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.

Same; felons and defrauders ineligible. (i) No person shall be eligible for appointment or election as an administrative or executive official of a Federal land 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.

Same; compensation of members. (j) 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.

Laws unaffected. (k) Nothing contained in this section shall be construed to abrogate or repeal the second paragraph of section 4 of the Federal Farm Loan Act, 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, sec. 5 (a) to sec. 5 (k), 50 Stat. 704 to 706; 12 U. S. C., sec. 640.

638-7. Powers of farm credit board.-Each farm credit board provided for in this Act shall have power, subject to the approval of the Farm Credit Administration

Employment of joint officers and employees for certain organizations. (a) 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.

Authorization of acquisition and disposal of property. (b) 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 of the United States Code, 1934 edition, and the Supplements thereto, 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.

Vacations and sick leaves. (c) 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 the Acts of Congress approved March 14, 1936 (49 Stat. 1161, 1162) (U. S. C., title 5, secs. 29a, 30b-30m, 31a). (Aug. 19, 1937, sec. 6, 50 Stat. 706; 12 U. S. C., sec. 640r.)

638-8. "Federal Farm Loan Act"; administration.—That this Act may be cited as the "Federal Farm Loan Act." Its administration shall be under the direction and control of the Federal Farm Loan Board [now Farm Credit Administration]* hereinafter created. (July 17, 1916, sec. 1, 39 Stat. 360; Mar. 4, 1923, sec. 1, 42 Stat. 1454; 12 U. S. C., sec. 641.)

638-9. "First mortgage" and "farm loan bonds" defined.-That wherever the term "first mortgage" is used in this Act it shall be held to include such classes of first liens on farm lands as shall be approved by the Federal Farm Loan Board [now 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 Act; they shall be distinguished by the addition of the words "Federal," or "joint stock," as the case may be. (July 17, 1916, sec. 2, 39 Stat. 360; 12 U. S. C., sec. 642.)

638-10. Federal Farm Loan Bureau.-That there shall be established at the seat of government in the Department of the Treasury a bureau charged with the execution of this Act and of all Acts amendatory thereof, to be known as the Federal Farm Loan Bureau, under the general supervision of a Federal Farm Board [now Farm Credit Administration].* (July 17, 1916, sec. 3, 39 Stat. 360; 12 U. S. C., sec. 651.)

*See Ex. Or. 6084, p. 254, this volume.

638-11. Federal Farm Loan Board; number of members; appointment; salaries; expenses.—

This section was rendered obsolete, by Executive Order 6084, except insofar as it affects the qualifications, appointment, salary, etc., of the Land Bank Commissioner, previously known as Farm Loan Commissioner. See paragraph 638-3 of this volume.

(July 17, 1916, sec. 3, 39 Stat. 360; Mar. 4, 1923, sec. 301, 42 Stat. 1473; 12 U. S. C., sec. 652.)

638-12. Terms of office; oath; Land Bank Commissioner.

This section was rendered obsolete, by Executive Order 6084, 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 paragraph 638-3 of this volume.

(July 17, 1916, sec. 3, 39 Stat. 360; June 16, 1933, sec. 80 (a), 48 Stat. 273; 12 U. S. C., sec. 653.)

638-13. Eligibility of members; restriction on right to engage in other business.

This section was rendered obsolete, by Executive Order 6084, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See paragraph 638-3 of this volume.

(July 17, 1916, sec. 3, 39 Stat. 360; 12 U. S. C., sec. 654.) 638-14. Filling vacancies on board.

This section was rendered obsolete, by Executive Order 6084, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See paragraph 638-3 of this volume.

(July 17, 1916, sec. 3, 39 Stat. 360; U. S. C., sec. 655.)

638-15. Registrars, appraisers, and examiners; appointment; restriction on right to engage in other business.-The Federal Farm Loan Board [now 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 Act, 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 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 board [now administration]* temporarily to do special work. (July 17, 1916, sec. 3, 39 Stat. 361; Apr. 20, 1920, sec. 1, 41 Stat. 570; Aug. 19, 1937, secs. 5 (a), 20, 50 Stat. 704, 710; 12 U. S. C., sec. 656.)

638-16. Examiners to be designated "farm credit examiners."-Examiners appointed pursuant to the provisions of section 3 of the Federal Farm Loan Act, as amended (U. S. C., 1934 edition, title 12, sec. 656), shall hereafter be designated and known as farm credit examiners. (Aug. 19, 1937, sec. 20, 50 Stat. 710; 12 U. S. C., sec. 656a.)

*See Ex. Or. 6084, p. 254, this volume.

638-17. Salaries and expenses; provision for payment.-The amount of the salaries and expenses of the employees engaged in the work of the division of examinations of the Federal Farm Loan Bureau as estimated by the Farm Credit Administration shall be paid by the Federal land banks, joint-stock land banks, and the Federal intermediate credit banks, as follows:

The Farm Credit Administration shall, prior to the first days of January and July of each year, estimate the expenses and salaries of the employees engaged as aforesaid, and apportion the same among the Federal land banks, joint-stock land banks, and the Federal intermediate credit banks on such equitable basis as the Farm Credit Administration shall determine, giving due consideration to time and expense necessarily incident to the supervision of the operation of each type of bank, and making assessment on each of such banks, pursuant to such apportionment, payable on the first days of January and July next ensuing. The funds collected pursuant to such assessments shall be deposited with the Treasurer of the United States under the miscellaneous receipts title "Assessments on Federal and joint-stock land banks and Federal intermediate credit banks, salaries and expenses, Farm Credit Administration," such expenses and salaries, together with all other expenses and salaries of the said administration, to be disbursed on appropriations duly made by the Congress. If any deficiency shall occur in such fund during the half-year period for which it was estimated, the Farm Credit Administration shall have authority to make immediate assessment covering such deficiency against the Federal land banks, joint-stock land banks, and Federal intermediate credit banks upon the same basis as the original assessment. If at the end of the six months' period there shall remain a surplus in such fund, it shall be deducted from the estimated expenses of the next six months' period when assessment is made for such period. (July 17, 1916, sec. 3, 39 Stat. 361; Mar. 4, 1923, sec. 302, 42 Stat. 1473; Mar. 4, 1925, sec. 3, 43 Stat. 1262; June 26, 1930, 46 Stat. 815; 12 U. S. C., sec. 657.) [The language of the foregoing paragraph is that which appears in the United States Code. This departure from the rule of using statutory language is necessary in this instance because the act of June 26, 1930 (46 Stat. 815), cited to text, amended the original statute in such a way as to make insertion of a correlated statutory context impossible.]

638-18. Appraisers and inspectors; compensation; manner of payment.— Federal land bank appraisers, and appraisers or inspectors of Federal intermediate credit banks, shall receive such compensation as the Federal Farm Loan Board [now Farm Credit Administration]* shall fix and shall be paid by the Federal land banks, joint-stock land banks, and the Federal intermediate credit banks they serve, in such proportion and in such manner as the Federal Farm Loan Board now Farm Credit Administration]* shall order. (July 17, 1916, sec. 3, 39 Stat. 361; Mar. 4, 1923, sec. 302, 42 Stat. 1473; Mar. 4, 1925, sec. 3, 43 Stat. 1262; 12 U. S. C., sec. 658.)

638-19. Attorneys, experts, and other employees; employment; salaries and fees. The Federal Farm Loan Board [now 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 board [now

*See Ex. Or. 6084, p. 254, this volume.

administration].* All salaries and fees authorized in this section and not otherwise provided for shall be fixed in advance by said board [now administration]* and shall be paid in the same manner as the salaries of the Federal Farm Loan Board [now Farm Credit Administration].* 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 the Act of January 16, 1883 (22 Stat., 403), and amendments thereto, or any rule or regulation made in pursuance thereof and may be classified without regard to the Classification Act of 1923: Provided, That nothing herein shalal prevent the President from placing said employees in the classified service. (July 17, 1916, sec. 3, 39 Stat. 361; Mar. 4, 1925, sec. 4, 43 Stat. 1263; June 16, 1933, sec. 80 (a), 48 Stat. 273; 12 U. S. C., sec. 659.)

638-20. Statements of salaries paid by land banks.-Every Federal land bank shall semiannually submit to the Federal Farm Loan Board [now Farm Credit Administration]* a schedule showing the salaries or rates of compensation paid to its officers and employees. (July 17, 1916, sec. 3, 39 Stat. 361; 12 U. S. C., sec. 660.)

638-21. Annual report.-The Federal Farm Loan Board [now Farm Credit Administration]* shall annually make a full report of its operations 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, sec. 3, 39 Stat. 361; 12 U. S. C., sec. 661.)

638-22. Examinations and reports by land banks; appraisals of farm land; amortization tables.-The Federal Farm Loan Board [now Farm Credit Administration]* shall from time to time require examinations and reports of condition of all land banks established under the provisions of this Act and shall publish consolidated statements of the results thereof. It shall cause to be made appraisals of farm lands as provided by this Act, and shall prepare and publish amortization tables which shall be used by national farm loan associations and land banks organized under this Act. (July 17, 1916, sec. 3, 39 Stat. 361; 12 U. S. C., sec. 662.)

638-23. Statements of condition of loan associations and lank banks.The Federal Farm Loan Board [now 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 board [now administration]*. (July 17, 1916, sec. 3, 39 Stat. 361; 12 U. S. C., sec. 663.)

638-24. Bulletins and circulars. It shall be the duty of the Federal Farm Loan Board [now Farm Credit Administration]* to prepare from time to time bulletins setting forth the principal features of this Act and through the Department of Agriculture or otherwise to distribute the same, particularly to the press, to agricultural journals, 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 this Act, 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 fur

*See Ex. Or. 6084, p. 254, this volume.