$ 658 the Federal land banks, joint stock land banks, and the Federal intermediate credit banks on such equitable basis as the Farm Credit Administration shall determine, giving due consideration to time. and expense necessarily incident to the supervision of the operation of each type of bank, and making assessment on each of such banks pursuant to such apportionment, payable on the first days of January and July next ensuing. The funds collected pursuant to such assessments shall be deposited with the Treasurer of the United States under the miscellaneous receipts title "Assessments on Federal and joint stock land banks and Federal intermediate credit banks, salaries and expenses Farm Credit Administration," such expenses and salaries, together with all other expenses and salaries of the said administration, to be disbursed on appropriations duly made by the Congress. If any deficiency shall occur in such fund during the half-year period for which it was estimated, the Farm Credit Administration shall have authority to make immediate assessments covering such deficiency against the Federal land banks, joint stock land banks, and Federal intermediate credit banks upon the same basis as the original assessment. If at the end of the six months' period there shall remain a surplus in such fund, it shall be deducted from the estimated expenses of the next six months' period when assessment is made for such period. (July 17, 1916, c. 245, § 3, 39 Stat. 361; Mar. 4, 1923, c. 252, § 302, 42 Stat. 1473; Mar. 4, 1925, c. 524, § 3, 43 Stat. 1262; June 26, 1930, c. 613, 46 Stat. 815; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" and "administration" mentioned in the text were substituted for "Federal Farm Loan Board" and "board," respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. Appraisers and inspectors; compensation; manner of payment.-Federal land bank appraisers, and appraisers or inspectors of Federal intermediate credit banks, shall receive such compensation as the Farm Credit Administration shall fix and shall be paid by the Federal land banks, joint stock land banks, and the Federal intermediate credit banks they serve, in such proportion and in such manner as the Farm Credit Administration shall order. (July 17, 1916, c. 245, § 3, 39 Stat. 361; Mar. 4, 1923, c. 252, 302, 42 Stat. 1473; Mar. 4, 1925, c. 524, § 3, 43 Stat. 1262; 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. § 659 § 660 Attorneys, experts, and other employees; employment; salaries and fees.-The Farm Credit Administration shall be authorized and empowered to employ such attorneys, experts, assistants, clerks, laborers, and other employees as it may deem necessary to conduct the business of said administration [incident to the administration of this subchapter and subchapter III of this chapter]. All salaries and fees authorized in sections 651-664 of this chapter and not otherwise provided for shall be fixed in advance by said administration and shall be paid in the same manner as the salary of the Land Bank Commissioner. All such attorneys, experts, assistants, clerks, laborers, and other employees, and all registrars, examiners, and appraisers shall be appointed without regard to the provisions of sections 632, 635, 637, 638, and 640 to 642, of Title 5, Executive Departments and Government Officers and Employees (Act of Jan. 16, 1883, Twenty-second Statutes, page 403, and amendments thereto), or any rule or regulation made in pursuance thereof and may be classified without regard to chapter 13 of Title 5, [U.S. Code], Executive Departments and Government Officers and Employees (Classification Act of 1923 and amendments thereto): Provided, That nothing herein shall prevent the President from placing said ememployees in the classified service. (July 17, 1916, c. 245, § 3, 39 Stat. 361; Mar. 4, 1923, c. 252, § 2, 42 Stat. 1454; Mar. 4, 1925, c. 524, § 4, 43 Stat. 1263; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" and "administration" mentioned in the text were substituted for "Federal Farm Loan Board" and "board," respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. Statements of salaries paid by land banks.Every Federal land bank shall semiannually submit to the Farm Credit Administration a schedule showing the salaries or rates of compensation paid to its officers and employees. (July 17, 1916, c. 245, § 3, 39 Stat. 361; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" mentioned in the text was subsituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. § 661 Annual report. The Farm Credit Administration shall annually make a full report of its operations [under this subchapter and subchapter III of this chapter] to the Speaker of the House of Representa tives, who shall cause the same to be printed for "Farm Credit Administration" mentioned in the text was substituted $662 Examinations and reports by land banks; appraisals of farm land; amortization tables.-The Farm Credit Administration shall from time to time require examinations and reports of condition of all land banks established under the provisions of this chapter and shall publish consolidated statements of the results thereof. It shall cause to be made appraisals of farm lands as provided by this chapter, and shall prepare and publish amortization tables which shall be used by national farm. loan associations and land banks organized under this chapter. (July 17, 1916, c. 245, § 3, 39 Stat. 361; 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. $3 8663 Statements of condition of associations and land banks. The Farm Credit Administration shall prescribe a form for the statement of condition of national farm loan associations and land banks under its supervision, which shall be filled out quarterly by each such association or bank and transmitted to said administration. (July 17, 1916, c. 245, § 3, 39 Stat. 361; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" and "administration" mentioned in the text were substituted for "Federal Farm Loan Board" and "board," respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. §3 8 664 Bulletins and circulars.—It shall be the duty of the Farm Credit Administration to prepare from time to time bulletins setting forth the principal features of this subchapter and of subchapter III of this chapter and through the Department of Agriculture or otherwise to distribute the same, particularly to the press, to agricultural journals, and to farmers' organizations; to prepare and distribute in the same manner circulars setting forth the principles and advantages of amortized farm loans and the protection afforded debtors under said subchapters, instructing farmers how to organize and conduct farm loan associations, and advising invest & 3 § 665 ors of the merits and advantages of farm loan "Farm Credit Administration" and "administration" mentioned in Rules and regulations.-The Farm Credit Administration is authorized to make such rules and regulations, not inconsistent with law, as it deems' necessary or requisite for the efficient execution of the provisions of this subchapter and of subchapter III of this chapter, and/or of any Act or Acts amendatory thereof or supplementary thereto. (Jan. 23, 1932, c. 9, § 6, 47 Stat. 14; 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. $671 ORGANIZATION OF FEDERAL LAND BANKS Federal land bank districts.-As soon as practicable the Farm Credit Administration shall divide the continental United States, excluding Alaska, into twelve districts, which shall be known as Federal land bank districts, and may be designated by number. Said districts shall be apportioned with due regard to the farm loan needs of the country, but no such district shall contain a fractional part of any State. The boundaries thereof may be readjusted from time to time in the discretion of said administration. (July 17, 1916, c. 245, § 4, 39 Stat. 362; March 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" and "administration" mentioned in the text were substituted for "Federal Farm Loan Board" and "board," respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. 8 672 Establishment; titles; branches; Puerto Rico and Alaska; Hawaii; loans by branches.-The Farm Credit Administration shall establish in each Federal land bank district a Federal land bank, with its principal office located in such city within the district as said administration shall designate. 84 Each Federal land bank shall include in its title the name of the city in which it is located. Subject to the approval of the Farm Credit Administration, any Federal land bank may establish branches within the land bank district. Subject to the approval of the Farm Credit Administration and under such conditions as it may prescribe, the provisions of this subchapter and of subchapter III of this chapter are extended to the island of Puerto Rico and the Territory of Alaska; and the Farm Credit Administration shall designate a Federal land bank which is hereby authorized to establish a branch bank in Puerto Rico and a Federal land bank which is hereby authorized to establish a branch bank in the Territory of Alaska. The provisions of this subchapter and of subchapter III of this chapter and any Act amendatory thereof or supplementary thereto are extended to the Territory of Hawaii. The Farm Credit Administration shall include the territory in a Federal land bank district, and such Federal land bank as the administration may designate is authorized to establish branch banks in the Territory of Hawaii. Loans made by each such branch bank shall not exceed the sum of $25,000 to any one borrower and shall be subject to the restrictions and provisions of this chapter, except that each such branch bank may loan direct to borrowers, and, subject to such regulations as the Farm Credit Administration may prescribe, the rate charged borrowers may be 11⁄2 per centum in excess of the rate borne by the last preceding issue of farm loan bonds of the Federal land bank with which such branch bank is connected: Provided, That no loan shall be made in Puerto Rico or Alaska by such branch bank for a longer term than twenty years. Each borrower through such branch bank shall subscribe and pay for stock in the Federal land bank with which it is connected in the sum of $5 for each $100 or fraction thereof borrowed; such stock shall be held by such Federal land bank as collateral security for the loan of the borrower; shall participate in all dividends; and upon full payment of the loan shall be canceled at par and proceeds paid to borrower, or the borrower may apply the same to the final payments on his loan. (July 17, 1916, c. 245, § 4, 39 Stat. 362; Feb. 27, 1921, c. 78, 41 Stat. 1148; Mar. 4, 1923, c. 252, §§ 2, 803, 42 Stat. 1474; Mar. 10, 1924, c. 46, § 2, 43 Stat. 17; Mar. 4, 1929, c. 700, 45 Stat. 1558; Mar. 27, 1933, Ex. Or. 6084.) "Farm Credit Administration" and "administration" mentioned in the text were substituted for "Federal Farm Loan Board" and "board," respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. |