74TH CONGRE SS . SESS. I. CH . 164. JUNE 3, 1935 .
319 SiC. 18 . Paragraph " Sixth " of section 12 of the Federal Farm Federal Farm Loan Act amendm ents . Loan Act, as amended (U . S . C ., title 12, sec . 771), is further amended Vol. 39, p. 370; Vol. by adding at the end thereof the following new sentence : "As used ;,p ° 570; u-s.c.,P. in this paragraph (1) the term `person' includes an individual or Loan restrictions. Terms defined . a corporation engaged in the raising of livestock ; and (2) the term "P erson" . `corporation' includes any incorporated association ; but no such "Corporation" . loan shall be made to a corporation (A) unless all the stock of the Restrictions on loans corporation is owned by individuals themselves personally actually to corporations' engaged in the raising of livestock on the farm to be mortgaged as security for the loan, except in a case where the Land Bank Coin- missioner permits the loan if at least 75 per centum in value and number of shares of the stock of the corporation is owned by the individuals personally actually so engaged, and (B) unless the own- ers of at least 75 per centum in value and number of shares of the stock of the corporation assume personal liability for the loan . No loan shall be made to any corporation which is a subsidiary of, or affiliated (either directly or through substantial identity of stock ownership) with, a corporation ineligible to procure a loan in the amount applied for ." SEC . 19 . (a) The first sentence of the sixth paragraph of section Organization of na- tional farm loan asso- 7 of the Federal Farm Loan Act, as amended (U . S . C ., title 12, ciations . sec . 716), is amended to read as follows : "Ten or more persons who J` 2s : p e
ass;LT. S. are the owners, or about to become the owners, of farm lands quali- fied as security for a mortgage loan under section 12 of this Act, may unite to form a national farm-loan association ." (b) The sixth paragraph of such section 7 is further amended by "Person", construed . adding at the end thereof the following new sentence : "As used in this section, the term 'person' includes an individual, an incorpo- rated association, and a corporation which is eligible for a loan under section 12 of this Act ." SEC. 20 . (a) The first sentence of the fifth paragraph of section ,.,p. l' 39, p. 368; U. S. 9 of the Federal Farm Loan Act, as amended (U. S. C., title 12, sec. 745), is amended by striking out the words "any natural person " Loan applicants. and inserting in l ieu thereof " a ny pers on ." (b) The fifth paragraph of such section 9 is further amended by . "Person", construed. adding at the end thereof the following new sentence : "As used in this section, the term 'person' includes an individual, an incorpo- Vol. 3s, p. 370. rated association, and a corporation which is eligible for a loan under section 12 of this Act ." SiC . 21 . The first sentence of the first paragraph of section 31 F alse state ment in application for loans . of the Federal Farm Loan Act, as amended (U. S. C., title 12, sec. c Vol . s 0, p. 302;t-. S. 981), is amended to read as follows : "Any applicant for a loan under this Act, or officer or representative of any such applicant, who shall knowingly make any false statement in the application for such loan, and any member of a loan committee or any appraiser provided for in this Act who shall willfully overvalue any land offered as security for loans under this Act, shall be punished by a Punishment for . fine of not exceeding $5,000, or by imprisonment not. exceeding one year, or both ." ~~
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Appraising earning SEC. 22 . Paragraph Fifth of section 12 of the Federal Farm power of lands for live- Loan Act, as amended (U . S . C., Supp . VII, title 12, sec . 771), is sloe rs,ri370;L.s. further amended by inserting after the third sentence thereof the C., p. 428. following : "In determining the earning power of land used for the raising of livestock, due consideration shall be given to the extent to which the earning power of the fee-owned land is augmented by a lease or permit, granted by lawful authority of the United States or of any State, for the use of a portion of the public lands of the United States or of such State, where such permit or lease is in the nature of a right adjunctive to such fee-owned land, and
