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12 U.S. C, 8 640g

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 6406-640f of this title for the original selection of such directors. (Aug. 19, 1937, c. 704, $ 5 (g), 50 Stat. 705.) 12 U. S. C., $ 640h

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 credit corporation, or bank for cooperatives. No district director, excepting any third district director 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.)

12 U.S.C., $ 640i

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.) 12 U.S.C., & 640j

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 Administra

tion. 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. 704,8 5 (j),50 Stat. 706.)

12 U.S. C., 8 640k

Laws unaffected.-Nothing contained in sections 640a-640j of this title shall be construed to abrogate or repeal section 672 of this title or to affect the applicability of any other Act of Congress under which agricultural credit laws of the United States may be made applicable to territories or insular possessions of the United States. (Aug. 19, 1937, c. 704, $ 5 (k), 5 Stat. 706.) 12 U.S. C., $ 640"1"

Powers of farm credit board.—Each farm credit board provided for in sections 640b and 640c of this title shall have power, subject to the approval of the Farm Credit Administration,

(a) Employment of joint officers and employees for certain organizations. To employ joint officers and employees for the Federal land bank, Federal intermediate credit bank, production credit corporation, and regional bank for cooperatives in its district. The salaries or other compensation of all such joint officers and employees shall be fixed by the district farm credit board and shall be paid by the Federal land bank of the district. Such bank shall be reimbursed therefor by the other three institutions in the district, in such amounts and upon such conditions as the board shall determine. Officers and employees appointed by the district farm credit board shall be officers and employees of the district institutions served by them. (Aug. 19, 1937, c. 704, 8 6,50 Stat. 706.)

(b) Authorization of acquisition and disposal of property. To authorize the acquisition and disposal of such property, real or personal, as ay be necessary or convenient for the transaction of the business of the Federal land bank, the Federal intermediate credit bank, the bank for cooperatives, and the production credit corporation, located in its district, upon such terms and conditions as it shall fix, and to prorate among such institutions the cost of purchases, rentals, construction, repairs, alterations, maintenance, and operation, in such amounts and in such manner as it shall determine. Any lease, or any contract for the purchase or sale of property, or any deed or conveyance of property, or any contract for the construction, repair, or alteration of buildings, authorized by a district farm credit board under this subsection shall be executed by the officers of the institution or institutions concerned pursuant to the direction of such board. No provision of law relative to the acquisition or disposal of property, real or personal, by or for the United States, or relative to the making of contracts or leases by or for the United States, including the provisions set out in Titles 40 and 41, and including provisions applicable to corporations wholly owned by the United States, shall be deemed or

held applicable to any lease, purchase, sale, deed, conveyance, or contract authorized or made by a district farm credit board, Federal land bank, Federal intermediate credit bank, production credit corporation, or bank for cooperatives under this subsection. (Aug. 19, 1937, c. 704, $ 6,50 Stat. 706.)

(c) Vacations and sick leaves. No corporation under the supervision of the Farm Credit Administration,

of which corporation any member of the board of directors is elected or appointed by private interests, shall be subject to the provisions of sections 29a, 306–30m, and 31a of Title 5. (Aug. 19, 1937, c. 704, $ 6,50 Stat. 706.)

SUBCHAPTER 1.-FEDERAL LAND BANKS, JOINT STOCK LAND BANKS, AND NATIONAL FARM LOAN ASSOCIATIONS

12 U.S.C., 8 641

F. F. L. Act, 81 “Federal Farm Loan Act”; administration. The act of July 17, 1916 (Chapter 245, 39 Statutes 360), as amended by act of March 4, 1923 (Chapter 252, 42 Statutes 1454), to include Federal intermediate credit banks may be cited as the “Federal Farm Loan Act.” Its administration shall be under the direction and control of the Farm Credit Administration, created pursuant to Executive Order. (July 17, 1916, c. 245, $ 1,39 Stat. 360; Mar. 4, 1923, c. 252, $$ 1, 2, 42 Stat. 1454; Mar. 27, 1933, Ex. Or. 6084.) Farm Credit Administration was transferred to the Department of Agriculture,

See note preceding section 636 of this title.

Act of July 17, 1916, cited to the text, was entitled "An act to provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, to create Government depositaries and financial agents for the United States, and for other purposes."

12 U.S. C., 642

F.F. L. Act, 82 “First mortgage” and “farm loan bonds" defined.—Wherever the term "first mortgage" is used in this subchapter it shall be held 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.)

ADMINISTRATIVE PROVISIONS RELATIVE TO THIS SUBCHAPTER

12 U.S.C., $ 651

F.F.L. Act, 83 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,

supervision of the Farm Credit Administration. (July 17, 1916, c. 245, § 3, 39 Stat. 360; Mar. 27, 1933, Ex. Or. 6084.)

The Federal Farm Loan Bureau and its functions were transferred to the Farm Credit Administration by Ex. Ord. No. 6084, cited to text and set out preceding section 636 of this title.

Farm Credit Administration was transferred to the Department of Agriculture. See note preceding section 636 of this title.

12 U.S.C., 8 652

F.F. L. Act, 8 3 Land Bank Commissioner; appointment and salary.—The Land Bank Commissioner shall be appointed by the President of the United States, by and with the advice and consent of the Senate. He shall be a citizen of the United States and shall devote his entire time to the business of his office; he shall receive an annual salary of $10,000, payable monthly, together with actual necessary traveling expenses. (July 17, 1916, c. 245, $ 3, 39 Stat. 360; Mar. 4, 1923, c. 252, § 301, 42 Stat. 1473; Ex. Or. No. 6084, Mar. 27, 1933; June 16, 1933, c. 98, $ 80 (a), 48 Stat. 273.)

References to the Federal Farm Loan Board and its members were changed to Land Bank Commissioner and provisions relating to number of members of the Federal Farm Loan Board, membership of Secretary of the Treasury, political parties of members, and terms of office were omitted on authority of Ex. Or. No. 6084, cited to text, and set out as a note preceding section 636 of this title, which abolished the functions of the Secretary of the Treasury as a member of the Federal Farm Loan Board, abolished the offices of its appointed members, except that of Farm Loan Commissioner and transferred the powers and functions of the Board to the Farm Loan Commissioner. Act June 16, 1933, cited to text, changed name of Farm Loan Commissioner to Land Bank Commissioner.

12 U.S.C., $ 653

F.F.L. Act, 83 Oath of Land Bank Commissioner.—The Land Bank Commissioner shall within fifteen days after notice of his appointment take and subscribe to the oath of office. (July 17, 1916, c. 245, § 3, 39 Stat. 360; Ex. Or. No. 6084, Mar. 27, 1933; June 16, 1933, c. 98, $ 80 (a), 48 Stat. 273.)

Former first sentence of section, relating to terms of office of members of the Federal Farm Loan Board and designation of one of the members as Farm Loan Commissioner, was omitted and “The Land Bank Commissioner" was substituted for "Each member of the Federal Farm Loan Board" on authority of Ex. Or. No. 6084 and act June 16, 1933, both cited to text. See note under section 652 and section 638 of this title.

12 U. S. C., $ 654

F. F. L. Act, 83 Restriction on right of Land Bank Commissioner to engage in other business. The Land Bank Commissioner shall not, 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 Land Bank Commissioner he shall certify under oath to the President that he is eligible under this section. (July 17, 1916, c. 245, $ 3, 39 Stat. 360; Ex. Or. No. 6084, Mar. 27, 1933, June 16, 1933, c. 98, $ 80 (a), 48 Stat. 273.)

References to members of the Federal Farm Loan Board were changed to Land Bank Commissioner on the authority of Ex. Or. No. 6084, cited to text. and set out as a note preceding section 636 of this title, and act June 16, 1933, cited to text.

12 U. S. C., 8 655

F.F. L. Act, $ 3 Filling vacancies in office of Land Bank Commissioner. The President shall have the power, by and with the advice and consent of the Senate, to fill any vacancy occurring in the office of Land Bank

Commissioner; 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; Ex. Or.
No. 6084, Mar. 27, 1933; June 16, 1933, c. 98, § 80 (a), 48 Stat. 273.)

References to members of the Federal Farm Loan Board were changed to Land Bank Commissioner on the authority of Ex. Or. No. 6084, cited to text, and set out as a note preceding section 636 of this title, and act June 16, 1933, cited to text, which is section 638 of this title.

12 U.S.C., 8 656

F.F.L. Act, 83 Registrars, appraisers, and examiners; appointment; restriction on right to engage in other business. The Farm Credit Administration shall appoint a farm loan registrar in each farm credit district to receive applications for issues of farm loan bonds and to perform such other services as are prescribed by this chapter and may appoint a deputy registrar who shall during the unavoidable absence or disability of the registrar perform the duties of that office. It shall also appoint one or more land bank appraisers for each farm credit district and as many farm credit examiners as it shall deem necessary. Farm loan registrars, deputy registrars, land bank appraisers, and farm credit examiners appointed under this section and sections 651655, 659–664 of this title shall be public officials and shall, during their continuance in office, have no connection with or interest in any other institution, association, or partnership engaged in banking or in the business of making land mortgage loans or selling land mortgages: Provided, That this limitation shall not apply to persons employed by the administration temporarily to do special work. (July 17, 1916, c. 245, 83, 39 Stat. 361; Apr. 20, 1920, c. 154, § 1, 41 Stat. 570; Mar. 27, 1933, Ex. Or. 6084; Aug. 19, 1937, c. 704, $$ 5 (a), 20, 50 Stat. 704, 710.) 12 U.S.C., $ 656a

Examiners to be designated “farm credit examiners."-Examiners appointed pursuant to the provisions of section 656 of this title shall after August 19, 1937, be designated and known as farm credit examiners. (Aug. 19, 1937, c. 704, § 20, 50 Stat. 710.) 12 U.S.C., 8 659

F. F.L. Act, 83 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 title 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, 633, 635, 637, 638, and 640-642, of Title 5, or any rule or regulation made in pursuance thereof and may be classified without regard to sections 661–663, 664-669, 670–672, 673, and 674 of Title 5: Provided, That

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