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of the Administrator of the Farm Security Administration and directly thereunder his own name preceded by the word "By", and followed by his title as “Regional Director"* [Par. 7a, A.O. 166, rev. 1, July 18, 1936, and par. 7b, A.O. 41, rev. 1, Dec. 21, 1935]
303.55 Delegation of authority. Regional directors are authorized to delegate to assistant regional directors in charge of rural rehabilitation and to state rural rehabilitation directors the authority granted to them in $ 303.54. State rural rehabilitation directors, in turn, may delegate to assistant State rural rehabilitation directors, rural rehabilitation loan officers, and State farm management supervisors all authority which may be delegated to them under this subpart. State rural rehabilitation directors may also redelegate to district and county rural rehabilitation supervisors the authority specified in $ 303.29(b) (1), (3), and (4). All such delegation and redelegation of authority must be made in writing, designating by name, title, and address the delegatee, and specifying the authority granted, and the same will be made a matter of record. When authority is delegated under this subpart to an assistant regional director in charge of rural rehabilitation, a signed copy of the same will be made available to the regional Finance and Control manager. When authority granted under this subpart is delegated to a state rural rehabilitation director, a signed copy of the same will be made available to the regional Finance and Control manager. When a state rural rehabilitation director redelegates the authority delegated to him under this subpart, a signed copy of the same will be available to the regional Finance and Control manager. When delegations of authority provided in this subpart have already been executed in carrying out the provisions of $8 303.21–303.30 it will not be necessary to repeat these delegations of authority.
Rural rehabilitation supervisors are authorized to act as collection agents for the Farm Security Administration for the collection of loans made under the provisions of this subpart, and to issue and sign receipts therefor on Form FSA-FI 37, Temporary Receipt. Rural rehabilitation supervisors are further authorized to delegate this authority to rural rehabilitation home supervisors, assistant rural rehabilitation supervisors, and to their office secretaries. Such delegations of authority must be made in writing, designating by name, title, and address the delegatee, and specifying the authority granted, and two signed copies thereof must be transmitted to the state rural rehabilitation director who will retain one copy and transmit the other to the regional Finance and Control manager. In the event that a collection is received by the state office directly from the client, a Temporary Receipt should be issued to the client by the state rural rehabilitation director or other state official authorized by him, one copy of this receipt should be transmitted to the regional Finance and Control manager, and the remaining copy to the rural rehabilitation supervisor.
All authority hereafter delegated, under the provisions of this subpart, by regional directors to state rural rehabilitation directors, and as may hereafter be redelegated by them to rural rehabilitation loan officers, state farm management supervisors, district and county
*For statutory citation, see note to $ 303.21.
rural rehabilitation supervisors, will be exercised by such delegatees, subject to the limitations and conditions contained in this subpart and in applicable orders and instructions of the Farm Security Administration.*+ [Par. 7b]
SUBPART-LOANS TO INDIVIDUALS FOR PARTICIPATION IN
COOPERATIVE AND GROUP SERVICE LOANS
303.71 Purposes. Loans may be made to individual rural rehabilitation clients, resettlement clients, and heads of destitute and lowincome farm families to enable them to purchase participation rights or memberships in community and cooperative associations, either now existing or to be established, or to acquire property or services jointly or individually for joint benefit. This class of loan is subdivided into three subclasses as follows: (a) Loans to individuals for the purpose of participation in an already existing cooperative, which participation may be in the form of a fee, a membership charge, or the purchase of a share of stock; (b) loans to individuals of a group for the purpose of providing a specific facility or service, in which instance the funds lent to each individual of the group will be pooled in order to provide the facility or service (This does not exclude other individuals from using their own funds to add to the pool.); and (c). loans to individuals for the pụrpose of providing a facility or service for the benefit of a group, in which instance the loan is made to an individual who must give adequate security and be responsible for the use and care of the facility or service purchased. Provision should be made in this type of loan to insure reasonable charges for the services to the group to be benefited and to prevent the borrower from making excessive profits from the operation of the service.
Loans to individuals to participate in approved community and cooperative associations which further rural rehabilitation or relief in stricken agricultural areas or which are organized in connection with approved resettlement community projects may be made for the purposes given in 304.4.* [Pars. 2a II, 5a, A.O. 40, rev. 2, Sept. 26, 1936]
303.72 Security. An individual receiving a loan to participate in a community or cooperative service or to acquire property or serv. ices jointly or individually for joint benefit shall execute a note and furnish such other evidence of indebtedness and security as will be required under the terms of his loan agreement.* [Par. 7b, A.O. 40, rev. 2, Sept. 26, 1936]
303.73 Period of loan. Loans will be for the shortest period consistent with the purpose and policies of Administration Order 40 (Revision 2), September 26, 1936, considering the use to which the proceeds thereof are to be put, the financial resources and earning capacity of the borrower, and, in the case of loans to finance the purchase of specific property, the probable rate of depreciation, the estimated life thereof, and the amount of the loan as compared with the total purchase price, but in no case will the period exceed 40 years. When a loan is made for purposes which dictate different
*For statutory citation, see note to 8 303.21.
maximum periods of payment, repayment will be computed and will be required for each type of loan in accordance with the preceding sentence.* [Par. 8, A.O. 40, rev. 2, Sept. 26, 1936]
303.74 Amortization. Loans which have a maturity of less than 2 years will be repaid in such installments of principal and interest as the Administrator may determine. Efforts will be made, however, to have such loans repayable in quarterly, semiannual, or annual equal instalments of principal and interest. Loans which have a maturity in excess of 2 years will be repayable in equal annual instalments of principal with interest added or in equal annual instalments including interest. In the case of loans to individuals which have a maturity of 5 years or more, deferment of repayment of principal during the first 3 years may be made if the borrower is subject to either of the following conditions: The necessity of meeting during the first 3 years heavy repayments on old debts or Farm Security Administration loans; or the necessity of the cooperative association for building up reserves, thus deferring the payment of rebates and dividends to the participants during this period.* (Par. 9, A.O. 40, rev. 2, Sept. 26, 1936]
303.75 Rate of interest. In the case of loans to individuals wherein the proceeds of the loans will result in the acquisition of real or personal property or interest therein by such individuals, and when such property will be used jointly by two or more individuals, interest will be charged at the rate of 3 percent per annum on balances remaining unpaid from time to time, and such loans shall be known and reported as cooperative loans to individuals and shall be made in conformance with the provisions of Administration Order 40 (Revision 2), September 26, 1936. In this category will be included loans to individuals for the purpose of participating in medical, health and veterinary associations and loans to individuals for the purpose of participating in an already existing cooperative.
In the case of loans to individuals wherein the proceeds of the loans result merely in payment for the rental or use of property or for services made available under the provisions of Administration Order 40 (Revision 2), September 26, 1936, and when the borrowers do not acquire any interest in such property or in the source of such services, interest will be charged at the rate of 5. percent per annum on balances remaining unpaid from time to time. Such a loan may be a part of a standard rural rehabilitation loan or supplementary thereto in the cases of standard rural rehabilitation clients. In the case of destitute and low-income farm families who are not rural rehabilitation clients, such loans will be known and reported as emergency rural rehabilitation loans and they will be certified for payment out of any rehabilitation allocations which have not been fully encumbered.
In cases where two rates of interest are charged in the same loan, the rate or rates on the portion of the loan to which each applies must be clearly indicated in the loan agreement.* [Pars, 106, 10c, 10d, A.O. 40, rev. 2, Sept. 26, 1936]
*For statutory citation, see note to § 303.21.
303.76 Reports. Any individual receiving a cooperative loan or any group of individuals severally receiving individual cooperative loans will file with the Administrator during the period of the Loan Agreement a semiannual progress report, Form FSA-RR 178, Quarterly Progress Report-Services Established through Cooperative Loans to Individuals, for each kind of service for each half year ending March 31, and September 30, of each calendar year.* [Par. 3a, A.O. 40, rev. 2, Supp. 5, Sept. 11, 1937]
303.77 Procedure. No individual participation loan or group service loan shall be made for less than twenty dollars ($20), except to a standard rural rehabilitation client in connection with a Farm and Home Plan either as a part of an initial or supplementary loan. For loans less than fifty dollars ($50), the county rural rehabilitation supervisor will prepare one set in quadruplicate (original and three copies) of Form FSA-RR 23 and, in addition, he will prepare for each borrower the proper documents and attach the latter to the original copy of Form FSA-RR 23.
Loans to participate in cooperative associations or to acquire property or services jointly or individually for joint benefit for fifty dollars ($50) or more shall be made only as a standard loan in accordance with $$ 303.21–303.30, and Administration Instruction 35 (Revision 1), March 23, 1936, as a part of the standard farm plan either as a supplemental or initial loan to clients and low-income families. All loans for fifty dollars ($50) or more to acquire property
. or services jointly or individually for joint benefit will be supported by farm plans involving the entire farming operation. Farm plans developed on Form FSA-RR 14 should carry all expense and income items involved in financing individual or joint ownership of group services and/or individual membership or stock ownership or participation in cooperative associations. Funds requested for such loans will be set forth on Form FSA-RR 15, Loan Agreement, under Advance Repayable in Less Than Five Years and will be described as “for participation in facility or service", and the name of the service will be added as shown on Form FSA-RR 23. Form FSA-RR 23 must be prepared for all Applications involving individual or joint ownership of a group service or participation in a cooperative association and will accompany the loan dockets in accordance with Administration Order 40 (Revision 2), September 26, 1936, (except as provided in paragraph 12b II A thereof). Where the participation of a substantial percentage of all members of a cooperative association is being financed by the Farm Security Administration, Form FSA-RR 23 should be supported by evidence that the cooperative association complies with the provisions of paragraph 3a and b of Administration Order 40 (Revision 2), September 26, 1936. A copy of each Application, Form FSA-RR 23, will be forwarded to Washington.**[Pars. 2c, 2e, A.O. 40, rev. 2, Supp. 5, Sept. 11, 1937]
303.78 Construction and establishment of approved services. The Farm Security Administration will not make any purchases or carry out any construction in connection with the establishment of
*For statutory citation, see note to $ 303.21.
approved services of this type. Clients will use the proceeds of loans for these purposes under the general supervision of the county rural rehabilitation supervisor, together with such additional services of a technical nature as may be authorized by the regional director.* [Par. 12d I, A.O. 40, rev. 2, Sept. 26, 1936]
SUBPART-LOANS TO OCCUPANTS OF RURAL RESETTLEMENT TYPE
PROJECTS FOR OPERATING CAPITAL
303.91 Families eligible. Loans will be granted only to the heads of families of types described in § 302.2 in occupancy under approved tenure forms. Applicants not eligible for resettlement but for whom it is desired to secure loans in order to farm Farm Security Administration land will make application to the appropriate rural rehabilitation supervisor. Such loans will be made from regular rural rehabilitation funds.* [Par. 2, A.O. 219, Jan. 23, 1937]
303.92 Purposes for which operating goods loans may be made. Loans for operating goods will be made to accepted families on the basis of Form FSX-RR 14, Annual Farm Business Statement and Farm Plan, for the following purposes:
The purchase of horses, mules, cattle, hogs, sheep, poultry or other livestock needed for the proper operation of the farm.
The purchase of feed, seed, fertilizers and other supplies, goods and services necessary for the effective operation of the farm unit.
The purchase of farm machinery, equipment and other necessary farm supplies.
The purchase of furniture and household equipment.
The purchase of food, fuel, clothing and other subsistence goods for human needs, and payment of indispensable medical services, when cooperative facilities are not available.
Payment of recording and filing fees.
Minor construction or repair of building or fences, the drilling or repairing of wells, leveling, clearing or dyking of land or such other improvements as may be necessary to the proper carrying out of the Farm and Home Management Plan prepared for the farm.
Cost of moving occupants, not to exceed a maximum of one hundred dollars ($100) per family.
Payment of principal and/or interest on chattel mortgages or other liens on personal property, upon the personal approval of the regional director where necessary to prevent foreclosure, and providing that such refinancing is necessary for the successful rehabilitation of the occupant, and provided such refinancing is recommended in writing by the Farm Debt Adjustment committee.
Payment of rent to vendors where title is not yet vested in the United States.* [Par. 4a, A.O. 219, Jan. 23, 1937]
303.93 Terms and conditions. Loans may be made for maximum periods of 2 and 5 years depending upon the use to which the proceeds are put, as defined in $8 303.21-303.30. The regional director may, if he deems it desirable and necessary, make loans for a period not to exceed 10 years. Loans in excess of 5 years will be granted only in unusual situations where the financial circumstances of the
*For statutory citation, see note to $ 303.21.