TRANSFER OF FUNCTIONS Farm Credit Administration, Federal Farm Mortgage Corporation, and Commodity Credit Corporation were transferred to the Department of Agriculture. See note preceding this section. § 637. Land Bank Commissioner; functions under Executive Orders. All functions, powers, authority, and duties conferred upon or vested in the Land Bank Commissioner by sections 347, 624, 636, 637, 723, 771, 781, 810, 963a, 992, 993, and 1016-1019 of this title; section 623 of Title 7; section 609c of Title 15, and sections 403 and 404 of Title 43 shall be held and exercised by him subject to all the terms and conditions in any Executive Order heretofore transmitted to Congress pursuant to sections 124-132 of Title 5 the same as if such functions, powers, authority, and duties were specifically named in such Executive Order or orders. (May 12, 1933, ch. 25, § 39, 48 Stat. 50; June 16, 1933, ch. 98, § 80 (a), 48 Stat. 273.) § 638. Commissioners in Farm Credit Administration; designation; appointment; salaries and expenses (a) Land Bank Commissioner.-After June 16, 1933, the office of Farm Loan Commissioner shall be known as the office of the Land Bank Commissioner and the Farm Loan Commissioner shall be known as the Land Bank Commissioner. The provisions of section 653 of this title, prescribing a term of office of eight years, shall not apply to incumbents after June 16, 1933, appointed to the office of Land Bank Commissioner. (b) Production Credit Commissioner; Cooperative Bank Commissioner; Intermediate Credit Commissioner.-There shall be in the Farm Credit Administration three commissioners who shall be known, respectively, as the Production Credit Commissioner, the Cooperative Bank Commissioner, and the Intermediate Credit Commissioner. Such commissioners shall be appointed by the President, by and with the advice and consent of the Senate. They shall receive an annual salary of $10,000, payable monthly, together with actual necessary traveling expenses. Such commissioners shall perform such duties as may be assigned to them by law or by the governor of the Farm Credit Administration. (June 16, 1933, ch. 98, § 80, 48 Stat. 273.) § 639. Governor of Farm Credit Administration; supplementary grant of powers. The authority and powers conferred upon the governor under the Farm Credit Act of 1933 shall not be construed to be in substitution for authority and powers conferred upon him under existing law but shall be construed to be supplementary to such authority and powers. (June 16, 1933, ch. 98, § 82, 48 Stat. 273.) REFERENCES IN TEXT The Farm Credit Act of 1933 (act June 16, 1933, ch. 98, 48 Stat. 257), to which reference is made in this section, was incorporated into the code as sections 637-640, 653, 674, 678-681, 683, 694, 723, 744a, 771, 781, 791, 874, 876, 878-880, 884, 952, 963a, 964, 971, 972, 983, 987, 992, 1016-1018, 1022, 1031, 1124, 1131-1138f, 1141c-1141f, 1148a, and 1151a of this title and section 610 of Title 7, Agriculture. § 640. Seal of Farm Credit Administration.-The Farm Credit Administration shall have a seal, as adopted by the governor, which shall be judicially noticed. (June 16, 1933, ch. 98, § 85, 48 Stat. 273.) TRANSFER OF FUNCTIONS Farm Credit Administration was transferred to the Department of Agriculture. See note preceding section 636 of this title. DISTRICT ORGANIZATIONS UNDER SUPERVISION OF FARM CREDIT ADMINISTRATION; FARM CREDIT DISTRICTS AND FARM CREDIT BOARDS CROSS REFERENCE For provisions of the Cooperative Marketing Act see sections 451-457 of Title 7, Agriculture. Pursuant to Executive Orders 5200 and 6084, which are set out in full preceding said sections, the Farm Credit Administration now has jurisdiction and control of the Division of Cooperative Marketing established by those sections. § 640a. Farm credit districts created.-There shall be twelve districts in the continental United States, excluding Alaska, which shall be known as farm credit districts, and may be designated by number. The boundaries of the twelve Federal land bank districts existing as of August 19, 1937, shall be the boundaries of the respective farm credit districts. Such boundaries may be readjusted from time to time in the discretion of the Farm Credit Administration, provided that said districts shall be apportioned with due regard to the farm credit needs of the country and no such district shall contain a fractional part of any State. The designations "Federal land bank district" and "land bank district" wherever used in the Federal Farm Loan Act, or in any Act amendatory thereof or supplementary thereto, are changed to "farm credit district" and shall after August 19, 1937, be deemed to refer to the farm credit districts provided for in this section. (Aug. 19, 1937, ch. 704, § 5 (a), 50 Stat. 704.) REFERENCES IN TEXT The Federal Farm Loan Act, to which reference is made in this section, is act July 17, 1916, ch. 245, 39 Stat. 360. For distribution of said act in this code, see note under section 641 of this title. SAVING CLAUSE Act August 19, 1937, cited to text, provided as follows: "Sec. 40. (a) If any provision of this act, or the application thereof to any person or circumstances, 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." § 640b. Farm credit boards; members.-There shall be in each farm credit district a farm credit board, which shall be selected as specified in sections 640b-640g of this title and shall be composed of seven members. Each farm credit board shall include in its title the name of the city in which the Federal land bank, Federal intermediate credit bank, production credit corporation, and regional bank for cooperatives of the district are located. Three of the members of said board shall be known as elected directors of whom one shall be chosen by national farm loan associations and borrowers through agencies, one shall be chosen by production credit associations of the district, and one shall be chosen by cooperatives which are stockholders or subscribers to the guaranty fund of the regional bank for cooperatives in the district. Three of the seven members shall be known as district directors, of whom two shall be appointed by the Governor of the Farm Credit Administration and one, who shall be known as the third district director, shall be chosen as provided in section 640d of this title. The seventh member of such board shall be known as director at large and shall be appointed by the Governor of the Farm Credit Administration. (Aug. 19, 1937, ch. 704, § 5 (b), 50 Stat. 704.) REFERENCES IN TEXT In the original "as specified in sections 640b-640g of this title" reads "as hereinafter specified," and "as provided in section 640d of this title" reads "as hereafter in this section (section 5b of act August 19, 1937, cited to text) provided." SAVING CLAUSE See note under section 640a of this title. § 640c. Same; initial board to be composed of Federal land directors; successors.-The directors of the Federal land bank of each district who are in office on August 19, 1937, shall constitute the farm credit board of the district and shall serve as members thereof for the remaining portions of the terms for which they were respectively elected or appointed as directors of the bank. Except as otherwise provided by sections 640a-640k of this title, the successor to each original member of the farm credit board shall be selected in the manner in which such member was selected as a director of the Federal land bank. (Aug. 19, 1937, ch. 704, § 5 (c), 50 Stat. 704.) REFERENCES IN TEXT In the original "sections 640a-640k of this title" reads "this act," meaning the Farm Credit Act of 1937 (act August 19, 1937, cited to text), which was incorporated into the code as sections 640a-640k, 640r, 656a, 677a, 712, 719, 723c, 724, 732, 745-747, 761, 771, 781, 823, 831, 883, 897, 967, 1016, 1020, 1020d, 1022, 1023, 1040, 1041, 1042, 1053, 1072, 1095, 1131, 1134, 1134c, 1134j, 1141b, 1141d, and 1148b-1148d of this title. SAVING CLAUSE See note under section 640a of this title. § 640d. Same; selection of third district director.-Each third district director shall be selected as follows: Each national farm loan association and borrower through agencies in the district shall nominate, in the manner provided in section 640e of this title for the nomination of candidates for elected directors, one candidate for such director, and from the three persons having the greatest number of votes as nominees the Governor of the Farm Credit Administration shall appoint such director. No third district director who is removed from office pursuant to section 831 (h) of this title may be nominated to succeed himself. (Aug. 19, 1937, ch. 704, § 5 (d), 50 Stat. 704.) REFERENCE IN TEXT In the original "provided in section 640e of this title" reads "provided herein." SAVING CLAUSE See note under section 640a of this title. § 640e. Same; nomination of elected directors.-At least two months before an election of an elected director the Farm Credit Administration shall cause notice in writing to be sent to those entitled to nominate candidates for such elected director. In the case of an election of a director by national farm loan associations and borrowers through agencies, such notice shall be sent to all national farm loan associations and borrowers through agencies in the district; in the case of an election by production credit associations, such notice shall be sent to all production credit associations in the district; and in the case of an election by cooperatives which are stockholders or subscribers to the guaranty fund of the bank for cooperatives of the district, such notice shall be sent to all cooperatives which are stocholders or subscribers to the guaranty fund at the time of sending notice. After receipt of such notice those entitled to nominate the director shall forward nominations of residents of the district to the Farm Credit Administration. The Farm Credit Administration shall, from the nominations received within thirty days after the sending of such notice, prepare a list of candidates for such elected director consisting of the ten nominees receiving the highest number of votes. (Aug. 19, 1937, ch. 704, § 5 (e), 50 Stat. 705.) SAVING CLAUSE See note under section 640a of this title. § 640f. Same; election of elected directors.-At least one month before the election of an elected director the Farm Credit Administration shall mail to each person or organization entitled to elect the elected director the list of the ten candidates nominated in accordance with section 640e of this title. In the case of an election of a director by national farm loan associations and borrowers through agencies, the directors of each farm loan association shall cast the vote of such association for one of the candidates on the list. In voting under sections 640a-640k of this title each such association shall be entitled to cast a number of votes equal to the number of stockholders of such association and each borrower through agencies shall be entitled to cast one vote. In voting under sections 640a-640k of this title each production. credit association shall be entitled to cast a number of votes equal to the number of the class B stockholders of such association. In voting under sections 640a-640k of this title each cooperative which is a holder of stock in, or a subscriber to the guaranty fund of, the bank for cooperatives shall be entitled to cast one vote. The votes shall be forwarded to the Farm Credit Administration and no vote shall be counted unless received by it within thirty days after the sending of such list of candidates. In case of a tie the Farm Credit Administration shall determine the choice. The nominations from which the list of candidates is prepared, and the votes of the respective voters, as counted, shall be tabulated and preserved and shall be subject to examination by any candidate for at least one year after the result of the election is announced. (Aug. 19, 1937, ch. 704, § 5 (f), 50 Stat. 705.) SAVING CLAUSE See note under section 640a of this title. § 640g. Same; term of office; vacancies.-The terms of office of all directors shall be three years. Any vacancies that may occur in the farm credit board shall be filled for the unexpired term in the manner provided in sections 640b-640f of this title for the original selection of such directors. (Aug. 19, 1937, ch. 704, § 5 (g), 50 Stat. 705.) REFERENCES IN TEXT In the original "provided in sections 640b-640f of this title" reads "herein provided." SAVING CLAUSE See note under section 640a of this title. § 640h. Same; general qualifications of members.-Members of each farm credit board shall have been, for at least two years, residents of the district for which they are appointed or elected. From and after August 19, 1937, no person shall be eligible for election or appointment as a member of any district farm credit board, and no person elected or appointed after August 19, 1937, as a member of any district farm credit board shall be eligible to continue to serve as such, if in either case said person is an officer or employee of any Federal land bank, Federal intermediate credit bank, production credit corporation, or bank for cooperatives. No district director, excepting any third district director selected as specified in section 640d of this title, shall, during his continuance in office, be a director, officer, or employee of any institution, association, or partnership engaged in the business of lending money or of making or selling land mortgage loans, except an institution or association under the supervision of the Farm Credit Administration. (Aug. 19, 1937, ch. 704, § 5 (h), 50 Stat. 705.) REFERENCES IN TEXT In the original "specified in section 640d of this title" reads "hereinabove specified." SAVING CLAUSE See note under section 640a of this title. § 640i. Same; felons and defrauders ineligibles.-No person shall be eligible for appointment or election as an administrative or executive official of a Federal lank1 bank, Federal intermediate credit bank, or of any corporation or bank organized pursuant to the Farm Credit Act of 1933, or as a member of any farm credit board, or shall continue to hold office as such member, if such person has been finally adjudged guilty of a felony, or finally adjudged liable in damages in any civil proceeding for fraud, in any State or Federal court. (Aug. 19, 1937, ch. 704, § 5(i), 50 Stat. 706.) REFERENCES IN TEXT The Farm Credit Act of 1933, to which reference is made in this section, is act June 16, 1933, ch. 98, 48 Stat. 257. It was incorporated into the code as sections 637-640, 653, 674, 678-681, 683, 694, 723, 744a, 771, 781, 791, 874, 876, 878-880, 884, 952, 963a, 964, 971, 972, 983, 987, 992, 1016-1018, 1022, 1 So in original. Probably should read "land." |