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. (Aug. 19, 1937, c. 704, § 6, 50 Stat. 706.)

(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, c. 704, § 6, 50 Stat. 706.)

SUBCHAPTER I.-FEDERAL LAND BANKS, JOINT STOCK LAND BANKS, AND NATIONAL FARM LOAN ASSOCIATIONS

12 U.S. C., § 641

F. F. L. Act, § 1

"Federal Farm Loan Act"; administration.-The act of July 17, 1916 (Chapter 245, 39 Statutes 360), as amended by act of March 4, 1923 (Chapter 252, 42 Statutes 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, c. 245, § 1, 39 Stat. 360; Mar. 4, 1923, c. 252, §§ 1, 2, 42 Stat. 1454; Mar. 27, 1933, Ex. Or. 6084.)

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

Act of July 17, 1916, cited to the text, was entitled "An act to provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, to create Government depositaries and financial agents for the United States, and for other purposes."

12 U. S. C., § 642

F. F. L. Act, § 2

"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, c. 245, § 2, 39 Stat. 360; Mar. 27, 1933, Ex. Or. 6084.)

ADMINISTRATIVE PROVISIONS RELATIVE TO THIS SUBCHAPTER

12 U. S. C., § 651

F. F. L. Act, §3

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,

་

supervision of the Farm Credit Administration. (July 17, 1916, c. 245, § 3, 39 Stat. 360; Mar. 27, 1933, Ex. Or. 6084.)

The Federal Farm Loan Bureau and its functions were transferred to the Farm Credit Administration by Ex. Ord. No. 6084, cited to text and set out preceding section 636 of this title. Farm Credit Administration was transferred to the Department of Agriculture. See note preceding section 636 of this title.

12 U.S. C., § 652

F. F. L. Act, $3

Land Bank Commissioner; appointment and salary.-The Land Bank Commissioner shall be appointed by the President of the United States, by and with the advice and consent of the Senate. He shall be a citizen of the United States and shall devote his entire time to the business of his office; he shall receive an annual salary of $10,000, payable monthly, together with actual necessary traveling expenses. (July 17, 1916, c. 245, § 3, 39 Stat. 360; Mar. 4, 1923, c. 252, § 301, 42 Stat. 1473; Ex. Or. No. 6084, Mar. 27, 1933; June 16, 1933, c. 98, § 80 (a), 48 Stat. 273.)

References to the Federal Farm Loan Board and its members were changed to Land Bank Commissioner and provisions relating to number of members of the Federal Farm Loan Board, membership of Secretary of the Treasury, political parties of members, and terms of office were omitted on authority of Ex. Or. No. 6084, cited to text, and set out as a note preceding section 636 of this title, which abolished the functions of the Secretary of the Treasury as a member of the Federal Farm Loan Board, abolished the offices of its appointed members, except that of Farm Loan Commissioner and transferred the powers and functions of the Board to the Farm Loan Commissioner. Act June 16, 1933, cited to text, changed name of Farm Loan Commissioner to Land Bank Commissioner.

12 U. S. C., § 653

F. F. L. Act, § 3

Oath of Land Bank Commissioner.-The Land Bank Commissioner shall within fifteen days after notice of his appointment take and subscribe to the oath of office. (July 17, 1916, c. 245, § 3, 39 Stat. 360; Ex. Or. No. 6084, Mar. 27, 1933; June 16, 1933, c. 98, § 80 (a), 48 Stat. 273.)

Former first sentence of section, relating to terms of office of members of the Federal Farm Loan Board and designation of one of the members as Farm Loan Commissioner, was omitted and "The Land Bank Commissioner" was substituted for "Each member of the Federal Farm Loan Board" on authority of Ex. Or. No. 6084 and act June 16, 1933, both cited to text. See note under section 652 and section 638 of this title.

12 U. S. C., § 654

F. F. L. Act, § 3 Restriction on right of Land Bank Commissioner to engage in other business.-The Land Bank Commissioner shall not, 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 Land Bank Commissioner he shall certify under oath to the President that he is eligible under this section. (July 17, 1916, c. 245, § 3, 39 Stat. 360; Ex. Or. No. 6084, Mar. 27, 1933; June 16, 1933, c. 98, § 80 (a), 48 Stat. 273.)

References to members of the Federal Farm Loan Board were changed to Land Bank Commissioner on the authority of Ex. Or. No. 6084. cited to text, and set out as a note preceding section 636 of this title, and act June 16, 1933, cited to text.

12 U. S. C., § 655

F. F. L. Act, § 3

Filling vacancies in office of Land Bank Commissioner. The President shall have the power, by and with the advice and consent of the Senate, to fill any vacancy occurring in the office of Land Bank

Commissioner; 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, c. 245, § 3, 39 Stat. 360; Ex. Or. No. 6084, Mar. 27, 1933; June 16, 1933, c. 98, § 80 (a), 48 Stat. 273.)

References to members of the Federal Farm Loan Board were changed to Land Bank Commissioner on the authority of Ex. Or. No. 6084, cited to text, and set out as a note preceding section 636 of this title, and act June 16, 1933, cited to text, which is section 638 of this title.

12 U. S. C., § 656

F. F. L. Act, § 3

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 unavoidable 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, 659-664 of this title shall be public officials and shall, during their continuance in office, have no connection with or interest in any other institution, association, or partnership engaged in banking or in the business of making land mortgage loans or selling land mortgages: Provided, That this limitation shall not apply to persons employed by the administration temporarily to do special work. (July 17, 1916, c. 245, § 3, 39 Stat. 361; Apr. 20, 1920, c. 154, § 1, 41 Stat. 570; Mar. 27, 1933, Ex. Or. 6084; Aug. 19, 1937, c. 704, §§ 5 (a), 20, 50 Stat. 704, 710.)

12 U. S. C., § 656a

Examiners to be designated "farm credit examiners."-Examiners appointed pursuant to the provisions of section 656 of this title shall after August 19, 1937, be designated and known as farm credit examiners. (Aug. 19, 1937, c. 704, § 20, 50 Stat. 710.)

12 U. S. C., § 659

F. F. L. Act, § 3 Attorneys, experts, and other employees; employment; salaries and fees. The Farm Credit Administration shall be authorized and empowered to employ such attorneys, experts, assistants, clerks, laborers, and other employees as it may deem necessary to conduct the business of said administration [incident to the administration of this subchapter and subchapter III of this chapter]. All salaries and fees authorized in sections 651-664 of this title and not otherwise provided for shall be fixed in advance by said administration and shall be paid in the same manner as the salary of the Land Bank Commissioner. All such attorneys, experts, assistants, clerks, laborers, and other employees, and all registrars, examiners, and appraisers shall be appointed without regard to the provisions of sections 632, 633, 635, 637, 638, and 640-642, of Title 5, or any rule or regulation made in pursuance thereof and may be classified without regard to sections 661-663, 664-669, 670-672, 673, and 674 of Title 5: Provided, That

nothing herein shall prevent the President from placing said employees in the classified service. (July 17, 1916, c. 245, § 3, 39 Stat. 361; Mar. 4, 1925, c. 524, § 4, 43 Stat. 1263; Mar. 27, 1933, Ex. Or. 6084; June 16, 1933, c. 98, § 80 (a), 48 Stat. 273.)

"Farm Credit Administration" and "administration" mentioned in the text were substituted for "Federal Farm Loan Board" and "board," respectively, pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. The language in brackets does not appear in the United States Code.

12 U. S. C., § 660

F. F. L. Act, § 3

Statement of salaries paid by land banks.-Every Federal land bank shall semiannually submit to the Farm Credit Administration a schedule showing the salaries or rates of compensation paid to its officers and employees. (July 17, 1916, c. 245, §3, 39 Stat. 361; Mar. 27, 1933, Ex. Or. 6084.)

12 U. S. C., § 661

F. F. L. Act, §3

Annual report.-The Farm Credit Administration shall annually make a full report of its operations [under this subchapter and subchapter III of this chapter] to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. (July 17, 1916, c. 245, § 3, 39 Stat. 361; Mar. 27, 1933, Ex. Or. 6084.)

"Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. The language in brackets does not appear in the United States Code.

12 U. S. C., § 662

F. F. L. Act, § 3 Examinations and reports by land banks; appraisals of farm land amortization tables.-The Farm Credit Administration shall from time to time require examinations and reports of condition of all land banks established under the provisions of this chapter and shall publish consolidated statements of the results thereof. It shall cause to be made appraisals of farm lands as provided by this chapter, and shall prepare and publish amortization tables which shall be used by national farm loan associations and land banks organized under this chapter. (July 17, 1916, c. 245, § 3, 39 Stat. 361; Mar. 27, 1933, Ex. Or. 6084.)

12 U.S. C., § 663

F. F. L. Act, § 3

Statements of condition of loan associations and land banks.The Farm Credit Administration shall prescribe a form for the statement of condition of national farm loan associations and land banks under its supervision, which shall be filled out quarterly by each such association or bank and transmitted to said administration. (July 17, 1916, c. 245, § 3, 39 Stat. 361; Mar. 27, 1933, Ex. Or. 6084.)

12 U.S. C., § 664

F. F. L. Act, § 3

Bulletins and circulars.-It shall be the duty of the Farm Credit Administration to prepare from time to time bulletins setting forth the principal features of this subchapter and of subchapter III of this chapter and through the Department of Agriculture or otherwise to distribute the same, particularly to the press, to agricultural jour

nals, and to farmers' organizations to prepare and distribute in the same manner circulars setting forth the principles and advantages of amortized farm loans and the protection afforded debtors under said subchapters, instructing farmers how to organize and conduct farm loan associations, and advising investors of the merits and advantages of farm loan bonds; and to disseminate in its discretion information for the further instruction of farmers regarding the methods and principles of cooperative credit and organization. Said administration is instructed to lay before the Congress at each session its recommendations for further appropriations to carry out the objects of this section. (July 17, 1916, c. 245, §3, 39 Stat. 361; Mar. 27, 1933, Ex. Or. 6084.)

12 U. S. C., § 665

Rules and regulations.-The Farm Credit Administration is authorized to make such rules and regulations, not inconsistent with law, as it deems necessary or requisite for the efficient execution of the provisions of this subchapter and of subchapter III of this chapter, and/or any Act or Acts amendatory thereof or supplementary thereto. (Jan. 23, 1932, c. 9, § 6, 47 Stat. 14; Mar. 27, 1933, Ex. Or. 6084.)

ORGANIZATION OF FEDERAL LAND BANKS

§ 671 was repealed by Act Aug. 19, 1937, c. 704, § 7 (a), 50 Stat. 707. 12 U.S. C., § 672

F. F. L. Act, § 4 Establishment; titles; branches; Puerto Rico and Alaska; Hawaii; loans by branches.-The Farm Credit Administration shall establish in each farm credit district a Federal land bank, with its principal office located in such city within the district as said administration shall designate. Each Federal land bank shall include in its title the name of the city in which it is located. Subject to the approval of the Farm Credit Administration, any Federal land bank may establish branches within the farm credit district. Subject to the approval of the Farm Credit Administration and under such conditions as it may prescribe, the provisions of this subchapter and of subchapter III of this chapter are extended to the island of Puerto Rico* and the Territory of Alaska; and the Farm Credit Administration shall designate a Federal land bank which is hereby authorized to establish a branch bank in Puerto Rico and a Federal land bank which is hereby authorized to establish a branch bank in the Territory of Alaska. Loans made by each such branch bank shall be subject to the restrictions and provisions of this chapter, except that each such branch bank may loan direct to borrowers, and, subject to such regulations as the Farm Credit Administration may prescribe, the rate charged borrowers may be 112 per centum in excess of the rate borne by the last preceding issue of farm loan bonds of the Federal land bank with which such branch bank is connected: Provided, That no loan shall be made in Puerto Rico or Alaska by such branch bank for a longer term than twenty years.

*For special provisions relative to foreclosures in Puerto Rico where the United States must be joined as a party defendant, and to subordinations of liens of the Puerto Rico Hurricane Relief Commission, see Aug. 27, 1935, c. 776, 49 Stat. 926; Aug. 27, 1935, c. 777,