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§ 1141j

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 farm products, farm supplies, and farm business services with or for nonmembers in an amount greater in value than the total amount of such business transacted by it with or for members. All business transacted by any cooperative association for or on behalf of the United States or any agency or instrumentality thereof shall be disregarded in determining the volume of member and nonmember business transacted by such association. (June 15, 1929, c. 24, $ 15 (a), 46 Stat. 18; June 16, 1933, c. 98, § 55, 48 Stat. 266; June 3, 1935, c. 164, 12, 49 Stat. 317.)

(b) Speculation prohibited. It shalí 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 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 ten years, or both. (June 15, 1929, c. 24, § 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 unlawful (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 five 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.

§ 1141j (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 five 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.

(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, § 18 (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 [U. S. Code]. (June 15, 1929, c. 24, § 15 (8), 46 Stat. 18; Mar. 4, 1931, c. 520, $ 3, 46 Stat. 1550.)

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 605 (e) of Title 15 [U. S. Code), and is also incorporated in this subchapter.

§ 1148

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

struction Finance Corporation under such rules and regulations as its board of directors may prescribe. (July 21, 1932, c. 520, § 201 (e), 47 Stat. 713; Mar. 27, 1933, Éx. Or. 6084; Aug. 19, 1937, c. 704, § 5 (a), 50 Stat. 704.)

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

Pursuant to the Act of Feb. 24, 1938, 52 Stat. 79 [Public No. 432—75th Congress), the Act of March 8, 1938, 52 Stat. 107 [Public No. 442–75th Congress), and Executive Order No. 7848, dated March 22, 1938, the capital of the regional agricultural credit corporations is held by the Secretary of the Treasury, for and on behalf of the United States.

§ 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.) 8 1148b Additional powers of regional agricultural

credit corporations. Each regional agricultural credit corporation, created under the authority of section 1148 of this title [201 (e) of the Emergency Relief and Construction Act of 1932] in addition to the powers granted prior to Aug. 19, 1937, shall have and, upon order or approval of the Farm Credit Administration, shall exercise the following rights, powers, and authority:

(a) Places of transacting business.—To conduct, transact, and operate its business in any State in the continental United States, in the District of Columbia, and in Puerto Rico.

(b) Borrow money.-To borrow money (other than' by way of discount) from any other regional agricultural credit corporation, the Reconstruction Finance Corporation, or any Federal intermediate credit bank, and to give security therefor.

(c) Loans.-To lend any of its available funds to any other regional agricultural credit corporation at such rates of interest and upon such terms and conditions as may be approved by the Farm Credit Administration.

(d) Sale to or purchase from other like corporations.-To sell to or purchase from any other regional agricultural credit corporation or any corporation formed by consolidation or merger as provided in section 1148c of this title, any part of or all the assets of any such corporation, upon such terms and conditions as may be approved by the Farm Credit Administration, including the assumption of the liabilities of any such corporation, in whole or in part. (Aug. 19, 1937, c. 704, § 32, 50 Stat. 716.)

| 1148c Consolidation or merger-(a) Power of Farm

Credit Administration. The Farm Credit Administration shall have the power and authority to order and effect the consolidation or merger of two or more regional agricultural credit corporations, on such terms and conditions as it shall direct.

(b) Status of corporations formed by consolidation.--The Farm Credit Administration is authorized to grant charters to, prescribe bylaws for, and fix the capital of, regional agricultural credit corporations which may be formed by the consolidation of two or more regional agricultural credit corporations, and to approve or prescribe such amendments to the charter and bylaws of any regional agricultural credit corporation as it may from time to time deem necessary. Corporations formed by the consolidation of two or more regional agricultural credit corporations, as herein provided, shall have all the rights, powers, authority, and exemptions; shall be subject to the same supervision and control; and shall have their expenses paid in the same manner as provided by law in respect to regional agricultural credit corporations organized under section 1148 of this title. (Aug. 19, 1937, c. 704, $ 33, 50 Stat. 717.)

Capital of regional agricultural credit corporations formed by consolidation held by Secretary of the Treasury, see note to § 1148.

§ 11480 Rights and powers unaffected by sections 1148b

and 1148c.—Nothing contained in sections 1148b and 1148c of this title shall be construed as limiting the rights, powers, and authority granted prior to August 19, 1937, to the regional agricultural credit corporations, the Farm Credit Administration, or the Governor thereof by any Acts of Congress or Executive orders. (Aug. 19, 1937, c. 704, § 34, 50 Stat. 717.)

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