(e) All personnel of the Corporation (excluding personnel of the Farm Credit Administration serving as directors or officers of the Corporation), and such of the personnel of the Farm Credit Administration as are engaged principally in the work of the Corporation, shall be transferred to the offices or agencies designated by the Secretary to carry out the functions herein transferred, to the extent that he determines that such personnel are qualified and necessary therefor. (f) The Secretary may carry out the functions herein transferred and the authority conferred upon him by this Act through such officers or agencies in or under the Department of Agriculture as he may designate.

SEC. 2. (a) The Secretary is hereby authorized to make loans to farmers and stockmen for any agricultural purpose in any area or region where he finds that a production disaster has caused a need for agricultural credit not readily available from commercial banks, cooperative lending agencies, or other responsible sources. Such loans shall be made at such rates of interest and on such general terms and conditions as the Secretary shall prescribe for such area or region. The Secretary may utilize the revolving fund created by section 84 of the Farm Credit Act of 1933, as amended (12 U. S. C. 1148a), for making such loans and for administrative expenses in connection with such loans.

(b) The funds transferred to the Secretary under section 1 of this Act, and all sums received by the Secretary from the liquidation of the assets, contracts, property, claims, and rights transferred to him. under section 1 of this Act, from the liquidation of loans made under section 2 of this Act, and from the liquidation of any other assets acquired with funds from the said revolving fund shall be added to and become a part of the said revolving fund; and the revolving fund as so constituted shall remain available to the Secretary only for the purposes specified in sections 1 (d) and 2 (a) of this Act.

SEC. 3. (a) No suit or other judicial proceeding instituted by or against the Regional Agricultural Credit Corporation of Washington, District of Columbia, shall abate by reason of this Act, but the Secretary may be substituted as a party in place of the Corporation upon motion or petition filed within six months after the effective date of this Act.

(b) This Act shall become effective ten days after its enactment. Approved April 6, 1949.

71-491 O-66-18

(EXTRACT FROM)

[PUBLIC LAW 146-81ST CONGRESS]

[CHAPTER 280-1ST SESSION]

[H. R. 3997]
AN ACT

Making appropriations for the Department of Agriculture for the fiscal year ending June 30, 1950, and for other purposes.

REDUCTION IN APPROPRIATIONS

Amounts available from appropriations are hereby reduced in the sums hereinafter set forth, such sums to be carried to the surplus fund and covered into the Treasury immediately upon the approval of this Act:

FEDERAL LAND BANKS

The total amount of $189,000,000 in the revolving fund appropriated to the Office of the Secretary, Treasury Department, for subscriptions to the paid-in surplus of the Federal land banks, as authorized by the Federal Farm Loan Act, as amended (12 U. S. C. 781 (Tenth)).

Approved June 29, 1949.

(266)

(EXTRACT FROM)

[PUBLIC LAW 359-81ST CONGRESS]
[CHAPTER 695-1ST SESSION]

[H. R. 1689]

AN ACT

To increase rates of compensation of the heads and assistant heads of
executive departments and independent agencies.

SEC. 6. (a) The rate of basic compensation of the Housing Expediter, the Director of the Bureau of Federal Supply, the Director of Selective Service, members of the Displaced Persons Commission, members of the Indian Claims Commission, members of the War Claims Commission, members of the Philippine War Damage Commission, the Associate Federal Mediation and Conciliation Director, the Deputy Director of Central Intelligence, the Director of the Bureau of Prisons, the Commissioner of Public Buildings, the Commissioner of Community Facilities, the Commissioner for Social Security, the Commissioner of Reclamation, the Chief of the Soil Conservation Service, the Commissioner of Customs, the Commissioner of Narcotics, the Governor of the Farm Credit Administration, the Chief Forester of the Forest Service, the Administrator of the Farmers Home Administration, the Manager of the Federal Crop Insurance Corporation, the Associate Director of the Federal Bureau of Investigation, the Commissioners of the United States Court of Claims, the Assistant Architect of the Capitol, the Chief Assistant Librarian of Congress, and the Deputy Public Printer shall be $14,000 per annum.

Approved October 15, 1949.

(267)

(EXTRACT FROM)

[PUBLIC LAW 429-81ST CONGRESS]

[CHAPTER 782-1ST SESSION]

[H. R. 5931

AN ACT

To establish a standard schedule of rates of basic compensation for certain employees of the Federal Government; to provide an equitable system for fixing and adjusting the rates of basic compensation of individual employees; to repeal the Classification Act of 1923, as amended; and for other purposes. SEC. 1201. Section 66 of the Farm Credit Act of 1933 (48 Stat. 269) is hereby amended to read as follows:

"SEC. 66. No director, officer, or employee of the Central Bank for Cooperatives, or of any Production Credit Corporation, Production Credit Association, or Bank for Cooperatives shall be paid compensation at a rate in excess of $13,000 per annum."

Approved October 28, 1949.

(268)

[PUBLIC LAW 433-81ST CONGRESS]

[CHAPTER 786-1ST SESSION]

[H. R. 3699]

AN ACT

To amend the Federal Farm Loan Act, as amended, to authorize loans through national farm-loan associations in Puerto Rico; to modify the limitations on Federal land-bank loans to any one borrower; to repeal provisions for subscriptions to paid-in surplus of Federal land banks and cover the entire amount appropriated therefor into the surplus fund of the Treasury; to effect certain economies in reporting and recording payments on mortgages deposited with the registrars as bond collateral, and canceling the mortgage and satisfying and discharging the lien of record; and for other purposes.

Be it enacted by the Senate and House. of Representatives of the United States of America in Congress assembled, That (a) section 4 of the Federal Farm Loan Act, as amended (title 12, U. Š. C. 672), is hereby further amended by adding a new paragraph to said section immediately following the second paragraph thereof to read as follows: "Notwithstanding the provisions of this section, loans may be made in Puerto Rico and Alaska through national farm-loan associations, and the interest rate applicable to such loans shall be as provided in section 12 of this Act. Said associations shall be organized pursuant to section 7 of this Act, except that, upon the recommendation of the Federal land bank concerned, any such national farm-loan association may be organized by ten or more borrowers who have obtained direct loans through a branch bank which aggregate not less than $20,000, and who reside in a locality which may be covered and served conveniently by the charter of a national farm-loan association and any national farm-loan association after it has become organized may permit any direct-loan borrower through a branch bank to join the association. As to any direct-loan borrower through a branch bank who participates in the organization of a national farm-loan association or joins a national farm-loan association after it has become organized (1) the association shall endorse, and thereby become liable for the payment of, his mortgage loan held by the Federal land bank; (2) the stock in the Federal land bank held by him shall be exchanged for a like amount of stock in said bank issued in the name of the association and the association shall issue a like amount of its stock to him, all in the manner and subject to the terms and conditions provided in the fifteenth paragraph of section 7 of this Act (title 12, U. S. C. 723 (d)); and (3) the interest rate payable by him, beginning with the next regular installment date following the endorsement of his loan, shall be reduced to a rate one-half of 1 per centum per annum less than the rate paid by him prior to such endorsement."

(b) The first sentence of the twelfth paragraph of section 7 of the Federal Farm Loan Act, as amended (title 12 U. S. C. 723 (a)), is further amended by striking the words "in the continental United States".

SEC. 2. Paragraph "Seventh" of section 12 of the Federal Farm Loan Act (title 12, U. S. C. 771) is hereby amended to read as follows: