agricultural credit corporations formed under section 201 (e) of the Emergency Relief and Construction Act of 1932 [section 1148 of this title]; 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.

(6) The functions vested in the Federal Farm Board by section 9 of the Agricultural Marketing Act [section 1141g of this title] are abolished, except that such functions shall continue to be exercised to such extent and for such time as may be necessary to permit the orderly winding up of the activities of stabilization corporations heretofore recognized under authority of such section, and the Governor of the Farm Credit Administration shall take appropriate action for winding up at the earliest practicable date the activities of such corporations and all affairs related to the exercise of such functions.

(7) The records, property (including office equipment), and personnel used and employed in the execution of the functions hereinbefore transferred are transferred to the jurisdiction and control of the Farm Credit Administration.

(8) The sum of $2,000,000 of the unexpended balances of appropriations made to the Federal Farm Board by Public Resolutions No. 43 and No. 51 of the Seventysecond Congress shall be impounded and returned to the Treasury, which sum shall be in addition to the other savings to be effected by the Farm Credit Administration as a result of this order.

(9) The unexpended balances of appropriations to the Secretary of Agriculture, the Federal Farm Loan Bureau, and the Federal Farm Board for salaries, expenses, and all other administrative expenditures in the execution of the functions herein vested in the Farm Credit Administration shall be transferred to and vested in the Farm Credit Administration as a single fund for its use for salaries, expenses, and all other administrative expenditures for the execution of any or all of such functions without restriction as to the particular functions for the execution of which the same were originally appropriated. All other appropriations, allotments, and other funds available for use in connection with the functions and executive agencies hereby transferred and consolidated are hereby transferred to and vested in the Farm Credit Administration, and shall be available for use by it, for the same purposes as if the Farm Credit Administration were named in the law or authority providing such appropriations, allotments, or other funds.

(10) All power, authority, and duties conferred by law upon any officer, executive agency, or head thereof, from which or from whom transfer is hereinbefore made, in relation to the executive agency or function transferred, are transferred to and vested in the Governor of the Farm Credit Administration.

(11) The Governor of the Farm Credit Administration is directed to dismiss, furlough, transfer, or make other appropriate disposition of such of the officers and employees under his jurisdiction and control as are not required for the proper execution of the functions of the Farm Credit Administration.

(12) The Governor of the Farm Credit Administration is authorized to execute any and all functions and perform any and all duties vested in him through such persons as he shall by order designate or employ.

(13) The Governor of the Farm Credit Administration, by order or rules and regulations, may consolidate, regroup, and transfer offices, bureaus, activities, and functions in the Farm Credit Administration, so far as may be required to carry out the purposes to which this order is directed, and may fix or change the names of such offices, bureaus, and activities and the duties, powers, and titles of their executive heads.

This order shall take effect upon the sixty-first calendar day after its transmission to Congress unless otherwise determined in accordance with the provisions of section 407 of the act cited above, as amended.

[All functions, powers and duties of the Governor of the Farm Credit Administration which relate to the making, administration, and liquidation of all loans

identified or referred to in sections 5 (b), 5 (c), and 5 (d) of this Executive Order were abolished by act Aug. 14, 1946, ch. 964, § 2 (a) (2), 60 Stat. 1062, set out in note under section 1001 of Title 7. Regarding section 5 (e) of the Executive Order, the last remaining regional agricultural credit corporation was abolished and its functions transferred to the Secretary of Agriculture by act Apr. 6, 1949, ch. 49, 63 Stat. 43.]

Farm Credit Administration;

General Administrative Provisions

The Farm Credit Administration originally was established as an independent agency by Ex. Ord. No. 6084, set out above, eff. May 27, 1933. It was transferred to the Department of Agriculture by 1939 Reorg. Plan No. 1, § 401, eff. July 1, 1939, 4 F. R. 2730, 53 Stat. 1429, set out in note under section 133t of Title 5, Executive Departments and Government Officers and Employees. By the Farm Credit Act of 1953, eff. Dec. 4, 1953, the Farm Credit Administration was reconstituted under the direction, supervision, and control of the Federal Farm Credit Board therein provided for, and was reestablished as an independent agency in the executive branch of the Government, as to which see sections 636b, 636c, 636d, 636e, and 636f of this title.

12 U. S. C. § 636

Farm Credit Administration;

provisions relating to organization

E. F. M. Act § 40

The Governor of the Farm Credit Administration is authorized, in carrying out the powers and duties now or hereafter vested in him or the Farm Credit Administration by law or under any Executive order made under title IV of part II of the Legislative Appropriation Act of 1933, as amended, to establish, and to fix the powers and duties of, such divisions, agencies, corporations, and instrumentalities as he may deem necessary to the efficient functioning of the Farm Credit Administration and the successful execution of the powers and duties so vested in the Governor and the Farm Credit Administration. This section shall not be construed to restrict the authority of the President under title IV of such Act, as amended: Provided, That no salary or compensation shall be paid to any officer, agent, or other person employed under this section in excess of $10,000 per annum. (May 12, 1933, ch. 25, title II, § 40, 48 Stat. 51.)

12 U. S. C. § 636a

Declaration of policy

F. C. Act 1953 § 2

It is declared to be the policy of the Congress to encourage and facilitate increased borrower participation in the management, control, and ultimate ownership of the permanent system of agricultural credit made available through institutions operating under the supervision of the Farm Credit Administration, and the provisions of sections 636a636h, 640b, 640d, 903, 1131c (e), 1131e-1, 1134d, and 1134/ of this

title shall be construed in keeping with this policy. The Federal Farm Credit Board hereinafter provided for shall within one year after appointment make recommendations to the Congress of means, supplemental to those provided by said sections, of carrying into effect such declared policy, including, but not limited to, means of increasing borrower participation in ownership of the Federal Farm Credit System to the end that the investment of the United States in the Federal intermediate credit banks, production credit corporations, Central Bank for Cooperatives, and regional banks for cooperatives may be retired. (Aug. 6, 1953, ch. 335, § 2, 67 Stat. 390).

Section 18 of act Aug. 6, 1953 (Farm Credit Act of 1953), provided: "This Act [sections 636a-636h, 903, 1131c (e), and 1131e-1 of this title, amendments to sections 640b, 640d, 1134d and 11341 of this title, the repeal of sections 637, 638, 652-655 and 1141a of this title and some provisions not set out in this circular] shall take effect one hundred and twenty days after the date of its enactment [Aug. 6, 1953]", making such effective date Dec. 4, 1953, but with a proviso for establishing the Federal Farm Credit Board earlier.

Section 17 (a) of act Aug. 6, 1953 (Farm Credit Act of 1953), provided: “(a) There are authorized to be appropriated such sums as may be necessary or appropriate for administering the provision of this Act: Provided, That the cost of examination and of administrative supervision of the Farm Credit Administration shall continue to be supported by assessments against institutions supervised by the Farm Credit Administration as provided in the Department of Agriculture Organic Act of 1944 [section 832 of this title]."

12 U. S. C. § 636b

F. C. Act 1953 § 3

Farm Credit Administration as independent agency; location; utilization of services; control

The Farm Credit Administration shall be an independent agency in the executive branch of the Government. It shall be housed in the Department of Agriculture in the District of Columbia, and it may, with the consent of the Secretary of Agriculture, utilize the services and facilities of the Department of Agriculture. The Federal Farm Credit Board, hereinafter provided for, shall have direction, supervision, and control of the Farm Credit Administration and of its operations and functions, as provided in sections 636a-636h, 640b, 640d, 903, 1131c (e), 1131e−1, 1134d, and 11347 of this title. (Aug. 6, 1953, ch. 335, § 3, 67 Stat. 390.)

12 U. S. C. § 636c

Federal Farm Credit Board-(a) Creation; composition and appointment of members

F. C. Act 1953 § 4

There shall be established, in the Farm Credit Administration, a Federal Farm Credit Board (hereinafter referred to as the "Board”). Said Board shall consist of thirteen members. Twelve of the members, one from each of the farm credit districts of the United States, shall be

known as appointed members and shall be appointed by the President with the advice and consent of the Senate. In making appointments to the Board the President shall have due regard to a fair representation of the public interest, the welfare of all farmers and the various types of cooperative agricultural credit interests; shall give special consideration to persons who are experienced in cooperative agricultural credit; and shall, before making such appointments, receive and consider nominations made as follows: The national farm loan associations in the district shall designate one nominee, the production credit associations in the district shall designate one nominee, and the cooperatives which are stockholders or subscribers to the guaranty fund of the bank for cooperatives of the district shall designate one nominee, in accordance with the procedure prescribed in sections 640e and 640f of this title for the nomination and election of members of a district farm credit board, except that only the two persons receiving the highest number of votes shall be included in the list of nominees prepared as a result of the voting under the procedure prescribed in said section 640e: Provided, That the names of all those who are tied for second place as a result of said voting shall be included in the list; and in case of a tie in the voting under the procedure prescribed in said section 640f all persons so tied shall be considered designated as nominees: And provided further, That if the same person would otherwise be on the list of nominees of more than one of said groups as a result of the voting under section 640e of this title he may choose the one list on which his name shall appear, and otherwise his name shall appear only on the list of the two highest nominees of the group which gave him the highest percentage of its votes. Subsequent appointments shall be made after receiving and considering nominations made in like manner.

(b) Qualifications of appointed members

Each appointed member of said Board shall be a citizen of the United States and shall have been a resident of the farm credit district from which appointed for not less than ten years next preceding his appointment, and the removal of residence from the district during his tenure shall operate as a termination of his membership on said Board. No appointed member of said Board shall be eligible to serve for more than one full term of six years, and, in addition, a term of less than six years if he is one of the first members to be appointed, or is appointed to fill, the unexpired portion of one term expiring before his appointment to a full term, except that one full term of six years shall be considered to include an additional four months if the particular term is one which was legally extended for an additional four months. No person shall be eligible for nomination or appointment to membership

year next preceding the commencement of the term been a salaried officer or employee of the Farm Credit Administration, or a salaried officer or employee of any corporation operating under the supervision of the Farm Credit Administration. Any person who is a member of the district farm credit board when appointed as a member of the Federal Farm Credit Board shall resign as a member of the district board before assuming his duties as a member of the Federal Farm Credit Board. No person who becomes an appointed member of said Board shall be eligible to continue to serve as a member thereof if such person becomes a member of any district farm credit board, or an officer or employee of the Farm Credit Administration, or an officer or employee of any corporation operating under the supervision of the Farm Credit Administration.

(c) Terms of office; vacancies

The term of office of the appointed members of said Board shall be six years, beginning on December 1, 1953, and such members shall serve until their successors are duly appointed and qualified; however, of the first appointed members appointed hereunder, two shall be appointed for a term of one year from said date, two for a term of two years, two for a term of three years, two for a term of four years, two for a term of five years, and two for a term of six years. All vacancies in the offices of appointed members on said Board shall be filled for the unexpired portion of the term upon like nominations and by like appointments as herein provided for the appointment of the first such members of said Board. All terms of office which otherwise would expire on November 30 of any year following enactment of the Farm Credit Act of 1955 are extended four months to expire on the following March 31 so that the term of office of all successors to the terms so extended shall begin with the first day of April.

(d) Designation of thirteenth member

by Secretary of Agriculture; qualifications

The thirteenth member of the Board shall be designated by the Secretary of Agriculture, shall serve at the pleasure of the Secretary, and shall be known as the Secretary's Representative on said Board. He shall be a citizen of the United States and shall have been a resident of the United States for not less than ten years next preceding his designation to membership on said Board. No person shall be eligible to be designated by the Secretary or to serve as the Secretary's Representative on said Board, if such person is a member of a district farm credit board, an officer or employee of any corporation operating under the supervision of the Farm Credit Administration. The Secretary's representative shall not be eligible to serve as Chairman, Vice Chairman, or Secretary of