-CITE-

12 USC CHAPTER 10 - LOCAL AGRICULTURAL-CREDIT

CORPORATIONS, LIVESTOCK-LOAN COMPANIES AND

LIKE ORGANIZATIONS; LOANS TO INDIVIDUALS TO

AID IN FORMATION OR TO I 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 10 - LOCAL AGRICULTURAL-CREDIT CORPORATIONS, LIVESTOCK-LOAN

COMPANIES AND LIKE ORGANIZATIONS; LOANS TO INDIVIDUALS TO AID

IN FORMATION OR TO I

.

-HEAD-

CHAPTER 10 - LOCAL AGRICULTURAL-CREDIT CORPORATIONS, LIVESTOCK-LOAN

COMPANIES AND LIKE ORGANIZATIONS; LOANS TO INDIVIDUALS TO AID IN

FORMATION OR TO INCREASE CAPITAL STOCK

-MISC1-

Sec.

1401. Authorization of loans by Governor of Farm Credit

Administration; regulations.

1402. Limitations on loans; financial structure of corporation,

approval.

(a) Limitation on loans to individual stockholders.

(b) Approval of financial structure of corporation by

Governor of Farm Credit Administration.

1403. Minimum paid-in capital stock required to warrant loans.

1404. Authorization of appropriations; revolving fund.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in section 1150a of this title.

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12 USC Sec. 1401 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 10 - LOCAL AGRICULTURAL-CREDIT CORPORATIONS, LIVESTOCK-LOAN

COMPANIES AND LIKE ORGANIZATIONS; LOANS TO INDIVIDUALS TO AID

IN FORMATION OR TO I

-HEAD-

Sec. 1401. Authorization of loans by Governor of Farm Credit

Administration; regulations

-STATUTE-

The Governor of the Farm Credit Administration is authorized to

make advances or loans to individuals, under such regulations as he

may prescribe, for the purpose of assisting in forming local

agricultural-credit corporations, livestock-loan companies, or like

organizations, or of increasing the capital stock of such

corporations, companies, or organizations qualified to do business

with Federal intermediate credit banks, or to which such privileges

may be extended.

-SOURCE-

(Mar. 3, 1932, ch. 70, Sec. 1, 47 Stat. 60; Ex. Ord. No. 6084, Mar.

27, 1933.)

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

''Governor of the Farm Credit Administration'' substituted for

''Secretary of Agriculture'' and other changes were effected by Ex.

Ord. No. 6084, which is set out preceding section 2241 of this

title.

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12 USC Sec. 1402 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 10 - LOCAL AGRICULTURAL-CREDIT CORPORATIONS, LIVESTOCK-LOAN

COMPANIES AND LIKE ORGANIZATIONS; LOANS TO INDIVIDUALS TO AID

IN FORMATION OR TO I

-HEAD-

Sec. 1402. Limitations on loans; financial structure of

corporation, approval

-STATUTE-

(a) Limitation on loans to individual stockholders

No loans shall be made to individual stockholders on the capital

stock of, or to create or increase the capital stock of such

corporation, company, or organization in an amount in excess of 75

per centum of the par value of the capital stock of such

corporation, company, or organization owned by or proposed to be

subscribed to by such individual.

(b) Approval of financial structure of corporation by Governor of

Farm Credit Administration

No loan shall be made upon the capital stock of any corporation

until the Governor of the Farm Credit Administration shall find

that the financial structure of such corporation is sound and

unimpaired and by him approved, nor shall any loan be made upon the

capital stock of such corporation until the management of such

company shall be made known to and approved by the Governor, and

the Governor shall have the right at any time to declare the

indebtedness to the Government that may be created hereunder due

whenever in his judgment the financial structure of the corporation

shall become so impaired or the management become so unsatisfactory

as to jeopardize the interests of the Government.

-SOURCE-

(Mar. 3, 1932, ch. 70, Sec. 2, 47 Stat. 60; Ex. Ord. No. 6084, Mar.

27, 1933.)

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

''Governor of the Farm Credit Administration'' and ''Governor''

substituted for ''Secretary of Agriculture'' and ''Secretary'',

respectively, and other changes were effected by Ex. Ord. No. 6084,

which is set out preceding section 2241 of this title.

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12 USC Sec. 1403 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 10 - LOCAL AGRICULTURAL-CREDIT CORPORATIONS, LIVESTOCK-LOAN

COMPANIES AND LIKE ORGANIZATIONS; LOANS TO INDIVIDUALS TO AID

IN FORMATION OR TO I

-HEAD-

Sec. 1403. Minimum paid-in capital stock required to warrant loans

-STATUTE-

No loan or advance shall be made to any individual upon the

capital stock of or to create or increase the capital stock of any

corporation, unless the paid-in capital stock of such corporation

shall be at least $10,000.

-SOURCE-

(Mar. 3, 1932, ch. 70, Sec. 3, 47 Stat. 60.)

-CITE-

12 USC Sec. 1404 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 10 - LOCAL AGRICULTURAL-CREDIT CORPORATIONS, LIVESTOCK-LOAN

COMPANIES AND LIKE ORGANIZATIONS; LOANS TO INDIVIDUALS TO AID

IN FORMATION OR TO I

-HEAD-

Sec. 1404. Authorization of appropriations; revolving fund

-STATUTE-

To carry out the provisions of this chapter, including all

expenses incurred thereunder, there are authorized to be

appropriated, out of the unexpended balances of appropriations made

to carry out the provisions of Public Resolution Numbered 112,

Seventy-first Congress (46 Stat. 1032), as amended by the Interior

Department Appropriation Act for the fiscal year ending June 30,

1932, and as amended by Public Resolution Numbered 120 (46 Stat.

1167), and out of the collections from loans made under Public

Resolution Numbered 112, as so amended, a sum not exceeding

$10,000,000, which sum shall be paid into a revolving fund. Not to

exceed 2 per centum of such fund may be used for expenses of

administration. All moneys received from time to time upon the

repayment of any advance or loan made pursuant to this chapter,

together with the interest, shall be paid into the revolving fund

and shall thereafter be available for the purposes and in the

manner hereinbefore provided.

-SOURCE-

(Mar. 3, 1932, ch. 70, Sec. 4, 47 Stat. 60.)

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