Public Law 4.
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(/us/pl/72/3)] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* Federal Farm Loan Act, amendment.Vol. 39, p. 365.[U. S. C., p.302](/us/usc/p302). That section 5 of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 7, secs. 691–697), is amended by inserting after the word “subscribed” Retirement of original stock by subscriptions.in the sixth paragraph thereof the words “by national farm loan associations, by borrowers through agencies, and by borrowers through branch banks”.
Sec. 2. Section 5 of the Federal Farm Loan Act, as amended Vol. 39, p. 365.[U. S. C., p. 302](/us/usc/p302).*Post*, p. 36.(U. S. C., title 12, ch. 7, secs. 691–697), is further amended by adding at the end thereof a new paragraph as follows: " “It shall be the duty of the Secretary of the Treasury on behalf Subscription for capital stock by United States.of the United States, upon the request of the board of directors of any Federal land bank made with the approval of the Federal Farm Loan Board, to subscribe from time to time for capital stock of such Call provision.bank in an amount or amounts specified in such approval or approvals, such subscriptions to be subject to call in whole or in part by the board of directors of said bank upon thirty days’ notice with 13the approval of the Federal Farm Loan Board.
The Secretary ofPayment. the Treasury is hereby authorized and directed to take out and pay for shares having an aggregate par value equal to the amounts so called; and to enable the Secretary of the Treasury to pay for stockAppropriation authorized.*Post*, p. 36.Retirement. issued hereunder there is hereby authorized to be appropriated the sum of $125,000,000 such stock to be nonvoting. Shares of stock issued pursuant to this paragraph shall be paid off at par and retiredVol. 39, p. 365.[U.
S. C., p. 302](/us/usc/p302). in the same manner as the original capital stock of said bank after said original stock outstanding, if any, has been paid off and retired: *Provided*, *however*, That stock issued pursuant to this paragraph*Proviso*.Optional retirement if adequate resources available. may at any time, in the discretion of the directors and with the approval of the Federal Farm Loan Board, be paid off at par and retired in whole or in part; and that said board may at any time require such stock to be paid off at par and retired in whole or in part if in the opinion of the board the bank has resources available therefor.
The proceeds of all repayments on account of stock issuedProceeds to be available pursuant to this paragraph shall be held in the Treasury of the United States and shall be available for the purpose of paying for other stock thereafter issued pursuant to this paragraph.” " Sec. 3 (a). Section 23 of the Federal Farm Loan Act, as amendedVol. 39, p. 379.[U. S. C., p. 311](/us/usc/p311).Effective date. (U. S. C., title 12, ch. 7, secs. 901, 902), is amended, effective July 1, 1932, by adding at the end thereof a new paragraph as follows:
" “Every Federal land bank shall semiannually carry to reserveReserves and dividends of land banks.Amount carried to reserve account. account a sum not less than 50 per centum of its net earnings until said reserve account shall show a credit balance equal to the outstanding capital stock of said land bank. After said reserve is equal to the outstanding capital stock 10 per centum of the net earnings shall be added thereto semiannually. Whenever said reserve shall have been impaired it shall be fully restored before any dividendsImpairment restored before dividend paid.Dividend from balance of net earnings. are paid.
After deducting the 50 per centum or the 10 per centum herein directed to be deducted for credit to reserve account, any Federal land bank may declare a dividend or dividends to shareholders of the whole or any part of the balance of its net earnings, but only with the approval of the Federal Farm Loan Board. InSubstituted provisions. the case of Federal land banks the requirements of this paragraph shall be in lieu of the requirements of the first three sentences of the first paragraph of this section and in lieu of the requirements of the first sentence of the second paragraph of this section.
” "
(b)Section 23 of the Federal Farm Loan Act, as amended (U. S.Vol. 39, p. 379.[U. S. C., p. 312](/us/usc/p312), amended C., title 12, ch. 7, secs. 901, 902), is further amended by inserting after the word “earnings” and before the period in the first sentence of the second paragraph thereof a colon and the following: “*Provided*,*Proviso*.Dividends declared by joint-stock land bank. That any dividend or dividends declared by any joint-stock land bank shall be subject to the approval of the Federal Farm Loan Board.” Sec. 4. The first three paragraphs of section 24 of the FederalVol. 39, p. 379.[U. S. C., p. 312](/us/usc/p312).Effective date. Farm Loan Act, as amended (U. S. C., title 12, ch. 7, secs. 911–913), are amended, effective July 1, 1932, to read as follows: " “That every national farm loan association shall, out of its netLoan association reserves and dividends.Amount from net earnings to reserves. earnings, semiannually carry to reserve account a sum not less than 10 per centum of such net earnings until said reserve account shall show a credit balance equal to 25 per centum of the outstanding capital stock of said association. After said reserve has reached the sum of 25 per centum of the outstanding capital stock, 5 per centum of the net earnings shall be semiannually added thereto. “Whenever said reserve shall have been impaired it shall be fullyImpairment restored before dividend paid. restored before any dividends are paid. “After deducting the 10 per centum or the 5 per centum hereinbeforeDividend from balance of net earnings. directed to be credited to reserve account, said association 14may at its discretion declare a dividend to shareholders of the whole or any part of the balance of said net earnings.” " Sec. 5. Vol. 39, p. 372.[U. S. C., p. 306](/us/usc/p306).*Post*, p. 1548. Section 13 of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 7, sec. 781), is amended by adding at the end thereof a new paragraph to read as follows: " Powers of Federal land banks.Extension of due date of unpaid obligations.“Tenth. When in the judgment of the directors conditions justify it, to extend, in whole or in part, any obligation that may be or become unpaid under the terms of any mortgage, and to accept payment of any such obligation during a period of five years or less from the date of such extension in such amounts as may be agreed upon at the Sum authorized for reimbursement of banks.date of making such extension. The sum of $25,000,000 of the amount authorized to be appropriated under section 5 of this Act, as amended, shall be used exclusively for the purpose of supplying any bank with funds to use in its operations in place of any amounts of which such bank may be deprived by reason of extensions made as provided in this paragraph.” " Sec. 6. Rules and regulations to be prescribed. The Federal Farm Loan Board is authorized to make such rules and regulations, not inconsistent with law, as it deems necessary or requisite for the efficient execution of the provisions of the Federal Farm Loan Act, and/or any Act or Acts amendatory thereof or supplementary thereto. Approved, January 23, 1932. Making an appropriation to enable the United States of America to make payments upon subscriptions to the capital stock of the Reconstruction Finance Corporation. 1932-01-27 10 Chapter 47 Stat. 14 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2024-12-27 72 1 public [CHAPTER 10.] JOINT RESOLUTION Making an appropriation to enable the United States of America to make payments upon subscriptions to the capital stock of the Reconstruction Finance Corporation.January 27, 1932.[[H. J. Res. 230](href=/us/bill/72/hjres/230)][[Pub. Res., No. 7](/us/bill/72/pubres/7)] *Resolved by the Senate and House of Representatives of the United States of America in Congress assembled,* Reconstruction Finance Corporation.Appropriation for subscriptions to capital stock of. That there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $500,000,000, to remain available until expended, for subscriptions to the capital stock of the Reconstruction Finance Corporation in accordance with the provisions of section 2 of the *Ante*, p. 5.Act of the Seventy-second Congress entitled “An Act to provide emergency financing facilities for financial institutions, to aid in financing agriculture, commerce, and industry, and for other purposes.” Approved, January 27, 1932. Granting the consent of Congress for the construction of a bridge across Clarks Fork River, near Ione, Pend Oreille County, in the State of Washington. 1932-01-28 11 Chapter 47 Stat. 14 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2024-12-27 72 1 public [CHAPTER 11.] AN ACT Granting the consent of Congress for the construction of a bridge across Clarks Fork River, near Ione, Pend Oreille County, in the State of Washington.January 28, 1932.[[S. 573](/us/bill/72/s/573)][[Public, No. 4](/us/pl/72/4)] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* Clarks Fork River. Washington, etc., may bridge at Ione. That the consent of Congress is hereby granted to Pend Oreille County, State of Washington, to construct, maintain, and operate a free highway bridge and approaches thereto across the Clarks Fork River, at a point suitable to the interests of navigation, at or near Ione, Washington, Construction.Vol. 34, p. 84.in accordance with the provisions of an Act entitled “An Act to regulate the construction of bridges over navigable waters,” approved March 23, 1906. Sec. 2. Amendment. That the right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, January 28, 1932. Making appropriations to supply urgent deficiencies in certain appropriations for the fiscal year ending June 30, 1932, and prior fiscal years, to provide supplemental appropriations for the fiscal year ending June 30, 1932, and for other purposes. 1932-02-02 12 Chapter 47 Stat. 15 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2024-12-27 72 1 public 15 [CHAPTER 12.] AN ACT Making appropriations to supply urgent deficiencies in certain appropriations for the fiscal year ending June 30, 1932, and prior fiscal years, to provide supplemental appropriations for the fiscal year ending June 30, 1932, and for other purposes.February 2, 1932.[[H. R. 6660](/us/bill/72/hr/6660)][
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