½-per-centum interest rate on certain Federal land-bank loans, to provide a 4-per-centum interest rate on such loans for the period July 1, 1938, to June 30, 1939, and to provide for a 4-per-centum interest rate on Land Bank Commissioner’s loans for a period of two years.
Approved July 22, 1937
Statutory text
AN ACT
To extend for one additional year the 3½-per-centum interest rate on certain Federal land-bank loans, to provide a 4-per-centum interest rate on such loans for the period July 1, 1938, to June 30, 1939, and to provide for a 4-per-centum interest rate on Land Bank Commissioner’s loans for a period of two years.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That
effective
Federal land-bank loans.
Extension of reduced Interest rate.
July 1, 1935, the first sentence of paragraph “Twelfth” of section 12 of the Federal Farm Loan Act, as amended (relating to reduction in interest rates on certain Federal land-bank loans), is amended by striking out the following: “occurring within a period of two years commencing July 1, 1935” and inserting in lieu thereof the following: “occurring within a period of three years commencing July 1, 1935, and shall not exceed 4 per centum per annum for all interest payable on installment dates occurring within a period of one year commencing July 1, 1938”.
The fourth sentence of such paragraph “Twelfth” (relating
Time limit on payments by U. S. to land banks extended.
to the time limit on payments made by the United States to land banks on account of such interest reduction) is amended to read as follows: “No payments shall be made to a bank with respect to any period after June 30, 1939.”
Sec. 2.
Section 32 of the Emergency Farm Mortgage Act, as
Loans by Land Bank Commissioner.
amended (relating to loans by the Land Bank Commissioner), is amended by adding at the end thereof the following new paragraph:
“Notwithstanding the foregoing provisions of this section, the rate
Interest rate limitation.
of interest on loans made under this section outstanding when this amendatory paragraph takes effect or made on or after such date, shall not exceed 4 per centum per annum for all interest payable on installment dates occurring within a period of two years commencing on the date when this amendatory paragraph takes effect.”
W. B. Bankhead Speaker of the House of Representatives. Key Pittman President of the Senate pro tempore. In the House of Representatives of the United States, July 13, 1937. The House of Representatives having proceeded to reconsider theCertificate of the House of Representatives. bill (H. R. 6763) entitled “An Act to extend for one additional year the 3½-percentum interest rate on certain Federal land-bank loans, to provide a 4-percentum interest rate on such loans for the period July 1, 1938, to June 30, 1939, and to provide for a 4-per-centum522 interest rate on Land Bank Commissioner’s loans for a period of two years”, returned by the President of the United States with his objections, to the House of Representatives, in which it originated, it was Resolved, That the said bill pass, two-thirds of the House of Representatives agreeing to pass the same. Attest: South Trimble Clerk. I certify that this Act originated in the House of Representatives. South Trimble Clerk. In the Senate of the United States, July 22, 1937. Certificate of the Senate.The Senate having proceeded to reconsider the bill (H. R. 6763) “An Act to extend for one additional year the 3½-per-centum interest rate on certain Federal land-bank loans, to provide a 4-per-centum interest rate on such loans for the period July 1, 1938, to June 30, 1939, and to provide for a 4-per-centum interest rate on Land Bank Commissioner’s loans for a period of two years”, returned by the President of the United States to the House of Representatives, in which it originated, with his objections, and passed by the House on a reconsideration of the same, it was Resolved, That the said bill, pass, two-thirds of the Senators present having voted in the affirmative. Attest: Edwin A. Halsey Secretary.