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nothing herein shall prevent the President from placing said employees in the classified service. (July 17, 1916, c. 245, $ 3, 39 Stat. 361; Mar. 4, 1925, c. 524, $ 4, 43 Stat. 1263; Mar. 27, 1933, Ex. Or. 6084; June 16, 1933, c. 98, § 80'(a), 48 Stat. 273.)

"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,

The language in brackets does not appear in the United States Code.

12 U.S.C., 8 660

F.F.L. Act, 83 Statement 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, 83, 39 Stat. 361; Mar. 27, 1933, Ex. Or. 6084.)

12 U. S. C., $ 661

F. F. L, Act, § 3 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 Representatives, who shall cause the same to be printed for the information of the Congress. (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.

The language in brackets does not appear in the United States Code. 12 U.S.C., 662

F.F. L. Act, § 3 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.)

12 U.S.C., & 663

F. F. L. Act, 83 Statements of condition of loan 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.) 12 U.S. C., $ 664

F.F. L. Act, 83 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 jour

nals, 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 investors of the merits and advantages of farm loan bonds; and to disseminate in its discretion information for the further instruction of farmers regarding the methods and principles of cooperative credit and organization. Said administration is instructed to lay before the Congress at each session its recommendations for further appropriations to carry out the objects of this section, (July 17, 1916, c. 245, 33, 39 Stat. 361; Mar. 27, 1933, Ex. Or. 6084.)

12 U.S. C., 8 665

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 any Act or Acts amendatory thereof or supplementary thereto. (Jan. 23, 1932, c. 9, $ 6, 47 Stat. 14; Mar. 27, 1933, Ex. Or. 6084.)

ORGANIZATION OF FEDERAL LAND BANKS

§ 671 was repealed by Act Aug. 19, 1937, c. 704, 8 7 (a), 50 Stat. 707. 12 U.S.C., $ 672

F. F. L. Act, 84 Establishment; titles; branches; Puerto Rico and Alaska; Hawaii; loans by branches.—The Farm Credit Administration shall establish in each farm credit district a Federal land bank, with its principal office located in such city within the district as said administration shall designate. 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 farm credit 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. Loans made by each such branch bank 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 112 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.

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*For special provisions relative to foreclosures in Puerto Rico where the United States must be joined as a party defendant, and to subordinations of liens of the Puerto Rico Hurricane Relief Commission, see Aug. 27, 1935, c. 776, 49 Stat. 926; Aug. 27, 1935, c. 777,

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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, § 303, 42 Stat. 1474; Mar. 4, 1929, c. 700, 45 Stat. 1558; May 17, 1932, c. 190, 47 Stat. 158; Mar. 27, 1933, Ex. Or. 6084; Aug. 19, 1937, c. 704, 8 5 (a), 50 Stat. 704, June 30, 1945, c. 204, § 3, 59 Stat. 267.)

Act of May 17, 1932, cited to text, changed the name of Porto Rico to "Puerto Rico."

12 U. S.C., $ 672a

Extension of provisions to Hawaii.-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 farm credit district, and such Federal land bank as the Administration may designate is authorized to establish branch banks in the Territory. (Mar. 10, 1924, c. 46, 92, 43 Stat. 17; Ex. Or. No. 6084, Mar. 27, 1933; Aug. 19, 1937, c. 704, § 5 (a), 50 Stat. 704.)

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12 U.S.C., 8 673

F.F.L. Act, 84 Temporary management. Each Federal land bank shall be temporarily managed by five directors appointed by the Farm Credit Administration. Said directors shall be citizens of the United States and residents of the district. They shall each give a surety bond, the premium on which shall be paid from the funds of the bank. They shall receive such compensation as the Farm Credit Administration shall fix. They shall choose from their number, by majority vote, a president, a vice president, a secretary, and a treasurer. They are further authorized and empowered to employ such attorneys, experts, assistants, clerks, laborers, and other employees as they may deem necessary, and to fix their compensation, subject to the approval of the Farm Credit Administration. (July 17, 1916, c. 245, $ 4, 39 Stat. 362; 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. 12 U.S. C., $ 674

F. F. L. Act, $ 4 Organization certificates; contents.-Said temporary directors shall, under their hands, forth with make an organization certificate, which shall specifically state:

First. The name assumed by such bank.

Second. The district within which its operations are to be carried on, and the particular city in which its principal office is to be located.

Third. The amount of capital stock and the number of shares into which the same is to be divided : Provided, That every Federal land bank organized under this subchapter shall by its articles of associa

tion permit an increase of its capital stock from time to time for the purpose of providing for the issue of shares to national farm loan associations and stockholders who may secure loans through agents of Federal land banks in accordance with the provisions of this

subchapter.

Fourth. The fact that the certificate is made to enable such persons to avail themselves of the advantages of this subchapter. Îhe organization certificate shall be acknowledged before a judge or clerk of some court of record or notary public, and shall be, together with the acknowledgment thereof, authenticated by the seal of such court or notary, transmitted to the Land Bank Commissioner, who shall record and carefully preserve the same in his office, where it shall be at all times open to public inspection. (July 17, 1916, c. 245, § 4, 39 Stat. 362; Mar. 27, 1933, Ex. Ör. 6084; June 16, 1933, c. 98, $ 80 (a), 48 Stat. 273.)

12 U.S.C., 8 675

F.F. L. Act, 84 Changes in organization certificate.-The Farm Credit Administration is authorized to direct such changes in or additions to any such organization certificate, not inconsistent with this subchapter, as it may deem necessary or expedient. (July 17, 1916, c. 245, 84, 39 Stat. 363; Mar. 27, 1933, Ex. Or. 6084.)

"Farm Credit Administratiton" 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.

12 U.S.C., 8 676

F. F. L. Act, 8 4 Time of commencement of corporate existence; powers enumerated.—Upon duly making and filing such organization certificate the bank shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power

First. To adopt and use a corporate seal.

Second. To have succession until it is dissolved by Act of Congress or under the provisions of this chapter.

Third. To make contracts.

Fourth. To sue and be sued, complain, interplead, and defend, in any court of law or equity, as fully as natural persons.

Fifth. To elect or appoint directors, and by its board of directors to elect a president and a vice president, appoint a secretary and a treasurer and other officers and employees, define their duties, require bonds of them, and fix the penalty thereof; by action of its board of directors dismiss such officers and employees, or any of them, at pleasure and appoint others to fill their places.

Sixth. To prescribe, by its board of directors, subject to the supervision and regulation of the Farm Credit Administration, bylaws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected, its officers elected or appointed, its property transferred, its general business conducted and the privileges granted to it by law exercised and enjoyed.

Seventh. To exercise, by its board of directors or duly authorized officers or agents, subject to law, all such incidental powers as shall

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be necessary to carry on the business herein described. (July 17, 1916, c. 245, $ 4,39 Stat. 363; Mar. 27, 1933, Ex. Or. 6084.)

Person convicted of felony or adjudged liable in damages for fraud ineligible to be administrative or executive official of Federal land bank, see § 640i of this title.

12 U.S.C., 8 677

F.F. L. Act, 84 Time of termination of temporary management.-After the subscriptions to stock in any Federal land bank by national farm loan associations, hereinafter authorized, shall have reached the sum of $100,000, the officers and directors of said land bank shall be chosen as herein provided and shall, upon becoming duly qualified, take over the management of said land bank from the temporary officers selected under section 673 of this title. (July 17, 1916, c. 245, $ 4, 39 Stat. 363.) 12 U.S. C., $ 677a

F.F.L. Act, 84 Directors; compensation of officers and employees. The members of the farm credit board of each farm credit district provided for in section 640a of this title shall be ex officio the directors of the Federal land bank located in that district. Any compensation that may be provided by the board of directors of any Federal land bank for officers or employees shall be subject to the approval of the Farm Credit Administration. (July 17, 1916, c. 245, $4,39 Stat. 363; Aug. 19, 1937, c. 704, § 7 (b), 50 Stat. 707.) $ $ 678-683 were stricken or repealed by Act Aug. 19, 1937, c, 704, 8 7 (b), (c), 50 Stat.

8 677a inserted in lieu thereof.

707.

CAPITAL STOCK OF FEDERAL LAND BANKS

12 U.S.C., $ 691

F.F.L, Act, 85 Minimum amount of original capital; regulation of subscriptions.-Every Federal land bank shall have, before beginning business, a subscribed capital of not less than $750,000. The Farm Credit Administration is authorized to prescribe the times and conditions of the payment of subscriptions to (original] capital stock, to reject any subscription in its discretion, and to require subscribers to furnish adequate security for the payment thereof. (July 17, 1916, c. 245, $ 5,39 Stat. 364; 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.

The word in brackets does not appear in the United States Code.

12 U.S.C., 8 692

F.F. L. Act, 85 Shares; value; who may subscribe to original stock.—The capital stock of each Federal land bank shall be divided into shares of $5 each, and may be subscribed for and held by any individual, firm, or corporation, or by the Government of any State or of the United States. (July 17, 1916, c. 245, § 5, 39 Stat. 364.)

The provision for subscriptions by any individual, frm, or corporation applies only to original stock. See § 695 of this title.

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