An Act to increase the borrowing power of Commodity Credit Corporation
PL 84-344 (S.2604), enacted 08/11/1955

634 
PUBLIC LAW 344-,AUG. 11, 1955 
[ 69 ST 
A T . 
48 Stat. 1247; 55 
Stat. 55; 63 Stat. 
571; 64 Stat. 48; 
65 Stat. 295. 
12 u s e 1701. 
50 Stat. 522. 
7 
u s e 
1 0 0 1 -
100 5d. 
50 Stat. 869. 
16 u s e 
590r-
590X-3. 
48 Stat. 1263. 
entire amount of such obligation is sold to the association. 
The 
amount of any such loan hereafter made shall not exceed 50 per centum 
of the appraised value of the real estate offered as security and no such 
loan shall be made for a longer term than five years; except that (1) 
any such loan may be made in an amount not to exceed 66% per 
centum of the appraised value of the real estate offered as security and 
for a term not longer than ten years if the loan is secured by an 
amortized mortgage, deed of trust, or other such instrument under 
the terms of which the installment payments are sufficient to amortize 
40 per centum or more of the principal of the loan within a period of 
not more than ten years, (2) any such loan may be made in an amount 
not to exceed 66% per centum of the appraised value of the real 
estate offered as security and for a term not longer than twenty 
years if the loan is secured by an amortized mortgage, deed of trust, or 
other such instrument under the terms of which the installment pay-
ments are sufficient to amortize the entire principal of the loan within 
a period of not more than twenty years, and (3) the foregoing limita-
tions and restrictions shall not prevent the renewal or extension of 
loans heretofore made and shall not apply to real estate loans which 
are insured under the provisions of title II, title VI, title VIII, sec-
tion 8 of title I, or title I X of the National Housing Act or which are 
insured by the Secretary of Agriculture pursuant to title I of the 
Bankhead-Jones Farm Tenant Act, or the Act entitled 'An Act to pro-
mote conservation in the arid and semiarid areas of the United States 
by aiding in the development of facilities for w^ater storage and uti-
lization, and for other purposes', approved August 28, 1937, as 
amended. No such association shall make such loans in an aggregate 
sum in excess of the amount of the capital stock of such association 
])aid in and unimpaired plus the amount of its unimpaired surplus 
fund, or in excess of 60 per centum of the amount of its time and 
savings deposits, whichever is the greater. Any such association may 
continue hereafter as heretofore to receive time and savings deposits 
and to pay interest on the same, but the rate of interest which such 
association may pay upon such time deposits or upon savings or other 
deposits shall not exceed the maximum rate authorized by law to be 
paid upon such deposits by State banks or trust companies organized 
under the laws of the State in which such association is located." 
SEC. 2. The first sentence of the third paragraph of section 24 of 
the Federal Reserve Act, as amended (tj. S. C, 1952 edition, title 12, 
sec. 371), is amended by striking "six" and inserting in lieu thereof 
"nine". 
Approved August 11, 1955. 
August 11, 1955 
[S. 2604] 
Public Law 344 
CHAPTER 782 
AN ACT 
To increase the borrowing power of Commodity Credit Corporation, 
68 Stat. 1047. 
15 u s e 713a-4. 
15 u s e 714b (i). 
Be it eruicted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That section 4 of 
the Act approved March 8,1938 (52 Stat. 108), as amended, is amended 
by striking out "$10,000,000,000" and inserting in lieu thereof 
"$12,000,000,000". 
SEC. 2. Section 4 (i) of the Commodity Credit Corporation Charter 
Act (62 Stat. 1070), as amended, is amended by striking out 
"$10,000,000,000" and inserting in lieu thereof "$12,000,000,000^. 
Approved August 11, 1955.