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638-11. Federal Farm Loan Board; number of members; appointment; salaries, expenses.

This section was rendered obsolete, by Executive Order 6084, except insofar as it affects the qualifications, appointment, salary, etc., of the Land Bank Commissioner, previously known as Farm Loan Commissioner. See paragraph 638-3 of this volume. (July 17, 1916, sec. 3, 39 Stat. 360; Mar. 4, 1923, sec. 301, 42 Stat. 1473; 12 U.S.C., sec. 652.)

638-12. Ternis of office; oath ; Land Bank Commissioner.This section was rendered obsolete, by Executive Order 6084, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner; it no longer applies to the term of office of the Commissioner. See paragraph 638-3 of this volume. (July 17, 1916, sec. 3, 39 Stat. 360; June 16, 1933, sec. 80 (a), 48 Stat. 273, 12 U. S. C., sec. 653.)

638–13. Eligibility of members; restriction on right to engage in other business.

This section was rendered obsolete, by Executive Order 6084, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See paragraph 638–3 of this volume. (July 17, 1916, sec. 3, 39 Stat. 360; 12 U. S. C., sec. 654.)

638-14. Filling vacancies on board. This section was rendered obsolete, by Executive Order 6084, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See paragraph 638-3 of this volume. (July 17, 1916, sec. 3, 39 Stat. 360; U.S. C., sec. 655.)

638–15. Registrars, appraisers, and examiners; appointment; restriction on right to engage in other business.— The Federal Farm Loan Board [now Farm Credit Administration] * shall appoint a farm loan registrar in each farm credit district to receive applications for issues of farm loan bonds and to perform such other services as are prescribed by this Act, and may appoint a deputy registrar who shall during the unavoidable absence or disability of the registrar perform the duties of that office. It shall also appoint one or more land bank appraisers for each farm credit district and as many farm credit examiners as it shall deem necessary. Farm loan registrars, deputy registrars, land bank appraisers, and farm credit examiners appointed under this section shall be public officials and shall

, during their continuance in office, have no connection with or interest in any other institution, association, or partnership engaged in banking or in the business of making land mortgage loans or selling land mortgages: Provided, that this limitation shall not apply to persons employed by the board [now administration]* temporarily to do special work. (July 17, 1916, sec. 3, 39 Stat. 361; Apr. 20, 1920, sec. 1, 41 Stat. 570; Aug. 19, 1937, secs. 5 (a), 20, 50 Stat. 704, 710; 12 U. S. C., sec. 656.)

638–16. Examiners to be designated "farm credit examiners.”-Examiners appointed pursuant to the provisions of section 3 of the Federal Farm Loan Act, as amended (U. S. C., 1934 edition, title 12, sec. 656), shall hereafter be designated and known as farm credit examiners. (Aug. 19, 1937, sec. 20, 50 Stat. 710; 12 U. S. C., sec. 638–17. Salaries and expenses; provision for payment. The amount of the salaries and expenses of the employees engaged in the work of the division of examinations of the Federal Farm Loan Bureau as estimated by the Farm Credit Administration shall be paid by the Federal land banks, joint-stock land banks, and the Federal intermediate credit banks, as follows:

656a.)

*See Ex. Or. 6084, p. 254, tbis volume.

The Farm Credit Administration shall, prior to the first days of January and July of each year, estimate the expenses and salaries of the employees engaged as aforesaid, and apportion the same among the Federal land banks, joint-stock land banks, and the Federal intermediate credit banks on such equitable basis as the Farm Credit Administration shall determine, giving due consideration to time and expense necessarily incident to the supervision of the operation of each type of bank, and making assessment on each of such banks, pursuant to such apportionment, payable on the first days of January and July next ensuing. The funds collected pursuant to such assess

shall be deposited with the Treasurer of the United States under the miscellaneous receipts title “Assessments on Federal and joint-stock land banks and Federal intermediate credit banks, salaries and expenses, Farm Credit Administration," such expenses and salaries, together with all other expenses and salaries of the said administration, to be disbursed on appropriations duly made by the Congress.

If any deficiency shall occur in such_fund during the half-year period for which it was estimated, the Farm Credit Administration shall have authority to make immediate assessment covering such deficiency against the Federal land banks, joint-stock land banks, and Federal intermediate credit banks upon the same basis as the original assessment. If at the end of the six months' period there shall remain a surplus in such fund, it shall be deducted from the estimated expenses of the next six months' period when assessment is made for such period. (July 17, 1916, sec. 3, 39 Stat. 361; Mar. 4, 1923, sec. 302, 42 Stat. 1473; Mar. 4, 1925, sec. 3, 43 Stat. 1262; June 26, 1930, 46 Stat. 815; 12 U. S. C., sec. 657.) [The language of the foregoing paragraph is that which appears in the United States Code. This departure from the rule of using statutory language is necessary in this instance because the act of June 26, 1930 (46 Stat. 815), cited to text, amended the original statute in such a way as to make insertion of a correlated statutory context impossible.]

638-18. Appraisers and inspectors; compensation; manner of payment.Federal land bank appraisers, and appraisers or inspectors of Federal intermediate credit banks, shall receive such compensation as the Federal Farm Loan Board (now Farm Credit Administration]* shall fix and shall be paid by the Federal land banks, joint-stock land banks, and the Federal intermediate credit banks they serve, in such proportion and in such manner as the Federal Farm Loan Board (now Farm Credit Administration]* shall order. (July 17, 1916, sec. 3, 39 Stat. 361; Mar. 4, 1923, sec. 302, 42 Stat. 1473; Mar. 4, 1925, sec. 3, 43 Stat. 1262; 12 U.S. C., sec. 658.)

638–19. Attorneys, experts, and other employees; employment; salaries and fees.--The Federal Farm Loan Board (now Farm Credit Administration]* shall be authorized and empowered to employ such at

torneys, experts, assistants, clerks, laborers, and other employees as it may deem necessary to conduct the business of said board [now

*See Ex. Or. 6084, p. 254, this volume.

administration].* All salaries and fees authorized in this section and not otherwise provided for shall be fixed in advance by said board now administration]* and shall be paid in the same manner as the salaries of the Federal Farm Loan Board [now Farm Credit Administration].* All such attorneys, experts, assistants, clerks, laborers, and other employees, and all registrars, examiners, and appraisers shall be appointed without regard to the provisions of the Act of January 16, 1883 (22 Stat., 403), and amendments thereto, or any rule or regulation made in pursuance thereof and may be classified without regard to the Classification Act of 1923: Provided, That nothing herein shalal prevent the President from placing said employees in the classified service. (July 17, 1916, sec. 3, 39 Stat. 361; Mar. 4, 1925, sec. 4, 43 Stat. 1263; June 16, 1933, sec. 80 (a), 48 Stat. 273; 12 U.S. C., sec. 659.)

638–20. Statements of salaries paid by land banks.--Every Federal land bank shall semiannually submit to the Federal Farm Loan Board [now Farm Credit Administration]* a schedule showing the salaries or rates of compensation paid to its officers and employees. (July 17, 1916, sec. 3, 39 Stat. 361; 12 U. S. C., sec. 660.)

638–21. Annual report.—The Federal Farm Loan Board (now Farm Credit Administration]* shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. (July 17, 1916, sec. 3, 39 Stat. 361; 12 U. S. C., sec. 661.).

638–22. Examinations and reports by land banks; appraisals of farm land; amortization tables.- The Federal Farm Loan Board (now Farm Credit Administration]* shall from time to time require examinations and reports of condition of all land banks established under the provisions of this Act and shall publish consolidated statements of the results thereof. It shall cause to be made appraisals of farm lands as provided by this Act, and shall prepare and publish amortization tables which shall be used by national farm loan associations and land banks organized under this Act. (July 17, 1916, sec. 3, 39 Stat. 361; 12 U. S. C., sec. 662.)

638-23. Statements of condition of loan associations and lank banks.The Federal Farm Loan Board [now Farm Credit Administration] * shall prescribe a form for the statement of condition of national farm loan associations and land banks under its supervision, which shall be filled out quarterly by each such association or bank and transmitted to said board (now administration]* (July 17, 1916, sec. 3, 39 Stat. 361; 12 U.S. C., sec. 663.)

638–24. Bulletins and circulars. It shall be the duty of the Federal Farm Loan Board (now Farm Credit Administration]* to prepare from time to time bulletins setting forth the principal features of this Act and through the Department of Agriculture or otherwise to distribute the same, particularly to the press, to agricultural journals, and to farmers' organizations; to prepare and distribute in the same manner circulars setting forth the principles and advantages of amortized farm loans and the protection afforded debtors under this Act, instructing farmers how to organize and conduct farm loan associations, and advising investors of the merits and advantages of farm loan bonds; and to disseminate in its discretion information for the fur

*See Ex, Or. 6084, p. 254, this volume.

ther instruction of farmers regarding the methods and principles of cooperative credit and organization. Said board [now administration]* is hereby authorized to use a reasonable portion of the organization fund provided in section thirty-three of this Act for the objects specified in this paragraph, and is instructed to lay before the Congress at each session its recommendations for further appropriations to carry out said objects. (July 17, 1916, sec. 3, 39 Stat. 361; 12 U.S. C., sec. 664.)

638–25. Rules and regulations.—The Federal Farm Loan Board [now Farm Credit Administration]* is authorized to make such rules and regulations, not inconsistent with law, as it deems necessary or requisite for the efficient execution of the provisions of the Federal Farm Loan Act, and/or any Act or Acts amendatory thereof or supplementary thereto. (Jan. 23, 1932, sec. 6, 47 Stat. 14; 12 U. S. C., sec. 665.)

638-26. Federal land bank districts. This section was repealed by Act of Aug. 19, 1937, sec. 7 (a), 50 Stat. 707. (July 17, 1916, sec. 4, 39 Stat. 362; Mar. 27, 1933, Executive Order 6084; 12 U.S. C., sec. 671, 671 note.)

638–27. Organization of Federal Land Banks; establishments; titles; branches; Puerto Rico and Alaska; Hawaii; loans by branches.—The Federal Farm Loan Board (now Farm Credit Administration]* shall establish in each farm credit district a Federal land bank, with its principal office located in such city within the district as said board (now administration] * shall designate. Each Federal land bank shall include in its title the name of the city in which it is located. Subject to the approval of the Federal Farm Loan Board [now Farm Credit Administration]*, any Federal land bank may establish branches within the farm credit district. Subject to the approval of the Federal Farm Loan Board [now Farm Credit Administration]* and under such conditions as it may prescribe, the provisions of this Act are extended to the island of Puerto Rico and the Territory of Alaska; and the Federal Farm Loan Board [now Farm Credit Administration]* shall designate a Federal land bank which is hereby authorized to establish a branch bank in Puerto Rico and a Federal land bank which is hereby authorized to establish a branch bank in the Territory of Alaska. The provisions of the Federal Farm Loan Act, and any Act amendatory thereof or supplementary thereto are extended to the Territory of Hawaii. The Federal Farm Loan Board [now Farm Credit Administration]* shall include the Territory in a farm credit district, and such Federal land bank as the board [now administration]* may designate is authorized to establish branch banks in the Territory. Loans made by each such branch bank shall not exceed the sum of $25,000 to any one borrower and shall be subject to the restrictions and provisions of this Act (U. S. C., Title 12, ch. 7), except that each such branch bank may loan direct to borrowers, and, subject to such regulations as the Federal Farm Loan Board [now Farm Credit Administration]* may prescribe, the rate charged borrowers may be 112 per centum in excess of the rate borne by the last preceding issue of farm-loan bonds of the Federal land bank with which such branch bank is connected: Provided, That no loan shall be made in Puerto Rico or Alaska by such branch bank for a longer term than twenty years.

*See Ex. Or. 6084, p. 254, this volume.

pay for

Each borrower through such branch bank shall subscribe and stock in the Federal land bank with which it is connected in the sum of $5 for each $100 or fraction thereof borrowed; such stock shall be held by such Federal land bank as collateral security for the loan of the borrower; shall participate in all dividends; and upon full payment of the loan shall be canceled at par and proceeds paid to borTower, or the borrower may apply the same to the final payments on his loan. (July 17, 1916, sec. 4, 39 Stat. 362; Feb. 27, 1921, 41 Stat. 1148; Mar. 4, 1923, sec. 303, 42 Stat. 1474; Mar. 10, 1924, sec. 2, 43 Stat. 17; Mar. 4, 1929, 45 Stat. 1558; May 17, 1932, 47 Stat. 158; Aug. 19, 1937, sec. 5 (a), 50 Stat. 704; 12 U.S. c., sec. 672.)

638–28. Temporary management.--Each Federal land bank shall be temporarily managed by five directors appointed by the Federal Farm Loan Board (now Farm Credit Administration).* Said directors shall be citizens of the United States and residents of the district. They shall each give a surety bond, the premium on which shall be paid from the funds of the bank. They shall receive such compensation as the Federal Farm Loan Board [now Farm Credit Administration]* shall fix. They shall choose from their number, by majority vote, a president, a vice president, a secretary and a treasurer. They are further authorized and empowered to employ such attorneys, experts, assistants, clerks, laborers, and other employees as they may deem necessary, and to fix their compensation, subject to the approval of the Federal Farm Loan Board [now Farm Credit Administration].* (July 17, 1916, sec. 4, 39 Stat. 362; 12 U. S. C., sec. 673.)

638–29. Organization certificates; contents.--Said temporary directors shall, under their hands, forthwith make an organization certificate, which shall specifically state:

First. The name assumed by such bank.

Second. The district within which its operations are to be carried on, and the particular city in which its principal office is to be located.

Third. The amount of capital stock and the number of shares into which the same is to be divided : Provided, That every Federal land bank organized under this Act shall by its articles of association permit an increase of its capital stock from time to time for the purpose of providing for the issue of shares to national farm loan associations and stockholders who may secure loans through agents of Federal land banks in accordance with the provisions of this Act.

Fourth. The fact that the certificate is made to enable such persons to avail themselves of the advantages of this Act. The organization certificate shall be acknowledged before a judge or clerk of some court of record or notary public, and shall be, together with the acknowledgment thereof, authenticated by the seal of such court or notary, transmitted to the Land Bank Commissioner, who shall record and carefully preserve the same in his office, where it shall

be at all times open to public inspection. (July 17, 1916, sec. 4, 39 Stat. 362; June 16, 1933, sec. 80 (a), 48 Stat. 273; 12 U. S. C., sec. 674.)

638–30. Changes in organization certificate.—The Federal Farm Loan Board (now Farm Credit Administration]* is authorized to direct such changes in or additions to any such organization certificate, not inconsistent with this Act, as it may deem necessary or expedient. (July 17, 1916, sec. 4,39 Stat. 363; 12 Ú. S. C., sec. 675.) *See Ex. Or. 6084, p. 254, this volume.

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