An Act to amend section 13 of the Federal Farm LoAn Act, as amended, to authorize the Federal land banks to purchase certain remaining assets of the Federal Farm Mortgage Corporation.
PL 84-55 (S.941), enacted 06/01/1955

69 S T A T . ] 
PUBLIC LAW 56-JUNE 1, 1955 
81 
Public Law 55 
CHAPTER 117 
AN ACT 
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To amend section 13 of the Federal Farm Loan Act, as amended, to authorize 
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the Federal land banks to purchase certain remaining assets of the Federal 
Farm Mortgage Corporation. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled. That section 13 of Mo/tlVgVco^!^ 
the Federal Farm Loan Act, as amended, is amended by adding at the assets. 
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end thereof the following new paragraph: 
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2 use 781. 
"Twentieth. Without regard to any limitations or restrictions of 
this Act, to purchase all assets, except cash, accounts receivable, and 
reserved mineral interests, held by the Federal Farm Mortgage Corpo-
ration as a result of loans made on or before July 1, 1947, in the farm 
credit district in which said bank is situated and to assume the liabili-
ties of said Corporation for future payment funds of borrowers and 
trust accounts applicable to said assets. The purchase price of notes 
and mortgages, purchase money mortgages, and real estate sales con-
tracts shall be equal to the total of the unpaid balances on such items 
and accrued interest thereon at the date as of which purchase is made, 
less the total of the liabilities of the Corporation bein^ assumed by 
the bank as herein provided. 
The purchase price of real estate, 
sheriff's' certificates, loans called for foreclosure, loans in suspense, 
judgments, and any other assets eligible for purchase under this para-
graph but not specifically identified herein shall be equal to the fair 
market value of the assets as determined by agreement. 
The total 
consideration for the purchase shall be payable over a period of not 
more than ten years from the date as of which purchase is made, and 
upon such terms as shall be agreed upon through negotiation with the 
Board of Directors of the Corporation." 
Approved June 1, 1965. 
Public Law 56 
CHAPTER 118 
AN ACT 
To authorize the Territory of Alaska to obtain advances from the Federal 
[S. 1650] 
Unemployment Act, and for other purposes. 
June 1. 1955 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assenibled^ That the Governor 
of Alaska is authorized and empowered, notwithstanding any provi-
sion of the Organic Act of Alaska, or any other Act of Congress, or 
48usc2ie^*se 
any of the Territorial laws, to the contrary, to obtain from the Federal 
Unemployment Fund, established pursuant to the "Employment 
Security Administrative Financing Act of 1954" (Public Law 567, 
Eighty-third Congress, approved August 5, 1954), and subject to the 
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conditions in said Act, such advances as the Territory of Alaska may note, 
qualify for and as may be necessary to obtain for the payment of 
unemployment compensation benefits to claimants entitled thereto 
under the Alaska employment security law^: Provided^ That the general 
fund of the Territory of Alaska from which advances have been made 
for the payment of unemployment compensation benefits shall be reim-
bursed from advances made through the Governor of Alaska from the 
Federal Unemployment Fund. 
Approved June 1, 1955. 
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