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$ 1138d mediate Credit Bank, or the Federal Farm Mort

gage Corporation, or such corporation or pledged or otherwise intrusted to the same; or (2) with intent to defraud the United States, or any such corporation, or any other body politic or corporate, or any individual, or to deceive any officer, auditor, or examiner of the Farm Credit Administration, any Federal Intermediate Credit Bank, or the Federal Farm Mortgage Corporation, or of any such corporation, makes any false entry in any book, report, or statement of or to the Farm Credit Administration, any Federal Intermediate Credit Bank, or the Federal Farm Mortgage Corporation, or any such corporation, or draws any order, or issues, puts forth, or assigns any note, debenture, bond, or other obligation, or draft, mortgage, judgment, or decree thereof; or (3) with intent to defraud the United States or any corporation referred to in subsection (a) of this section, participates or share in or receives directly or indirectly any money, profit, property, or benefits through any transaction, loan, commission, contract, or any other act of any such corporation, shall be punished by a fine of not more than $10,000, or by imprisonment for not more than five years, or both (June 16, 1933, c. 98, 8 64 (c), 48 Stat. 267; Jan. 31, 1934, c. 7, § 13, 48 Stat. 344).

(d) Concealment, conversion, etc., of property mortgaged or pledged to, or held by corporation or administration.—Whoever knowingly, with intent to defraud the United States or any corporation referred to in subsection (a) of this section, shall conceal, remove, dispose of, or convert, to his own use or to that of another, any property mortgaged or pledged to, or held by, the Farm Credit Administration, any Federal Intermediate Credit Bank, or the Federal Farm Mortgage Corporation, or any such corporation, as security for any obligation, shall be punished by a fine of not more than $5,000, or by imprisonment for not more than two years, or both (June 16, 1933, c. 98, $ 64 (d), 48 Stat. 267; Jan. 31, 1934, c. 7, § 13, 48 Stat. 344).

(e) Applicability of criminal code provisions to transactions of corporations and administration.The provisions of sections 202 to 207, inclusive, of Title 18, insofar as applicable, are extended to apply to contracts or agreements made by the Farm Credit Administration, any Federal Intermediate Credit Bank, or the Federal Farm Mortgage Corporation, its divisions, officers, and employees, and by the corporations referred to in subsection (a) of this section, which, for the purposes hereof, shall be held to include advances, loans, discounts, and

§ 1138d purchase and repurchase agreements; extensions

and renewals thereof; and acceptances, releases, and substitutions of security therefor (June 16, 1933, c. 98, § 64 (e), 48 Stat. 267; Jan. 31, 1934, c. 7, $ 13, 48 Stat. 344).

(f) Conspiracy.-Whoever conspires with another to accomplish any of the acts made unlawful by the preceding provisions of this section, shall, on conviction thereof, be subject to the same fine or imprisonment, or both, as is applicable in the case of conviction for doing such unlawful act (June 16, 1933, c. 98, 8 64 (f), 48 Stat. 267).

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$ 1138e

Receivership; voluntary liquidation.-Upon default of any obligation of any Production Credit Corporation, Production Credit Association, or regional Bank for Cooperatives, such bank, association, or corporation may be declared insolvent and placed in the hands of a receiver by the governor and proceedings shall thereupon be had in accordance with the provisions of law relating to the insolvency of national farm loan associations. Any such bank, association, or corporation may, with the consent of the governor, liquidate voluntarily, but only in accordance with such rules and regulations as the governor may prescribe (June 16, 1933, c. 98, 8 65, 48 Stat, 269).

§ 1138f

Limitation on compensation payable to director, officer, or employee.-No director, officer, or employee of the Central Bank for Cooperatives, or of any Production Credit Corporation, Production Credit Association, or Bank for Cooperatives shall be paid compensation at a rate in excess of $10,000 per annum. No officer or employee of the Farm Credit Administration engaged in carrying out the provisions of this subchapter and subchapters IV and V of this chapter shall be paid compensation at a rate in excess of $10,000 per annum (June 16, 1933, c. 98, $ 66, 48 Stat. 269).

SUBCHAPTER VII.-AGRICULTURAL

MARKETING ACT

HISTORICAL NOTE This subchapter contains the Agricultural Marketing Act of June 15, 1929, as amended.

In view of the amendments to the Agricultural Marketing Act, and of the transfer of its administration to the Governor of the Farm Credit Administration by Executive Order No. 6084, set forth at the beginning of this chapter under “Introductory”, the provisions of the Act as amended have been transferred to this chapter from Title 7.

From the provisions of subchapter V of this chapter, it will be noted that many of the functions defined in this sub

chapter may now be exercised through regional banks for cooperatives and a central bank for cooperatives, rather than direct, in the manner originally provided for by the terms of this subchapter. The banks for cooperatives, under subchapter V, are to be established with capital stock purchased from the revolving fund created under section 1141d of this subchapter; and the loaning powers of the banks for cooperatives, under subchapter V, are similar to those originally created under this subchapter and not rescinded by amendments thereto.

The Agricultural Marketing Act was entitled "An Act to establish a Federal Farm Board to promote the effective merchandising of agricultural commodities in interstate and foreign commerce, and to place agriculture on a basis of economic equality with other industries.”'

§ 1141

Declaration of policy; effective merchandising of agricultural commodities; speculation; cooperative marketing; surpluses; administration of subchapter.—(a) It is hereby declared to be the policy of Congress to promote the effective merchandising of agricultural commodities in interstate and foreign commerce, so that the industry of agriculture will be placed on a basis of economic equality with other industries, and to that end to protect, control, and stabilize the currents of interstate and foreign commerce in the marketing of agricultural commodities and their food products

(1) by minimizing speculation.

(2) by preventing inefficient and wasteful methods of distribution.

(3) by encouraging the organization of producers into effective associations or corporations under their own control for greater unity of effort in marketing and by promoting the establishment and financing of a farm marketing system of producerowned and producer-controlled cooperative associations and other agencies.

(4) by aiding in preventing and controlling surpluses in any agricultural commodity, through orderly production and distribution, so as to maintain advantageous domestic markets and prevent such surpluses from causing undue and excessive fluctuations or depressions in prices for the commodity.

(b) There shall be considered as a surplus for the purposes of this subchapter any seasonal or year's total surplus, produced in the United States and either local or national in extent, that is in excess of the requirements for the orderly distribution of the agricultural commodity or is in excess of the domestic requirements for such commodity.

(c) The Farm Credit Administration shall execute the powers vested in it by this subchapter only in such manner as will, in the judgment of the ad

ministration aid to the fullest practicable extent in carrying out the policy above declared (June 15, 1929, c. 24, § 1, 46 Stat. 11; Mar, 27, 1933, Ex. Or. 6084).

Farm Credit Administration” and “administration" mentioned in the text were substituted for “Federal Farm Board” and “board", respectively, pursuant to the Executive Order cited

threto, which is set out in full at the beginning of this chapter.

$ 1141a

Federal Farm Board. A Federal Farm Board is hereby created, which shall consist of eight members to be appointed by the President, by and with the advice and consent of the Senate, and of the Secretary of Agriculture, ex officio. In making the appointments the President shall give due consideration to having the major agricultural commodities produced in the United States fairly represented upon the board. The terms of office of the appointed members of the board first taking office after the date of the approval of this subchapter shall expire, as designated by the President at the time of nomination, two at the end of the first year, two at the end of the second year, one at the end of the third year, one at the end of the fourth year, one at the end of the fifth year, and one at the end of the sixth year after such date. A successor to an appointed member of the board shall have a term of office expiring six years from the date of the expiration of the term for which his predecessor was appointed, except that any person appointed to fill a vacancy in the board occurring prior to the expiration of the term for which his predecessor was appointed, shall be appointed for the remainder of such term. One of the appointed members shall be designated by the President as chairman of the board and shall be the principal executive officer thereof. The board shall select a vice chairman, who shall act as chairman in case of the absence or disability of the chairman. The board may function notwithstanding vacancies, and a majority of the appointed members in office shall constitute a quorum. Each appointed member shall be a citizen of the United States and shall not actively engage in any other business, vocation, or employment than that of serving as a member of the board; nor shall any appointed member during his term of office engage in the business (except such business as is necessary to the operation of his own farm or farms) of buying and selling, or otherwise be financially interested in, any agricultural commodity or product thereof. Each appointed member shall receive a salary of $12,000

a year, together with necessary traveling and subsistence expenses, or per diem allowance in lieu thereof, within the limitations prescribed by law, while away from his official station upon official business (June 15, 1929, c. 24, § 2, 46 Stat. 11).

This section rendered obsolete, by Executive Order 6084, except insofar as it affects the qualifications, appointment, business engagements, salary, and expenses of the Governor of_the Farm Credit Administration, formerly known as chairman of the Federal Farm Board. :

§ 1141b

General powers of Farm Credit Administration.-The Farm Credit Administration

(1) Shall maintain its principal office in the District of Columbia, and such other offices in the United States as in its judgment are necessary,

(2) shall have an official seal which shall be judicially noticed.

(3) shall make an annual report to Congress upon the administration of this subchapter and any other matter relating to the better effectuation of the policy declared in section 1141, including recommendations for legislation.

(4) may make such regulations as are necessary to execute the functions vested in it by this subchapter.

(5) may appoint and fix the salaries of a secretary and such experts, and, in accordance with sections 661-674 of Title 5, as amended, and subject to the provisions of the civil service laws, such other officers and employees, as are necessary to execute such functions.

(6) may make such expenditures (including expenditures for rent and personal services at the seat of government and elsewhere, for law books, periodicals, and books of reference, and for printing and binding) as are necessary to execute such functions. Expenditures by the administration shall be allowed and paid upon the presentation of itemized vouchers therefor approved by the governor of the administration (June 15, 1929, c. 24, § 4 46 Stat. 13; Mar. 27, 1933, Ex. Or. 6084).

Farm Credit Administration” and “administration” mentioned in the text were substituted for “Federal Farm Board” and “board,' respectively, and "governor" was substituted for "chairman" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter.

8 11410 Special powers of administration. The admin

istration is authorized and directed

(1) to promote education in the principles and practices of cooperative marketing of agricultural commodities and food products thereof.

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