(EXTRACT FROM) [PUBLIC LAW 146-81ST CONGRESS] [CHAPTER 280—1ST SESSION] [H. R. 3997] Making appropriations for the Department of Agriculture for the fiscal year ending June 30, 1950, and for other purposes. REDUCTION IN APPROPRIATIONS Amounts available from appropriations are hereby reduced in the sums hereinafter set forth, such sums to be carried to the surplus fund and covered into the Treasury immediately upon the approval of this Act: FEDERAL LAND BANKS The total amount of $189,000,000 in the revolving fund appropriated to the Office of the Secretary, Treasury Department, for subscriptions to the paid-in surplus of the Federal land banks, as authorized by the Federal Farm Loan Act, as amended (12 U. S. C. 781 (Tenth)). Approved June 29, 1949. (266) [PUBLIC LAW 359-81ST CONGRESS] [H. R. 1689] AN ACT To increase rates of compensation of the heads and assistant heads of SEC. 6. (a) The rate of basic compensation of the Housing Expediter, the Director of the Bureau of Federal Supply, the Director of Selective Service, members of the Displaced Persons Commission, members of the Indian Claims Commission, members of the War Claims Commission, members of the Philippine War Damage Commission, the Associate Federal Mediation and Conciliation Director, the Deputy Director of Central Intelligence, the Director of the Bureau of Prisons, the Commissioner of Public Buildings, the Commissioner of Community Facilities, the Commissioner for Social Security, the Commissioner of Reclamation, the Chief of the Soil Conservation Service, the Commissioner of Customs, the Commissioner of Narcotics, the Governor of the Farm Credit Administration, the Chief Forester of the Forest Service, the Administrator of the Farmers Home Administration, the Manager of the Federal Crop Insurance Corporation, the Associate Director of the Federal Bureau of Investigation, the Commissioners of the United States Court of Claims, the Assistant Architect of the Capitol, the Chief Assistant Librarian of Congress, and the Deputy Public Printer shall be $14,000 per annum. Approved October 15, 1949. (267) (EXTRACT FROM) [PUBLIC LAW 429-81ST CONGRESS] [CHAPTER 782-1ST SESSION] [H. R. 5931 AN ACT To establish a standard schedule of rates of basic compensation for certain employees of the Federal Government; to provide an equitable system for fixing and adjusting the rates of basic compensation of individual employees; to repeal the Classification Act of 1923, as amended; and for other purposes. SEC. 1201. Section 66 of the Farm Credit Act of 1933 (48 Stat. 269) is hereby amended to read as follows: "SEC. 66. 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 $13,000 per annum." Approved October 28, 1949. (268) [CHAPTER 786-1ST SESSION] [H. R. 3699] AN ACT To amend the Federal Farm Loan Act, as amended, to authorize loans through national farm-loan associations in Puerto Rico; to modify the limitations on Federal land-bank loans to any one borrower; to repeal provisions for subscriptions to paid-in surplus of Federal land banks and cover the entire amount appropriated therefor into the surplus fund of the Treasury; to effect certain economies in reporting and recording payments on mortgages deposited with the registrars as bond collateral, and canceling the mortgage and satisfying and discharging the lien of record; and for other purposes. Be it enacted by the Senate and House. of Representatives of the United States of America in Congress assembled, That (a) section 4 of the Federal Farm Loan Act, as amended (title 12, U. S. C. 672), is hereby further amended by adding a new paragraph to said section immediately following the second paragraph thereof to read as follows: "Notwithstanding the provisions of this section, loans may be made in Puerto Rico and Alaska through national farm-loan associations, and the interest rate applicable to such loans shall be as provided in section 12 of this Act. Said associations shall be organized pursuant to section 7 of this Act, except that, upon the recommendation of the Federal land bank concerned, any such national farm-loan association may be organized by ten or more borrowers who have obtained direct loans through a branch bank which aggregate not less than $20,000, and who reside in a locality which may be covered and served conveniently by the charter of a national farm-loan association and any national farm-loan association after it has become organized may permit any direct-loan borrower through a branch bank to join the association. As to any direct-loan borrower through a branch bank who participates in the organization of a national farm-loan association or joins a national farm-loan association after it has become organized (1) the association shall endorse, and thereby become liable. for the payment of, his mortgage loan held by the Federal land bank; (2) the stock in the Federal land bank held by him shall be exchanged for a like amount of stock in said bank issued in the name of the association and the association shall issue a like amount of its stock to him, all in the manner and subject to the terms and conditions provided in the fifteenth paragraph of section 7 of this Act (title 12, U. S. C. 723 (d)); and (3) the interest rate payable by him, beginning with the next regular installment date following the endorsement of his loan, shall be reduced to a rate one-half of 1 per centum per annum less than the rate paid by him prior to such endorsement." (b) The first sentence of the twelfth paragraph of section 7 of the Federal Farm Loan Act, as amended (title 12 U. S. C. 723 (a)), is further amended by striking the words "in the continental United States". SEC. 2. Paragraph "Seventh" of section 12 of the Federal Farm Loan Act (title 12, U. S. C. 771) is hereby amended to read as follows: "Seventh. The amount of loans to any one borrower shall in no case exceed a maximum of $100,000, but loans to any one borrower shall not exceed $25,000 unless approved by the Land Bank Commissioner, nor shall any one loan be for a less sum than $100, but preference shall be given to applications for loans of $10,000 and under.” SEC. 3. All of paragraph "Tenth" of section 13 of the Federal Farm Loan Act, as amended (title 12, U. S. C. 781, Tenth), except the first and third sentences thereof is hereby repealed. The Secretary of the Treasury shall cause to be carried to the surplus fund and covered into the Treasury the total amount appropriated for subscriptions to paidin surplus of the Federal land banks and now held in the revolving fund created pursuant to the provisions of law hereby repealed. SEC. 4. The first paragraph of section 22 of the Federal Farm Loan Act, as amended (title 12, U. S. C. 891), is hereby amended to read as follows: "Whenever any Federal land bank, or joint-stock land bank, shall receive any principal payments upon any first mortgage or bond pledged as collateral security for the issue of farm-loan bonds, it shall forthwith notify the farm-loan registrar thereof as may be required by the Farm Credit Administration. Said registrar shall reflect such payment on his records in such manner as may be prescribed by the Farm Credit Administration. Upon notice from the bank that any such mortgage is paid in full, said registrar shall cause the same to be delivered to the proper land bank, which shall promptly cancel said mortgage and transmit such canceled mortgage, together with a release or satisfaction thereof as may be required to satisfy and discharge the lien of record, to the original maker thereof, or his heirs, administrators, executors, or assigns." SEC. 5. The first sentence of section 5 (a) of the Farm Credit Act of 1937 (50 Stat. 703) is amended to read as follows: "There shall be twelve districts in the United States, including Alaska, Puerto Rico, and Hawaii, which shall be known as Farm Credit Districts and may be designated by number.' Approved October 29, 1949. |