UNITED STATES OF AMERICA Laws Administered by the As Amended to January 1, 1957 As Compiled in the United States Code (Title 12, Chapter 7, Except Subchapter VIII; Title 18, Selected Sections) For sale by the Superintendent of Documents, U. S. Government Printing Office Foreword This circular contains all general and permanent laws enacted by Congress which have particular reference to the Farm Credit Administration or the corporations under its supervision (i.e., the Federal land banks and national farm loan associations, the Federal intermediate credit banks and production credit associations, the banks for cooperatives, and the Federal Farm Mortgage Corporation), as compiled in the United States Code, 1952 Edition, and Supplement IV thereto, as of January 1, 1957 (Title 12, Chapter 7, except Subchapter VIII; Title 18, selected sections). Provisions are included from the following Acts of Congress, as amended or supplemented, among others: the Federal Farm Loan Act, relating to Federal land banks, joint stock land banks (now liquidated), national farm loan associations, and Federal intermediate credit banks; the Agricultural Marketing Act; the Emergency Farm Mortgage Act of 1933, relating to the loans to farmers which were made by the Land Bank Commissioner on behalf of the Federal Farm Mortgage Corporation; the Federal Farm Mortgage Corporation Act; the Farm Credit Act of 1933, relating to production credit associations and banks for cooperatives; the Farm Credit Act of 1937, with reference to the district farm credit boards; the Farm Credit Act of 1953, which reestablished the Farm Credit Administration as an independent agency in the executive branch of the Government; the Farm Credit Act of 1955, which provided for the gradual retirement of Government capital in the banks for cooperatives and for such banks to be privately owned and operated on a cooperative basis; and the Farm Credit Act of 1956, which merged the production credit corporation in the Federal intermediate credit bank of each district and provided for the Government capital in such banks to be retired with the production credit associations eventually to achieve complete ownership of such credit banks. Also included are sections from Title 18 of the United States Code, Crimes and Criminal Procedure, which originally were derived from laws particularly applicable to the Farm Credit Administration or the corporations under its supervision. Preceding the statutory provisions herein is the pertinent part of Executive Order No. 6084 under which the Farm Credit Administration was first established in 1933. At the head of each section in the circular is printed its number in the United States Code and, for each section from the Federal Farm Loan UNITED STATES OF AMERICA FOREWORD iii Act, Agricultural Marketing Act, Emergency Farm Mortgage Act of 1933, Federal Farm Mortgage Corporation Act, and the Farm Credit Acts of 1933, 1937, 1953, and 1956, there is also printed the corresponding section number in the particular Act. The source citations at the end of each section are generally as found in the Code; in some cases, the words "amended" or "as amended" in the Code source citation are replaced by a semicolon in this circular; in other cases, where the Code source citation includes the words "as added" to indicate a new provision added to a prior statute and is followed by "and amended" to indicate subsequent amendments thereto, the circular follows the Code. In a few instances, the circular follows the text of the Code even though such text includes a reference to à section or note which has been repealed or is not included in the circular for some other reason. In the interest of consistency, the hyphens between the words "farm-loan" and "joint-stock", of which there are many in the Code and some in the laws as enacted, are omitted from the circular. The explanatory notes contained in the United States Code are not all included herein, particularly such notes as that "Farm Credit Administration" was substituted for "Federal Farm Loan Board" pursuant to Executive Order No. 6084, or that "this subchapter" was substituted for "this Act", etc. The notes in the Code as to the effective dates and classification of the Farm Credit Acts of 1953, 1955, and 1956 are included in the circular under sections 636a (1953 Act), 1134d (1955 Act) and 1027 (1956 Act); the classification notes in the Code as to certain other major Acts are included in the circular under sections 641 (Federal Farm Loan Act), 639 (Farm Credit Act of 1933), and 640c (Farm Credit Act of 1937); but the numerous cross-references in the Code to such notes are not repeated in the circular. This circular is intended as a convenient working reference for personnel of the Farm Credit Administration and the banks and associations under its supervision, and others who may be interested in their operations, but for some purposes it may be necessary to consult the statutes at large or the more comprehensive explanatory notes which may be found in the United States Code, District Organizations under Supervision of Farm Credit 12 FEDERAL LAND BANKS, JOINT STOCK LAND BANKS, AND NATIONAL (Subchapter I, Chapter 7, Title 12, U.S. C.). LOANS TO FARMERS BY LAND BANK COMMISSIONER (Subchapter II, Chapter 7, Title 12, U. S. C.). 21 98 (Subchapter IV, Chapter 7, Title 12, U. S. C.) .. 127 (Subchapter VII, Chapter 7, Title 12, U. S. C.) ....... 151 CRIMES AND CRIMINAL PROCEDURE (Selected Sections, Title 18, U. S. C.) 159 INDEX. 171 Chapter 7 FARM CREDIT ADMINISTRATION INTRODUCTORY Ex. Ord. No. 6084. Reorganizing Agricultural Ex. Ord. No. 6084, Mar. 27, 1933, provided in part: that: (1) The functions of the Secretary of Agriculture as a member of the Federal Farm Board, and the offices of the appointed members of the Federal Farm Board, except the office of the member designated as chairman thereof, are abolished. (2) The name of the Federal Farm Board is changed to the Farm Credit Administration. (3) The name of the office of Chairman of the Federal Farm Board is changed to Governor of the Farm Credit Administration, and he is vested with all the powers and duties of the Federal Farm Board. (4) The functions of the Secretary of the Treasury as a member of the Federal Farm Loan Board, and the offices of the appointed members of the Federal Farm Loan Board, except the office of the member designated as farm loan commissioner, are abolished, and all the powers and functions of the Federal Farm Loan Board are transferred to and vested in the Farm Loan Commissioner, subject to the jurisdiction and control of the Farm Credit Administration as herein provided. (5) There are transferred to the jurisdiction and control of the Farm Credit Administration: (a) The Federal Farm Loan Bureau and the functions thereof; together with the functions of the Federal Farm Loan Board, including the functions of the Farm Loan Commissioner; (b) The functions of the Treasury Department and the Department of Agriculture, and the Secretaries thereof, under Executive authorizations to give aid to farmers, dated July 26, 1918, and any extensions or amendments thereof; (c) The functions of the Secretary of Agriculture under all provisions of law relating to the making of advances or loans to farmers, fruit growers, producers and owners of livestock and crops, and to individuals for the purpose of assisting in forming or increasing the capital stock of agricultural-credit corporations, livestockloan companies, or like organizations, except Public Resolution No. 74, Seventieth Congress, approved December 21, 1928, providing for the Puerto Rican Hurricane Relief Commission; (d) The Crop Production Loan Office and the Seed Loan Office of the Department of Agriculture, and the functions thereof; (e) The functions of the Reconstruction Finance Corporation and its Board of Directors relating to the appointment of officers and agents to manage regional |