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§ 1141d-1. —  Interest rates on loans made from revolving fund.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1141d-1]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 7A--AGRICULTURAL MARKETING
 
Sec. 1141d-1. Interest rates on loans made from revolving fund

    Interest rates in excess of the rates set forth in notes or other 
obligations taken by the Federal Farm Board or the Farm Credit 
Administration for loans made from the revolving fund authorized by 
section 1141d of this title shall not be charged or collected on any of 
said loans, whether such loans have been heretofore or are hereafter 
paid in whole or in part, except that in those cases where a borrower by 
specific contract has agreed to pay a higher rate of interest, the 
contract rate shall be charged for the period agreed upon; and the 
amount of any interest collected in excess of the rates thus set forth 
or contracted for shall be refunded out of said fund or credited on the 
borrower's indebtedness.

(June 22, 1939, ch. 239, 53 Stat. 853.)

                          Codification

    Section was not enacted as part of the Agricultural Marketing Act 
which comprises this chapter.

                         Change of Name

    Federal Farm Board changed in 1933 to Farm Credit Administration by 
Ex. Ord. No. 6084, set out preceding section 2241 of this title.

                          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.

                  Exceptions From Transfer of Functions

    Functions of Farm Credit Administration or any agency, officer, or 
entity of, under, or subject to supervision of said Administration 
excepted from functions of officers, agencies, and employees transferred 
to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, Sec. 1, eff. 
June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to 
Title 5, Government Organization and Employees.



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