48 Stat. 257. All 70 Stat. 664. 12 USC 1131 note. 46 Stat. 816. 12 USC 1033. 42 Stat. 1456. 12 USC 1051. Interest or discount rates. 50 Stat. 708. 12 USC 781. 12 USC 1131 note. 49 Stat. 315. 12 USC 1041. 12 USC 1044, 1045. 48 Stat. 257. 12 USC 1131, 1134. "Banks for oooperatives." 50 Stat. 704. 12 USC 640a. obligation presented by such association; and to make loans and advances to any such association secured by such collateral as may be approved by the Governor of the Farm Credit Administration; "(2) to discount for, or purchase from, any national bank, State bank, trust company, agricultural credit corporation, incorporated livestock loan company, savings institution, credit union, and any association of agricultural producers engaged in the making of loans to farmers and ranchers, with its endorsement, any note, draft, or other such obligation the proceeds of which have been advanced or used in the first instance for any agricultural purpose, including the breeding, raising, fattening, or marketing of livestock; and to make loans and advances to any such financing institution secured by such collateral as may be approved by the Governor of the Farm Credit Administration: Provided, That no such loan or advance shall be made upon the security of collateral other than notes or other such obligations of farmers and ranchers eligible for discount or purchase under the provisions of this section, unless such loan or advance is made to enable the financing institution to make or carry loans for any agricultural purpose; and (3) to make loans to and discount paper for any other Federal intermediate credit bank, any Federal land bank, or any bank for cooperatives organized under the Farm Credit Act of 1933, as amended, all upon terms and at rates of interest or discount approved by the Farm Credit Administration." (c) Section 202 (c) of the Federal Farm Loan Act, as amended, is amended by changing the word "three" to the word "five". (d) Section 204 (a) of the Federal Farm Loan Act, as amended, is amended to read as follows: "SEC. 204. (a) Loans and discounts by any Federal intermediate credit bank shall bear such rates of interest or discount as the board of directors of the bank shall from time to time determine with the approval of the Farm Credit Administration, but the rates charged financing institutions other than production credit associations shall be the same as those charged production credit associations.” (e). Section 13 of the Federal Farm Loan Act, as amended, is hereby amended by inserting in paragraph "Seventeenth", after the words "Federal land banks", a comma and the words "to Federal intermediate credit banks, or to banks for cooperatives organized under the Farm Credit Act of 1933, as amended,". (f) Section 203 of the Federal Farm Loan Act, as amended, is amended (i) by inserting in subsection (a) thereof, after the words "outstanding consolidated debentures" the words "or other similar obligations"; and (ii) by inserting in subsections (d) and (e) thereof, after the word "debentures" wherever used therein, except in the last sentence of subsection (d), the words "or other similar obligations". SEC. 105. (a) Section 2 of the Farm Credit Act of 1933, as amended, is amended to read as follows: "SEC. 2. The Governor of the Farm Credit Administration, hereinafter in this Act referred to as the 'Governor', is authorized and directed to organize and charter twelve banks to be known as 'banks for cooperatives'. One such bank shall be established in each city in which there is located a Federal land bank. The members of the several farm credit boards of the farm credit districts provided for in section 5 of the Farm Credit Act of 1937, as amended, shall be ex officio the directors of the respective banks for cooperatives. Such directors shall have power, subject to the approval of the Governor, to employ and fix the compensation of such officers and employees of All 70 Stat. 665. such banks as may be necessary to carry out the powers and duties conferred upon such banks under this Act." (b) Section 3 of the Farm Credit Act of 1933 is amended by striking 48 Stat. 257. from the first sentence the words "the production credit corporations 12 USC 1131a, and" and by striking from the second sentence the words " "corpora 1134a. 348. tions and". (c) Section 4 of the Farm Credit Act of 1933 is hereby repealed. 12 USC 1131b. (d) Section 5 of the Farm Credit Act of 1933, as amended, is Revolving fund. amended (1) by changing "$120,000,000" in subsection (a) thereof to 48 Stat. 258, "$60,000,000"; (2) by striking from subsection (b) thereof the words "the production credit corporations and"; (3) by changing “$40,000,000" in subsection (e) thereof to "$70,000,000"; and (4) by striking from subsection (e) thereof the words "and/or paid-in surplus". (e) Section 6 of the Farm Credit Act of 1933, as amended, is 48 Stat. 259. amended to read as follows: "INVESTMENT BY GOVERNOR IN STOCK OF PRODUCTION CREDIT ASSOCIATIONS 12 USC 11311. 12 USC 1131o. "SEC. 6. The Governor may purchase class A stock of any production credit association in such amounts as he determines are required to meet the credit needs of farmers in the area served by such association. Payments for such stock purchased by the Governor shall be made out of the revolving fund authorized by section 5 (a) of this Act. Supra. The Governor may at any time require any production credit association to retire and cancel any class A stock held by him in such association if, in his judgment, the association has resources available therefor, and the proceeds of such stock retirements shall be paid into such revolving fund." (f) Section 20 of the Farm Credit Act of 1933 is amended by chang- 48 Stat. 260. ing the fourth sentence to read as follows: “Such articles shall be signed 12 USC 1131d. by the individuals uniting to form the association and a copy thereof shall be furnished to the Governor." (g) Section 21 of the Farm Credit Act of 1933, as amended, is 48 Stat. 260. amended (1) by striking from the first sentence the words "production 12 USC 1131e. credit corporations" and substituting in lieu thereof the words "the Governor"; and (2) by deleting the last sentence thereof. (h) Section 22 of the Farm Credit Act of 1933, as amended, is 48 Stat. 261. amended by striking out the words "production credit corporation", 12 USC 1131f. wherever they appear therein, and substituting in lieu thereof “Federal intermediate credit bank". (i) Section 23 of the Farm Credit Act of 1933, as amended, is 48 Stat. 261. amended (1) by changing the first sentence to read as follows: "Each 12 USC 1131g. production credit association shall, under such rules and regulations as may be prescribed by the farm credit board of the district with the approval of the Farm Credit Administration, invest its funds and make loans to farmers for general agricultural purposes and other requirements of the borrowers."; (2) by deleting the second sentence; and (3) by striking from the third sentence the word "corporation" and inserting in lieu thereof the words “Federal intermediate credit bank". (j) Section 34 of the Farm Credit Act of 1933, as amended, is 49 Stat. 317. hereby amended by adding before the semicolon at the end of "(b)" 12 USC 1134j. the words "or to Federal land banks or Federal intermediate credit banks". (k) Section 1 of the Farm Credit Act of 1933, as amended, is 49 Stat. 317. hereby amended by adding before the semicolon at the end of "(b)" 12 USC 11340. the words "or to Federal land banks or Federal intermediate credit banks". 48 Stat. 266. 12 USC 1138. 48 Stat. 267. 12 USC 1138a. 48 Stat. 267. 12 USC 1138b. 48 Stat. 267. 12 USC 1138c. 48 Stat. 269. 12 USC 1138e. 48 Stat. 1263. 50 Stat. 705. 12 USC 640h. 50 Stat. 706. 12 USC 6401. 67 Stat. 394. 12 USC 636g. 67 Stat. 399. 70 Stat. 666. 70 Stat. 667. (1) Section 60 of the Farm Credit Act of 1933, as amended, is amended (1) by striking from the first sentence the words "the production credit corporations,"; (2) by striking from the second sentence the words "association, or corporation" and substituting in lieu thereof the words "or association"; and (3) by striking from the third sentence the words "production credit corporation or", "or corporation”, and "corporation or", wherever they appear therein. (m) Section 61 of the Farm Credit Act of 1933 is amended (1) by striking from the first sentence the words "production credit corporation,"; and (2) by striking from the second and third sentences the words "association, or corporation", wherever they appear therein, and substituting in lieu thereof the words "or association". (n) Section 62 of the Farm Credit Act of 1933, as amended, is amended by striking out the words "production credit corporations,”. (0) Section 63 of the Farm Credit Act of 1933, as amended, is amended (1) by striking from the first sentence the words "the production credit corporations,"; (2) by striking from the first and second sentences the words "associations, or corporations" and "associations, and corporations," and substituting in lieu thereof, the words "or associations" and "and associations,", respectively; and (3) by changing the last sentence to read as follows: "The exemption provided herein shall not apply with respect to any production credit association or its property or income after the class A stock held in it by the Governor has been retired, or with respect to any bank for cooperatives or its property or income after the stock held in it by the United States has been retired." (p) Section 65 of the Farm Credit Act of 1933, as amended, is amended (1) by striking out the words "production credit corporation,"; and (2) by striking out the words "association or corporation", wherever they appear therein, and substituting in lieu thereof the words "or association". (q) Section 86a of the Farm Credit Act of 1933 is hereby repealed. SEC. 106. (a) Section 5 of the Farm Credit Act of 1937, as amended, is amended (1) by striking from subsection (d) (2) (B) the words "production credit corporation of the district" and substituting in lieu thereof the words "Governor of the Farm Credit Administration"; and (2) by striking from subsection (h) the words "production credit corporation,". (b) Section 6 of the Farm Credit Act of 1937 is amended (1) by striking from the first sentence of subsection (a) the words "production credit corporation,"; (2) by striking from the third sentence of subsection (a) the word "three"; (3) by striking from the first sentence of subsection (b) the words "the bank for cooperatives, and the production credit corporation" and substituting in lieu thereof the words "and the bank for cooperatives"; and (4) by striking from the last sentence of subsection (b) the words "production credit corporation,". SEC. 107. (a) Section 8 of the Farm Credit Act of 1953 is amended by striking out the words "production credit corporation", wherever they appear therein, and substituting in lieu thereof the words "Federal intermediate credit bank". (b) Subsection (a) of section 16 of the Farm Credit Act of 1953 is amended to read as follows: "(a) Any other provisions of law to the contrary notwithstanding, after the effective date of this Act any production credit association may, with the approval of the Farm Credit Administration, issue nonvoting preferred stock, to be known as class C stock, which may be purchased and held by the Governor of the Farm Credit Administration and by investors: Provided, That the issuance of such stock shall be authorized by vote of not less than two-thirds of the outstanding shares of class A stock of the association (other than shares held by the Governor of the Farm Credit Administration) by the holders thereof All 70 Stat. 667. in person or by proxy and by vote of not less than two-thirds of the outstanding shares of class B stock of the association by the holders thereof in person or by proxy; and for this purpose holders of class A stock (other than the Governor of the Farm Credit Administration) and holders of class B stock shall be entitled to one vote for each share of stock held by them. Payments for such stock purchased by the Governor shall be made out of the revolving fund created by section 5 (a) of the Farm Credit Act of 1933, as amended, and the proceeds from the retirement of any such stock shall be paid into such revolving fund." SEC. 108. Section 601 of the Department of Agriculture Organic 58 Stat. 740. Act of 1944, as amended, is hereby amended (1) by striking from 12 USC 832. subsection (a) the words "production credit corporations,", wherever they appear therein, and the word "corporations,"; (2) by striking from subsection (b) the words "the Federal intermediate credit banks, and the production credit corporations" and substituting in lieu thereof the words "and the Federal intermediate credit banks"; and (3) by striking from subsections (b) and (c) the words "and corporation", "and corporations", and "corporation,", wherever they appear therein. SEC. 109. Sections 658 and 1014 of title 18, United States Code, are hereby amended by striking from each such section the words “or in which a production credit corporation holds stock”. TITLE II-MISCELLANEOUS PROVISIONS 62 Stat. 729, 752. SEC. 201. (a) The Government Corporation Control Act, as amended, 59 Stat. 597, is amended (1) by striking from section 101 the words "Federal Inter- 600, 601. mediate Credit Banks; Production Credit Corporations;"; (2) by 31 USC 846, 856, inserting in section 201 immediately following "(3)" the words "Fed- 867, 868. eral Intermediate Credit Banks, (4)"; (3) by changing “(4)” in section 201 to “(5)"; and (4) by striking from sections 302 and 303 the words "production credit corporations,". (b) After the effective date of this subsection, the Federal intermediate credit banks may utilize their funds for administrative expenses without regard to the limitations contained in any other Act of Congress governing the expenditure of appropriated funds. (c) Paragraph Seventh of section 5136 of the Revised Statutes as 12 USC 24. amended, is amended (1) by inserting in next to the last sentence immediately before the words "Federal Home Loan Banks", the words "thirteen banks for cooperatives or any of them or the"; and (2) by changing the last sentence to read as follows: "The limitations and restrictions herein contained as to dealing in and underwriting investment securities shall not apply to obligations issued by the International Bank for Reconstruction and Development which are at the time eligible for purchase by a national bank for its own account: Provided, That no association shall hold obligations issued by said bank as a result of underwriting, dealing, or purchasing for its own account (and for this purpose obligations as to which it is under commitment shall be deemed to be held by it) in a total amount exceeding at any one time 10 per centum of its capital stock actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund." SEC. 202. (a) This Act shall become effective on January 1, 1957, Effective dates. except subsections (a) and (b) of section 201, which shall become effective January 1, 1959. (b) For purposes of applying the amendment in section 103 of this Act, that part of the fiscal year 1957 preceding the effective date of this Act shall be deemed to be a separate fiscal year. 74-485 O 81 21 Separability. All 70 Stat. 668. SEC. 203. (a) If any provision of this Act, or the application thereof to any person or circumstance, is held invalid, the remainder of the Act, and the application of such provisions to other persons or circumstances, shall not be affected thereby. (b) The right to alter, amend, or repeal this Act is hereby expressly reserved. Approved July 26, 1956. To adjust the rates of compensation of the heads of the executive departments and of certain other officials of the Federal Government, and for other purposes. SEC. 104. (a) The annual rate of basic compensation of each of the offices or positions listed in this section shall be $21,000. (10) Governor of the Farm Credit Administration. Ottawa County, Sale of land. 50 Stat. 526. To permit the Secretary of Agriculture to sell to individuals land in Ottawa County, Michigan, which was acquired pursuant to the provisions of title III of the Bankhead-Jones Farm Tenant Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the Secretary of Agriculture may sell to individuals such real property in Ottawa County, Michigan, as (1) was acquired by him pursuant to the provisions of section 32 of the Bankhead-Jones Farm Tenant Act (7 U. S. C. 1011), (2) is being administered by him, and (3) he determines is not needed for public purposes and is suitable for private ownership. (b) The Secretary of Agriculture shall sell real property which is sold pursuant to the provisions of subsection (a) to the highest responsible bidder but at not less than the fair market price thereof as determined by him and in such parcels and subject to such terms and conditions as he may prescribe. Approved September 7, 1957. |