Volume 80 · 334
Public Law 89–525
To amend various provisions of the laws administered by the Farm Credit Administration to improve operations thereunder, and for other purposes.
Approved August 2, 1966
Statutory text
AN ACT
To amend various provisions of the laws administered by the Farm Credit Administration to improve operations thereunder, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the laws administered by the Farm Credit Administration relating to Federal land banks, Federal intermediate credit banks, banks for cooperatives, farm credit board elections and compensation of Federal Farm Credit Board, are amended as hereinafter provided.
Sec. 2. federal land banks
Title I of the Federal Farm Loan Act, as amended, is amended by inserting immediately before the period at the end
of paragraph First of section 12 thereof (12 U.S.C. 771 First) and immediately before the period at the end of the first sentence and immediately before the second comma in the second sentence of
paragraph Second of section 13 thereof (12 U.S.C. 781 Second) the following: “and which mortgages may include farm land within other farm credit districts to the extent authorized by the Farm Credit Administration”.
Sec. 3. federal intermediate credit banks
Title II of the Federal Farm Loan Act, as amended, is amended—
in section 202(a) thereof (12 U.S.C. 1031), by deleting “and” at the end of paragraph (2), by substituting and” for the period at the end of paragraph (3) and by adding the following new paragraph:
“(4) to purchase for investment obligations of the Federal land banks and the banks for cooperatives and, to the extent authorized by the Farm Credit Administration, obligations of any agencies of the United States.”; and
by changing section 208(b) thereof (12 U.S.C. 1092) to read as follows: “The Farm Credit Administration may require reports in such form as it may specify from any or all of the Federal intermediate credit banks whenever in its judgment the same are necessary for a full and complete knowledge of its or their financial condition or operations.”
Sec. 4. banks for cooperatives
Sections 41 and 34 of the Farm Credit Act of 1933, as amended (12 U.S.C. 1134c and 1134j), are each amended—
by striking from clause (a) in the first sentence thereof the following: “, for any of the purposes and subject to the conditions and limitations set forth in such Act, as amended”; and
by adding the following sentence immediately after the first sentence thereof: “Loans to cooperative associations made by any bank for cooperatives shall bear such rates of interest as the board of directors of the bank shall from time to time determine with the approval of the Farm Credit Administration, but in no case shall the rate of interest exceed 6 per centum per annum on the unpaid principal of a loan.”.
The Agricultural Marketing Act, as amended, is amended by
deleting subsection (a) of section 8 thereof (12 U.S.C. 1141f(a)).
Sec. 5. farm credit board elections
The Farm Credit Act of 1937, as amended, is amended by substituting “sixty” for “thirty” in the last sentence of section 5(e)
thereof (12 U.S.C. 640e) and in the third last sentence of section 5(f) thereof (12 U.S.C. 640f) and by inserting the following immediately before the period at the end of each of such sentences: “, except that for elections to fill vacancies the Farm Credit Administration may specify a shorter period than sixty days but not less than thirty days”. This section shall be effective after the calendar year in which it is enacted.
Sec. 6. federal farm credit board
Section 4(f) of the Farm Credit Act of 1953 (12 U.S.C. 636c(f)) is amended by substituting “$100” for “$50” therein.
Approved August 2, 1966.