[CHAPTER 792-1ST SESSION] [H. R. 5345] AN ACT To stabilize prices of agricultural commodities. SEC. 417. (a) Section 41 of the Farm Credit Act of 1933 (U. S. C., title 12, sec. 1134c) is amended by adding at the end thereof the following: "Notwithstanding any limitations or conditions imposed by law, but subject to the availability of funds, each Bank for Cooperatives shall have power and authority to make separate loans to cooperative associations as defined in the Agricultural Marketing Act, as amended, for the purpose of financing the construction of structures for the storage of agricultural commodities (other than structures to provide refrigerated cold storage or structures in areas in which existing privately owned storage facilities for the commodity concerned are adequate) in amounts up to a maximum of 80 per centum of the cost of such structures, as approved by the Bank for Cooperatives to whom application is made for the loan: Provided, That the cooperative association which has applied for any loan shall have furnished to the Bank for Cooperatives an appropriate commitment from the Commodity Credit Corporation that the Commodity Credit Corporation will lease or guarantee utilization of not less than 75 per centum of the storage space contained in such structures when completed for a period of at least three years if such structures are not additions to existing structures, or two years if such structures are additions to existing structures." (b) Section 34 of the Farm Credit Act of 1933 (U. S. C., title 12, sec. 1134j) is amended by adding at the end thereof the following: "Notwithstanding any limitations or conditions imposed by law, but subject to the availability of funds, the Central Bank for Cooperatives shall have power and authority to make separate loans to cooperative associations as defined in the Agricultural Marketing Act, as amended, for the purpose of financing the construction of structures for the storage of agricultural commodities (other than structures to provide refrigerated cold storage or structures located in areas in which existing privately owned storage facilities for the commodity concerned are adequate) in amounts up to a maximum of 80 per centum of the cost of such structures, as approved by such bank: Provided, That the cooperative association which has applied for any loan shall have furnished to such bank an appropriate commitment from the Commodity Credit Corporation that the Commodity Credit Corporation will lease or guarantee utilization of not less than 75 per centum of the storage space contained in such structures when completed for a period of at least three years if such structures are not additions to existing structures, or two years if such structures are additions to existing structures.' Approved October 31, 1949. (EXTRACT FROM) [PUBLIC LAW 759-81ST CONGRESS] [CHAPTER 896-2D SESSION] [H. R. 7786] Making appropriations for the support of the Government for the fiscal year ending June 30, 1951, and for other purposes. CHAPTER VI-DEPARTMENT OF AGRICULTURE TITLE III-REDUCTIONS 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 chapter: An amount of $199,990,000 in the revolving fund held in the Treasury available to the Governor, Farm Credit Administration, as authorized by the Federal Farm Mortgage Corporation Act, as amended (12 U. S. C. 1020b), for resubscriptions to the capital stock of the Federal Farm Mortgage Corporation. The total amount of $125,000,000 in the revolving fund appropriated to the Office of the Secretary, Treasury Department, as authorized by the Federal Farm Loan Act, as amended (12 U. S. C. 698), for subscriptions to the capital stock of the Federal land banks. Approved September 6, 1950. (272) [CHAPTER 897-2D SESSION] [H. R. 4200] AN ACT To direct the Secretary of Agriculture to convey certain mineral interests, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That, notwithstanding any other provisions of law, the Secretary of Agriculture (hereinafter referred to as the "Secretary") is authorized and directed to sell, as hereinafter provided, all mineral interests now owned by the United States, which have been reserved or acquired by it under any program heretofore administered by the Resettlement Administration, or the Farm Security Administration, or now administered by the Farmers Home Administration, except the program administered pursuant to title III of the Bankhead-Jones Farm Tenant Act, as amended, and the program for the liquidation of labor camps pursuant to Public Law 298, Eightieth Congress. SEC. 2. Such mineral interests shall be sold only to private persons who shall apply therefor and who at the time of application are the owners of the surface of the land covered by the application. Applicants shall establish their title to the surface of the land covered by the application to the satisfaction of the Secretary at their own expense. Convevances of mineral interests shall be by quitclaim deed. executed by the Secretary or his delegate. SEC. 3. In areas where the Secretary determines after consultation with the Department of the Interior and competent local authorities that there is no active mineral development or leasing, the mineral interests covered by a single application shall be sold for a consideration of $1. In other areas the mineral interests shall be sold at the fair market value thereof as determined by the Secretary after taking into consideration such appraisals as he deems necessary or appropriate. Area determinations made by the Secretary pursuant to this section may be revised from time to time and the consideration to be cbtained for the mineral interests in connection with any particular tract of land shall be determined by the rule applicable to the area in which the tract is located at the time of the application therefor: Provided, That, in the event any mineral interests covered by this Act are not sold as provided herein pursuant to application filed within seven years from the effective date of this Act or within seven years from the date of acquisition of the mineral interests of the United States, whichever date is later, the Secretary shall forthwith transfer title to such mineral interests, with the exception of those which were a part of or derived from the assets transferred pursuant to transfer agreements with State rural rehabilitation corporations, to the Secretary of the Interior to be administered under the mineral laws of the United States. SEC. 4. The Secretary is directed to authorize the Federal Farm Mortgage Corporation to sell and convey the mineral interests heretofore or hereafter acquired by it in conformity with the policy expressed in this Act with respect to the mineral interests described in section 1 hereof. SEC. 5. All proceeds from sales made under this Act of mineral interests described in section 1 hereof shall be covered into the Treasury of the United States as miscellaneous receipts, except that the proceeds from sales of mineral interests which were a part of or derived from the assets transferred pursuant to the transfer agreements with State rural rehabilitation corporations shall be credited to the appropriate corporation account. SEC. 6. The Secretary may make such rules and regulations and such delegations of authority as he may deem necessary to carry out the provisions of this Act. SEC. 7. No application for the purchase of mineral interests under this Act shall be filed until ninety days after this Act becomes effective. SEC. 8. There is authorized to be appropriated to the Secretary such sums as Congress may from time to time determine to be necessary to enable the Secretary to carry out the provisions of this Act. Approved September 6, 1950. [CHAPTER 946-2D SESSION] [H. R. 9038]. AN ACT To authorize the President to determine the form of the national budget and of departmental estimates, to modernize and simplify governmental accounting and auditing methods and procedures, and for other purposes. SEC. 105. The first two sentences of section 102 of the Government Corporation Control Act of 1945 (59 Stat. 597), are amended to read as follows: "Each wholly owned Government corporation shall cause to be prepared annually a business-type budget which shall be submitted to the Bureau of the Budget, under such rules and regulations as the President may establish as to the date of submission, the form and content, the classifications of data, and the manner in which such budget program shall be prepared and presented.” To increase the basic rates of compensation of certain officers and employees of the Federal Government, and for other purposes. SEC. 3. Section 66 of the Farm Credit Act of 1933 (48 Stat. 269) is hereby amended to read as follows: All 65 Stat. 612. 12 U.S.C. 1138f. Central Bank for "SEC. 66. No director, officer, or employee of the Central Bank for Cooperatives, or of any production credit corporation, production Cooperatives. credit association, or bank for cooperatives shall be paid compensation at a rate in excess of $13,800 per annum." Approved October 24, 1951. (275) |