the Board, but shall otherwise possess all rights and privileges of membership on said Board. (e) Organization; election of officers; quorum; meetings As soon as practicable after the memberships on said Board have been filled as provided in sections 636a-636h, 640b, 640d, 903, 1131c (e), 1131e-1, 1134d, and 1134/ of this title, the members of said Board shall meet, subscribe the oath of office, and organize by electing from the appointed members a Chairman and a Vice Chairman; and said Board shall appoint a secretary from within or without its membership as it may see fit. The Board shall elect annually for a term of one year the Chairman, Vice Chairman, and Secretary, who shall serve until their successors are elected and take office. The Chairman shall preside at all meetings and the Vice Chairman shall preside in the absence or disability of the Chairman. The Board may, in the absence of both the Chairman and Vice Chairman, elect any appointed member to act as Chairman pro tempore. Seven members shall constitute a quorum of the Board for the transaction of business. The Board may function notwithstanding vacancies provided a quorum as herein established shall be present. The Board shall meet at such times and places as it may fix and determine, but shall hold at least four regularly scheduled meetings a year; and special meetings may be held on call of the Chairman or any three members of the Board. (f) Compensation of Board members; expenses Each member of the Board shall receive the sum of $50 for each day or part thereof spent in the performance of his official duties, which compensation, however, shall not be paid for more than seventy-five days (or parts of days) in any calendar year; and shall not be paid to the Secretary's representative if he is a full-time officer or employee of the United States, or such payment is otherwise prohibited by law; and in addition, shall be reimbursed for necessary travel, subsistence, and other expenses incurred in the discharge of his official duties, without regard to other laws with respect to allowances which may be made on account of travel and subsistence expenses of officers and employed personnel of the United States. (g) Adoption of rules; records The Board shall adopt such rules as it may see fit for the transaction of its business, and shall keep permanent and complete records and minutes of its acts and proceedings. (Aug. 6, 1953, ch. 335, § 4, 67 Stat. 390; Aug. 11, 1955, ch. 785, title IV, § 402, 69 Stat. 666.) 12 U. S. C. § 636d F. C. Act 1953 § 5 Governor of Farm Credit Administration- The Board shall appoint a Governor of the Farm Credit Administration (hereinafter referred to as the "Governor") who shall serve at the pleasure of the Board, and who shall, subject to the general supervision and direction of the Board as to matters of a broad and general supervisory, advisory, or policy nature, and except as otherwise herein specifically provided, be responsible for the execution of sections 636a636h, 640b, 640d, 903, 1131c (e), 1131e-1, 1134d, and 1134/ of this title, all Acts supplemental thereto, and all Acts creating the powers, functions, and duties of the Farm Credit Administration: Provided, however, That pending retirement of Government capital in institutions supervised by the Farm Credit Administration, the appointment of the Governor shall be subject to the approval of the President; and during such period the President shall have power to require the removal of the Governor. (b) Compensation; maximum salary and expense allowance The Board shall fix the compensation of the Governor: Provided, That the salary of the Governor shall not exceed $17,500 a year, together with necessary traveling and subsistence expenses, or per diem allowance in lieu thereof within the limitations prescribed by law, while away from his official station upon official business. (c) Compliance with Board orders; presumption It shall be the duty of the Governor to comply with all orders and directions which he receives from the Board; as to all third persons, all acts of the Governor shall be conclusively presumed to be in compliance with the orders and directions of the Board. (d) Personnel; composition of Farm Credit Administration; performance of functions, etc. The Governor shall appoint such other personnel as may be necessary to carry out the functions, powers, and duties vested in the Farm Credit Administration. The Farm Credit Administration shall consist of the Board, the Governor, and such other personnel as are employed in carrying out the functions, powers, and duties vested in the Farm Credit Administration. All functions, powers, and duties of the Farm Credit Administration, except those herein conferred upon the Board, shall be exercised and performed by the Governor and may be exercised and performed by him through such officers and employees of the Farm Credit Administration as he shall designate. (e) Termination of office of incumbent; Acting Governor pending new appointment The term of office of the incumbent of the office of Governor of the Farm Credit Administration appointed before the effective date of this Act and holding office on that date shall terminate on that date and said office shall thereby become vacant: Provided, That if as of that date a Governor has not been appointed, and qualified, under sections 636a-636h, 640b, 640d, 903, 1131c (e), 1131e-1, 1134d, and 1134/ of this title, the Secretary of Agriculture shall designate an assistant to the Secretary to serve as Acting Governor of the Farm Credit Administration and such Acting Governor shall exercise and perform all functions, powers, and duties vested in the Farm Credit Administration until the appointment and qualification of a Governor as provided in sections 636a-636h, 640b, 640d, 903, 1131c (e), 1131e-1, 1134d, and 1134/ of this title. The Acting Governor shall be subject to the powers of the Board when the Board has been appointed and qualified. (Aug. 6, 1953, ch. 335, § 5, 67 Stat. 392.) Annual rate of basic compensation of Governor as $21,000, see section 2203 (a) of Title 5, Executive Departments and Government Officers and Employees. 12 U. S. C. § 636e Duties of Federal Farm Credit Board; administrative powers, etc., of Governor F. C. Act 1953 § 6 It shall be the function and duty of the Board (1) to see that the policies fixed by the Board under sections 636a-636h, 640b, 640d, 903, 1131c (e), 1131e-1, 1134d, and 1134/ of this title are carried out; (2) to require such reports as it deems necessary from the Governor and from any of the officials or corporations under the control or supervision of the Farm Credit Administration; (3) to make an annual report to Congress, including therein any recommendations of amendments to the laws relative to Federal agricultural credit; and (4) to exercise general direction and supervision over the performance of all functions, powers, and duties vested in the Governor when relating in the judgment of the Board to matters of a broad and general supervisory, advisory, or policy nature. It shall function as a unit without delegating authority to individual members and shall not operate in an administrative capacity; and all administrative powers, functions, and duties of the Farm Credit Administration shall be exercised and performed by the Governor. (Aug. 6, 1953, ch. 335, § 6, 67 Stat. 393.) 12 U. S. C. § 636f F. C. Act 1953 § 7 Abolishment of offices and transfer of funds, etc.; appointments to, and transfer of, Federal Farm Mortgage Corporation (a) The offices of the Land Bank Commissioner, Production Credit Commissioner, Cooperative Bank Commissioner, and Intermediate Credit Commissioner are abolished. The Governor shall designate an officer or employee of the Farm Credit Administration to serve at the pleasure of the Governor as a member of the board of directors of the Federal Farm Mortgage Corporation, in lieu of the Land Bank Commissioner. The Federal Farm Mortgage Corporation and its functions and activities are transferred to the Farm Credit Administration and shall be administered therein under the general direction and supervision thereof. (b) Employees in the Department of Agriculture who are being utilized on the effective date of this Act primarily for the performance of functions, powers, and duties heretofore or by sections 636a-636h, 640ḥ, 640d, 903, 1131c (e), 1131e-1, 1134d, and 11341 of this title vested in the Farm Credit Administration, shall be transferred to the jurisdiction and control of the Farm Credit Administration in those instances in which the Governor determines that they are qualified and necessary to carry out the functions, powers, and duties of the Farm Credit Administration. (c) All assets, funds, contracts, property, and records used and employed in the execution of the functions, powers, and duties heretofore or by sections 636a-636h, 640b, 640d, 903, 1131c (e), 1131e-1, 1134d, and 11341 of this title vested in the Farm Credit Administration are hereby transferred to the jurisdiction and control of the Farm Credit Administration. (d) So much of the unexpended balances of appropriations, allocations, and other funds available or to be made available for salaries, expenses, and all other administrative expenditures as the Director of the Bureau of the Budget shall determine for use in the execution of the functions heretofore or by sections 636a-636h, 640b, 640d, 903, 1131c (e), 1131e-1, 1134d, and 1134/ of this title vested in the Farm Credit Administration, shall be transferred to and vested in the Farm Credit Administration. (e) All unexpended balances of appropriations, allocations, or other funds, other than those mentioned in subsection (d) of this section, available (including those available for the fiscal year ending June 30, 1953) for the Farm Credit Administration and/or for the Secretary of Agriculture on account of the functions and activities of Farm Credit Administration, shall be transferred to the Farm Credit Administration and shall remain available for the exercise of the functions and activities of the Farm Credit Administration. (Aug. 6, 1953, ch. 335, § 7, 67 Stat. 393; Aug. 11, 1955, ch. 785, title I, §110 (c), 69 Stat. 662.) 12 U. S. C. § 636g Delegation of duties, powers, etc., to institutions in farm credit districts F. C. Act 1953 § 8 The Farm Credit Administration is authorized and directed, by order or rules and regulations, to delegate to a Federal land bank such of the duties, powers, and authority of the Farm Credit Administration with respect to and over National Farm Loan Associations, their officers and employees, in the farm credit district wherein such Federal land bank is located, as may be determined to be in the interest of effective administration; and, in like manner, to delegate to a Federal intermediate credit bank such of the duties, powers, and authority of the Farm Credit Administration with respect to and over production credit associations, their officers and employees, in the farm credit district wherein such Federal intermediate credit bank is located, as may be determined to be in the interest of effective administration; and, in either case the duties, powers, and authority so delegated shall be performed and exercised under such conditions and requirements and upon such terms as the Farm Credit Administration may specify. Any Federal land bank or Federal intermediate credit bank to which any such duties, powers, or authority may be delegated is authorized and empowered to accept, perform, and exercise such duties, powers, and authority as may be so delegated to it. (Aug. 6, 1953, ch. 335, § 8, 67 Stat. 394; July 26, 1956, ch. 741, title I, § 107 (a), 70 Stat. 666.) 12 U. S. C. § 636h Administrative expenditures F. C. Act 1953 § 17 (b) Farm Credit Administration may, within the limits of funds available therefor, and subject to provisions of law generally applicable to Government agencies, make necessary expenditures for personnel services and rent at the seat of government and elsewhere; contract stenographic reporting services; purchase and exchange of lawbooks, books of reference, periodicals, newspapers, expenses of attendance at meetings and conferences; purchase, operation, and maintenance, at the seat of government and elsewhere, of motor-propelled passenger-carrying vehicles and other vehicles; printing and binding; and for such other facilities and services as it may from time to time find necessary for the proper administration of sections 636a-636h, 640b, 640d, 903, 1131c (e), 1131e-1, 1134d, and 1134/ of this title. (Aug. 6, 1953, ch. 335, |