Page images
PDF
EPUB

§ 1141h the administration such information and data as

such governmental establishment may have pertaining to the functions of the administration [under this subchapter); except that the President shall not direct that the administration be furnished with any information or data supplied by any person in confidence to any governmental establishment in pursuance of any provision of law or of any agreement with a governmental establishment.

(c) The administration may cooperate with any State or Territory, or department, agency, or political subdivision thereof, or with any person.

(d) The administration shall, through the governor, indicate to the appropriate bureau or division of the Department of Agriculture any special problem on which a research is needed to aid in carrying out the provisions of this subchapter.

(e) The President is authorized, by Executive order, to transfer to or retransfer from the jurisdiction and control of the administration the whole or any part of (1) any office, bureau, service, division, commission, or board in the Executive branch of thé Government engaged in scientific or extension work, or the furnishing of services, with respect to the marketing of agricultural commodities, (2) its functions pertaining to such work or services, and (3) the records, property, including office equipment, personnel, and unexpended balances of appropriation, pertaining to such work or services (June 15, 1929, C. 24, $ 13, 46 Stat. 17; Mar. 27, 1933, Ex. Or. 6084)..

“Administration" mentioned in the text was substituted for “board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter.

8 11412

Examination of books and accounts; limitation on purpose of examination respecting expenditures from revolving fund.-Vouchers approved by the Governor of the Farm Credit Administration for expenditures from the revolving fund (provided for in section 1141d) pursuant to any loan or advance or from insurance moneys pursuant to any insurance agreement, shall be final and conlusive upon all officers of the Government; except that all financial transactions of the administration shall, subject to the above limitations, be examined by the General Accounting Office at such times and in such manner as the Comptroller General of the United States may by regulation prescribe. Such examination, with respect to expenditures from the revolving fund pursuant to any loan or advance or from insurance moneys pursuant to any insurance agreement, shall be for the sole purpose of making a

report to the Congress and to the board of expenditures and of loan and insurance agreements in violation of law, together with such recommendations thereon as the Comptroller General deems advisable (June 15, 1929, c. 24, § 14, 46 Stat. 18; Mar. 27, 1933, Ex. Or. 6084).

Insurance agreements, to which reference is made in this section, were authorized to be made by $ 11 of the Agricultural Marketing Act of June 15, 1929, which section was repealed by $ 50 (a) of the Farm Credit Act of June 16, 1933. The provision, as originally contained in the Agricultural Marketing Act, authorized the Federal Farm Board, upon application of cooperative associations, to enter into agreements, subject to specified conditions for the insurance of the associations against loss through price decline in the agricultural commodity handled by the associations and produced by the members thereof.

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

[ocr errors]

Miscellaneous provisions-(a) “Cooperative association" defined.--As used in this subchapter the term "cooperative association” means any association in which farmers act together in collectively processing, preparing for market, handling and/or marketing the farm products of persons so engaged and also means any association in which farmers act together in collectively purchasing, testing, grading, and/or processing their farm supplies: Provided, however, That such associations are operated for the mutual benefit of the members thereof as such producers or purchasers and conform to one or both of the following requirements:

First. That no member of the association is allowed more than one vote because of the amount of stock or membership capital he may own therein; and

Second. That the association does not pay dividends on stock or membership capital in excess of 8 per centum per annum.

And in any case to the following;

Third. That the association shall not deal in the products of or supplies for nonmembers to an amount greater in value than such as are handled by it for members. (June 15, 1929, c. 24, $. 15 (a), 46 Stat. 18; June 16, 1933, c. 98, § 55, 48 Stat. 266; Mar. 27, 1933, Ex. Or. 6084.)

(b) Speculation prohibited. It shall be unlawful for the governor, or any officer or employee of the Farm Credit Administration (engaged in the administration of this subchapter] to speculate, directly or indirectly, in any agricultural commodity or product thereof, or in contracts relating thereto, or in the stock or membership

$ 1141j interests of any association or corporation engaged

in handling, processing, or disposing of any such commodity or product. Any person violating this subdivision shall upon conviction thereof be fined not more than $10,000, or imprisoned not more than 10 years, or both. (June 15, 1929, c. 24, S 15 (b), 46 Stat. 18; Mar. 27, 1933, Ex. Or.. 6084.)

The governor” and “Farm Credit Administration” mentioned in the text were substituted for "any member” and “board respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter.

(c) Confidential information; disclosure prohibited.-It shall be unalwful (1) for any cooperative association, stabilization corporation, clearing house association, or commodity committee, or (2) for any director, officer, employee, or member or person acting on behalf of any such association, corporation, or committee, to which or to whom information has been imparted in confidence by the administration, to disclose such information in violation of any regulation of the administration. Any such association, corporation, or committee, or director, officer, employee, or member thereof, violating this subdivision, shall be fined not more than $5,000, or imprisoned not more than 5 years, or both (June 15, 1929, c. 24, § 15 (c), 46 Stat. 18; Mar. 27, 1933, Ex. Or. 6084).

“Administration" mentioned in the text was substituted for “board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter.

(d) Governmental publications; predictions as to cotton prices prohibited.—The inclusion in any governmental report, bulletin, or other such publication hereafter issued or published of any prediction with respect to cotton prices is hereby prohibited. Any officer or employee of the United States who authorizes or is responsible for the inclusion in any such report, bulletin, or other publication of any such prediction, or who knowingly causes the issuance or publication of any such report, bulletin, or other publication containing any such prediction, shall, upon conviction thereof, be fined not less than $500 or more than $5,000, or imprisoned for not more than 5 years, or both: Provided, That this subdivision shall not apply to the Governor of the Farm Credit Administration when engaged in the performance of his duties herein provided (June 15, 1929, c. 24, § 15 (d), 46 Stat. 18; Mar. 27, 1933, Ex. Or. 6084).

“Governor of the Farm Credit Administration" mentioned in the text was substituted for “members of the board”, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter.

[ocr errors]

(e) Separability clause.-If any provision of this subchapter is declared unconstitutional, or the applicability thereof to any person, circumstance, commodity, or class of transactions with respect to any commodity is held invalid, the validity of the remainder of the subchapter and the applicability of such provision to other persons, circumstances, commodities, and classes of transactions shall not be affected thereby (June 15, 1929, c. 24, § 15 (e), 46 Stat. 18).

(f) Citation of subchapter.—This subchapter may be cited as the “Agricultural Marketing Act(June 15, 1929, c. 24, § 15 (f), 46 Stat. 18).

(g). “Agricultural commodity''; definition.-As used in this subchapter, the term "agricultural commodity” includes, in addition to other agricultural commodities, crude gum (oleoresin) from a living tree, and the following products as processed by the original producer of the crude gum (oleoresin) from which derived: Gum, spirits of turpentine and gum rosin, as defined in section 92 of Title 7 (June 15, 1929, c. 24, § 15 (g), 46 Stat. 18; Mar. 4, 1931, c. 520, § 3, 46 Stat. 1550).

[ocr errors]

SUBCHAPTER VIII.-REGIONAL AGRICUL

TURAL CREDIT CORPORATIONS

HISTORICAL NOTE The Executive Order of March 27, 1933, set forth at the beginning of this chapter under“Introductory”, transferred to the jurisdiction and control of the Farm Credit Administration the functions defined in section 5 (e) of the Order, as follows: “The functions of the Reconstruction Finance Corporation and its Board of Directors relating to the appointment of officers and agents to manage regional agricultural credit corporations formed under section 201 (e) of the Emergency Relief and Construction Act of 1932; relating to the establishment of rules and regulations for such management; and relating to the approval of loans and advances made by such corporations and of the terms and conditions thereof."

The section of the Emergency Relief and Construction Act of July 21, 1932, to which reference is made in the above quoted paragraph of the Executive Order, is contained in section 505 (e) of Title 15, and is also incorporated in this subchapter.

8 1148

Regional agricultural credit corporations; creation; capital; management; loans; rediscounts; supervision.—The Reconstruction Finance Corporation is further authorized to create in any of the

twelve Federal land bank districts where it may deem the same to be desirable a regional agricultural credit corporation with a paid-up capital of not less than $3,000,000, to be subscribed for by the Reconstruction Finance Corporation and paid for out of the unexpended balance of the amounts allocated and made available to the Secretary of Agriculture under section 602 of Title 15. Such corporations shall be managed by officers and agents to be appointed by the Farm Credit Administration under such rules and regulations as it may prescribe. Such corporations are hereby authorized and empowered to make loans or advances to farmers and stockmen, the porceeds of which are to be used for an agricultural purpose (including crop production), or for the raising, breeding, fattening, or marketing of livestock, to charge such rates of interest or discount thereon as in their judgment are fair and equitable, subject to the approval of the Farm Credit Administration, and to rediscount with the Reconstruction Finance Corporation and the various Federal reserve banks and Federal intermediate credit banks any paper that they acquire which is eligible for such purpose. All expenses incurred in connection with the operation of such corporations shall be supervised and paid by the Reconstruction Finance Corporation under such rules and regulations as its board of directors may prescribe (July 21, 1932, c. 520, $ 207, 47 Stat. 715; Mar. 27, 1933, Ex. Or. 6084).

“Farm Credit Administration" mentioned in the text was substituted for “Reconstruction Finance Corporation" pursuant to the Executivo Order cited thereto, which is set out in full at the beginning of this chapter.

$ 1148a

Reduction of capital stock of regional agricultural credit corporation; revolving fund from stock proceeds.—The Reconstruction Finance Corporation is authorized, with the approval of the Governor of the Farm Credit Administration, to reduce the capital of any Regional Agricultural Credit Corporation by such action as may be suitable for the purpose. The funds made available by any such reduction shall constitute a revolving fund, all or any part of which shall be available for use from time to time by the Reconstruction Finance Corporation for the purpose of increasing, with the approval of the Governor of the Farm Credit Administration, the capital of any Regional Agricultural Credit Corporation (June 16, 1933, c. 98, § 84, 48 Stat. 273).

54

« PreviousContinue »