67 S T A T. ]
149
PUBLIC LAW 1 1 5 - J U L Y 14, 1953
land, formerly designated as the Naval Amphibious Training Station, together with any improvements thereon which may exist at the time of the transfer, situated on Ocracoke Island within the village of Ocracoke, County of Hyde, in the State of North Carolina. The property so transferred shall be administered by the Department of the Interior and shall become a part of the Cape Hatteras National Seashore Recreational Area, when established. Approved July 14, 1953.
Public Law 115
CHAPTER 192
AN ACT To amend the Act of April 6, 1949, to provide for additioiuil einergeftcy assistance to farmers and stocltmen, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 2 of the Act of April 6, 1949 (63 Stat. 43), as amended, is hereby further amended as follows: (A) After the second sentence of subsection (a) add the following new subsections:
July 14. 1953 [H. R. 60541
F ar mer s and stockmen. Loans. 12 tree 1148a-2.
u ECONOMIC DISASTER LOANS
"(b) The Secretary is authorized in connection with any major disaster determined by the President to w arrant assistance by the Federal Government under Public Law 875, Eighty-first Congress (42 U.S.C. 1855), as amended, to make loans to established farmers and stockmen for any agricultural purpose in the area covered by the determination of the President, if the Secretary finds that an economic disaster has also caused a need for agricultural credit that cannot be met for a temporary period from commercial banks, cooperative lending agencies, the Farmers' Home Administration under its regular loan programs, or other responsible sources. The loans shall be made at such rates of interest and on such general terms as the Secretary shall prescribe for such area.
64 Stat. 1109.
SPECIAL LIVESTOCK LOANS
"(c) For a period of two years from the effective date of this subsection loans for $2,500 or more may be made to established producers and feeders of cattle, sheep, and goats (not including operators of commercial feed lots) who have a good record of operations, but are unable temporarily to get the credit they need from recognized lenders and have a reasonable chance of working out of their difficulties with supplementary financing. The loans may be made on such security as the borrower has available and for the time reasonably required by the needs of the borrower but not exceeding, in the first instance, a period of three years. The creditors of the applicant will not be asked to subordinate their indebtedness but must be willing to work with the borrower to the extent of executing standby agreements for such periods of time as is reasonably necessary to give the borrower a chance to substantially improve his situation. The loans shall bear interest at the rate of 5 per centum per amium and shall be made on such other terms and conditions as the Secretary shall prescribe. The loans shall be subject to approval by a special committee appointed by the Secretary to serve for the particular area as determined by the Secretary. Loans exceeding $50,000 shall also be approved by the Secretary. The committee shall consist of at least three members appointed by the Secretary from local persons having recognized knowledge of the live-
interest.
Local tees.
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