716 Elimination of im- pairment ; creation of reserves . Amount as franchise tax ; surplus account . Use of franchi se tax payments . Liquidation, etc .
disposition of surplus . 49 Stat. 316. 12 U.S. C., Supp . II, § 1095. Reports on condi- tion of institutions receiving loans, etc. Regional agricultur- al credit corporations . Powers, etc ., con- ferred. 47 Stat. 711. 12U.S.C.§1148. Trans action of busi- ness in any State, etc . Borrowing
of money ; security . Loans . Assets, sale and pur- chase of ; liabilities . 75TH CONGRESS, 1ST SESS ION- CH . 70 4-AU GUST 19, 1 937 excess of its reserves against unforeseen losses and assets of doubt- ful value ; second, to the elimination of any impairment of its paid-in capital and paid-in surplus ; third, to the creation and maintenance of reserves against unforeseen losses and assets of doubtful value in such amount as its board of directors may prescribe ; fourth, to the payment of 25 per centum of the amount then remaining to the United States as a franchise tax ; and, fifth, to the payment of the remaining net earnings into its surplus account . The amounts paid as franchise taxes to the United States by Federal intermediate credit banks shall, in the discretion of the Secretary of the Treasury, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the out- standing bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury . Should a Federal intermediate credit bank be dissolved or go into liquidation, after the payment of all debts and other obligations as hereinbefore pro- vided, any surplus remaining shall be paid to and become the prop- erty of the United States and shall be similarly applied ." SEC . 31. Section 208 (e) of the Federal Farm Loan Act, as amended (U. S. C ., 1934 edition, Supp . II, title 12, sec . 1095), is amended to read as follows : " (e) The e xecu tive depar tmen ts, b oards , co mmiss ions, and inde - pendent establishments of the Government, the Reconstruction Finance Corporation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Reserve banks are severally author- ized 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 cor- poration 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 instru- ments, or as a depositary ." SEC . 32. Each regional agricultural credit corporation, created under the authority of section 201 (e) of the Emergency Relief and Construction Act of 1932 (U. S . C ., 1934 edition, title 12, sec . 1148), in addition to the powers heretofore granted, shall have and, upon order or approval of the Farm Credit Administration, shall exercise the following rights, powers, and authority (a) To conduct, transact, and operate its business in any State in the continental United States, in the District of Columbia, and in Puerto Rico . (b) To borrow money (other than by way of discount) from any other regional agricultural credit corporation, the Reconstruction Finance Corporation, or any Federal intermediate credit bank, and to give security therefor . (c) To lend any of its available funds to any other regional agricultural credit corporation at such rates of interest and upon such terms and conditions as may be approved by the Farm Credit A dmin istra tion . (d) To sell to or purchase from any other regional agricultural c redit corp orat ion o r any cor porat ion f orme d by conso lida tion or merger as provided in section 33 of this Act, any part of or all the assets of any such corporation, upon such terms and conditions as may be approved by the Farm Credit Administration, including the assumption of the liabilities of any such corporation, in whole or in part.
