8 641 SUBCHAPTER I.-FEDERAL LAND BANKS, Federal Farm Loan Act; administration.- Act of July 17, 1916, cited to the text, was entitled "An act § 642 "First mortgage" and "farm loan bonds" defined. Wherever the term "first mortgage" is used in this subchapter it shall be held to include such classes of first liens on farm lands as shall be approved by the Farm Credit Administration, and the credit instruments secured thereby. The term "farm loan bonds" shall be held to include all bonds secured by collateral deposited with a farm loan registrar under the terms of this subchapter; they shall be distinguished by the addition of the words "Federal", or "joint stock", as the case may be. (July 17, 1916, c. 245, § 2, 39 Stat. 360; 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. § 651 ADMINISTRATIVE PROVISIONS RELATIVE TO THIS Federal Farm Loan Bureau.-There shall be at the seat of government a bureau charged with the execution of this subchapter and of subchapter III of this chapter and of all Acts amendatory thereof, to be known as the "Federal Farm Loan Bureau", under the general supervision of the Farm Credit Administration. (July 17, 1916, c. 245, § 3, 39 Stat. "Farm Credit Administration" mentioned in the text was sub- 8 652 - Federal Farm Loan Board; number of members; appointment; salaries; expenses. The Federal Farm Loan Board shall consist of seven members, including the Secretary of the Treasury, who shall be a member and chairman ex officio, and six members to be appointed by the President of the United States, by and with the advice and consent of the Senate. Of the six members to be appointed by the President, not more than three shall be appointed from one political party, and all six of said members shall be citizens of the United States and shall devote their entire time to the business of the Federal Farm Loan Board; they shall receive an annual salary of $10,000, payable monthly, together with actual necessary traveling expenses. One of the additional members of the Federal Farm Loan Board, hereby provided for, shall be appointed for a term expiring August 6, 1929, and one for a term expiring August 6, 1931, and thereafter the terms of all members of the Federal Farm Loan Board shall be as in section 653 of this subchapter otherwise provided for. (July 17, 1916, c. 245, § 3, 39 Stat. 360; Mar. 4, 1923, c. 252, § 301, 42 Stat. 1473.) This section was rendered obsolete by Executive Order 6084, except insofar as it affects the qualifications, appointment, salary, etc., of the Land Bank Commissioner, previously known as Farm Loan Commissioner. See 638 of this chapter. § 653 Terms of office; oath; Land Bank Commissioner. One of the members of the Federal Farm Loan Board to be appointed by the President shall be designated by him to serve for two years, one for four years, one for six years, and one for eight years, and thereafter each member so appointed shall serve for a term of eight years, unless sooner removed for cause by the President. One of the members shall be designated by the President as the Land Bank Commissioner, who shall be the active executive officer of said board. Each member of the Federal Farm Loan Board shall within fifteen days after notice of his appointment take and subscribe to the oath of office. (July 17, 1916, This section was rendered obsolete, by Executive Order 6084, ex- 8 654 Eligibility of members; restriction on right to engage in other business.-No member of the Federal Farm Loan Board shall, during his continuance in office, be an officer or director of any other institution, association, or partnership engaged in banking, or in the business of making land mortgage loans or selling land mortgages. Before entering upon his duties as a member of the Federal Farm Loan Board each member shall certify under oath to the President that he is eligible under this section. (July 17, 1916, c. 245, § 8, 39 Stat. 360.) This section was rendered obsolete by Executive Order 6084, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See 8 638 of this chapter. 8 655 8 656 Filling vacancies on board. The President shall have the power, by and with the advice and consent of the Senate, to fill any vacancy occurring in the membership of the Federal Farm Loan Board; if such vacancy shall be filled during the recess of the Senate a commission shall be granted which shall expire at the end of the next session. (July 17, 1916, c. 245, § 3, 39 Stat. 360.) This section was rendered obsolete by Executive Order 6084, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See § 688 of this chapter. Registrars, appraisers, and examiners; ap- § 657 registrars, land bank appraisers, and land bank ex- "Farm Credit Administration" and "administration" mentioned Salaries and expenses; provision for payment. The amount of the salaries and expenses of the employees engaged in the work of the division of examinations of the Federal Farm Loan Bureau as estimated by the Farm Credit Administration shall be paid by the Federal land banks, joint stock land banks, and the Federal intermediate credit banks, as follows: The Farm Credit Administration shall, prior to the first days of January and July of each year, estimate the expenses and salaries of the employees engaged as aforesaid, and apportion the same among 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 assessment covering such deficiency against the Federal land banks, joint 8 3 stock land banks, and Federal intermediate credit "Farm Credit Administration" and "administration" mentioned 8 658 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. 8 659 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, |