4:18A-3. Uses of funds

269 words·~1 min read·/nj/title-4/chapter-18a/4-18a-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The fund shall be available to the secretary for:

(a)Such rural rehabilitation purposes which were permissible under the Certificate of Incorporation of the now dissolved New Jersey Rural Rehabilitation Corporation as may from time to time be agreed upon by the secretary and the Secretary of Agriculture of the United States or his delegate, including but not limited to, loans to farmers for the purpose of leasing, purchasing and acquiring title in land, and making improvements thereon, for the purchase of farm equipment, livestock, materials and supplies needed for the production of crops, livestock and poultry, and to finance the employment of farm labor, and for any other costs incidental to the production, processing, distribution and marketing of food. Loans shall be made at such rates of interest and upon such security and other terms and conditions as the secretary may prescribe.

(b)Loans to be insured by the Secretary of Agriculture of the United States under Subtitle A of the Consolidated Farmers Home Administration Act of 1961 (P.L. 87-128), as now or hereafter amended, subject to all of the provisions of said Subtitle A and the applicable provisions of Subtitle D of that act as now or hereafter amended.

(c)For transfer to the Secretary of Agriculture of the United States pursuant to section 5 of this act, and

(d)For administrative expenses which shall not, without the approval of the Secretary of Agriculture of the United States, exceed 3% annually of the then book value of the assets.

L.1951, c. 321, p. 1152, s. 3. Amended by L.1962, c. 78, s. 1, eff. June 11, 1962.