Retirement of Government Capital in Central and Regional Banks for Cooperatives: Hearings Before the Committee on Agriculture, House of Representatives, Eightieth Congress, Second Session : on H.R. 6301 (reported) ...
U.S. Government Printing Office, 1948 - 96 стор.
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able addition agencies agriculture American amount ANDRESEN approval associations authority Bankers banks for cooperatives believe bill board of directors bonds borrow central bank CHAIRMAN class C stock commercial banks committee Congress continue Corporation course credit banks DAvis debentures deposits direction dividends dollars DUGGAN fact Farm Credit Administration farmers Federal financing FLANNAGAN FULLER funds further GARSTANG Goss Government capital Governor GRANGER Gross HEINKEL increase institutions interest invest issued land banks legislation lending loans marketing mean meet ment O'NEILL objective operating organizations ownership PACE paid patronage percent period Poage possible present production proposed purchase question reason refunds regional banks representative reserves retain retired revolving securities sell statement structure surplus thing tion tives Treasury understand United vote
Сторінка 87 - The CHAIRMAN. Are there any further questions? If not, we thank you very much, Mr.
Сторінка 6 - For such purpose such obligations may be acquired (1) on original issue at par, or (2) by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued under the Second Liberty Bond Act, as amended, are hereby extended to authorize the issuance at par of special obligations exclusively to the Trust Fund.
Сторінка 6 - The Secretary of the Treasury, in his discretion, is authorized to purchase any obligations of the Corporation issued hereunder, and for such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds from the sale of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of the Corporation's obligations hereunder.
Сторінка 4 - ... (b) Patronage refunds The patronage refunds of each regional bank for cooperatives shall be paid in class C stock to borrowers, as defined by the Farm Credit Administration for the purposes of this subsection, during the fiscal year for which the refunds are declared. Patronage refunds of the Central Bank for Cooperatives shall be paid in class C stock to the regional banks for cooperatives upon the basis of interests held by the central bank in loans made by the regional banks and upon direct...
Сторінка 6 - ... custodian or custodians of such collateral who shall have power subject to such rules and regulations as the Administration may prescribe to approve and accept substitutions of collateral. The total amount of such consolidated debentures plus any outstanding individual debentures of the Central Bank which may be issued and outstanding at any time shall not exceed eight times the capital and surplus of the Central and regional banks for cooperatives.
Сторінка 4 - B stock that was issued during or prior to that fiscal year has been called for retirement. (b) Guaranty fund subscriptions in lieu of stock If a cooperative association is not authorized under the laws of the State in which it is organized to take stock in the bank, the bank shall, in lieu thereof, require the association to pay into or have on deposit in a guaranty fund of the bank, or the bank may retain out of the amount of the loan and credit to the guaranty fund, a sum equal to the amount of...
Сторінка 6 - ... one shall be chosen by production credit associations of the district, and one shall be chosen by cooperatives which are stockholders or subscribers to the guaranty fund of the regional bank for cooperatives in the district. Three of the seven members shall be known as district directors, of whom two shall be appointed by the Governor of the Farm Credit Administration and one, who shall be known as the third district director, shall be chosen as hereafter in this section provided.
Сторінка 4 - C stock an amount equal to not less than 10 nor more than 25 per centum, as prescribed by the board of directors of the bank with the approval of the Farm Credit Administration, of the amount of interest payable by it to the bank during the calendar quarter. Payments for such stock shall be made quarterly or when the regular interest payments of the borrower are payable...
Сторінка 5 - C stock ; and fifth, the impairment of all other stock. "(b) PATRONAGE REFUNDS. — The patronage refunds of each regional bank for cooperatives shall be paid in class C stock to borrowers, as defined by the Farm Credit Administration for the purposes of this subsection, during the fiscal year for which the refunds are declared.
Сторінка 4 - C stock which the association would otherwise be required by subsection (a) (3) of this section to own at the time the loan is made and to purchase thereafter. Any such association may make additional payments into the guaranty fund from time to time in lieu of the purchase of class B stock, and shall receive credits to such fund in lieu of patronage refunds payable in class C stock. Each reference in this Act to capital stock or class B or class C stock shall include also the guaranty fund equivalents...