664
PUBLIC LAW 347-,AUG. 11, 1955
[69 S T A T.
TITLE III—FEDERAL LAND BANK SYSTEM 1? fiin' «?*«i:« SEC. 301. Sections 3, 7, and 8 of the Federal Farm Loan Act, as 685, 659-664, 711- amended, are amended— 723, 731-734. ^^^ ^^ changing next to the last paragraph of section 3 to read as follows: "The Farm Credit Administration shall prescribe a form for the statement of condition of national farm loan associations and land banks under its supervision, which shall be filled out by each such association or bank and transmitted to said administration as required by it."; (b) by changing the fiffti sentence of the fourth paragraph of section 7 to read as follows: "He shall make a report to the Farm Credit Administration as required by it upon forms to be provided for that purpose."; and (c) by deleting the last sentence of section 8. 12 USC 691-698. gj,^. gQg. The last paragraph of section 5 of the Federal Farm Loan Act, as amended, is repealed. 12 USC 751-756. g^c. 303. Section 10 of the Federal Farm Loan Act, as amended, is amended by adding at the end thereof a new paragraph as follows: of^seffityVto"* "Notwithstanding any other provision of this Act to the contrary, subject to the approval of the Farm Credit Administration, the investigation and the written report or reports on the value of the security offered for a Federal land bank loan, which otherwise are required by this section to be made by land bank appraisers appointed under the authority of section 3 of this Act, may be made, in accordance with appraisal standards prescribed by the Farm Credit Administration, by any person (including a person who is secretary-treasurer of a national farm loan association) designated so to do by the Federal land bank of the district; a Federal land bank is authorized to make a loan, if otherwise authorized, on the basis of such an investigation and report by a person so designated; and a loan so made shall be 12 USC 857. eligible as collateral for farm loan bonds under section 19 of this Act, if otherwise qualified thereunder: Provided, That, within one year, the land bank shall obtain a written report on the security for the loan by a land bank appraiser appointed under section 3 of this Act, in terms and form prescribed by the Farm Credit Administration, and such a loan shall be eligible as collateral for farm loan bonds thereafter only if such report by a land bank appraiser establishes that the security meets the standards prescribed by the Farm Credit Administration for a land bank loan, and in no event shall any such loan thereafter be carried as such collateral for bonds at more than 65 per centum of the normal value of the security as determined by such land bank appraiser. Except as otherwise specifically provided in this paragraph, all provisions of this Act relating to loans made through national farm loan associations shall, insofar as applicable, apply with respect to loans made on such investigations and written reports by such designated persons." 12 USC 771,772. S J C. 304. Section 12 of the Federal Farm Loan Act, as amended, is amended— (a) by changing paragraph "Fourth" to read as follows: "Such loans may be made for general agricultural purposes and other requirements of the owner of the land mortgaged, under rules and regulations of the Farm Credit Administration."; (b) by striking out the period at the end of the second sentence of paragraph "Fifth" and adding the following: "; and, consistent with community standards, the appraisal may also reflect home advantages, and the availability to a typical operator of the property of earnings from other dependable sources to supplement the normal earning power of the farm.";
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