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1031, 1124, 1131-1138f, 1141c-1141f, 11413, 1148a, and 1151a of this title and section 610 of Title 7, Agriculture.

SAVING CLAUSE See note under section 640a of this title.

§ 640j. Same; compensation of members. Subject to the approval of the Farm Credit Administration members of each farm credit board shall receive such compensation as may be authorized by the board, including a reasonable allowance for necessary expenses in attending meetings of said board and directors' meetings. Such compensation shall be paid by the Federal land bank of the district, and such bank shall be reimbursed therefor by the Federal intermediate credit bank, production credit corporation and bank for cooperatives of the district in such proportion and in such manner as may be fixed by the farm credit board subject to the approval of the Farm Credit Administration. Except with the approval of the Farm Credit Administration, no member of any farm credit board shall receive compensation or allowances for any services rendered such institutions, in his capacity as director or otherwise, for more than thirty days in any one calendar year, exclusive of the period for which compensation is paid for attendance at meetings of said board and at directors' meetings. (Aug. 19, 1937, ch. 704, $ 5 (j), 50 Stat. 706.)

SAVING CLAUSE See note under section 640a of this title.

8 640k. Laws unaffected.—Nothing contained in sections 640a640% of this title shall be construed to abrogate or repeal section 672 of this title, as amended, or to affect the applicability of any other Act of Congress under which agricultural credit laws of the United States may be made applicable to territories or insular possessions of the United States. (Aug. 19, 1937, ch. 704, § 5 (k), 50 Stat. 706.)

SAVING CLAUSE See note under section 640a of this title.

8 6401. Powers of farm credit board. Each farm credit board provided for in sections 640b and 640c of this title shall have power, subject to the approval of the Farm Credit Administration

(a) Employment of joint officers and employees for certain organizations.—To employ joint officers and employees for the Federal land bank, Federal intermediate credit bank, production credit corporation, and regional bank for cooperatives in its district. The salaries or other compensation of all such joint officers and employees shall be fixed by the district farm credit board and shall be paid by the Federal land bank of the district. Such bank shall be reimbursed therefor by the other three institutions in the district, in such amounts and upon such conditions as the board shall determine. Officers and employees appointed by the district farm credit board shall be officers and employees of the district institutions served by them.

(b) Authorization of acquisition and disposal of property.—To authorize the acquisition and disposal of such property, real or personal, as may be necessary or convenient for the transaction of the business of the Federal land bank, the Federal intermediate credit bank, the bank for cooperatives, and the production credit corporation, located in its district, upon such terms and conditions as it shall fix, and to prorate among such institutions the cost of purchases, rentals, construction, repairs, alterations, maintenance, and operation, in such amounts and in such manner as it shall determine. Any lease, or any contract for the purchase or sale of property, or any deed or conveyance of property, or any contract for the construction, repair, or alteration of buildings, authorized by a district farm credit board under this subsection shall be executed by the officers of the institution or institutions concerned pursuant to the direction of such board. No provision of law relative to the acquisition or disposal of property, real or personal, by or for the United States, or relative to the making of contracts or leases by or for the United States, including the provisions set out in Title 40, and Title 41, and including provisions applicable to corporations wholly owned by the United States, shall be deemed or held applicable to any lease, purchase, sale, deed, conveyance, or contract authorized or made by a district farm credit board, Federal land bank, Federal intermediate credit bank, production credit corporation, or bank for cooperatives under this subsection.

(c) Vacations and sick leaves.-No corporation under the supervision of the Farm Credit Administration, of which corporation any member of the board of directors is elected or appointed by private interests, shall be subject to the provisions of sections 29a, 30b-30m, and 31a of Title 5. (Aug. 19, 1937, ch. 704, 8 6, 50 Stat. 706.)

REFERENCES IN TEXT In the original “sections 640b and 640c of this title" reads "this act”, meaning the Farm Credit Act of 1937 (act August 19, 1937, cited to text). For distribution of said act see note under section 640c of this title.

SAVING CLAUSE See note under section 640a of this title.

§ 640-1. Sale of real estate; prepayment of balance of purchase price.--In the case of any contract or agreement for the sale of any real estate to any individual under any program administered by the Resettlement Administration or the Farm Security Administration

(1) by the Department of Agriculture or any agency of the Department of Agriculture; or

(2) by any homestead association or corporation established by the Department of Agriculture or any agency of the Department of Agriculture; or

(3) by the National Housing Agency or any agency of the National Housing Agency, in case such contract or agreement was, prior to February 24, 1942, made by the Department of Agriculture, or any agency of the Department of Agriculture, or any homestead association or corporation established by the Department of Agriculture or any agency of the Department of Agriculture; or

(4) by the National Housing Agency or any agency of the National Housing Agency, or any homestead association established by the National Housing Agency or any agency of the National Housing Agency, in case such contract or agreement would, except for Executive Order Numbered 9070 of February 24, 1942, as amended and supplemented, have been made by the Department of Agriculture or an agency of the Department of Agriculture or a homestead association or corporation established by the Department of Agriculture or an agency of

the Department of Agriculture; if such contract or agreement, having been in force for five years, provides for the payment of the purchase price in installments over a period of years, no provision of such contract or agreement shall be deemed to prevent the prepayment of any portion of the purchase price, and upon the payment of such purchase price together with interest (on the amount thereof previously unpaid) to the date of such payment, there shall be delivered to the purchaser forthwith a quitclaim deed conveying all right, title and interest of the United States in and to such real estate without any reservations, exceptions, conditions or restrictions whatsoever. (July 1, 1944, ch. 364, 58 Stat. 675.)

REFERENCE IN TEXT Ex. Ord. No. 9070 of Feb. 24, 1942, as amended and supplemented referred to in text, is set out as a note under section 601 of Appendix to Title 50, War.

SUBCHAPTER 1.—FEDERAL LAND BANKS, JOINT-STOCK LAND BANKS,

AND NATIONAL FARM-LOAN ASSOCIATIONS 8 641. “Federal Farm Loan Act”; administration. The act of July 17, 1916 (ch. 245, 39 Stat. 360), as amended by act of March 4, 1923 (ch. 252, 42 Stat. 1454), to include Federal intermediate credit banks may be cited as the "Federal Farm Loan Act." Its administration shall be under the direction and control of the Farm Credit Administration, created pursuant to Executive Order. (July 17, 1916, ch. 245, § 1, 39 Stat. 360; Mar. 1923, ch. 252, $$ 1, 2, 42 Stat. 1454; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT The Federal Farm Loan Act, to which reference is made in this section, was incorporated into the code as sections 641, 642, 651-656, 657-664, 671678, 679-682, 683, 691-698, 701, 711-723, 731-734, 741-747, 751-756, 761, 771, 772, 781, 791, 801-808, 810-824, 831, 841-844, 851-857, 861-864, 871-886, 891-899, 901, 902, 911-915, 921, 931, 932, 933, 941-943, 951-953, 961-963, 964-967, 971-973, 981-987, 991, 992, 993, 1001, 1011, 1012, 1021-1026, 10311034, 1041-1044, 1051-1053, 1061, 1062, 1072, 1081, 1091-1094, 1101, 1111, and 1121-1129 of this title.

TRANSFER OF FUNCTIONS Farm Credit Administration was transferred to the Department of Agriculture. See note preceding section 636 of this title.

8 642. "First mortgage" and "farm-loan bonds” defined.—Wherever the term "first mortgage" is used in this subchapter it shall be held to include such classes of first liens on farm lands as shall be approved by the Farm Credit Administration, and the credit instruments secured thereby. The term "farm-loan bonds" shall be held to include all bonds secured by collateral deposited with a farm-loan registrar under the terms of this subchapter; they shall be distinguished by the addition of the words "Federal", or "joint-stock" as the case may be. (July 17, 1916, ch. 245, § 2, 39 Stat. 360; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT In the original “this subchapter" reads “this Act”, meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said act in this Code, see note under section 641 of this title.

ADMINISTRATIVE PROVISIONS RELATIVE TO THIS SUBCHAPTER 8 651. Federal Farm Loan Bureau.—There shall be at the seat of government a bureau charged with the execution of this subchapter and of subchapter III of this chapter and of all acts amendatory thereof, to be known as the "Federal Farm Loan Bureau”, under the general supervision of the Farm Credit Administration. (July 17, 1916, ch. 245, § 3, 39 Stat. 360; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT In the original “this subchapter and subchapter III of this chapter" reads “this Act,” meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said act in this Code, see note under section 641 of this title.

TRANSFER OF FUNCTIONS Farm Credit Administration was transferred to the Department of Agriculture. See note preceding section 636 of this title.

§ 652. Federal Farm Loan Board; number of members; appointment; salaries; expenses. The Federal Farm Loan Board shall consist of seven members, including the Secretary of the Treasury, who shall be a member and chairman ex officio, and six members to be appointed by the President of the United States, by and with the advice and consent of the Senate. Of the six members to be appointed by the President, not more than three shall be appointed from one political party, and all six of said members shall be citizens of the United States and shall devote their entire time to the business of the Federal Farm Loan Board; they shall receive an annual salary of $10,000, payable monthly, together with actual necessary traveling expenses. One of the additional members of the Federal Farm Loan Board, hereby provided for, shall be appointed for a term expiring August 6, 1929, and one for a term expiring August 6, 1931, and thereafter the terms of all members of the Federal Farm Loan Board shall be as in section 653 of this subchapter otherwise provided for. (July 17, 1916, ch. 245, § 3, 39 Stat. 360; Mar. 4, 1923, ch. 252, § 301, 42 Stat. 1473.)

PARTLAL EFFECTIVENESS This section was rendered obsolete by Ex. Ord. No. 6084, Mar. 27, 1933, except insofar as it affects the qualifications, appointment, salary, etc., of the Land Bank Commissioner, previously known as Farm Loan Commissioner. See section 638 of this title.

§ 653. Terms of office; oath; Land Bank Commissioner.-One of the members of the Federal Farm Loan Board to be appointed

by the President shall be designated by him to serve for two years, one for four years, one for six years, and one for eight years, and thereafter each member so appointed shall serve for a term of eight years, unless sooner removed for cause by the President. One

of the members shall be designated by the President as the Land Bank Commissioner, who shall be the active executive officer of said board. Each member of the Federal Farm Loan Board shall within fifteen days after notice of his appoinment take and subscribe to the oath of office. (July 17, 1916, ch. 245, $ 3, 39 Stat. 360; June 16, 1933, ch. 98, $ 80 (a), 48 Stat. 273.)

PARTIAL EFFECTIVENESS This section was rendered obsolete by Ex. Ord. No. 6084, Mar. 27, 1933, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner; it no longer applies to the term of office of the Commissioner. See section 638 of this title.

§ 654. Eligibility of members; restriction on right to engage in other business.—No member of the Federal Loan Board shall, during his continuance in office, be an officer or director of any other institution, association, or partnership engaged in banking, or in the business of making land mortgage loans or selling land mortgages. Before entering upon his duties as a member of the Federal Farm Loan Board each member shall certify under oath to the President that he is eligible under this section. (July 17, 1916, ch. 245, $ 3, 39 Stat. 360.)

PARTIAL EFFECTIVENESS This section was rendered obsolete by Ex. Ord. No. 6084, Mar. 27, 1933, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See section 638 of this title.

§ 655. Filling vacancies on board.—The President shall have the power, by and with the advice and consent of the Senate, to fill any vacancy occurring in the membership of the Federal Farm Loan Board; if such vacancy shall be filled during the recess of the Senate a commission shall be granted which shall expire at the end of the next session. (July 17, 1916, ch. 245, § 3, 39 Stat. 360.)

PARTIAL EFFECTIVENESS This section was rendered obsolete by Ex. Ord. No. 6084, Mar. 27, 1933, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See section 638 of this title.

§ 656. Registrars, appraisers, and examiners; appointment; restriction on right to engage in other business.—The Farm Credit Administration shall appoint a farm-loan registrar in each farm credit district to receive applications for issues of farm-loan bonds and to perform such other services as are prescribed by this chapter, and may appoint a deputy registrar who shall during the unaivoidable absence or disability of the registrar perform the duties of that office. It shall also appoint one or more land-bank appraisers for each farm credit district and as many farm credit examiners as it shall deem necessary. Farm loan registrars, deputy registrars, land-bank appraisers, and farm credit examiners appointed under this section and sections 651655, 657-664 of this title shall be public officials and shall, during

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