which it is made to the Farm Credit Administration shall be published in a newspaper published in the place where such Federal intermediate credit bank is established, or if there is no newspaper in the place, then in the one published nearest thereto, in the same county, at the expense of the bank; and such proof of publication shall be furnished as may be required by the Farm Credit Administration. The Farm Credit Administration shall also have power to call for special reports from any particular Federal intermediate credit bank whenever in its judgment the same are necessary for a full and complete knowledge of its condition. (July 17, 1916, ch. 245, § 208 (b), as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1458, and amended, Ex. Ord. No. 6084, Mar. 27, 1933.) § 1093. Investigations and reports by land bank appraisers and examiners for credit banks.-Land bank appraisers are authorized, upon the request of any Federal intermediate credit bank and with the approval of the Farm Credit Administration, to investigate and make a written report upon the products covered by warehouse receipts or shipping documents, and the livestock covered by mortgages, which are security for notes or other such obligations representing any loan to any organization, under this subchapter. Farm credit examiners are authorized upon the request of any Federal intermediate credit bank, and with the approval of the Farm Credit Administration, to examine and make a written report upon the condition of any organization, except national banks, to which the Federal intermediate credit bank contemplates making any such loan. (July 17, 1916, ch. 245, § 208 (c), as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1458, and amended, Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 20, 50 Stat. 710.) REFERENCES IN TEXT In the original "this subchapter" reads “this title," meaning title II of the Federal Farm Loan Act (act July 17, 1916, ch. 245, 39 Stat. 360) as added by act Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1458. For distribution of said title II in this Code, see note under section 1022 of this title. § 1094. Cost of examinations; assessments against organizations investigated. The Farm Credit Administration shall assess the cost of all examinations made by the examiners of the administration under the provisions of this subchapter upon the bank, trust company, savings institution, or organization investigated, in accordance with the regulations to be prescribed by the administration. (July 17, 1916, ch. 245, § 208 (d), as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1458, and amended, Ex. Ord. No. 6084, Mar. 27, 1933.) REFERENCES IN TEXT In the original "this subchapter" reads "this title," meaning title II of the Federal Farm Loan Act (act July 17, 1916, ch. 245, 39 Stat. 360) as added by act Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1458. For distribution of said title II in this Code, see note under section 1022 of this title. § 1095. Reports on condition of institutions receiving loans or deposits.-The executive departments, boards, commissions, and independent establishments of the Government, the Reconstruction Finance Corporation, the Federal Deposit Insurance Corpo ration, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Reserve banks are severally authorized under such conditions as they may prescribe, upon the request of the Farm Credit Administration to make available to the Farm Credit Administration or any district bank or district corporation operating under its supervision, in confidence, all reports, records or other information they may have relating to the condition of any institution to which the Administration, such district bank, or corporation has made or contemplates making loans or for which it has discounted or contemplates discounting paper, or which it is using or contemplates using as a custodian of securities or other credit instruments, or as a depositary. (July 17, 1916, ch. 245, § 208 (e), as amended June 3, 1935, ch. 164, § 8, 49 Stat. 316; Aug. 23, 1935, ch. 614, § 203 (a), 49 Stat. 704; Aug. 19, 1937, ch. 704, § 31, 50 Stat. 716.) SAVING CLAUSE See note under section 640a of this title. RULES AND REGULATIONS § 1101. Authority of Farm Credit Administration.-The Farm Credit Administration is authorized to make such rules and regulations, not inconsistent with law, as it deems necessary for the efficient execution of the provisions of this subchapter. (July 17, 1916, ch. 245, § 209, as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459, and amended Ex. Ord. No. 6084, Mar. 27, 1933.) REFERENCES IN TEXT In the original "this subchapter" reads "this title," meaning title II of the Federal Farm Loan Act (act July 17, 1916, ch. 245, 39 Stat. 360) as added by act Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459. For distribution of said title II in this Code, see note under section 1022 of this title. TAX EXEMPTION § 1111. Capital and income; debentures instrumentalities of Government. The privileges of tax exemption accorded under section 931 of this title shall apply also to each Federal intermediate credit bank, including its capital, reserve, or surplus, and the income derived therefrom, and the debentures issued under this subchapter shall be deemd an held to be instrumentalities of the Government and shall enjoy the same tax exemptions as are accorded farm-loan bonds in said section. (July 17, 1916, ch. 245, § 210, as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459.) REFERENCES IN TEXT In the original "this subchapter" reads "this title," meaning title II of the Federal Farm Loan Act (act July 17, 1916, ch. 245, 39 Stat. 360) as added by act Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459. For distribution of said title II in this Code, see note under section 1022 of this title. CROSS REFERENCES United States obligations and evidences of ownership issued after March 27, 1942, as subject to Federal taxation, see section 742a of Title 31, Money and Finance. PENALTY PROVISIONS § 1121. Offenses by officers, employees, or agents; embezzlement; misapplication of funds; unauthorized making, issuing, or assigning instruments; false entries.—Any officer, director, agent, or employee of a Federal intermediate credit bank who embezzles, abstracts, purloins, or willfully misapplies any of the moneys, funds, or credits of such bank, or who, without authority from such bank, draws any order or bill of exchange, makes any acceptance, issues, puts forth, or assigns any note, debenture, bond, draft, bill of exchange, mortgage, judgment, or decree, or who makes any false entry in any book, report, or statement of such bank with intent in any case to injure or defraud such bank or any other company or person, or to deceive any officer of such bank or the Farm Credit Administration, or any agent or examiner appointed to examine the affairs of such bank; and every receiver of such bank who with like intent to defraud or injure, embezzles, abstracts, purloins, or willfully misapplies any of the moneys, funds, or assets of such bank, and every person who with like intent aids or abets any officer, director, agent, employee, or receiver in any violation of sections 1121-1128 of this title, shall be deemed guilty of a misdemeanor, and upon conviction thereof in any district court of the United States shall be fined not more than $5,000, or shall be imprisoned for not more than five years, or both, at the discretion of the court. (July 17, 1916, ch. 245, § 211 (a), as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459; Ex. Ord. No. 6084, Mar. 27, 1933.) § 1122. False statements to banks.-Whoever makes any statement knowing it to be false for the purpose of obtaining for himself or for any other person, firm, corporation, or association any advance, or extension or renewal of an advance, or any release or substitution of security from such bank, or for the purpose of influencing in any other way the action of such bank, shall be punished by a fine of not more than $10,000, or by imprisonment for not more than five years, or both. (July 17, 1916, ch. 245, § 211 (b), as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459.) § 1123. Overvaluation of property offered as security for loan. Whoever willfully overvalues any property offered as security for any such advance shall be punished by a fine of not more than $5,000, or by imprisonment for not more than two years, or both. (July 17, 1916, ch. 245, § 211 (c), as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459.) § 1124. Offenses by examiners.-Any examiner appointed under this subchapter or subchapter I hereof who shall accept a loan or gratuity from any organization examined by him, or from any person connected with any such organization in any capacity, or who shall disclose the names of borrowers to other than the proper officers of such organization, without first having obtained express permission in writing from the Land Bank Commissioner or from the board of directors of such organization, except when ordered to do so by a court of competent jurisdiction or by direction of the Congress of the United States or of either House thereof, or any committee of Congress or of either House duly authorized, shall be punished by a fine of not exceeding $5,000 or by imprisonment of not exceeding one year, or both, and may be fined a further sum equal to the money so loaned or gratuity given, and shall forever thereafter be disqualified from holding office as an examiner under the provisions of this subchapter and subchapter I hereof. No examiner while holding such office shall perform any other service for compensation for any bank or banking or loan association or for any person connected therewith in any capacity. (July 17, 1916, ch. 245, § 211 (d), as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459, and amended June 16, 1933, ch. 98, § 80 (a), 48 Stat. 273.) REFERENCES IN TEXT In the original "this subchapter or subchapter I hereof," reads "this Act," meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title. § 1125. Offenses by officers, employees, or agents of banks; receiving fees or gifts.-Whoever, being an officer, director, employee, agent, or attorney of a Federal intermediate credit bank, stipulates for or receives or consents or agrees to receive any fee, commission, gift, or thing of value, from any person, firm, or corporation for procuring or endeavoring to procure for such person, firm, or corporation, or for any other person, firm, or corporation any loan from any such corporation or extension or renewal of loan or substitution of security, or the purchase or discount or acceptance of any paper, note, draft, check, or bill of exchange by any such corporation, shall be deemed guilty of a misdemeanor and shall upon conviction thereof be imprisoned for not more than one year and fined not more than $5,000 or both. (July 17, 1916, ch. 245, § 211 (e) as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459.) § 1126. Forgery, counterfeiting, and like offenses relating to obligations of banks.-Any person who shall falsely make, forge, or counterfeit or cause or procure to be falsely made, forged, or counterfeited, or willingly aid or assist in falsely making, forging, or counterfeiting any debenture, coupon, or other obligation in imitation of or purporting to be in imitation of the debenture, coupon, or other obligation issued by any Federal intermediate credit bank, or any person who shall pass, utter, or publish or attempt to pass, utter, or publish any false, forged, or counterfeited debenture, coupon, or other obligation purporting to be issued by any such bank knowing the same to be falsely made, forged, or counterfeited, or any person who shall falsely alter or cause or procure to be falsely altered or shall willingly aid or assist in falsely altering any such debenture, coupon, or other obligation or who shall pass, utter, or publish as true any falsely altered or spurious debenture, coupon, or other obligation issued, or purporting to have been issued by any such bank, knowing the same to be falsely altered or spurious, shall be punished by a fine of not exceeding $5,000 or by imprisonment not to exceed five years, or both. (July 17, 1916, ch. 245, § 211 (f), as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459.) § 1127. False representations as to debentures or other obligations of banks.-Any person who shall deceive, defraud, or impose upon or who shall attempt to deceive, defraud, or impose upon any person, partnership, corporation, or association by making any false pretense or representation concerning the character, issue, security, contents, conditions, or terms of any debenture, coupon, or other obligation issued under the terms of this subchapter, shall upon conviction be fined not exceeding $500, or imprisoned not to exceed one year, or both. (July 17, 1916, ch. 245, § 211 (g), as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459.) REFERENCES IN TEXT In the original "this subchapter" reads "this title," meaning title II of the Federal Farm Loan Act (act July 17, 1916, ch. 245, 39 Stat. 360) as added by act Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459. For distribution of said title II in this Code, see note under section 1022 of this title. § 1128. Unlawful use of words "Federal intermediate credit bank."-All corporations not organized under the provisions of this subchapter are prohibited from using the words "Federal intermediate credit bank" as part of their corporate name, and any violation of this prohibition shall subject the party charged therewith to a civil penalty of $50 for each day during which the violation continues. (July 17, 1916, ch. 245, § 211 (h), as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459.) REFERENCES IN TEXT In the original "this subchapter" reads "this title," meaning title II of the Federal Farm Loan Act (act July 17, 1916, ch. 245, 39 Stat. 360) as added by act Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1459. For distribution of said title II in this Code, see note under section 1022 of this title. § 1129. Charging of unauthorized fees or commissions by banks. No Federal intermediate credit bank shall charge or receive any fee, commission, bonus, gift, or other consideration not herein specifically authorized. (July 17, 1916, ch. 245, § 212, as added Mar. 4, 1923, ch. 252, § 2, 42 Stat. 1461.) PRODUCTION CREDIT CORPORATIONS AND PRODUCTION PRODUCTION CREDIT CORPORATIONS § 1131. Establishment; number; location.-The Governor of the Farm Credit Administration, hereinafter in this subchapter and subchapter VI referred to as the "governor", is authorized and directed to organize and charter twelve corporations to be known as "Production Credit Corporation." One such corporation shall be established in each farm credit district in the city in which there is located a Federal land bank. The members of the several farm credit boards of the farm credit districts provided for in section 640a of this title shall be ex officio the directors of the respective production credit corporations. Such directors shall have the power, subject to the approval of the governor, to employ and fix the compensation of such officers and employees of such corporations as may be necessary to carry out the powers and duties conferred upon such corporations under this subchapter and subchapter VI. (June 16, 1933, ch. 98, § 2, 48 Stat. 257; Aug. 19, 1937, ch. 704, § 11, 50 Stat. 708.) |