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July 12, 1946, ch. 570, § 1, 60 Stat. 532; June 30, 1947, ch. 166, title II, § 206 (h), 61 Stat. 208.)

Abolishment of office of Land Bank Commissioner, see section 636f (a) of this title. Transfer of funds and proceeds thereof made available to Land Bank Commissioner under this section, and mortgages and credit instruments taken by Commissioner, to Federal Farm Mortgage Corporation, see section 1020b of this title.

12 U. S. C. § 1017

Rules and regulations; appointment, employment, and compensation of officers, employees, and agents

E. F. M. Act § 33

The Land Bank Commissioner is authorized to make such rules and regulations, and to appoint, employ, and fix the compensation of such officers, employees, attorneys, and agents as may be necessary to carry out the purposes of this subchapter, and to make the relief contemplated by this subchapter immediately available, without regard to the provisions of other laws applicable to the employment and compensation of officers and employees of the United States: Provided, That no salary or compensation in excess of $10,000 shall be paid to any person employed under the terms of the foregoing section. (May 12, 1933, ch. 25, title II, § 33, 48 Stat. 49; June 16, 1933, ch. 98, title VIII, § 80 (a), 48 Stat. 273.)

Abolishment of office of Land Bank Commissioner, see section 636f (a) of this

title.

12 U. S. C. § 1018

Facilities of Federal land banks and national farm loan associations available to Commissioner

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The Federal land banks and the national farm loan associations are authorized, upon request of the Land Bank Commissioner, to make available to him their services and facilities to aid in administering the provisions of this subchapter. (May 12, 1933, ch. 25, title II, § 34, 48 Stat. 49; June 16, 1933, ch. 98, title VIII, § 80 (a), 48 Stat. 273.) Abolishment of office of Land Bank Commissioner, see section 636f (a) of this

title.

12 U. S. C. § 1019

Penalties for false representation in obtaining loan

E. F. M. Act § 35

Any person who shall knowingly make any material false representation for the purpose of obtaining any loan under sections 1016-1019 of this title, or in assisting in obtaining any such loan, shall, upon conviction thereof, be fined not more than $1,000, or imprisoned not more than six months, or both. (May 12, 1933, ch. 25, title II, § 35, 48 Stat. 49.)

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Subchapter II-A-FEDERAL FARM MORTGAGE CORPORATION

Transfer of Federal Farm Mortgage Corporation and its functions and activities to Farm Credit Administration to be administered therein under the general direction and supervision thereof, see section 636f (a) of this title.

Assets of Federal Farm Mortgage Corporation, except cash, accounts receivable, and reserved mineral interests, were purchased by Federal land banks as of June 30, 1955, pursuant to section 781 (Twentieth) of this title.

Reserved mineral interests of Federal Farm Mortgage Corporation, which are not sold to surface owners pursuant to application filed before September 6, 1957, are required to be transferred to Secretary of the Interior to be administered under the mineral laws of the United States, as provided in section 1035 of Title 7.

12 U. S. C. § 1020

Establishment of corporation; directors;

bylaws; regulations; officers and employees

,

F. F. M. C. Act § 1

There is established a corporation to be known as the "Federal Farm Mortgage Corporation", in this subchapter referred to as the "corporation." The principal office of the corporation shall be located in the District of Columbia and the management of the corporation shall be vested in a board of directors consisting of the Secretary of the Treasury, or an officer of the Treasury designated by him, the Governor of the Farm Credit Administration, in this subchapter referred to as the "Governor", and the Land Bank Commissioner. The directors shall receive no additional compensation for their services as directors of the corporation, but may be allowed actual necessary traveling and subsistence expenses when engaged in the business of the corporation outside of the District of Columbia. The Governor shall be the chairman of the board of directors. The directors shall have power to adopt such bylaws, rules, regulations, and amendments thereto as they deem necessary for the conduct of the business of the corporation authorized under this subchapter. The directors shall have power, without regard to the provisions of other laws applicable to the employment and compensation of officers and employees of the United States, to employ and fix the compensation and duties of such agents, officers, and employees of the corporation as may be necessary to carry out the powers and duties conferred upon the corporation by this subchapter, to require bonds of them and fix the penalties thereof and dismiss them at pleasure, and to prescribe the manner in which the obligations of the corporation shall be incurred and its expenses allowed and paid, but the rates of compensation of such agents, officers, and employees of the corporation shall not exceed the rates of compensation prescribed for comparable duties by the Classification Act of 1949, as amended. (Jan. 31, 1934,

ch. 7, § 1, 48 Stat. 344; Oct. 28, 1949, ch. 782, title XI, § 1106 (a), 63 Stat. 972.)

Abolishment of office of Land Bank Commissioner, and designation of an officer or employee of the Farm Credit Administration to serve as a member of the board of directors of the Federal Farm Mortgage Corporation, see section 636f (a) of this title.

12 U. S. C. § 1020a

Period of succession; powers; free use of mails; use of Government facilities

F. F. M. C. Act §2

The corporation shall have succession until dissolved by Act of Congress; shall have power to sue and be sued in any court, to adopt and use a corporate seal, to make contracts, and to acquire, hold, and dispose of real and personal property necessary and incident to the conduct of its business; and shall have such other powers as may be necessary and incident to carrying out its powers and duties under this subchapter. The corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government. The corporation, with the consent of any board, commission, independent establishment, or executive department of the Government, may avail itself of the use of information, services, facilities, officers, agents, and employees thereof, in carrying out the provisions of this subchapter. (Jan. 31, 1934, ch. 7, § 2, 48 Stat. 345.)

12 U. S. C. § 1020a-1

Capital investment expenditures

as nonadministrative expenses

All expenditures which under the accounting system prescribed for the Federal Farm Mortgage Corporation by the General Accounting Office are to be treated as capital investments, increasing the book value of acquired fixed property (real estate and chattel), shall be considered as nonadministrative expenses for the purposes of section 712a of Title 15. (Sept. 21, 1944, ch. 412, title VI, § 603, 58, Stat. 741.)

12 U. S. C. § 1020a-2

Maximum amount for administrative

expenses; exclusions; annual dividends

Not to exceed $550,000 (to be computed on an accrual basis) of the funds of the Corporation shall be available for administrative expenses, including employment on a contract or fee basis of persons, firms, and corporations for the performance of special services, including legal services, and the use of the services and facilities of Federal land banks, national farm loan associations, Federal Reserve banks,

and agencies of the Government as authorized by sections 1020-1020h of this title, and said total sum shall be exclusive of services and facilities furnished and examinations made by the Farm Credit Administration, interest expense, and expenses in connection with the acquisition, operation, maintenance, improvement, protection, or disposition of real or personal property belonging to the Corporation or in which it has an interest: Provided, That promptly after June 30 of each fiscal year all cash funds in excess of the estimated operating requirements for the current fiscal year shall be declared as dividends and paid into the general fund of the Treasury. (June 4, 1956, ch. 355, title IV, § 401, 70 Stat. 239.)

Section was enacted as a part of the Department of Agriculture and Farm Credit Administration Appropriation Act, 1957.

12 U. S. C. § 1020b

Capital; amount; subscription

by United States; repayment by corporation

F. F. M. C. Act § 3

The capital of the corporation shall be in the sum of $200,000,000, which shall be subscribed by the Governor on behalf of the United States in such amounts and at such times as he deems necessary for the purposes of the corporation. For the purpose of such capital subscription, the funds and proceeds thereof made available to the Land Bank Commissioner under section 1016 of this title and the mortgages taken by the Commissioner and the credit instruments secured thereby are transferred to the corporation. The Federal Farm Mortgage Corporation is authorized to repay to the Secretary of the Treasury on behalf of the United States from time to time such portions of the amounts subscribed to the capital stock of the Corporation as are found by the board of directors to be in excess of the capital necessary to enable the Corporation to carry out its functions as authorized by law. The proceeds of such repayments shall be held in the Treasury of the United States as a fund available for subscription, by the Governor on behalf of the United States with the approval of the Secretary of the Treasury, to the capital of the Corporation when, in the judgment of the directors of the Corporation, additional subscriptions to its capital are necessary. (Jan. 31, 1934, ch. 7, § 3, 48 Stat. 345; June 25, 1940, ch. 427, § 4, 54 Stat. 573; June 30, 1945, ch. 204, § 14, 59 Stat. 269; July 12, 1946, ch. 570, § 2, 60 Stat. 532.)

All but $10,000 of the capital stock of the Federal Farm Mortgage Corporation has been retired; as provided in General Appropriation Act, 1951 (64 Stat. 595, 678), the proceeds of the retired capital stock, in the amount of $199,990,000, have been carried to the surplus fund and covered into the Treasury.

Abolishment of office of Land Bank Commissioner, see section 636f (a) of this

12 U. S. C. § 1020c

F. F. M. C. Act § 4 (a)

Bonds, aggregate amount; guaranty by United States; purchase and sale of by United States; exchange of for consolidated farm loan bonds

With the approval of the Secretary of the Treasury, the corporation is authorized to issue and have outstanding at any one time bonds in an aggregate amount not exceeding $2,000,000,000. Such bonds shall be in such forms and denominations, shall have such maturities, shall bear such rates of interest, shall be subject to such terms and conditions, and shall be issued in such manner and sold at such prices, as may be prescribed by the corporation, with the approval of the Secretary of the Treasury. Such bonds shall be fully and unconditionally guaranteed both as to interest and principal by the United States and such guaranty shall be expressed on the face thereof, and such bonds shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. In the event that the corporation shall be unable to pay upon demand, when due, the principal of, or interest on, such bonds, the Secretary of the Treasury shall pay to the holder the amount thereof which is authorized to be appropriated, out of any moneys in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such bonds. The Secretary of the Treasury, in his discretion, is authorized to purchase any bonds of the corporation issued hereunder, and for such purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities hereafter issued under the Second Liberty Loan Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of the corporation's bonds hereunder. The Secretary of the Treasury may, at any time, sell any of the bonds of the corporation acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of the bonds of the corporation shall be treated as public debt transactions of the United States. No such bonds shall be issued in excess of the assets of the Corporation, including the assets to be obtained from the proceeds of such bonds, but a failure to comply with this provision shall not invalidate the bonds or the guaranty of the same. The corporation shall have power to purchase such bonds in the open market at any time and at any price. On such terms and conditions as may be agreed upon, the corporation may exchange such bonds, upon application of any Federal land bank for consolidated farm loan bonds of equal face value issued under subchapters I and III of this chapter, and may exchange such consolidated farm loan bonds held

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