§1401. Authorization of loans by Governor of Farm Credit Administration; regulations

The Governor of the Farm Credit Administration is authorized to make advances or loans to individuals, under such regulations as he may prescribe, for the purpose of assisting in forming local agricultural-credit corporations, livestock-loan companies, or like organizations, or of increasing the capital stock of such corporations, companies, or organizations qualified to do business with Federal intermediate credit banks, or to which such privileges may be extended.

(Mar. 3, 1932, ch. 70, §1, 47 Stat. 60 ; Ex. Ord. No. 6084, Mar. 27, 1933.)

Transfer of Functions

Establishment of Farm Credit Administration as an independent agency, composition of Farm Credit Administration, appointment of Governor of Farm Credit Administration, and duties thereof, including duty to perform functions, etc., of Farm Credit Administration, see section 2241 et seq. of this title.

"Governor of the Farm Credit Administration" substituted for "Secretary of Agriculture" and other changes were effected by Ex. Ord. No. 6084, which is set out preceding section 2241 of this title.