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control as are not required for the proper execution of the functions of the Farm Credit Administration,

(12) The Governor of the Farm Credit Administration is authorized to execute any and all functions and perform any and all duties vested in him through such persons as he shall by order designate or employ.

(13) The Governor of the Farm Credit Administration, by order or rules and regulations, may consolidate, regroup, and transfer offices, bureaus, activities, and functions in the Farm Credit Administration, so far as may be required to carry out the purposes to which this order is directed, and may fix or change the names of such offices, bureaus, and activities and the duties, powers, and titles of their executive heads.

This order shall take effect upon the sixty-first calendar day after its transmission to Congress unless otherwise determined in accordance with the provisions of section 407 of the act cited above, as amended.

FRANKLIN D. ROOSEVELT. THE WHITE HOUSE,

March 27, 1933.

§ 636

GENERAL ADMINISTRATIVE PROVISIONS Farm Credit Administration; provisions relating to organization.—The Governor of the Farm Credit Administration is authorized, in carrying out the powers and duties now or hereafter vested in him or the Farm Credit Administration by law or under any Executive order made under title IV of part II of the Legislative Appropriation Act of 1933, as amended, to establish, and to fix the powers and duties of, such divisions, agencies, corporations, and instrumentalities as he may deem necessary to the efficient functioning of the Farm Credit Administration and the successful execution of the powers and duties so vested in the Governor and the Farm Credit Administration. This section shall not be construed to restrict the authority of the President under title IV of such Act, as amended: Provided, That no salary or compensation shall be paid to any officer, agent, or other person employed under this section in excess of $10,000 per annum (May 12, 1933, c. 25, $ 40, 48 Stat. 31).

§ 637

Land Bank Commissioner; functions under Executive Orders. If and when any Executive Order heretofore transmitted to the Congress pursuant to title IV of part II of the Legislative Appropriation Act of 1933, as amended, shall become effective, all functions, powers, authority, and duties conferred upon or vested in the Land Bank Commissioner by the Emergency Farm Mortgage Act of 1933 [sections 723, 771 (seventh) and (twelfth), 823 (note), 963a, 991 (second paragraph), and 1016-1019 of this chapter) shall be held and exercised by him subject to all the terms and conditions in

any such Executive order the same as if such functions, powers, authority, and duties were specifically named in such Executive order or orders (May 12, 1933, c. 25, $ 39, 48 Stat. 31; June 16, 1933, c. 98, $ 80 (a), 48 Stat. 273).

8 638

Commissioners in Farm Credit Administration; designation; appointment; salaries and expenses(a) Land Bank Commissioner.–After June 16, 1933, the office of Farm Loan Commissioner shall be known as the office of the Land Bank Commissioner and the Farm Loan Commissioner shall be known as the Land Bank Commissioner. The provisions of section 653 of this chapter, prescribing a term of office of eight years, shall not apply to incumbents hereafter appointed to the office of Land Bank Commissioner.

See Sections 652–655 of this chapter, for provisions relative to eligibility, appointment, salary, traveling expenses, etc., of Commissioner.

(b)_Production Credit Commissioner; Cooperative Bank Commissioner; Intermediate Credit Commissioner. There shall be in the Farm Credit Administration three commissioners who shall be known, respectively, as the Production Credit Commissioner, the Cooperative Bank Commissioner, and the Intermediate Credit Commissioner. Such commissioners shall be appointed by the President, by and with the advice and consent of the Senate. They shall receive an annual salary of $10,000, payable monthly, together with actual necessary traveling expenses. Such commissioners shall perform such duties as may be assigned to them by law or by the governor of the Farm Credit Administration (June 16, 1933, c. 98, § 80, 48 Stat. 273).

$ 639

Governor of Farm Credit Administration; supplementary grant of powers. The authority and powers conferred upon the governor under the Farm Credit Act of 1933 [subchapters IV, V, and VI

of this chapter] shall not be construed to be in sub-
stitution for authority and powers conferred upon
him under existing law but shall be construed to be
supplementary to such authority and powers (June
16, 1933, c. 98, $ 82, 48 Stat. 273).

$ 640

Seal of Farm Credit Administration.-The Farm Credit Administration shall have a seal, as adopted by the governor, which shall be judicially noticed (June 16, 1933, 6. 98, $ 85, 48 Stat. 273).

EDITORIAL NOTE.—Subchapters I, II, and II-A of Chapter 7 of Title 12 of the United States Code are not included in this circular, since (they pertain to farm mortgage loans. These subchapters are contained in Farm Credit Administration Circular No. 20.

SUBCHAPTER III-FEDERAL INTERMEDIATE

CREDIT BANKS

HISTORICAL NOTE
The provisions of this subchapter relative to Federal inter-
mediate credit banks constitute Title II of the “Federal
Farm Loan Act” (July 17, 1916, chapter 245, Thirty-ninth
Statutes, page 360). See section 641 of this chapter. This
Act was amended on March 4, 1923 (chapter 252, Forty-sec-
ond Statutes, page 1454), by the addition of a second title
relative to Federal intermediate credit banks, the provisions
of which, as amended, are included in this subchapter. The
office of Intermediate Credit Commissioner was created by
the Act of June 16, 1933. (See section 638, under “Intro-
ductory”, at the beginning this chapter.)

ORGANIZATION

§ 1021

Number, names, and charters of banks.—The 8201 (a) Farm Credit Administration shall have power to grant charters for twelve institutions to be known and styled as "Federal intermediate credit banks' (July 17, 1916, c. 245, § 201 (a); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1454; Mar. 27, 1933, Ex. Or. 6084.)

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

§ 1022

Location; directors, officers, and employees.- 8201 (b) Such institutions shall be established in the same cities as the twelve Federal Land Banks. The directors of the several Federal Land Banks shall be ex officio directors of the several Federal Intermediate Credit Banks hereby provided for and shall have power, subject to the approval of the Governor of the Farm Credit Administration, to em

ploy and fix the compensation of such officers and
employees of such Federal Intermediate Credit
Banks as may be necessary to carry on the busi-
ness authorized by this subchapter (July 17, 1916, c.
245, 201 (b); Mar. 4, 1923, c. 252, $ 2, 42 Stat.
1454; June 16, 1933, c. 98, 8 76 (a), 48 Stat. 271).

$ 1023

Corporate powers; suits by or against.-Each $ 201(c) Federal intermediate credit bank shall have all the usual powers of corporations, and shall have power to sue and be sued both in law and equity, and for purposes of jurisdiction shall be deemed a citizen of the State where it is located (July 17, 1916, c. 245, § 201 (c); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1454).

$ 1024

Fiscal agents for United States.-Federal inter- § 201 (d) mediate credit banks, when designated for that purpose by the Secretary of the Treasury, shall act as fiscal agents of the United States Government and perform such duties as shall be prescribed by the Secretary of the Treasury (July 17, 1916, c. 245, § 201 (d); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1454).

$ 1025

Insolvency; receivership.-Upon default of any $ 201(e) obligation any Federal intermediate credit bank may be declared insolvent and placed in the hands of a receiver by the Farm Credit Administration, and proceedings shall thereupon be had in accordance with the provisions of sections 961–966 of this chapter regarding national farm loan associations (July 17, 1916, c. 245, § 201 (e); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1454; Mar. 27, 1933, Ex. Or. 6084).

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

§ 1026

Application for charter. The charters to such § 201 (f) Federal intermediate credit banks shall be granted upon application of the directors of the Federal land banks, which application shall be in such form as the Farm Credit Administration shall prescribe (July 17, 1916, c. 245, § 201 (f); Mar. 4, 1923, c. 252, § 2, 42 Stat. 1454; Mar. 27, 1933, Ex. Or. 6084).

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

§ 1031

DISCOUNTS AND LOANS Lending powers; purchase and sale of deben- $ 202 (a) tures of intermediate credit banks; loans to cooperative associations.-Federal intermediate credit banks, when chartered and established, shall have power, subject solely to such restrictions, limitations, and conditions as may be imposed by the Farm Credit Administration not inconsistent with the provisions of this subchapter

(1) To discount for, or purchase from, any national bank, and/or any State bank, trust company, agricultural credit corporation, incorporated livestock loan company, savings institution, cooperative bank, credit union, cooperative association of agricultural producers, organized under the laws of any State or of the Government of the United States, and/or any other Federal Intermediate Credit Bank, with its endorsement, any note, draft, bill of exchange, debenture, or other such obligation the proceeds of which have been advanced or used in the first instance for any agricultural purpose or for the raising, breeding, fattening, or marketing of livestock; and to make loans or advances direct to any such organization, secured by such obligations; and to discount for, or purchase from, any Production Credit Association organized under subchapter IV of this chapter, or any production credit association in which a Production Credit Corporation organized under such subchapter holds stock, with its endorsement, any note, draft, bill of exchange, debenture, or other such obligation presented by such association, and to make loans and advances direct to any such association secured by such collateral as may be approved by the Governor of the Farm Credit Administration;

(2) To buy or sell, with or without recourse, debentures issued by any other Federal intermediate credit bank; and

(3) To make loans or advances direct to any cooperative association organized under the laws of any State and composed

of persons engaged in producing, or producing and marketing, staple agricultural products, or livestock, if the notes or other such obligations representing such loans are secured by warehouse receipts, and/or shipping documents covering such products, and/or mortgages on livestock, and/or such other collateral as may be approved by the Governor of the Farm Credit Administration: Provided, That no such loan or advance, when secured only by warehouse receipts and/or shipping documents, and/or mortgages on livestock,

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