48 Stat. 266. 12 USC 1138. 48 Stat. 267. 12 USC 1138a. 48 Stat. 267. 12 USC 1138b. 48 Stat. 267. 12 USC 1138c. 48 Stat. 269. 12 USC 1138e. 48 Stat. 1263. 50 Stat. 705. 12 USC 640h. 50 Stat. 706. 12 USC 6401. 67 Stat. 394. 12 USC 636g. 67 Stat. 399. 70 Stat. 666. 70 Stat. 667. (1) Section 60 of the Farm Credit Act of 1933, as amended, amended (1) by striking from the first sentence the words "the produ tion credit corporations,"; (2) by striking from the second sentence th words "association, or corporation" and substituting in lieu thereo the words "or association"; and (3) by striking from the third ser tence the words "production credit corporation or", "or corporation and "corporation or", wherever they appear therein. (m) Section 61 of the Farm Credit Act of 1933 is amended (1) bị striking from the first sentence the words "production credit corpora tion,"; and (2) by striking from the second and third sentences th words "association, or corporation", wherever they appear therein and substituting in lieu thereof the words "or association". (n) Section 62 of the Farm Credit Act of 1933, as amended, amended by striking out the words "production credit corporations, (0) Section 63 of the Farm Credit Act of 1933, as amended, is amended (1) by striking from the first sentence the words "the production credit corporations,"; (2) by striking from the first and second sentences the words "associations, or corporations" and "associations, and corporations," and substituting in lieu thereof, the words "or associations" and "and associations,", respectively; and (3) by changing the last sentence to read as follows: "The exemption provided herein shall not apply with respect to any production credit association or its property or income after the class A stock held in it by the Governor has been retired, or with respect to any bank for cooperatives or its property or income after the stock held in it by the United States has been retired." (p) Section 65 of the Farm Credit Act of 1933, as amended, is amended (1) by striking out the words "production credit corporation,"; and (2) by striking out the words "association or corporation", wherever they appear therein, and substituting in lieu thereof the words "or association". (q) Section 86a of the Farm Credit Act of 1933 is hereby repealed. SEC. 106. (a) Section 5 of the Farm Credit Act of 1937, as amended, is amended (1) by striking from subsection (d) (2) (B) the words "production credit corporation of the district" and substituting in lieu thereof the words "Governor of the Farm Credit Administration"; and (2) by striking from subsection (h) the words "production credit corporation,". (b) Section 6 of the Farm Credit Act of 1937 is amended (1) by striking from the first sentence of subsection (a) the words “production credit corporation,"; (2) by striking from the third sentence of subsection (a) the word "three"; (3) by striking from the first sentence of subsection (b) the words "the bank for cooperatives, and the production credit corporation" and substituting in lieu thereof the words "and the bank for cooperatives"; and (4) by striking from the last sentence of subsection (b) the words "production credit corporation,". SEC. 107. (a) Section 8 of the Farm Credit Act of 1953 is amended by striking out the words "production credit corporation", wherever they appear therein, and substituting in lieu thereof the words "Federal intermediate credit bank". (b) Subsection (a) of section 16 of the Farm Credit Act of 1953 is amended to read as follows: be "(a) Any other provisions of law to the contrary notwithstanding, after the effective date of this Act any production credit association may, with the approval of the Farm Credit Administration, issue nonvoting preferred stock, to be known as class C stock, which may purchased and held by the Governor of the Farm Credit Administration and by investors: Provided, That the issuance of such stock shall be authorized by vote of not less than two-thirds of the outstanding shares of class A stock of the association (other than shares held by the Governor of the Farm Credit Administration) by the holders thereof All 70 Stat. 667. in person or by proxy and by vote of not less than two-thirds of the outstanding shares of class B stock of the association by the holders thereof in person or by proxy; and for this purpose holders of class A stock (other than the Governor of the Farm Credit Administration) and holders of class B stock shall be entitled to one vote for each share of stock held by them. Payments for such stock purchased by the Governor shall be made out of the revolving fund created by section 5 (a) of the Farm Credit Act of 1933, as amended, and the proceeds from the retirement of any such stock shall be paid into such revolving fund." 12 USC 832. SEC. 108. Section 601 of the Department of Agriculture Organic 58 Stat. 740. Act of 1944, as amended, is hereby amended (1) by striking from subsection (a) the words "production credit corporations,", wherever they appear therein, and the word "corporations,"; (2) by striking from subsection (b) the words "the Federal intermediate credit banks, and the production credit corporations" and substituting in lieu thereof the words "and the Federal intermediate credit banks"; and (3) by striking from subsections (b) and (c) the words "and corporation", "and corporations", and "corporation,", wherever they appear therein. SEC. 109. Sections 658 and 1014 of title 18, United States Code, are 62 Stat. 729, hereby amended by striking from each such section the words "or in 752. which a production credit corporation holds stock”. TITLE II-MISCELLANEOUS PROVISIONS SEC. 201. (a) The Government Corporation Control Act, as amended, 59 Stat. 597, is amended (1) by striking from section 101 the words "Federal Inter- 600, 601. mediate Credit Banks; Production Credit Corporations;"; (2) by 31 USC 846, 856, inserting in section 201 immediately following "(3)" the words "Fed- 867, 868. eral Intermediate Credit Banks, (4)"; (3) by changing "(4)" in section 201 to "(5)"; and (4) by striking from sections 302 and 303 the words "production credit corporations,". (b) After the effective date of this subsection, the Federal intermediate credit banks may utilize their funds for administrative expenses without regard to the limitations contained in any other Act of Congress governing the expenditure of appropriated funds. (c) Paragraph Seventh of section 5136 of the Revised Statutes as 12 USC 24. amended, is amended (1) by inserting in next to the last sentence immediately before the words "Federal Home Loan Banks", the words "thirteen banks for cooperatives or any of them or the"; and (2) by changing the last sentence to read as follows: "The limitations and restrictions herein contained as to dealing in and underwriting investment securities shall not apply to obligations issued by the International Bank for Reconstruction and Development which are at the time eligible for purchase by a national bank for its own account: Provided, That no association shall hold obligations issued by said bank as a result of underwriting, dealing, or purchasing for its own account (and for this purpose obligations as to which it is under commitment shall be deemed to be held by it) in a total amount exceeding at any one time 10 per centum of its capital stock actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund." SEC. 202. (a) This Act shall become effective on January 1, 1957, Effective dates. except subsections (a) and (b) of section 201, which shall become effective January 1, 1959. (b) For purposes of applying the amendment in section 103 of this Act, that part of the fiscal year 1957 preceding the effective date of this Act shall be deemed to be a separate fiscal year. Separability. All 70 Stat. 668. SEC. 203. (a) If any provision of this Act, or the application there to any person or circumstance, is held invalid, the remainder of tl Act, and the application of such provisions to other persons or circun stances, shall not be affected thereby. (b) The right to alter, amend, or repeal this Act is hereby express reserved. Approved July 26, 1956. To adjust the rates of compensation of the heads of the executive departments and of certain other officials of the Federal Government, and for other purposes. SEC. 104. (a) The annual rate of basic compensation of each of the offices or positions listed in this section shall be $21,000. (10) Governor of the Farm Credit Administration. Ottawa County, Sale of land. 50 Stat. 526. To permit the Secretary of Agriculture to sell to individuals land in Ottawa County, Michigan, which was acquired pursuant to the provisions of title III of the Bankhead-Jones Farm Tenant Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the Secretary of Agriculture may sell to individuals such real property in Ottawa County, Michigan, as (1) was acquired by him pursuant to the provisions of section 32 of the Bankhead-Jones Farm Tenant Act (7 U. S. C. 1011), (2) is being administered by him, and (3) he determines is not needed for public purposes and is suitable for private ownership. (b) The Secretary of Agriculture shall sell real property which is sold pursuant to the provisions of subsection (a) to the highest responsible bidder but at not less than the fair market price thereof as determined by him and in such parcels and subject to such terms and conditions as he may prescribe. Approved September 7, 1957. Public Law 85-748 85th Congress, S. 3333 August 25, 1958 AN ACT 72 Stat. 840. To facilitate the insurance of loans under title I of the Bankhead-Jones Farm Tenant Act, as amended, and the Act of August 28, 1937, as amended (relating to the conservation of water resources), and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That, title I of the Bankhead-Jones Bankhead-Jones Farm Tenant Act, as amended (7 U. Š. C. 1000 and Farm Tenant the following), is further amended as follows: (a) The following new section 18 is added: "SEC. 18. (a) The Secretary of Agriculture is authorized: "(1) To make loans complying with the requirements of title I of this Act for the purpose of insuring and selling such loans to lenders other than the United States. Any security instrument taken in connection with such loan shall create a lien running to the United States, notwithstanding the fact that the note may be held by such lender or his assignee; "(2) To insure and make commitments to insure such loans, which, when endorsed for insurance, shall be covered by the insurance provisions of this title; "(3) To sell such loans at an annual charge, at a rate to be determined by the Secretary, of not less than 1 per centum of the unpaid principal obligation from time to time outstanding on the loan, such charge to be retained by the Secretary out of interest payments made by the borrower: Provided, That the total of the rate of such charge plus the rate of return to the holder of the, note shall not exceed the interest rate specified in the note. Out of the charges so collected an amount not in excess of one-half of 1 per centum of such unpaid principal obligations shall be deposited in and become a part of the fund. The remainder of such charges collected shall be deposited in the Treasury to the credit of the Secretary and may be transferred annually to the administrative expense account of the Farmers Home Administration and become merged therewith. Each such loan shall be sold at the full amount of the unpaid balance thereof at the time of sale, but no loan shall be sold if such balance exceeds 90 per centum of the amount certified by the county committee to be the value of the farm, less any prior lien indebtedness at the time the loan was made or upon a determination of such fact by the Secretary at the time of sale; Act, amendment. Farm loans, insurance. 50 Stat. 522. "(4) To make loans out of moneys in the fund for the purpose of insuring and selling the same under this section: Provided, however, That no loan made under this item (4) shall be in excess of 90 per centum of the amount certified by the county committee to be the value of the farm less any prior lien indebtedness: And provided further, That no loan shall be made under this item (4) unless the Secretary has reasonable assurance that it can be sold without undue delay. The Secretary may, at his discretion, utilize the provisions of subsections 13 (b) and 13 (c) of this title to borrow from the Secretary of the Treasury an additional sum not in excess of $5,000,000 for deposit in the fund for this purpose and said subsections are hereby extended to cover such borrowings for the purpose of making loans under this item (4) and under item (4) of subsection 11 (a) of the Act of August 28, 1937, as amended (relating to the con- Post, p. 342. servation of water resources). The amount of the principal obligations on loans made under this item (4) and not disposed of under this section, plus the amount of the principal obligations on loans made out of moneys in the fund under said item (4) of subsection 11 (a) of the Act of August 28, 1937, as amended, and not disposed 71-491 O-66-21 72 Stat. 841. 60 Stat. 1072. 7 USC 1005c. 60 Stat. 1079. 7 USC 1000 et seq. 16 USC 590r590x-3. 50 Stat. 869; 68 Stat. 734. of under such section 11, shall not exceed the aggregate sumi O $5,000,000 at any one time. (b) The interest rate shall be as provided in section 3 (b) (2) o this title and the borrower shall not be required to pay any additiona charges for insurance of the loan, but the Secretary may require the payment of such appraisal and delinquency charges as he dcems proper. "(c) The amount of the principal obligations on loans made under item (a) (4) of this section shall be included in computing the aggregate amount of the principal obligations which may be insured in any one fiscal year, as provided in section 12 (b) of this title, at the time such loans are made. The amount of the principal obligations on any other loans made by the Secretary and insured under this section shall not be included in computing said aggregate amount. "(d) Loans made from funds advanced by lenders other than the United States may be insured by the Secretary upon terms and conditions consistent with the provisions of this section. Loans made or insured under this section shall be subject to all the provisions of this title except as otherwise provided in this section. "(e) Any loan heretofore or hereafter made or insured under this title may be converted to an insured loan under this section at the discretion of the Secretary, and any expenses in connection with such conversion may be paid out of funds available for administrative expenses. (f) The Secretary is further authorized to sell any loan heretofore or hereafter made or insured under this title without insurance thereof upon the written consent of the borrower, or without such consent when the borrower has failed to comply with his agreement to refinance the indebtedness at the request of the Secretary. Such loan shall be sold at the full amount of the unpaid balance thereof, and upon such sale the Secretary is authorized to assign the security instrument and evidence of debt in such manner that the United States shall have no further right or obligation with respect to the loan." (b) The third sentence of section 13 (b) is amended to read: "Such notes shall have such maturities as the Secretary may determine with the approval of the Secretary of the Treasury, and shall bear interest at a rate fixed by the Secretary of the Treasury, taking into consideration the current average market yields of outstanding marketable obligations of the United States having maturities comparable to the loans made or insured by the Secretary." (c) Section 15 (a) is amended to add the following sentence: "Section 5200 of the Revised Statutes (12 U. S. C. 84) is hereby amended to add a new paragraph bearing the next number after that of the last paragraph of the present section 5200 of the Revised Statutes and reading as follows: 'Obligations insured by the Secretary of Agriculture pursuant to the Bankhead-Jones Farm Tenant Act, as amended, or the Act of August 28, 1937, as amended (relating to the conservation of water resources), shall be subject under this section to a limitation of 15 per centum of such capital and surplus in addition to such 10 per centum of such capital and surplus.' SEC. 2. The Act entitled "An Act to promote conservation in the arid and semiarid areas of the United States by aiding in the development of facilities for water storage and utilization, and for other purposes", approved August 28, 1937, as amended (16 U. S. C. 590r590x-3), is further amended by inserting at the end of said Act the following new section: "SEC. 11. (a) The Secretary of Agriculture is authorized: "(1) To make loans complying with the requirements of this Act for the purpose of insuring and selling such loans to lenders other |