75 STAT. 774, (v) The Department of Agriculture Organic Act of 1944, as amended (58 Stat. 741; 12 U.S.C. 1020a-1), is amended by striking out section 603 thereof. 48 Stat. 41. (w) The last paragraph of section 32 of the Federal Farm Loan Repeal. Act, as amended (12 U.S.C. 992, 993), is hereby repealed. Approved October 4, 1961. Public Law 87-676 An Act 76 STAT. 559. To amend the Federal Home Loan Bank Act to give Puerto Rico the same treatment as a State in the election of Federal Home Loan Bank Directors. 12 USC 1427. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (e) Puerto Rico. of section 7 of the Federal Home Loan Bank Act, as amended, is Federal Home hereby amended by striking out the last sentence of said subsection and Loan Bank Act, inserting in lieu thereof the following: "The term 'States' or 'State' as amendment. used in this section shall mean the States of the Union, the District 75 Stat. 487. of Columbia, and the Commonwealth of Puerto Rico. The Board, "States" or by regulation or otherwise, may add an additional elective director- "State." ship to the board of directors of the bank of any district in which the Commonwealth of Puerto Rico is included at the time such directorship is added and which does not then include five or more States, may fix the commencement and the duration, which shall not exceed two years, of the initial term of any directorship so added, and may fill any such initial term by appointment: Provided, That (1) any directorship added pursuant to the foregoing provisions of this sentence shall be designated by the Board, pursuant to subsection (b) of this section, as representing the members located in the Commonwealth of Puerto Rico, (2) such designation of such directorship shall not be changed, and (3) such directorship shall automatically cease to exist if and when the Commonwealth of Puerto Rico ceases to be included in such district." Approved September 19, 1962. 71-491 O-66-23 (EXTRACT FROM) Public Law 87-703 87th Congress, H. R. 12391 An Act To improve and protect farm income, to reduce costs of farm programs to the Federal Government, to reduce the Federal Government's excessive stocks of agricultural commodities, to maintain reasonable and stable prices of agricultural commodities and products to consumers, to provide adequate supplies of agricultural commodities for domestic and foreign needs, to conserve natural 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 this Act may Food and Agriculbe cited as the "Food and Agriculture Act of 1962”. TITLE IV-GENERAL PROVISIONS SEC. 401. The Consolidated Farmers Home Administration Act of 1961 (75 Stat. 307) is amended as follows: (1) By inserting in section 303 after "use and conservation" a comma and the following "including recreational uses and facilities"; ture Act of 1962. 7 USC 1921 7 USC 1923. (2) By inserting in section 306 (a) after "soil conservation 7 USC 1926. practices," the following: "shifts in land use including the devel opment of recreational facilities,"; (3) By striking out in section 309 (f) (1) the figure "$10,000,000" 7 USC 1929. and inserting in lieu thereof the figure "$25,000,000"; (4) By inserting in section 312 after the words "and conserva- 7 USC 1942. tion" the words "including recreational uses and facilities"; (5) By adding at the end thereof a new section as follows: and "SEC. 343. As used in this title (1) the term 'farmers' shall be "Farmers," deemed to include persons who are engaged in, or who, with assistance afforded under this title, intend to engage in, fish farming, and (2) the term 'farming' shall be deemed to include fish farming." Approved September 27, 1962, 1:00 p.m. (346) "Farming." Public Law 87-798 An Act 76 STAT. 908. To amend the Consolidated Farmers Home Administration Act of 1961 in order to increase the limitation on the amount of loans which may be insured under subtitle A of such Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 308 of Real estate the Consolidated Farmers Home Administration Act of 1961 is loans. amended by striking out the figure "$150,000,000" and inserting in 75 Stat. 308. lieu thereof the figure "$200,000,000". Approved October 11, 1962. (347) 7 USC 1928. To extend to oyster planters the benefits of the provisions of the present law which provide for production disaster loans for farmers and stockmen. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (b) Oyster planters. Approved October 15, 1962. Public Law 88-528 August 31, 1964 An Act 78 STAT. 736. To amend further the Farm Credit Act of 1933, as amended, to provide that part of the patronage refunds paid by a bank for cooperatives shall be in money instead of class C stock after the bank becomes subject to Federal income tax, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 36(b) Agriculture. of the Farm Credit Act of 1933, as amended (12 U.S.C. 11341 (b)), is Banks for coopamended by adding the following sentence at the end thereof: "For eratives, refunds any fiscal year that a bank for cooperatives is subject to Federal income 69 Stat. 659. tax under chapter 1 of the Internal Revenue Code of 1954, it shall pay 68A Stat. 3; in money instead of class C stock such portion of its patronage refunds Ante, p. 19. as will permit its taxable income under said chapter 1 to be determined 26 USC 1-1388. without taking into account savings applied as provided in (2), (4), and (6) of subsection (a) of this section.". Approved August 31, 1964. LEGISLATIVE HISTORY: HOUSE REPORT No. 1368 (Comm. on Agriculture). SENATE REPORT No. 1453 (Comm. on Agriculture & Forestry). May 18: Passed House. Aug. 18: Considered and passed Senate. 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