1926 and 1927, and the appropriation of such additional sums as may be necessary thereafter for carrying out the purposes of this Act is hereby authorized. SEC. 7. That if any provision of this Act is declared unconstitutional or the applicability thereof to any person or circumstance is held invalid, the validity of the remainder of the Act and the applicability of such provision to other persons and circumstances shall not be affected thereby, and nothing contained in this Act is intended, nor shall be construed, to modify or repeal any of the provisions of the Act of February 18, 1922 (chapter 57, Fortysecond Statutes at Large, page 388). Approved, July 2, 1926. [PUBLIC NO. 582-69TH CONGRESS] [H. R. 9268] An Act To amend the Agricultural Credits Act of 1923. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Agricultural Credits Act of 1923 be, and the same is hereby, amended on page 10, in section 203 (a), at the end of paragraph (C) in subdivision (1) by adding the words " or on agricultural crops being grown for market," so that said paragraph (C) will read as follows: (C) Are secured at the time of discount, purchase, or acceptance by warehouse receipts or other like documents conveying or securing title to nonperishable and readily marketable agricultural products, or by chattel mortgages, or other like instruments conferring a first and paramount lien upon livestock which is being fattened for market, or on agricultural crops being grown for market. Approved, February 8, 1927. (86) [PUBLIC-No. 1007-70TH CONGRESS] [8. 4039] An Act To exempt joint-stock land banks from the provisions of section 8 of the Act entitled "An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved October 15, 1914, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first proviso of the second paragraph of section 8 of the Act entitled "An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved October 15, 1914, as amended (United States Code, title 15, chapter 1, section 19), is amended to read as follows: "Provided, That nothing in this section shall apply to mutual savings banks not having a capital stock represented by shares, to joint-stock land banks organized under the provisions of the Federal Farm Loan Act, or to other banking institutions which do no commercial banking business." Approved, March 2, 1929. (87) [PUBLIC-No. 1028-70TH CONGRESS] [H. R. 13936] An Act To amend the second paragraph of section 4 of the Federal Farm Loan Act, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the second paragraph of section 4 of the Federal Farm Loan Act (U. S. C., title 12, sec. 672), as amended, is amended to read as follows: "The Federal Farm Loan Board shall establish in each Federal land bank district a Federal land bank, with its principal office located in such city within the district as said board 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 Federal Farm Loan Board, any Federal land bank may establish branches within the land bank district. Subject to the approval of the Federal Farm Loan Board and under such conditions as it may prescribe, the provisions of this Act are extended to the island of Porto Rico and the Territory of Alaska; and the Federal Farm Loan Board shall designate a Federal land bank which is hereby authorized to establish a branch bank in Porto 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 not exceed the sum of $25,000 to any one borrower and shall be subject to the restrictions and provisions of this Act (U. S. C., title 12, ch. 7), except that each such branch bank may loan direct to borrowers, and, subject to such regulations as the Federal Farm Loan Board may prescribe, the rate charged borrowers may be 12 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 Porto Rico or Alaska by such branch bank for a longer term than twenty years." Approved, March 4, 1929. (88) (EXTRACT FROM) [PUBLIC-No. 1034-70TH CONGRESS] FEDERAL FARM LOAN BUREAU Salaries and expenses: For an additional amount for salaries and expenses of the Federal Farm Loan Bureau, including the same objects specified under this head in the Act making appropriations for the Treasury Department for the fiscal year 1929, $71,500, payable from assessments upon Federal and joint-stock land banks and Federal intermediate credit banks: Provided, That, at the request of the Federal Farm Loan Board, whenever in its opinion the expense will be reduced thereby, the work in Washington incident to the verification for destruction of paid and canceled intermediate credit bank debentures, farm-loan bonds and coupons thereof, may, with the approval of the Secretary of the Treasury, be performed by the office of the Register of the Treasury, and the appropriation from which salaries of employees in the office of the Register of the Treasury are paid may be reimbursed from this appropriation for the actual expense of such work. Approved, March 4, 1929. (89) 71-491 O-66-7 |