§ 1138c

1138d

shall perform such duties as shall be prescribed by the Secretary of the Treasury. (June 16, 1933, c. 98, § 62, 48 Stat. 267; Jan. 31, 1934, c. 7, § 11, 48 Stat. 347.)

Tax exemption; realty and tangible personalty as subject to taxation; termination of tax exemption after retirement of Government-owned stock. The Central Bank for Cooperatives, and the Production Credit Corporations, Production Credit Associations, and Banks for Cooperatives, organized under this chapter, and their obligations, shall be deemed to be instrumentalities of the United States, and as such, any and all notes, debentures, bonds, and other such obligations issued by such banks, associations, or corporations shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority. Such banks, associations, and corporations, their property, their franchises, capital, reserves, surplus, and other funds, and their income, shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such banks, associations, and corporations shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. The exemption provided herein shall not apply with respect to any Production Credit Association or its property or income after the stock held in it by the Production Credit Corporation has been retired, or with respect to the Central Bank for Cooperatives, or any Production Credit Corporation or Bank for Cooperatives, or its property or income after the stock held in it by the United States has been retired. (June 16, 1933, c. 98, § 63, 48 Stat. 267.)

Offenses and penalties-(a) False representation; overvaluation of property.-Whoever makes any material representation knowing it to be false, or whoever willfully overvalues any property or security, for the purpose of influencing in any way the action of the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, or any division, officer, or employee thereof, or of any corporation

§ 1138d organized under subchapter IV or V of this chapter, or in which a Production Credit Corporation organized under this chapter holds stock, or of any regional agricultural credit corporation established pursuant to section 1148 of this title, upon any application, advance, discount, purchase or repurchase agreement, or loan, or any change or extension of any of the same, by renewal, deferment of action or otherwise, or the acceptance, release, or substitution of security therefor, shall be punished by a fine of not more than $5,000, or by imprisonment for not more than two years, or both. (June 16, 1933, c. 98, § 64 (a), 48 Stat. 267; Jan. 31, 1934, c. 7, § 13, 48 Stat. 347.)

(b) Forgery, counterfeiting, alteration, etc., of obligations. Whoever (1) falsely makes, forges, or counterfeits any note, debenture, bond, or other obligation, coupon, or paper in imitation of or purporting to be a note, debenture, bond, or other obligation, coupon, or paper issued by the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, or by any corporation referred to in subsection (a) of this section; or (2) passes, utters, or publishes, or attempts to pass, utter, or publish, any false, forged, or counterfeited note, debenture, bond, or other obligation, coupon, or paper, purporting to have been issued by the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, or by any such corporation, knowing the same to be false, forged, or counterfeited; or (3) falsely alters any note, debenture, bond, or other obligation, coupon, or paper issued or purporting to have been issued by the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, or by any such corporation; or (4) passes, utters, or publishes, or attempts to pass, utter, or publish, any of the same as true, knowing it to be falsely altered or spurious, shall be punished by a fine of not more than $10,000, or by imprisonment for not more than five years, or both. (June 16, 1933, c. 98, § 64 (b), 48 Stat. 268; Jan. 31, 1934, c. 7, § 13, 48 Stat. 347.)

(c) Embezzlement, misapplication, etc., of anything of value belonging to corporation or to administration; false entries; unauthorized making, issuing, or assigning of instrument; personally benefiting from business of corporation.Whoever, being an employee, officer, or agent of the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage

§ 1138d Corporation, or connected in any capacity with any corporation referred to in subsection (a) of this section, (1) embezzles, abstracts, purloins, or willfully misapplies any moneys, funds, securities, or other things of value, whether belonging to the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, or such corporation or pledged or otherwise intrusted to the same; or (2) with intent to defraud the United States, or any such corporation, or any other body politic or corporate, or any individual, or to deceive any officer, auditor, or examiner of the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, or of any such corporation, makes any false entry in any book, report, or statement of or to the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, or any such corporation, or draws any order, or issues, puts forth, or assigns any note, debenture, bond, or other obligation, or draft, mortgage, judgment, or decree thereof; or (3) with intent to defraud the United States or any corporation referred to in subsection (a) of this section, participates or shares in or receives directly or indirectly any money, profit, property, or benefits through any transaction, loan, commission, contract, or any other act of any such corporation, shall be punished by a fine of not more than $10,000, or by imprisonment for not more than five years, or both. (June 16, 1933, c. 98, § 64 (c), 48 Stat. 268; Jan. 31, 1934, c. 7, § 13, 48 Stat. 347.)

(d) Concealment, conversion, etc., of property mortgaged or pledged to, or held by corporation or administration. Whoever knowingly, with intent to defraud the United States or any corporation referred to in subsection (a) of this section, shall conceal, remove, dispose of, or convert, to his own use or to that of another, any property mortgaged or pledged to, or held by, the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, or any such corporation, as security for any obligation, shall be punished by a fine of not more than $5,000, or by imprisonment for not more than two years, or both. (June 16, 1933, c. 98, § 64 (d), 48 Stat. 268; Jan. 31, 1934, c. 7, § 13, 48 Stat. 347.)

(e) Applicability of criminal code provisions to transactions of corporations and administration, any Federal intermediate credit bank or the Federal Farm Mortgage Corporation.-The provisions of section 202 to 207, inclusive, of Title

§ 1138e

§ 1138f

18, insofar as applicable, are extended to apply to contracts or agreements made by the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, its divisions, officers, and employees, and by the corporations referred to in subsection (a) of this section, which, for the purposes hereof, shall be held to include advances, loans, discounts, and purchase and repurchase agreements; extensions and renewals thereof; and acceptances, releases, and substitutions of security therefor. (June 16, 1933, c. 98, § 64 (e), 48 Stat. 268; Jan. 31, 1934, c. 7, § 13, 48 Stat. 347.) (f) Conspiracy.-Whoever conspires with another to accomplish any of the acts made unlawful by the preceding provisions of this section shall, on conviction thereof, be subject to the same fine or imprisonment, or both, as is applicable in the case of conviction for doing such unlawful act. (June 16, 1933, c. 98, § 64 (f), 48 Stat. 269.)

Receivership; voluntary liquidation.-Upon default of any obligation of any Production Credit Corporation, Production Credit Association, or regional Bank for Cooperatives, such bank, association, or corporation may be declared insolvent and placed in the hands of a receiver by the governor and proceedings shall thereupon be had in accordance with the provisions of law relating to the insolvency of national farm loan associations. Any such bank, association, or corporation may, with the consent of the governor, liquidate voluntarily, but only in accordance with such rules and regulations as the governor may prescribe. (June 16, 1933, c. 98, § 65, 48 Stat. 269.)

Limitation on compensation payable to director, officer, or employee.-No director, officer, or employee of the Central Bank for Cooperatives, or of any Production Credit Corporation, Production Credit Association, or Bank for Cooperatives shall be paid compensation at a rate in excess of $10,000 per annum. No officer or employee of the Farm Credit Administration engaged in carrying out the provisions of this subchapter and subchapters IV and V of this chapter shall be paid compensation at a rate in excess of $10,000 per annum. (June 16, 1933, c. 98, § 66, 48 Stat. 269.)

SUBCHAPTER VII.-AGRICULTURAL MAR.

KETING ACT

HISTORICAL NOTE

This subchapter contains the Agricultural Marketing Act (approved June 15, 1929), as amended.

In view of the amendments to the Agricultural Marketing Act made by the Farm Credit Act of 1933 (approved June 16, 1933) and by the Farm Credit Act of 1935 (approved June 3, 1935), and of the transfer of its administration to the Governor of the Farm Credit Administration by Executive Order No. 6084, set forth at the beginning of this chapter under "Introductory," the provisions of the Act as amended have been transferred to this chapter from Title 7.

From the provisions of subchapter V of this chapter, it will be noted that many of the functions defined in this subchapter may now be exercised through regional banks for cooperatives and a central bank for cooperatives. Subchapter V provides for the establishment of banks for cooperatives with capital stock purchased from the revolving fund created under section 1141d of this subchapter; and the loaning powers of the banks for cooperatives, under subchapter V, are similar to those originally created under this subchapter and not rescinded by amendments thereto.

The Agricultural Marketing Act was entitled "An Act to establish a Federal Farm Board to promote the effective merchandising of agricultural commodities in interstate and foreign commerce, and to place agriculture on a basis of economic equality with other industries."

§ 1141

Declaration of policy; effective merchandising of agricultural commodities; speculation; cooperative marketing; surpluses; administration of subchapter.-(a) It is hereby declared to be the policy of Congress to promote the effective merchandising of agricultural commodities in interstate and foreign commerce, so that the industry of agriculture will be placed on a basis of economic equality with other industries, and to that end to protect, control, and stabilize the currents of interstate and foreign commerce in the marketing of agricultural commodities and their food products

(1) by minimizing speculation.

(2) by preventing inefficient and wasteful methods of distribution.

(3) by encouraging the organization of producers into effective associations or corporations under their own control for greater unity of effort in marketing and by promoting the establishment and financing of a farm marketing system of producerowned and producer-controlled cooperative associations and other agencies.