PROVIDING FOR THE PURCHASE AND SALE OF FARM PRODUCTS. TUESDAY, NOVEMBER 28, 1922. UNITED STATES SENATE, COMMITTEEE ON AGRICULTURE AND FORESTRY, Washington, D. C. The committee met, pursuant to call, at 11 o'clock a. m., in room 214 Senate Office Building, Senator George W. Norris presiding. Present: Senators Norris (chairman), McNary, Capper, Keyes, Gooding, Ladd, Harreld, McKinley, Smith, Ransdell, Harrison, Hefflin, and Caraway. The CHAIRMAN. Gentlemen, this hearing is on bill S. 4050, to provide for the purchase and sale of farm products. (The bill is here printed in full, as follows :) "A BILL To provide for the purchase and sale of farm products. "[S. 4050, Sixty-seventh Congress, third session.] "Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the short title of this act shali be the farmers and consumers' financing corporation act.' SEC. 2. When used in this act the term 'person ' includes partnerships, corporations, and associations, as well as individuals. SEC. 3. The Secretary of Agriculture and two additional persons (who shall be directors as hereinafter provided) are hereby created a body corporate by the name, style, and title of the farmers and consumers' financing corporation (herein called the corporation), and shall have succession until dissolved by act of Congress. SEC. 4. That the capital stock of the corporation shall be $100,000,000, all of which shall be subscribed by the United States of America, and such subscription shall be subject to call upon the vote of two-thirds of the board of directors of the corporation, with the approval of the Secretary of Agriculture, at such time or times as may be deemed advisable; and there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $100,000,000, or so much thereof as may be necessary, for the purpose of making payment upon such subscriptions when and as called. Receipts for payments by the United States of America for or on account of such stock shall be issued by the corporation to the Secretary of the Treasury and shall be evidence of stock ownership. "SEC. 5. That the management of the corporation shall be vested in a board of directors, consisting of the Secretary of Agriculture, who shall be chairman of the board, and two other persons, to be appointed by the President, by and with the advice and consent of the Senate. No director, officer, attorney, agent, or employee of the corporation shall in any manner, directly or indirectly, participate in the determination of any question affecting his personal interests or the interest of any corporation, partnership, or association in which he is directly or indirectly interested; and each director shall devote his time. not otherwise required by the business of the United States, to the business of the corporation. Before entering upon his duties each of the two directors so appointed and each officer shall take oath faithfully to discharge the duties of II ་ COMMITTEE ON AGRICULTURE AND FORESTRY. CARROLL S. PAGE, Vermont. ELLISON D. SMITH, South Carolina. J. THOMAS HEFLIN, Alabama. MAYBELLE J. TALBERT, Clerk. |