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emergency crop production, feed, seed, drought, and rehabilitation loans administered by the Farm Credit Administration on the effective date of this Act. The said Act approved January 29, 1937, is hereby repealed. (4) All functions, powers, and duties of the National Housing Agency with respect to property, funds, and other assets which were formerly under the administration or sepervision of the Farm Security Administration and were transferred or directed to be transferred to or consolidated with the National Housing Agency by Executive Order Numbered 9070 of February 24, 1942, except housing projects. (b) All assets, funds, contracts, property, and records and all liabilities of the agencies abolished by this Act and all assets, funds, contracts, property, and records which the Secretary of Agriculture, the War Food Administrator, the Governor of the Farm Credit Administration, and the National Housing Administrator have been using or have acquired primarily in the administration of any function, power, or duty so absolished and all liabilities chargeable thereto are hereby transferred to the Farmers' Home Corporation created by section 40 of the
Bankhead-Jones Farm Tenant Act, as amended (in this Act called the “Corpora-.
tion”); for use in furtherance of its corporate purposes subject to the limitations prescribed in the Bankhead-Jones Farm Tenant Act or in this Act, except the assets, funds, contracts, property, records, and liabilities relative to the programs authorized pursuant to the item in the Department of the Interior Appropriation Act, 1940, “Water Conservation and Utility Projects” (53 Stat. 685, 719), the Act of August 11, 1939, entitled “An Act authorizing construction of water conservation and utilization projects in the Great Plains and arid and semiarid areas of the United States”, as amended (U. S. C., 1940 edition, title 16, secs. 590y et seq.), the Act of August 28, 1937, 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”, as amended (U. S. C., 1940 edition, title 16, secs. 590r et seq.), and the Act of August 7, 1939, relating to the development of farm units on public lands pursuant to Federal reclamation %. with funds furnished by the Farm Security Administration (U. S. C., 940 edition, title 43, note to sec. 433). The funds appropriated, authorized to be borrowed, and made available under the items “Farmer's crop production and harvesting loans” (under the heading “Farm Credit Administration”), “Loans, grants, and rural rehabilitation”, “Farm tenancy”, and “Liquidation and management of resettlement projects”, in the Department of Agriculture Appropriation Act, 1944, and under the item “Department of Agriculture” in the Second Deficiency Appropriation Act, 1943 (57 Stat. 537), shall not lapse on June 30, 1944, but such funds appropriated or made available by such items and the authorizations therein contained shall be continued available for use by the Corporation in furtherance of its corporate purposes, subject to the limitations set forth herein. The Corporation shall fulfill all bona fide obligations and commitments applicable to the funds transferred by this section, shall recognize all pledges covering the assets transferred to it as security for loans heretofore made by the Reconstruction Finance Corporation to the Secretary of Agriculture or the War Food Administrator in connection with the administration of the Farm Security programs and shall discharge the obligations imposed by such loans in accordance with the terms of the applicable loan agreements. The outstanding certificates representing the capital of the regional agricultural credit corporations are hereby canceled.
(c) All labor supply centers, labor homes, labor camps, and facilities formerly under the supervision or administration of the Farm Security Administration and originally transferred or made available to the War Food Administrator for use in the farm labor supply program pursuant to Public Law 45, Seventy-eighth Congress, approved April 29, 1943 (57 Stat. 70), and all similar labor centers, homes, camps, and facilities constructed or acquired by the War Food Administrator or the Farm Security Administration pursuant to subsequent similar laws or otherwise, are also hereby transferred to the Corporation; but the provisions of this subsection shall not become effective except as each such center, home, camp, or facility is no longer needed in the farm labor supply program originally initiated pursuant to Public Law 45, or until six months after the termination of the present hostilities as determined by concurrent resolution of the Congress, or by the President, whichever is the earlier.
(d) There shall be transferred to the Corporation such of the personnel available, on the effective date of this Act, for the discharge of the functions, powers, or duties abolished or transferred by this Act, as the Secretary of Agriculture determines are qualified and necessary to carry out the activities of the Corporation.
(e) There are hereby transferred to the Corporation all functions, powers, and duties of the Secretary of Agriculture, as trustee under transfer agreements with the various State Rural Rehabilitation Corporations. The Corporation, as successor trustee to the Secretary of Agriculture, shall have all the powers of the Secretary, but it is the policy of the Congress that such trusts be liquidated as expeditiously as possible and the Corporation is authorized and directed to negotiate with responsible officials concerned with the assets of each State Rural Rehabilitation Corporation to the end that such liquidation may be accomplished at the earliest practicable date.
(f) With the approval of the Secretary of Agriculture, the consummation of the transfer of any function, power, duty, asset, or liability transferred to the Corporation by this Act, may be delayed not in excess of ninety days after the effective date of this Act, during which time such function, power, or duty, and any function, power, or duty abolished by this Act, may be administered by such agency as the Secretary may designate and in accordance with such rules and regulations as the Secretary may prescribe. Such rules and regulations shall, however, conform as nearly as may be practicable to the provisions of this Act, the several appropriation Acts which are involved, or the Bankhead-Jones Farm Tenant Act, as amended, whichever is appropriate.
AMENDMENT TO TITLE IV of THE BANKHEAD-Jones FARM TENANT ACT
SEC. 3. Title IV of the Bankhead-Jones Farm Tenant Act, as amended, is hereby amended to read as follows:
“TITLE IV—FARMERS' HOME CORPORATION
“ESTABLISHMENT AND Location of of FICEs
“SEC. 40. (a) There is hereby created an agency, of and within the Department of Agriculture, a body corporate with the name ‘Farmers' Home Corporation’ (in this Act called the ‘Corporation'). The Corporation shall have its principal office in the District of Columbia. The Corporation shall have power to establish such State and local offices in the United States and in the Territories of Alaska and Hawaii and in Puerto Rico and the Virgin Islands as it determines to be necessary. The Corporation may establish one office to serve the area composing two or more States (Territories or Puerto Rico or the Virgin Islands) if it determines that the volume of business in the area is not sufficient to justify separate State offices.
“CAPITAL AND sourcE OF FUNDs
“(b) (1) The Corporation shall have authorized capital stock of $1,000, to be paid for out of the assets transferred to the Corporation from the regional agricultural credit corporations. The stock shall be issued by the Corporation to the Secretary of Agriculture (hereinafter referred to as the ‘Secretary’), to be held by him on behalf of the United States. All funds and other assets transferred or made available to the Corporation by the Congress (including, but not limited to, the proceeds of the collection of outstanding loans) or from other sources shall be utilized by the Corporation in carrying out its corporate purposes. The funds and other assets transferred to the Corporation by section 2 of the Farmers’ Home Corporation Act of 1944 from the regional agricultural credit corporations, from the Governor of the Farm Credit Administration, from the National Housing Agency, from the Farm Security Administration which have been utilized in or made available for the programs of loans and grants to or rural rehabilitation of needy farmers, and the funds and other assets accruing from or made available for the liquidation of resettlement projects and rural rehabilitation projects for resettlement purposes, referred to in section 43 of this Act, shall constitute a corporate revolving fund for the making of loans pursuant to the authorization in section 40 (d) (13) (B) hereof. The funds and other assets transferred to the Corporation by section 2 of the Farmers’ Home Corporation Act of 1944 from the Farm Security Administration which have been utilized in or made available for tenant purchase loans shall constitute a corporate revolving fund for the making of loans pursuant to the authorization in section 40 (d) (13) (A) hereof. There may be charged to each such corporate revolving fund the necessary operating, administrative, and other costs and expenses of the Corporation incident to making and administering the kinds of loans for which such corporate revolving fund is available. There is authorized to be appropriated to the Secretary such additional sums as the Congress may from time to time determine to be necessary for lending
and other purposes of the Corporation, including, but not limited to, sums to cover impairments of such corporate revolving funds and the operating, administrative, and other costs of the Corporation. All sums so j shall be allocated to the Corporation in such amounts and at such time or times as the Secretary may determine. “(2) The Corporation shall have the power to borrow money, within the limits of its assets, from commercial banks, the Reconstruction Finance Corporation, and the several Federal Reserve banks, to discount or rediscount notes with all such institutions and, if necessary, give liens upon any real or personal property of the Corporation to secure such loans, discounts, or rediscounts. All such loans, discounts, or rediscounts shall, subject to any limitations which may be fixed by the Congress, be made upon such terms and conditions and at such rates of interest or discount as may be agreed upon between the Corporation and the lending or discounting institution. “(3) Within the limits authorized by the Congress, the Corporation shall also have the power to make and issue notes to the Secretary of the Treasury in order to obtain funds for carrying out its authorized purposes as specified in (b) (1) of this section. Such notes shall be signed on behalf of the Corporation by its duly authorized officers and shall be negotiable. They shall bear interest at a rate determined by the Corporation, with the approval of the Secretary of the Treasury, but not to exceed 3 per centum per annum, payable semiannually and shall have such maturities as the Corporation may determine with the approval of the Secretary of the Treasury. The Secretary of the Treasury is authorized to purchase any notes issued by the Corporation pursuant to this section and any renewals thereof and for such purposes may use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended. The purposes for which such securities may be issued under such Act, as amended, are hereby extended to include any such purchases. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes shall be treated as public debt transactions of the United States.
“MANAGEMENT OF CORPORATION
“(c) The management of the Corporation shall be vested in a board of directors (hereinafuer called the ‘Board'), subject to the supervision and direction of the Secretary. The Board shall consist of the president, vice president, and secretary-wreasurer of the Corporation, who shall be appointed by the Secretary as provided in section 41 (a), shall hold office at the pleasure of the Secretary, and shall be employed full time by the Corporation. The president shall be the chief executive officer of the Corporation and shall have such other powers and duties as may be conferred upon him by the Board or the Secretary. Two of the members of the Board shall constitute a quorum for the transaction of the business of the Corporation and vacancies in the Board, so long as there shall be two members in office, shall not impair its power to function. The directors of the Corporation, appointed as hereinabove provided, shall receive no additional compensation for their services as such direc.ors. The Board may appoint, without regard to the provisions of the civil-service laws, such other officers and employees of the Corporation as may be necessary for the transaction of its business and fix their compensation in accordance with the Classification Ace of 1923, as amended. The Board shall define the authority and duties of such other officers and employees of the Corporation, delegate to them such of the powers vested in the Corporation as it may determine, and require bonds of such of them in such forms or amounts as it may designate. The premiums of such bonds shall be paid by the Corporation.
“Powers of corporation
“(d) The Corporation—
“(1) Shall have succession in its corporate name;
“(2) May adopt, alter, and use a corporate seal, which shall be judicially noticed;
“(3) 'May make contracts and purchase or lease and hold such real and personal property as it deems necessary in the transaction of its business, and may disposeA. such property in a manner consistent with the provisions of section 43 of this Act:
“(4) May sue and be sued in its corporate name in any court of competent jurisdiction, State or Federal, but no attachment, injunction, or other similar process, mesne or final, shall be issued against the Čorporation or its property;
“(5) May adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers granted to it by law may be exercised and enjoyed; “(6) Shall be entitled to the free use of the United States mails in the same manner as the other executive agencies of the Government; “(7) May, with the consent of any board, commission, independent establishment, or executive department of the Government, including any field services thereof, avail itself of the use of information, services, facilities, officers, and employees thereof in carrying out the provisions of this Act; “(8) May, with the consent of the agency concerned, accept and utilize, on a compensated or uncompensated basis, the officers, employees, equipment, and information of any agency of the Federal Government or of any State, Territory, or political subdivision thereof; “(9) May, within the limits of funds available therefor, make necessary expenditures for personal services and rent at the seat of government and elsewhere; contract stenographic reporting services; purchase and exchange of supplies and equipment, lawbooks, books of reference, directories, periodicals, newspapers, and press clippings; travel and subsistence expenses, including the expense of attendance at meetings and conferences; purchase, operation, and maintenance, at the seat of government and elsewhere, of motor-propelled passenger-carrying and other vehicles; printing and binding; and for such other facilities and services as it may from time to time find necessary for the proper administration of this
“(10) Shall make contracts for services and purchases of supplies pursuant to the provisions of section 3709 of the Revised Statutes (U. S. C., 1940 edition, title 41, sec. 5), when the aggregate amount involved is more than $300;
“(11) May, in acquiring land and interests therein, do so without regard to section 355 of the Revised Statutes, as amended (U. S. C., 1940 edition, title 40 sec. 255);
“(12) May act as agent for any association, corporation, or agency in or under the supervision of the Department of Agriculture or any agency or official thereof, engaged in activities similar to those of the Corporation:
“(13) May make—
“(A) Tenant purchase loans and insure mortgages as provided in title I of this Act, as amended;
“(B) Loans to farmers and stockmen who are citizens of the United States for the purchase of livestock, farm equipment and supplies, other farm needs, the refinancing of indebtedness, and family subsistence: Provided, That, under this subparagraph (B), the initial loan to any one borrower shall not exceed $2,500 and the aggregate amount outstanding to any one borrower at any time shall not exceed $3,500, exclusive of interest: Provided further, That the term of any such loan, including renewals and extensions, shall not exceed five years from the date the loan was originally made: Provided further, That, unless otherwise authorized by the Congress, the total amount of all loans made under this subparagraph (B) in any one fiscal year shall not exceed $125,000,000.
“(C) Loans and exercise all other functions, powers, and duties vested in the Secretary upon such terms and conditions as the Secretary shall prescribe, pursuant to the item in the Department of the Interior Appropriation . Act, 1940, “Water Conservation and Utility Projects' (53 Stat. 685, 719), the Act of August 11, 1939, entitled “An Act authorizing construction of water conservation and utilization projects in the Great Plains and arid and semiarid areas of the United States', as amended (U. S. C., 1940 edition, title 16, secs. 590y et seq.), the Act of August 28, 1937, 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', as amended (U. S. C., 1940 edition, title 16, secs. 590r, et seq.), and the Act of August 7, 1939, relating to the development of farm units on public lands pursuant to Federal reclamation projects with funds furnished by the Farm Security Administration (U. S. C., 1940 edition, title 43, note to sec. 433), when designated by the Secretary for such purposes.
“(14) Shall make no loan– “(A) To any corporation or cooperative association; “(B) Unless the appropriate county committee certifies in writing that the applicant is eligible to obtain such loan and that, in the opinion of such committee, by reason of his character, ability, industry, and experience, he
will successfully carry our undertakings and obligations required of him
“(15) (A) Shall, except as otherwise specifically provided by the Congress, make all loans at the interest rate of 5 per centum per annum and upon such security and such other terms and conditions as the Corporation may prescribe, including such provisions for the supervision of borrowers as the Corporation shall deem necessary to protect its interests. “(B) May make, service, or collect loans either directly or through the agency of any qualified institution (public or private) on such basis of compensation or reciprocal services as the Corporation may prescribe or provide; . , “(16) May purchase or discount notes made by persons eligible to borrow from the Corporation and evidencing loans of a kind which the Corporation is authorized to make, upon such terms and conditions as the Corporation may prescribe; “(17) May, assist in the voluntary adjustment of indebtedness between farm debtors and their creditors and may cooperate with and pay the whole or part of the expenses of State, Territorial, and local agencies and committees engaged in such debt adjustment. Services furnished by the Corporation under this section may be without charge to the debtor or creditor; “(18) May compromise claims against it; “(19) May compromise or adjust claims owing to it and adjust and modify the terms of mortgages, leases, contracts, and agreements entered into pursuant to this Act or transferred to the Corporation by Act of Congress or otherwise, as circumstances may require, in the following manner:
“(A) Compromises of claims of $10,000 or more must be effected by reference to the Secretary of the Treasury or to the Attorney General, pursuant to the provisions of section 3469 of the Revised Statutes (U. S. C., 1940 edition, title 31, sec. 194);
“(B) Claims of less than $10,000 may be compromised by the Corporation, or may be adjusted or reduced by the Corporation on the basis of a reasonable determination by the Corporation of the debtor's ability to pay and without the payment of any consideration to the Corporation at the time of such adjustment, but only after a favorable recommendation by the appropriate County Committee established pursuant to section 42 of this Act; and
“(C) Any claim of $100 or less, which has been due and payable for three years or more, and where the debtor has no assets from which the claim could be collected or is deceased and has left no estate, or has been absent from his last known address for a period of at least two years and his whereabouts cannot be ascertained without undue expense to the Corporation, may be charged off or released by the Corporation upon a report and favorable recommendation of the employee of the Corporation having charge of the claim;
“(20) May collect all claims and obligations arising or transferred to it under this Act, or under any mortgage, lease, contract, or agreement entered into or transferred to the Corporation pursuant to this Act and, if in its judgment necessary and advisable, pursue the same to final collection in any court having jurisdiction. All the legal work of the Corporation including, but not limited to, the prosecution and defense of all litigation, either in State or Federal courts, shall be performed either by attorneys of the Office of the Solicitor of the Department of Agriculture or by local counsel approved by the Solicitor of the Department of Agriculture, whose fees, upon approval by the Solicitor, shall be paid by the Corporation; and “(21) Shall have such other powers as may be necessary or appropriate for the exercise of the powers herein specifically conferred upon the Corporation and all such incidental powers as are customary in corporations generally.
‘compFNsATION To INJURED EMPLoyEEs
“(e) Insofar as applicable, the benefits of the Act entitled “An Act to provide compensation for employees of the United States suffering injuries while in the performance of their duties, and for other purposes', approved September 7, 1916, as amended (U. S. C., 1940 edition, title 5, secs. 651, et seq.), shall extend to employees of the Corporation.