Chapter 524. To amend the Federal Farm Loan Act and the Agricultural Credits Act of 1923
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CHAP. 524.— An Act To amend the Federal Farm Loan Act and the Agricultural Credits Act of 1923. March 4, 1925.[[S. 3632](/us/bill/68/s/3632).][[Public, No. 599](/us/pl/68/599).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Intermediate credit banks.Vol. 42, p. 1455, amended. That paragraph “a” of section 206 of the Agricultural Credits Act of 1923, as amended, be amended to read as follows: " “Sec. 206. Proportionate share of salaries and expenses of Farm Loan Bureau to be paid from earnings by.
(a)That the Federal Farm Loan Board shall equitably apportion the joint salaries and expenses incurred in behalf of the Federal land banks, joint-stock land banks, and Federal intermediate credit banks, and shall assess against each Federal intermediate credit bank its proportionate share of the salaries and expenses of the Federal Farm Loan Bureau made necessary in connection with the operation of this provision.” " Sec. 2. Discount rates.Vol. 42, p. 1456, amended.Classifying of loans, to differentiate rates on like classes. That paragraph 1 of section 204
(a)of the Agricultural Credits Act of 1923 be amended by adding at the end thereof the following: “*Provided*, That the Federal Farm Loan Board may classify loans and debentures according to maturity, and if debentures of different classes sell at a different rate the Federal intermediate credit banks may differentiate in rates on like classes of loans in the same ratio.” Sec. 3. Federal Farm Loan Board.Vol. 42, p. 1473, amended.Additional officers to be paid by land banks and intermediate credit banks. The eighth paragraph of section 3 of the Federal Farm Loan Act, as amended, be further amended to read as follows: " Estimates of all expenses to be submitted every six months.“The salaries and expenses of the Federal Farm Loan Board, its officers and employees, farm loan registrars, deputy registrars, examiners, and reviewing appraisers authorized under this Act, or any subsequent amendments thereof, shall be paid by the Federal land banks, joint-stock land banks, and the Federal intermediate credit banks, as follows:” “The Federal Farm Loan Board shall, prior to the first days of January and July of each year, estimate the expenses and salaries of the Federal Farm Loan Board, its officers and employees, farm loan registrars and deputy registrars, examiners, and reviewing appraisers,Apportionment on equitable basis. and apportion the same among the Federal land banks, joint-stock land banks, and the Federal intermediate credit banks on such equitable basis as the Federal Farm Loan Board shall determine, giving due consideration to time and expense necessarily incident to the supervision of the operation of each type of bank, and make an assessment upon each of such banks pursuant to such apportionment. payable on the 1st days of January and July next ensuing.Collections to be deposited in Treasury as a special fund. The funds collected pursuant to such assessments shall be deposited with the Treasurer of the United States under the miscellaneous receipts title ‘Assessments on Federal and joint-stock land banks and Federal intermediate credit banks, salaries and expenses Federal Farm Loan Board,’ to be disbursed in payment of such salaries and1263 expenses on appropriations duly made by Congress: *Provided*, That*Proviso*.intermediate credit banks, assessment for 1926. the present legal status as to assessments against Federal intermediate credit banks shall continue until June 30, 1926, without appropriations by Congress. “If any deficiency shall occur in such fund during the half-yearAssessment to cover deficiencies. period for which it was estimated, the Federal Farm Loan Board shall have authority to make immediate assessment covering such deficiency against the Federal land banks, joint-stock land banks, and Federal intermediate credit banks upon the same basis as the original assessment. If at the end of the six months’ period thereSurplus to be used for next period. shall remain a surplus in such fund, it shall be deducted from the estimated ex expenses of the next six months’ period when assessment is made for such period. “Federal land bank appraisers, and appraisers or inspectors ofPayment of land bank, etc., appraisers and inspectors. Federal intermediate credit banks, shall receive such compensation as the Federal Farm Loan Board shall fix and shall be paid by the Federal land banks, joint-stock land banks, and the Federal intermediate credit banks they serve, in such proportion and in such manner as the Federal Farm Loan Board shall order.”" Sec. 4. That the ninth paragraph of section 3 of the Federal FarmClassification Act not regarded.Vol. 42, p. 1488.*Proviso*.Transfers to classified service. Loan Act be amended by adding after the word “thereof” in the thirteenth line of said paragraph, the following: “and may be classified without regard to the Classification Act of 1923,” so that the paragraph as amended shall read: " “The Federal Farm Loan Board shall be authorized andEmployees authorized by Farm Loan Board. empowered to employ such attorneys, experts, assistants, clerks, laborers, and other employees as it may deem necessary to conduct the business of said board. All salaries and fees authorized in this section and not otherwise provided for shall be fixed in advance by said board and shall be paid in the same manner as the salaries of the Federal Farm Loan Board. All such attorneys, experts, assistants,Not subject to civil service laws.Vol. 22, p. 403. clerks, laborers, and other employees, and all registrars, examiners, and appraisers shall be appointed without regard to the provisions of the Act of January 16, 1883 (22 Stat., 403), and amendments thereto, or any rule or regulation made in pursuance thereof andClassification Act not regarded.Vol. 42, p. 1488.*Proviso*.Transfers to classified service. may be classified without regard to the Classification Act of 1923: *Provided*, That nothing herein shall prevent the President from placing said employees in the classified service.” " Sec. 5. The last two paragraphs of section 16 of the Federal FarmJoint stock land banks.Vol. 41, p. 691 amended.Federal or joint stock land banks may acquire property, etc., of, in liquidation. Loan Act as amended be stricken out and the following inserted in lieu thereof: " “For the purpose of assisting in any such liquidation authorized as in the preceding paragraph provided, any Federal hind bank or joint-stock land bank may, with the approval of the Federal Farm Loan Board, acquire the assets and assume the liabilities of any joint-stock land bank, and in such transaction any Federal landLoan restriction waived. bank may waive the provisions of this Act requiring such bank to acquire its loans only through national farm loan associations or agents, and those relating to status of borrower, purposes of loan, and also the limitation as to the amount of individual loans. NoLimit on assumption by Federal land bank. Federal land bank shall assume the obligations of any joint-stock land bank in such manner as to make its outstanding obligations more than twenty times its capital stock except by creation of a special reserve equal to one-twentieth of the amount of such additional obligations assumed. No joint-stock land bank shallBy joint-stock land bank. assume the obligations of any other joint-stock land bank in such manner as to make its outstanding obligations more than fifteen times the amount of its capital and surplus, except by creation of a special reserve equal to one-fifteenth of the amount of such additional obligations assumed.” " 1264 Sec. 6. Paragraph 9 of section 21 of the Federal Farm Loan Act as amended be further amended to read as follows; " Consolidated bonds.Vol. 42, p. 1476, amended.Responsibility of bank: for which issued.“Each Federal land bank on whose behalf consolidated bonds shall be issued under this provision shall in all respects be bound by the Act of the Farm Loan Commissioner and the Secretary of the Federal Farm Loan Board.” " Sec. 7. Intermediate credit banks.Vol. 42, p. 1455, amended.United States organizations included. That paragraph 1 of section 202 of the Agricultural Credits Act of 1923, approved March 4, 1923, be amended by inserting after the word “State” in line 5 of said paragraph the words “or of the Government of the United States,” so that the paragraph as amended will read: " “(1) Power to discount or purchase from banks, agricultural organizations, etc., paper based on advances for agricultural or livestock purposes. To discount for, or purchase from, any national bank, and/or any State bank, trust company, agricultural credit corporation, incorporated livestock loan company, savings institution, cooperative bank, cooperative credit or marketing association of agricultural producers, organized under the laws of any State or of the Government of the United States, and/or any other Federal intermediate credit bank, with its indorsement, any note, draft, bill of exchange, debenture, or other such obligation the proceeds of which have been advanced or used in the first instance for any agricultural purpose or for the raising, breeding, fattening, or marketing of livestock.” " Sec. 8. Inconsistent laws repealed. All Acts, or parts of Acts, inconsistent with this Act are hereby repealed. Approved, March 4, 1925.