Part CHAPTER II-COMMODITY CREDIT CORPORATION Part 200 Creation of Commodity Credit Cor- 202 Wool or mohair loans poration 201 Corn loans 251 Commodity Credit Corporation percent notes of Series C CROSS REFERENCES Farm Credit Administration: See Chapter I. SUPPLEMENTAL PUBLICATIONS Instructions concerning the making of loans by the Commodity Credit Corporation to cotton producers on notes secured by cotton warehouse receipts, Commodity Credit Corporation. 3 F.R. 2589 (DI), Sept. 1, 1938. (1938-39 CCC Cotton Form 1) Instructions concerning wheat loans, Commodity Credit Corporation. 3 F.R. For list of abbreviations used in this chapter, see note to § 200.1. Sec. 200.1 Creation of Commodity Credit Corporation. 200.2 Governing body of the corporation. 200.3 Principal place of business and branch offices. 200.4 Capital stock of corporation. 200.5 Authority to define methods for conduct of business. Sec. 200.6 Subscription for capital stock authorized. 200.7 Provision for voting outstanding stock. 200.8 Provision for filling vacancies on board of directors. Section 200.1 Creation of Commodity Credit Corporation. It is ordered that an agency, to wit, a corporation, under the laws of Delaware, be created, said corporation to be named the Commodity Credit Corporation.*† *88 200.1 to 200.8, inclusive, issued under the authority contained in sec. 2, 48 Stat. 195; 15 U.S.C. 702. See also 49 Stat. 4, 50 Stat. 5. †The source of §§ 200.1 to 200.8, inclusive, is E.O. 6340, Oct. 16, 1933. ABBREVIATIONS: The following abbreviations are used in this chapter: Commodity Credit Corporation. CCC Dept. Circ., Treas. Dept. Circular Letter, Commodity Credit Corporation. 200.2 Governing body of the corporation. The governing body of said corporation shall consist of a board of directors composed of eight members, . . . who have been invited and have given their consent to serve. **For statutory and source citations, see note to § 200.1. Page 1 [659] 200.3 Principal place of business and branch offices. The office and principal place of business of said corporation outside the State of Delaware shall be in the city of Washington, and branch offices may be established in such places within the United States as the said board of directors shall select and determine by and with the consent of the Secretary of Agriculture and the Governor of the Farm Credit Administration.** 200.4 Capital stock of corporation. The capital stock of such corporation shall consist of 30,000 shares of the par value of $100 each.** 200.5 Authority to define methods for conduct of business. The Secretary of Agriculture and the Governor of the Farm Credit Administration are hereby authorized and directed to cause said. corporation to be formed, with such articles or certificate of incorporation, and bylaws, which they shall deem requisite and necessary to define the methods by which said corporation shall conduct its business.*t 200.6 Subscription for capital stock authorized. The Secretary of Agriculture and the Governor of the Farm Credit Administration are authorized and directed to subscribe for all of said capital stock for the use and benefit of the United States. There is hereby set aside for the purpose of subscribing to the capital stock in said corporation the sum of $3,000,000 out of the appropriation of $100,000,000 authorized by section 220 of the National Industrial Recovery Act (48 Stat. 210; 40 U.S.C. 411) and made by the Fourth Deficiency Act, fiscal year 1933, approved June 16, 1933 (48 Stat. 275).*† 200.7 Provision for voting outstanding stock. It is hereby further ordered that any outstanding stock standing in the name of the United States shall be voted by the Secretary of Agriculture and the Governor of the Farm Credit Administration jointly, or by such person or persons as the said Secretary of Agriculture and the Governor of the Farm Credit Administration shall appoint as their joint agent or agents for that purpose.*† 200.8 Provision for filling vacancies on board of directors. The board of directors (other than the initial board of directors elected by the incorporators) shall be elected, and any vacancies thereon shall be filled by the Secretary of Agriculture and the Governor of the Farm Credit Administration jointly, subject to the approval of the President of the United States.** Page 2 **For statutory and source citations, see note to § 200.1. (e) Eligible paper. 201.12 Liability of producer. 201.13 Direct loans. 201.14 Conditions of loans and purchases. 201.15 Obligation of lending agency. 201.2 Areas in which loans will be 201.16 Reconstruction Finance Corpo made. 201.3 Documents required. 201.4 Source and preparation of documents. 201.5 201.6 Farm warehouse certificates. 201.7 Inspection and sealing of corn. ration loan agencies. 201.17 Federal Reserve Banks as fiscal agents of Reconstruction Finance Corporation. 201.18 Release of collateral. 201.19 Insurance certificate referred to in 201.11; form. 201.20 Special (corn) endorsement providing the basis of adjustment in case of loss; form. Section 201.1 Definitions. As used in the instructions in this part and in the note and loan agreement relating thereto, unless the context requires otherwise, the following terms will be construed to mean (a) Eligible producer. Any person, partnership, association, or corporation producing or acquiring corn, either as landowner, landlord, or tenant, who has received or will receive a grant payment in connection with his participation in the 1937 Agricultural Conservation Program. 2 (b) Eligible corn. Merchantable field corn, husked and in the ear, containing not more than 2012 percent moisture on the basis of a sample taken from each crib of corn offered to be sealed (each sample to be representative of the entire quantity of corn in the crib from which the sample is obtained) which was produced in 1937 by an "eligible producer" on a farm in the areas hereinafter named, (1) The beneficial title to which is and always has been in the eligible producer; or (2) Purchased by one eligible producer from another eligible producer who has executed the certificate of the seller which is a part of the 1937-38 CCC Corn Form A. (c) Eligible crib. Foundation: Substantial enough to bear the load of corn and crib without the possibility of its settling to an extent which might cause the crib to warp and break open. Floor: Strongly constructed and high enough above the ground level to facilitate ventilation and afford protection against damage to the stored corn from moisture and rodents. Walls: Slatted, cribbed, or ventilated on both sides beginning at the floor line. Width: Narrow enough to afford ample cross ventilation to dry out the corn under the prevailing climatic conditions of the locality where the crib is located. Roof: Tight and substantial enough to protect the corn against prevalent weather conditions for a period of 2 years. Struc For use only in eligible states having Farm Storage Acts. 'Moisture tests for determining moisture content are to be made by electric testing machines in State Agricultural Conservation Offices in accordance with methods prescribed for this purpose in the Official Grain Standards Manual. Page 3 ture: Studs, joists, braces and cross ties of sufficient dimension and frequency to withstand any ordinary breaking pressures. Sealing structure: The crib must be completely and securely enclosed, and sealed in such manner as to require a forceful breaking to make entry into the crib. (d) Lending agency. Any bank, cooperative marketing association, or other corporation, partnership, or person lending money upon the 1937-38 CCC Corn Form A which has executed the Contract to Purchase on 1937-38 CCC Corn Form D. (A Loan Agency of the Reconstruction Finance Corporation is not included within this definition.) (e) Eligible paper. Notes of producers with loan agreements upon 1937-38 CCC Corn Form A, or any form hereinafter approved by Commodity Credit Corporation executed on a date subsequent to December 1, 1937, and until further notice, together with supporting documents herein specified. Notes tendered for purchase by lending agencies in the State of Indiana, wherein the original payee is not a bank, trust company, building and loan association, rural loan and savings association, guaranty loan and savings association, or insurance company or association, to be acceptable must have affixed thereto stamps evidencing the payment of taxes as provided in Chapter 81, Acts Indiana General Assembly, 1933, as amended.* [1937-38 CCC Corn Form 1, as amended by 1937 Corn Circ. Letter 4, Mar. 15, 1938, 3 F.R. 1399 (DI)] *§§ 201.1 to 201.20, inclusive, issued under the authority contained in E.O. 6340, Oct. 16, 1933, sec. 7, 49 Stat. 4, sec. 2, 50 Stat. 5. 201.2 Areas in which loans will be made. Loans will be made pursuant to the instructions in this part in the following counties of the following States: Illinois. All counties. Indiana. All counties except Brown, Crawford, Jefferson, Ohio, Perry, Scott, Switzerland. Iowa. All counties. Kansas. Anderson, Atchison, Brown, Cheyenne, Clay, Cloud, Coffey, Decatur, Doniphan, Douglas, Franklin, Geary, Graham, Jackson, Jefferson, Jewell, Johnson, Leavenworth, Linn, Lyon, Marshall, Miami, Morris, Morton, Nemaha, Osage, Phillips, Pottawatomie, Rawlins, Republic, Riley, Shawnee, Sherman, Smith, Wabaunsee, Washington, Wyandotte. Minnesota. Anoka, Big Stone, Blue Earth, Brown, Carver, Chippewa, Cottonwood, Dakota, Dodge, Faribault, Fillmore, Freeborn, Goodhue, Grant, Hennepin, Houston, Jackson, Kandiyohi, Lac Qui Parle, Le Sueur, Lincoln, Lyon, McLeod, Martin, Meeker, Mower, Murray, Nicollet, Nobles, Olmsted, Pipestone, Pope, Redwood, Renville, Rice, Rook, Scott, Sherburne, Sibley, Steele, Stevens, Swift, Traverse, Wabasha, Waseca, Washington, Watonwan, Winona, Wright, Yellow Medicine. Missouri. Adair, Andrew, Atchison, Audrain, Barton, Bates, Benton, Boone, Buchanan, Caldwell, Callaway, Carroll, Cass, Cedar, Chariton, Clark, Clay, Clinton, Cole, Cooper, Dade, Daviess, De Kalb, Franklin, Gasconade, Gentry, Grundy, Harrison, Henry, Holt, Howard, Jackson, Jasper, Johnson, Knox, Lafayette, Lewis, Lincoln, Linn, Livingston, Macon, Marion, Mercer, Moniteau, Monroe, Montgomery, Morgan, Nodaway, Pettis, Pike, Platte, Putnam, Ralls, Randolph, Ray, St. Charles, St. Clair, St. Louis, Saline, Schuyler, Scotland, Shelby, Sullivan, Vernon, Warren, Worth. Nebraska. Adams, Antelope, Boone, Boyd, Buffalo, Burt, Butler, Cass, Cedar, Chase, Clay, Colfax, Cuming, Custer, Dakota, Dawson, Dixon, Dodge, Douglas, Dundy, Fillmore, Franklin, Frontier, Furnas, Gage, Gosper, Greeley, Hall, Hamilton, Harlan, Hayes, Hitchcock, Holt, Howard, Jefferson, Johnson, Kearney, Keith, Knox, Lancaster, Lincoln, Madison, Merrick, Nance, Nemaha, Nuckells, Page 4 |