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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.)

See secs. 652-655 for provisions relative to eligibility, appointment, traveling expenses, etc., of Land Bank Commissioner.

§ 639

8 640

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 substitution 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.)

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, c. 98, § 85, 48 Stat. 273.)

§ 640a

DISTRICT ORGANIZATIONS UNDER SUPERVISION OF
FARM CREDIT ADMINISTRATION; FARM CREDIT
DISTRICTS AND FARM CREDIT BOARDS

Farm credit districts created.-There shall be twelve districts in the continental United States, excluding Alaska, which shall be known as farm credit districts, and may be designated by number. The boundaries of the twelve Federal land bank districts existing as of August 19, 1937, shall be the boundaries of the respective farm credit districts. Such boundaries may be readjusted from time to time in the discretion of the Farm Credit Administration, provided that said districts shall be apportioned with due regard to the farm credit needs of the country and no such district shall contain a fractional part of any State. The designations

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§ 640b

§ 640c

"Federal land bank district" and "land bank district" wherever used in the Federal Farm Loan Act, or in any Act amendatory thereof or supplementary thereto, are changed to "farm credit district" and shall after August 19, 1937, be deemed to refer to the farm credit districts provided for in this section. (Aug. 19, 1937, c. 704, § 5 (a), 50 Stat. 704.)

Farm credit boards; members.-There shall be in each farm credit district a farm credit board, which shall be selected as specified in sections 640b640g of this title and shall be composed of seven members. Each farm credit board shall include in its title the name of the city in which the Federal land bank, Federal intermediate credit bank, production credit corporation, and regional bank for cooperatives of the district are located. Three of the members of said board shall be known as elected directors of whom one shall be chosen by national farm loan associations and borrowers through agencies, one shall be chosen by production credit associations of the district, and one shall be chosen by cooperatives which are stockholders or subscribers to the guaranty fund of the regional bank for cooperatives in the district. Three of the seven members shall be known as district directors, of whom two shall be appointed by the Governor of the Farm Credit Administration and one, who shall be known as the third district director, shall be chosen as provided in section 640d of this title. The seventh member of such board shall be known as director at large and shall be appointed by the Governor of the Farm Credit Administration. (Aug. 19, 1937, c. 704, § 5 (b), 50 Stat. 704.)

Same; initial board to be composed of Federal land bank directors; successors. The directors of the Federal land bank of each district who are in office on August 19, 1937, shall constitute the farm credit board of the district and shall serve as members thereof for the remaining portions of the terms for which they were respectively elected or appointed as directors of the bank. Except as otherwise provided by sections 640a-640k of this title, the successor to each original member of the farm credit board shall be selected in the manner in which such member was selected as a director of the Federal land bank. (Aug. 19, 1937, c. 704, § 5 (c), 50 Stat. 704.)

§ 640d

§ 640e

§ 640f

Same; selection of third district director.Each third district director shall be selected as follows: Each national farm loan association and borrower through agencies in the district shall nominate, in the manner provided in section 640e of this title for the nomination of candidates for elected directors, one candidate for such director, and from the three persons having the greatest number of votes as nominees the Governor of the Farm Credit Administration shall appoint such director. No third district director who is removed from office pursuant to section 831 (h) of this title may be nominated to succeed himself. (Aug. 19, 1937,

c. 704, § 5 (d), 50 Stat. 704.)

Same; nomination of elected directors.-At least two months before an election of an elected director the Farm Credit Administration shall cause notice in writing to be sent to those entitled to nominate candidates for such elected director. In the case of an election of a director by national farm loan associations and borrowers through agencies, such notice shall be sent to all national farm loan associations and borrowers through agencies in the district; in the case of an election by production credit associations, such notice shall be sent to all production credit associations in the district; and in the case of an election by cooperatives which are stockholders or subscribers to the guaranty fund of the bank for cooperatives of the district, such notice shall be sent to all cooperatives which are stockholders or subscribers to the guaranty fund at the time of sending notice. After receipt of such notice those entitled to nominate the director shall forward nominations of residents of the district to the Farm Credit Administration. The Farm Credit Administration shall, from the nominations received within thirty days after the sending of such notice, prepare a list of candidates for such elected director consisting of the ten nominees receiving the highest number of votes. (Aug. 19, 1937, c. 704, § 5 (e), 50 Stat. 705.)

Same; election of elected directors.-At least one month before the election of an elected director the Farm Credit Administration shall mail to each person or organization entitled to elect the elected director the list of the ten candidates nominated in accordance with the preceding paragraph of this section. In the case of an election of a director by

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§ 640g

§ 640h

national farm loan associations and borrowers through agencies, the directors of each farm loan association shall cast the vote of such association for one of the candidates on the list. In voting under this section each such association shall be entitled to cast a number of votes equal to the number of stockholders of such association and each borrower through agencies shall be entitled to cast one vote. In voting under this section each production credit association shall be entitled to cast a number of votes equal to the number of the class B stockholders of such association. In voting under this section each cooperative which is a holder of stock in, or a subscriber to the guaranty fund of, the bank for cooperatives shall be entitled to cast one vote. The votes shall be forwarded to the Farm Credit Administration and no vote shall be counted unless received by it within thirty days after the sending of such list of candidates. In case of a tie the Farm Credit Administration shall determine the choice. The nominations from which the list of candidates is prepared, and the votes of the respective voters, as counted, shall be tabulated and preserved and shall be subject to examination by any candidate for at least one year after the result of the election is announced. (Aug. 19, 1937, c. 704, § 5 (f), 50 Stat. 705.)

Same; term of office; vacancies.-The terms of office of all directors shall be three years. Any vacancies that may occur in the farm credit board shall be filled for the unexpired term in the manner provided in sections 640b-640f of this title for the original selection of such directors. (Aug. 19, 1937, c. 704, § 5 (g), 50 Stat. 705.)

Same; general qualifications of members.Members of each farm credit board shall have been, for at least two years, residents of the district for which they are appointed or elected. From and after August 19, 1937, no person shall be eligible for election or appointment as a member of any district farm credit board, and no person elected or appointed after August 19, 1937, as a member of any district farm credit board shall be eligible to continue to serve as such, if in either case said person is an officer or employee of any Federal land bank, Federal intermediate credit bank, production

§ 640i

§ 640j

credit corporation, or bank for cooperatives. No
district director, excepting any third district direc-
tor selected as specified in section 640d of this title
shall, during his continuance in office, be a director,
officer, or employee of any institution, association,
or partnership engaged in the business of lending
money or of making or selling land mortgage
loans, except an institution or association under the
supervision of the Farm Credit Administration.
(Aug. 19, 1937, c. 704, § 5 (h), 50 Stat. 705.)

Same; felons and defrauders ineligible.-No person shall be eligible for appointment or election as an administrative or executive official of a Federal land bank, Federal intermediate credit bank, or of any corporation or bank organized pursuant to the Farm Credit Act of 1933 [June 16, 1933, c. 98, 48 Statutes 257], or as a member of any farm credit board, or shall continue to hold office as such member, if such person has been finally adjudged guilty of a felony, or finally adjudged liable in damages in any civil proceeding for fraud, in any State or Federal court. (Aug. 19, 1937, c. 704, § 5 (i), 50 Stat. 706.)

Same; compensation of members.-Subject to the approval of the Farm Credit Administration members of each farm credit board shall receive such compensation as may be authorized by the board, including a reasonable allowance for necessary expenses in attending meetings of said board and directors' meetings. Such compensation shall be paid by the Federal land bank of the district, and such bank shall be reimbursed therefor by the Federal intermediate credit bank, production credit corporation and bank for cooperatives of the district in such proportion and in such manner as may be fixed by the farm credit board subject to the approval of the Farm Credit Administration. Except with the approval of the Farm Credit Administration, no member of any farm credit board shall receive compensation or allowances for any services rendered such institutions, in his capacity as director or otherwise, for more than thirty days in any one calendar year, exclusive of the period for which compensation is paid for attendance at meetings of said board and at directors' meetings. (Aug. 19, 1937, c. 704, § 5 (j), 50 Stat. 706.)

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