Pub. L. 84-809, tit. I, sec. 104

Sec. 104. (a) Section 201 (b) of the Federal Farm Loan Act, as amended, is hereby amended by adding at the end thereof the following sentence: “The directors shall have power, subject to the approval of the Farm Credit Administration, to adopt such bylaws as may be necessary for the conduct of the business or the banks.” (b) Section 202 (a) of the Federal Farm Loan Act, as amended, is hereby amended to read as follows: “Sec. 202. (a) The Federal intermediate credit banks, when chartered and established, shall have power, subject solely to the restrictions, limitations, and conditions contained in this Act or as may be prescribed by the Farm Credit Administration not inconsistent with the provisions of this Act— “(1) to discount for, or purchase from, any production credit association organized under the Farm Credit Act of 1933, as amended, with its endorsement, any note, draft, or other such 70 Stat. 664obligation presented by such association; and to make loans and advances to any such association secured by such collateral as may be approved by the Governor of the Farm Credit Administration; “(2) to discount for, or purchase from, any national bank, State bank, trust company, agricultural credit corporation, incorporated livestock loan company, savings institution, credit union, and any association of agricultural producers engaged in the making of loans to farmers and ranchers, with its endorsement, any note, draft, or other such obligation the proceeds of which have been advanced or used in the first instance for any agricultural purpose, including the breeding, raising, fattening, or marketing of livestock; and to make loans and advances to any such financing institution secured by such collateral as may be approved by the Governor of the Farm Credit Administration: Provided, That no such loan or advance shall be made upon the security of collateral other than notes or other such obligations of farmers and ranchers eligible for discount or purchase under the provisions of this section, unless such loan or advance is made to enable the financing institution to make or carry loans for any agricultural purpose; and “(3) to make loans to and discount paper for any other Federal intermediate credit bank, any Federal land bank, or any bank for cooperatives organized under the Farm Credit Act of 1933, as amended, all upon terms and at rates of interest or discount approved by the Farm Credit Administration.” (c) Section 202 (c) of the Federal Farm Loan Act, as amended, is amended by changing the word “three” to the word “five”. (d) Section 204 (a) of the Federal Farm Loan Act, as amended, is amended to read as follows: “Sec. 204. (a) Loans and discounts by any Federal intermediate credit bank shall bear such rates of interest or discount as the board of directors of the bank shall from time to time determine with the approval of the Farm Credit Administration, but the rates charged financing institutions other than production credit associations shall be the same as those charged production credit associations.” (e) Section 13 of the Federal Farm Loan Act, as amended, is hereby amended by inserting in paragraph “Seventeenth”, after the words “Federal land banks”, a comma and the words “to Federal intermediate credit banks, or to banks for cooperatives organized under the Farm Credit Act of 1933, as amended,”. (f) Section 203 of the Federal Farm Loan Act, as amended, is amended (i) by inserting in subsection (a) thereof, after the words “outstanding consolidated debentures” the words “or other similar obligations”; and (ii) by inserting in subsections (d) and (e) thereof, after the word “debentures” wherever used therein, except in the last sentence of subsection (d), the words “or other similar obligations”.