Chapter 9. Amending section thirty-two, Federal Farm Loan Act, approved July seventeenth, nineteen hundred and sixteen
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CHAP. 9.— An Act Amending section thirty-two, Federal Farm Loan Act, approved July seventeenth, nineteen hundred and sixteen. January 18, 1918.[[S. 3235](/us/bill/65/s/3235).][[Public, No. 95](/us/pl/65/95).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the Federal Farm Loan Federal Farm Loan Act, 1916.Vol. 39, p. 384, amended.Act, approved July seventeenth, nineteen hundred and sixteen, is hereby amended by adding at the end of section thirty-two the following:
" “The Secretary of the Treasury is further authorized, in his discretion, Farm loan bonds.Purchase by Treasury from bank issuing.upon the request of the Federal Farm Loan Board, from time 432to time during the fiscal years ending June thirtieth, nineteen hundred and eighteen, and June thirtieth, nineteen hundred and nineteen, respectively, to purchase at par and accrued interest with any funds in the Treasury not otherwise appropriated, from any Federal land bank, farm loan bonds issued by such bank.
Limitation.“Such purchases shall not exceed the sum of $100,000,000 in either of such fiscal years. Any Federal land bank may at any time, repurchase at par and accrued interest for the purpose of redemption or resale any bonds so purchased from it and held in the Treasury. Redemption after war terminates.“The bonds of any Federal land bank so purchased by the Secretary of the Treasury, and held in the Treasury under the provisions of this amendment one year after the termination of the pending war, shall upon thirty days’ notice from the Secretary of the Treasury be redeemed or repurchased by such bank at par and accrued interest.
Organization of banks continued while bonds so held, etc.Vol. 39, p. 362.“The temporary organization of any Federal land bank as provided in section four of said Federal Farm Loan Act shall be continued so long as any farm loan bonds purchased from it under the provisions of this amendment shall be held by the Treasury, and until the subscriptions to stock in such bank by national farm Ioan associations shall equal the amount of stock held in such bank by the Government of the United States. ” " Sec. 2.
Inconsistent laws repealed, etc. That all Acts or parts of Acts inconsistent with this Act are hereby repealed, and tins Act shall take effect upon its passage. The right to amend, alter, or repeal this Act is hereby expressly reserved. Approved, January 18, 1918.