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Loan Commissioner, subject to the jurisdiction and control of the Farm Credit Administration as herein provided.
(5) There are transferred to the jurisdiction and control of the Farm Credit Administration:
(a) The Federal Farm Loan Bureau and the functions thereof; together with the functions of the Federal Farm Loan Board, including the functions of the Farm Loan Commissioner;
(b) The functions of the Treasury Department and the Department of Agriculture, and the Secretaries thereof, under Executive authorizations to give aid to farmers, dated July 26, 1918, and any extensions or amendments thereof;
(c) The functions of the Secretary of Agriculture under all provisions of law relating to the making of advances or loans to farmers, fruit growers, producers and owners of livestock and crops, and to individuals for the purpose of assisting in forming or increasing the capital stock of agricultural-credit corporations, livestock-loan companies, or like organizations, except Public Resolution No. 74, Seventieth Congress, approved December 21, 1928, providing for the Puerto Rican Hurricane Relief Commission;
(d) The Crop Production Loan Office and the Seed Loan Office of the Department of Agriculture, and the functions thereof;
(e) The functions of the Reconstruction Finance Corporation and its Board of Directors relating to the appointment of officers and agents to manage regional agricultural credit corporations formed under section 201 (e) of the Emergency Relief and Construction Act of 1932; relating to the establishment of rules and regulations for such management; and relating to the approval of loans and advances made by such corporations and of the terms and conditions thereof.
(6) The functions vested in the Federal Farm Board by section 9 of the Agricultural Marketing Act are abolished, except that such functions shall continue to be exercised to such extent and for such time as may be necessary to permit the orderly winding up of the activities of stabilization corporations heretofore recognized under authority of such section, and the governor of the Farm Credit Administration shall take appropriate action for winding up at the earliest practicable date the activities of such corporations and all affairs related to the exercise of such functions.
(7) The records, property (including office equipment), and personnel used and employed in the execution of the functions hereinbefore transferred are transferred to the jurisdiction and control of the Farm Credit Administration.
(8) The sum of $2,000,000 of the unexpended balances of appropriations made to the Federal Farm Board by Public Resolutions No. 43 and No. 51 of the Seventy-second Congress shall be impounded and returned to the Treasury, which sum shall be in addition to the other savings to be effected by the Farm Credit Administration as a result of this order.
(9) The unexpended balances of appropriations to the Secretary of Agriculture, the Federal Farm Loan Bureau, and the Federal Farm Board for salaries, expenses, and all other administrative expenditures in the execution of the functions herein vested in the Farm Credit Administration shall be transferred to and vested in the Farm Credit Administration as a single fund for its use for salaries, expenses, and all other administrative expenditures for the execution of any or all of such functions without restriction as to the particular functions for the execution of which the same were originally appropriated. All other appropriations, allotments, and other funds available for use in connection with the functions and executive agencies hereby transferred and consolidated are hereby transferred to and vested in the Farm Credit Administration, and shall be available for use by it, for the same purposes as if the Farm Credit Administration were named in the law or authority providing such appropriations, allotments, or other funds.
(10) All power, authority, and duties conferred by law upon any officer, executive agency, or head thereof, from which or from whom transfer is hereinbefore made, in relation to the executive agency or function transferred, are transferred to and vested in the Governor of the Farm Credit Administration.
(11) The Governor of the Farm Credit Administration is directed to dismiss, furlough, transfer, or make other appropriate disposition of such of the officers and employees under his jurisdiction and control as are not required for the proper execution of the functions of the Farm Credit Administration.
(12) The Governor of the Farm Credit Administration is authorized to execute any and all functions and perform any and all duties vested in him through such persons as he shall by order designate or employ.
(13) The Governor of the Farm Credit Administration, by order or rules and regulations, may consolidate, regroup, and transfer offices, bureaus, activities, and functions in the Farm Credit Administration, so far as may be required to carry out the purposes to which this order is directed, and may fix or change the names of such offices, bureaus, and activities and the duties, powers, and titles of their executive heads.
This order shall take effect upon the sixty-first calendar day after its transmission to Congress unless otherwise determined in accordance with the provisions of section 407 of the act cited above, as amended.
Ex, Ord, No. 5200, October 1, 1929:
I, Herbert Hoover, President of the United States of America, under the authority conferred upon me by paragraph (e) of Section 13 of Agricultural Marketing Act_approved June 15, 1929, entitled "An Act To establish a Federal Farm Board to Promote the effective merchandising of agricultural commodities in interstate and foreign commerce, and to place agriculture on a basis of economic equality with other industries”, and by virtue of all other powers thereto me enabling, do hereby, transfer from the Department of Agriculture to the jurisdiction and control of Federal Farm Board the whole of the Division of Cooperative Marketing in the Bureau of Agricultural Economics of the Department of Agriculture, all functions pertaining to the work and services of such division, its records, property, including office equipment, personnel, and unexpended balances of appropriation, pertaining to such work or services. The Division of Cooperative Marketing above referred to is created and authorized by “An Act To create a division of cooperative marketing in the Department of Agriculture; to provide for the acquisition and dissemination of information pertaining to cooperation; to promote the knowledge of cooperative principles and practices; to provide for calling advisers to counsel with the Secretary of Agriculture on cooperative activities; to authorize cooperative associations to acquire, interpret, and disseminate crop and market information, and for other purposes”, approved July 2, 1926. The transfer above mentioned shall be effective from and including October 1st, 1929.
FARM CREDIT ADMINISTRATION; GENERAL ADMINISTRATIVE
TRANSFER OF FUNCTIONS Farm Credit Administration, Federal Farm Mortgage Corporation, and Commodity Credit Corporation, and their functions and activities, together with their respective personnel, records, and property were transferred to Department of Agriculture by Reorg. Plan No. I, § 401, eff. July 1, 1939, 4 Fed. Reg. 2730, 53 Stat. 1429, set out in note under section 133t of Title 5, Executive Departments and Government Officers and Employees.
8 636. Farm Credit Administration; provisions relating to organization. The Governor of the Farm Credit Administration is authorized, in carrying out the powers and duties now or hereafter vested in him or the Farm Credit Administration by law or under any Executive order made under sections 124-131a of Title 5, as amended, to establish, and to fix the powers and duties of, such divisions, agencies, corporations, and instrumentalities as he may deem necessary to the efficient functioning of the Farm Credit Administration and the successful execution of the powers and duties so vested in the Governor and the Farm Credit Administration. This section shall not be construed to restrict the authority of the President under such sections, as amended: Provided, That salary or compensation shall be paid to any officer, agent, or other person employed under this section in excess of $10,000 per annum. (May 12, 1933, ch. 25, § 40, 48 Stat. 51.)
TRANSFER OF FUNCTIONS Farm Credit Administration, Federal Farm Mortgage Corporation, and Commodity Credit Corporation were transferred to the Department of Agriculture. See note preceding this section.
§ 637. Land Bank Commissioner; functions under Executive Orders.-All functions, powers, authority, and duties conferred upon or vested in the Land Bank Commissioner by sections 347, 624, 636, 637, 723, 771, 781, 810, 963a, 992, 993, and 1016-1019 of this title; section 623 of Title 7; section 609c of Title 15, and sections 403 and 404 of Title 43 shall be held and exercised by him subject to all the terms and conditions in any Executive Order heretofore transmitted to Congress pursuant to sections 124-132 of Title 5 the same as if such functions, powers, authority, and duties were specifically named in such Executive Order or orders. (May 12, 1933, ch. 25, § 39, 48 Stat. 50; June 16, 1933, ch. 98, $ 80 (a), 48 Stat. 273.)
8 638. Commissioners in Farm Credit Administration; designation; appointment; salaries and expenses(a) Land Bank Commissioner.-After June 16, 1933, the office of Farm Loan Commissioner shall be known as the office of the Land Bank Commissioner and the Farm Loan Commissioner shall be known as the Land Bank Commissioner. The provisions of section 653 of this title, prescribing a term of office of eight years, shall not apply to incumbents after June 16, 1933, appointed to the office of Land Bank Commissioner.
(b) Production Credit Commissioner; Cooperative Bank Commissioner; Intermediate Credit Commissioner.—There shall be in the Farm Credit Administration three commissioners who shall be known, respectively, as the Production Credit Commissioner, the Cooperative Bank Commissioner, and the Intermediate Credit Commissioner. Such commissioners shall be appointed by the President, by and with the advice and consent of the Senate. They shall receive an annual salary of $10,000, payable monthly, together with actual necessary traveling expenses. Such commissioners shall perform such duties as may be assigned to them by law or by the governor of the Farm Credit Administration. (June 16, 1933, ch. 98, § 80, 48 Stat. 273.)
§ 639. Governor of Farm Credit Administration; supplementary grant of powers.—The authority and powers conferred upon the governor under the Farm Credit Act of 1933 shall not be construed to be in substitution for authority and powers conferred upon him under existing law but shall be construed to be supplementary to such authority and powers. (June 16, 1933, ch. 98, § 82, 48 Stat. 273.)
REFERENCES IN TEXT The Farm Credit Act of 1933 (act June 16, 1933, ch. 98, 48 Stat 257), to which reference is made in this section, was incorporated into the code as sections 637-640, 653, 674, 678-681, 683, 694, 723, 744a, 771, 781, 791, 874, 876, 878-880, 884, 952, 963a, 964, 971, 972, 983, '987, 992, 1016-1018, 1022, 1031, 1124, 1131-1138f, 1141c-1141f, 1148a, and 1151a of this title and section 610 of Title 7, Agriculture.
§ 640. Seal of Farm Credit Administration.—The Farm Credit Administration shall have a seal, as adopted by the governor,
which shall be judicially noticed. (June 16, 1933, ch. 98, § 85, 48 Stat. 273.)
TRANSFER OF FUNCTIONS Farm Credit Administration was transferred to the Department of Agriculture. See note preceding section 636 of this title.
DISTRICT ORGANIZATIONS UNDER SUPERVISION OF FARM CREDIT ADMINISTRATION; FARM CREDIT DISTRICTS AND FARM
CROSS REFERENCE For provisions of the Cooperative Marketing Act see sections 451-457 of Title 7, Agriculture. Pursuant to Executive Orders 5200 and 6084, which are set out in full preceding said sections, the Farm Credit Administration now has jurisdiction and control of the Division of Cooperative Marketing established by those sections.
8 640a. Farm credit districts created. There shall be twelve districts in the continental United States, excluding Alaska, which shall be known as farm credit districts, and may be designated by number. The boundaries of the twelve Federal land bank districts existing as of August 19, 1937, shall be the boundaries of the respective farm credit districts. Such boundaries may be readjusted from time to time in the discretion of the Farm Credit Administration, provided that said districts shall be apportioned with due regard to the farm credit needs of the country and no such district shall contain a fractional part of any State. The designations "Federal land bank district" and "land bank district" wherever used in the Federal Farm Loan Act, or in any Act amendatory thereof or supplementary thereto, are changed to "farm credit district" and shall after August 19, 1937, be deemed to refer to the farm credit districts provided for in this section. (Aug. 19, 1937, ch. 704, § 5 (a), 50 Stat. 704.)
REFERENCES IN TEXT The Federal Farm Loan Act, to which reference is made in this section, is act July 17, 1916, ch. 245, 39 Stat. 360. For distribution of said act in this code, see note under section 641 of this title.
SAVING CLAUSE Act August 19, 1937, cited to text, provided as follows: "Sec. 40. (a) If any provision of this act, or the application thereof to any person or circumstances, is held invalid, the remainder of the act, and the application of such provisions to other persons or circumstances, shall not be affected thereby.
"(b) The right to alter, amend, or repeal this act is hereby expressly reserved."
§ 640b. Farm credit boards; members.—There shall be in each farm credit district a farm credit board, which shall be selected as specified in sections 6406-640g of this title and shall be composed of seven members. Each farm credit board shall include in its title the name of the city in which the Federal land bank, Federal intermediate credit bank, production credit corporation, and regional bank for cooperatives of the district are located. Three of the members of said board shall be known as elected directors of whom one shall be chosen by national farm loan associations and borrowers through agencies, one shall be chosen by
production credit associations of the district, and one shall be chosen by cooperatives which are stockholders or subscribers to the guaranty fund of the regional bank for cooperatives in the district. Three of the seven members shall be known as district directors, of whom two shall be appointed by the Governor of the Farm Credit Administration and one, who shall be known as the third district director, shall be chosen as provided in section 640d of this title. The seventh member of such board shall be known as director at large and shall be appointed by the Governor of the Farm Credit Administration. (Aug. 19, 1937, ch. 704, § 5 (b), 50 Stat. 704.)
REFERENCES IN TEXT In the original “as specified in sections 640b-640g of this title" reads "as hereinafter specified,” and “as provided in section 640d of this title" reads "as hereafter in this section (section 5b of act August 19, 1937, cited to text) provided.”
SAVING CLAUSE See note under section 640a of this title.
§ 640c. Same; initial board to be composed of Federal land directors; successors.—The directors of the Federal land bank of each district who are in office on August 19, 1937, shall constitute the farm credit board of the district and shall serve as members thereof for the remaining portions of the terms for which they were respectively elected or appointed as directors of the bank. Except as otherwise provided by sections 640a-640k of this title, the successor to each original member of the farm credit board shall be selected in the manner in which such member was selected as a director of the Federal land bank. (Aug. 19, 1937, ch. 704, § 5 (c), 50 Stat. 704.)
REFERENCES IN TEXT In the original "sections 640a-640k of this title" reads “this act," meaning the Farm Credit Act of 1937 (act August 19, 1937, cited to text), which was incorporated into the code as sections 640a-640k, 640r, 656a, 611a, 712, 719, 723c,
724, 732, 745-747, 761, 771, 781, 823, 831, 883, 891, 967, 1016, '1020, 1020d, 1022, 1023, 1040, 1041, 1042, 1053, 1072, 1095, 1131, 1134, 1134c, 1134j, 1141b, 1141d, and 1148b-1148d of this title.
SAVING CLAUSE See note under section 640a of this title.
§ 640d. Same; selection of third district director.--Each third district director shall be selected as follows: Each national farm loan association and borrower through agencies in the district shall nominate, in the manner provided in section 640e of this title for the nomination of candidates for elected directors, one candidate for such director, and from the three persons having the greatest number of votes as nominees the Governor of the Farm Credit Administration shall appoint such director. No third district director who is removed from office pursuant to section 831 (h) of this title may be nominated to succeed himself. (Aug. 19, 1937, ch. 704, § 5 (d), 50 Stat. 704.)
REFERENCE IN TEXT In the original “provided in section 640e of this title" reads "provided herein."