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LAND BANK COMMISSIONER LOANS
relating to any property acquired by the Land Bank Commissioner and/or the Federal Farm Mortgage Corporation. Any such instrument heretofore or hereafter executed on behalf of the Land Bank Commissioner and/or the Federal Farm Mortgage Corporation by a Federal land bank, through its duly authorized officers, shall be conclusively presumed to have been duly authorized by the Land Bank Commissioner and the Federal Farm Mortgage Corporation. (May 12, 1933, c. 25, § 32, 48 Stat. 48; June 3, 1935, c. 164, § 2 (e), 49 Stat. 314.)
(i) Rate of interest payable on certain installment dates.-Notwithstanding the foregoing provisions of this section, the rate of interest on loans made under this section shall not exceed 4 per centum per annum for all interest payable on installment dates occurring on or after July 22, 1937, and prior to July 1, 1940. (May 12, 1933, c. 25, $ 32, 48 Stat. 48; July 22, 1937, c. 516, § 2, 50 Stat. 521; June 16, 1938, c. 462, § 2, 52 Stat. 709.)
Amount of capital subscribed by United States, see § 1020b of this title.
In connection with Commissioner's loans in Puerto Rico, see note * to § 672 of this title.
Commissioner loans on lands in drainage, irrigation, or conservancy districts, see § 773a of this title.
Rules and regulations; appointment, employment, and compensation of officers, employees, and agents. The Land Bank Commissioner is authorized to make such rules and regulations, and to appoint, employ, and fix the compensation of such officers, employees, attorneys, and agents as may be necessary to carry out the purposes of this subchapter and to make the relief contemplated by this subchapter immediately available, without regard to the provisions of other laws applicable to the employment and compensation of officers and employees of the United States: Provided, That no salary or compensation in excess of $10,000 shall be paid to any person employed under the terms of the foregoing section. (May 12, 1933, c. 25, $ 33, 48 Stat. 49; June 16, 1933, c. 98, $ 80 (a), 48 Stat. 273.)
Facilities of Federal land banks and national farm loan associations available to Commissioner. The Federal land banks and the national farm loan associations are authorized, upon request of the Land Bank Commissioner, to make available to him their services and facilities to aid in adminis
tering the provisions of this subchapter. (May 12, 1933, c. 25, $ 34, 48 Stat. 49; June 16, 1933, c. 98, § 80' (a), 48 Stat. 273.)
Penalties for false representation in obtaining loan. Any person who shall knowingly make any material false representation for the purpose of obtaining any loan under this subchapter, or in assisting in obtaining any such loan, shall, upon conviction thereof, be fined not more than $1,000, or imprisoned not more than six months, or both. (May 12, 1933, c. 25, § 35, 48 Stat. 49.)
SUBCHAPTER II-A.-FEDERAL FARM
Establishment of corporation; directors; bylaws; regulations; officers and employees.There is hereby established a corporation to be known as the "Federal Farm Mortgage Corporation", in this subchapter referred to as the "corpora
The principal office of the corporation shall be located in the District of Columbia and the management of the corporation shall be vested in a board of directors consisting of the Secretary of the Treasury, or an officer of the Treasury designated by him, the Governor of the Farm Credit Administration, in this subchapter referred to as the “Governor”, and the Land Bank Commissioner. The directors shall receive no additional compensation for their services as directors of the corporation, but may be allowed actual necessary traveling and subsistence expenses when engaged in the business of the corporation outside of the District of Columbia. The Governor shall be the chairman of the board of directors. The directors shall have power to adopt such bylaws, rules, regulations, and amendments thereto as they deem necessary for the conduct of the business of the corporation authorized under this subchapter. The directors shall have power, without regard to the provisions of other laws applicable to the employment and compensation of officers and employees of the United States, to employ and fix the compensation and duties of such agents, officers, and employees of the corporation as may be necessary to carry out the powers and duties conferred upon the corporation by this subchapter, to require
bonds of them and fix the penalties thereof and
$ 1020a Period of succession; powers; free use of
mails; use of Government facilities. The cor-
Authorization of Federal Farm Mortgage Corporation to act as
Penalty provisions applicable to transa' tions of Federal Farm
Capital; amount; subscription by United States. The capital of the corporation shall be in the sum of $200,000,000, which shall be subscribed by the Governor on behalf of the United States in such amounts and at such times as he deems necessary for the purposes of the corporation. For the purpose of such capital subscription, th funds and proceeds thereof made available to the Land Bank Commissioner under section 1016 of this title and the mortgages taken by the Commissioner and the credit instruments secured thereby are hereby transferred to the corporation. (Jan. 31, 1934, c. 1, § 3, 48 Stat. 345.)
8 1020c Bonds, aggregate amount; guaranty by United
States; purchase and sale of by United States;
same. The corporation shall have power to pur, chase such bonds in the open market at any time and at any price. On such terms and conditions as may be agreed upon, the corporation may exchange such bonds, upon application of any Federal land bank for consolidated farm loan bonds of equal face value issued under subchapter I of this chapter, and may exchange such consolidated farm loan bonds held by it for bonds of the corporation of equal face value. (Jan. 31, 1934, c. 7, § 4 (a), 48 Stat. 345; April 27, 1934, c. 168, § 14, 48 Stat. 647.)
Purchase of consolidated farm loan bonds; loans to Federal and joint stock land banks; investment in mortgages; extensions.-The corporation is further authorized to purchase from time to time, for cash, such consolidated farm loan bonds at such prices and upon such terms as may be approved by the board of directors of the corporation; to make loans to Federal land banks and joint stock land banks on the security of real estate mortgages, sheriff's certificates, sales contracts and real estate, upon such terms and conditions as shall be prescribed by the board of directors of the corporation: Provided, however, That loans outstanding to joint stock land banks under this section shall not at any one time exceed in the aggregate $10,000,000; to make loans to Federal land banks on the security of consolidated farm loan bonds; and to invest its funds in mortgage loans made under section 1016 of this title.
When in the judgment of the directors conditions justify it, the corporation shall have power to extend, in whole or in part, any unpaid obligation under the terms of any mortgage, and to accept payment of any such obligation together with interest thereon, at a rate not exceeding 5 per centum per annum, during such period and in such amounts as may be agreed upon at the date of making such extension. (Jan. 31, 1934, c. 7, § 4 (b), 48 Stat. 346; Aug. 19, 1937, c. 704, §§ 2, 4, 50 Stat. 703.)
§ 1020e Preparation of bonds.- In order to furnish
bonds for delivery by the Federal Farm Mortgage Corporation, the Secretary of the Treasury is hereby authorized to prepare suitable bonds in such form, subject to the provisions of this subchapter, as the board of directors may approve, such bonds when prepared to be held in the Treasury subject to