Page images
PDF
EPUB

Treasury certificates of indebtedness, or other obligations of the United States; and to facilitate such purposes the Governor shall furnish to the Secretary of the Treasury from time to time the names and addresses of all Federal credit unions with such other available information concerning them as may be requested by the Secretary of the Treasury. Any Federal credit union organized under this chapter, when designated for that purpose by the Secretary of the Treasury, shall be a depository of public money, except receipts from customs, under such regulations as may be prescribed by the Secretary of the Treasury. "(June 26, 1934, c. 750, $ 17, 48 Stat. 1222.)

§ 1768

Taxation.—The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. Nothing herein contained shall prevent holdings in any Federal credit union organized hereunder from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or political subdivision thereof in which the Federal credit union is located : Provided, however, That the duty or burden of collecting or enforcing the payment of such tax shall not be imposed upon any such Federal credit union and the tax shall not exceed the rate of taxes imposed upon holdings in domestic credit unions. (June 26, 1934, c. 750, $ 18, 48 Stat. 1222; Dec. 6, 1937, c. 3, § 4, 51 Stat. 4.)

8 1769

Appropriation for administration. Not to exceed $50,000 of the fund available to the Governor under section 1404 of this title, for expenses of administration in connection with loans made thereunder to aid in the establishment of agricultural credit corporations, is hereby made available also for administrative expenses in administering this chapter. (June 26, 1934, c. 750, $ 19, 48 Stat. 1222.)

§ 1770

Separability of provisions; right to alter, amend, or repeal chapter.-(a) If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, the remainder of the chapter, and the application of such provisions to other persons or circumstances, shall not be affected thereby.

(b) The right to alter, amend, or repeal this chapter or any part thereof, or any charter issued pursuant to the provisions of this chapter, is expressly reserved. (June 26, 1934, c. 750, § 20, 48 Stat. 1222.)

[ocr errors]

§ 1771

Allotment of space in Federal buildings.—Upon application by any credit union organized under State law or by any Federal credit union organized in accordance with the terms of this chapter, the membership of which is composed exclusively of Federal employees and members of their families, which application shall be addressed to the officer or agency of the United States charged with the allotment of space in the Federal buildings in the community or district in which said credit union or Federal credit union does business, such officer or agency may in his or its discretion allot space to such credit union if space is available without charge for rent or services. (June 26, 1934, c. 750, $ 21; July 9, 1937, c. 471, 50 Stat. 487.)

[ocr errors][merged small][ocr errors][merged small]
[merged small][ocr errors]

Division of cooperative marketing; definitions. When used in this chapter the term "agricultural products” means agricultural, horticultural, viticultural, and dairy products, livestock and the products thereof, the products of poultry and bee raising, the edible products of forestry, and any and all products raised or produced on farms and processed or manufactured products thereof, transported or intended to be transported in interstate and/or foreign commerce, (July 2, 1926, c. 725, § 1, 44 Stat. 802.)

$ 452

Establishment of division.-The Governor of the Farm Credit Administration is hereby authorized and directed to establish a division of coopera

tive marketing with suitable personnel in the Farm Credit Administration. Such division shall be under the direction and supervision of the Governor of the Farm Credit Administration. (July 2, 1926, c. 725, $ 2, 44 Stat. 802; Oct. 1, 1929, Ex. Or. 5200; Mar. 27, 1933, Ex. Or. 6084.)

Governor of Farm Credit Administration” and “Farm Credit Administration" mentioned in the text were substituted for "Secretary of Agriculture” and “Department of Agriculture," respectively, pursuant to the Executive Orders cited thereto, which are set out in full at the beginning of this circular.

8 453

Authority and duties of division.--(a) The division shall render service to associations of

producers of agricultural products, and federations and subsidiaries thereof, engaged in the cooperative marketing of agricultural products, including processing, warehousing, manufacturing, storage, the cooperative purchasing of farm supplies, credit, financing, insurance, and other cooperative activities.

(b) The division is authorized

(1) To acquire, analyze, and disseminate economic, statistical, and historical information regarding the progress, organization, and business methods of cooperative associations in the United States and foreign countries.

(2) To conduct studies of the economic, legal, financial, social, and other phases of cooperation, and publish the results thereof. Such studies shall include the analyses of the organization, operation, financial, and merchandising problems of cooperative associations.

(3) To make surveys and analyses if deemed advisable of the accounts and business practices of representative cooperative associations upon their request; to report to the association so surveyed the results thereof; and with the consent of the association so surveyed to publish summaries of the results of such surveys, together with similar facts, for the guidance of cooperative associations and for the purpose of assisting cooperative associations in developing methods of business and market analysis.

(4) To confer and advise with committees or groups of producers, if deemed advisable, that may be desirous of forming a cooperative association and to make an economic survey and analysis of the facts surrounding the production and marketing of the agricultural product or products which the association, if formed, would handle or market.

(5) To acquire from all available sources information concerning crop prospects, supply, demand, current receipts, exports, imports, and prices of the agricultural products handled or marketed by cooperative associations, and to employ qualified commodity marketing specialists to summarize nd analyze this information and disseminate the same among cooperative associations and others.

(6) To promote the knowledge of cooperative principles and practices and to cooperate, in promoting such knowledge, with educational and marketing agencies, cooperative associations, and others.

(7) To make such special studies, in the United States and foreign countries, and to acquire and disseminate such information and findings as may be useful in the development and practice of cooperation. (July 2, 1926, c. 725,8 3,44 Stat. 802.)

$ 454

Advisers to counsel with Governor of the Farm Credit Administration; expenses and subsistence.—The Governor of the Farm Credit Administration is authorized, in his discretion, to call advisers to counsel with him and/or his representatives relative to specific problems of cooperative marketing of farm products or any other cooperative activity. Any person, other than an officer, agent, or employee of the United States, called into conference, as provided for in this section, may be paid actual transportation expenses and not to exceed $10 per diem to cover subsistence and other expenses

while in conference and en route from and to his home. (July 2, 1926, c. 725, $ 4,44 Stat. 803; Oct. 1, 1929, Ex. Or. 5200; Mar. 27, 1933, Ex, Or. 6084.)

“Governor of Farm Credit Administration" mentioned in the text was substituted for "Secretary of Agriculture” pursuant to the Executive Orders cited thereto, which are set out in full at the beginning of this circular.

8 455

Dissemination of crop, market, etc., information by cooperative marketing associations.-Persons engaged, as original producers of agricultural products, such as farmers, planters, ranchmen, dairymen, nut or fruit growers, acting, together in associations, corporate or otherwise, in collectively processing, preparing for market, handling, and marketing in interstate and/or foreign commerce such products of persons so engaged, may acquire, exchange, interpret, and disseminate past,

present, and prospective crop, market, statistical, economic, and other similar information by direct exchange between such persons, and/or such associations or federations thereof, and/or by and through a common agent created or selected by them. (July 2, 1926, c. 725, § 5, 44 Stat. 803.)

§ 456

Rules and regulations; appointment, removal, and compensation of employees; expenditures; appropriations.—The Governor of the Farm Credit Administration may make such rules and regulations as may be deemed advisable to carry out the provisions of this chapter and may cooperate with any department or agency of the Government, any State, Territory, District, or possession, or department, agency, or political subdivision thereof, or any person; and may call upon any other Federal department, board, or commission for assistance in carrying out the purposes of this chapter; and shall have the power to appoint, remove, and fix the compensation of such officers and employees not in conAict with existing law and make such expenditure for rent, outside the District of Columbia, printing, telegrams, telephones, books of reference, books of law, periodicals, newspapers, furniture, stationery, office equipment, travel, and other supplies and expenses as shall be necessary to the administration of this chapter in the District of Columbia and elsewhere, and there is hereby authorized to be appropriated, out of any moneys in the Treasury not otherwise appropriated, such sums as may be necessary after the fiscal year 1927, for carrying out the pu oses of this chapter. (July 2, 1926, c. 725, $ 6, 44 Štat. 803; Oct. 1, 1929, Ex. Or. 5200; Mar. 27, 1933, Ex. Or. 6084.)

"Governor of Farm Credit Administration" mentioned in the text was substituted for "Secretary of Agriculture” pursuant to the Executive Orders cited thereto, which are set out in full at the beginning of this circular.

$ 457

Partial invalidity of chapter. If any provision of this chapter is declared unconstitutional or the applicability thereof to any person or circumstance is held invalid, the validity of the remainder of the chapter and the applicability of such provision to other persons and circumstances shall not be affected thereby, and nothing contained in this chapter is intended, nor shall be construed, to modify or repeal any of the provisions of sections 291 and 292 of this title [Title 7, U. S. Code]. (July 2, 1926, c. 725, § 7, 44 Stat. 803.)

« PreviousContinue »