Page:United States Statutes at Large Volume 60 Part 1.djvu/1096

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60 STAT.] 79TH CONG., 2D SESS.-CH. 964-AUG. 14 , 1946 that credit sufficient in amount to finance the actual needs of the applicant is not available to him at the rates (but not exceeding the rate of 5 per centum per annum) and terms prevailing in the community in or near which the applicant resides for loans of similar size and character from commercial banks, cooperative lending agencies, or from any other responsible source; "(4) for the carrying on of any land-purchase or land-leasing program, or for the purpose of carrying on any operations in col- lective farming, or cooperative farming, or for the organization, promotion, or management of homestead associations, land-leas- ing associations, land-purchasing associations, or cooperative land-purchasing for colonies of .rehabilitants and tenant pur- chasers, except for the liquidation as expeditiously as possible of any such projects heretofore initiated. "(b) Shall, except as otherwise specifically provided by the Con- gress, make all loans at the interest rate of 5 per centum per annum evidenced by notes requiring full liability of the maker and upon such security and such other terms and conditions as the Secretary may pre- scribe, including such provisions for the supervision of the borrower as the Secretary shall deem necessary to protect his interests. " (c) Shall, in the case of every loan, require in the loan and security instruments that if at any time it shall appear to the Secretary that the borrower may be able to obtain a loan from a production credit association, Federal land bank, or other responsible cooperative or pri- vate credit source at rates (but not exceeding the rate of 5 per centum per annum) and terms for loans for similar periods of time and pur- poses prevailing in the area in which the loan is to be made, the bor- rower shall, upon request of the Secretary, apply for and accept such loan in sufficient amount to repay the Secretary and to pay for any stock necessary to be purchased in the cooperative lending agency in connection with the loan. 4TRANSFER OF LANDS TO SECRETARY "SEc. 45. The President may at any time in his discretion transfer to the Secretary any right, interest or title held by the United States in any lands acquired in the program of national defense and no longer needed therefor, which the President shall find suitable for the pur- poses of this Act, and the Secretary shall dispose of such lands in the manner and subject to the terms and conditions of this Act. "TRANSACTIONS WITH CORPORATIONS "SEC. 46. Nothing in this Act shall authorize the making of any loan or the sale or other disposition of real property or any interest therein, other than interests in coal, oil, gas, or other minerals, to any private corporation, except in furtherance of liquidation pursuant to section 43, or the leasing of mineral interests to corporations or indi- viduals from time to time in accordance with policies established by the Secretary of Agriculture. "SURVEYS AND INVESTIGATIONS "SEC. 47. The Secretary is authorized to conduct surveys and inves- tigations relating to the conditions and factors affecting, and the methods of accomplishing most effectively, the purposes of this Act, and may, when funds are specifically appropriated therefor by the Congress, publish and disseminate information pertinent to the various aspects of its activities. 1069 Interest rate. Application for re- payment loan, etc. Ante, p. 1067.