Page:United States Statutes at Large Volume 47 Part 1.djvu/29

 72d CONGRESS. SESS. I. CH. 8. JANUARY 22, 1932 . 5 [CHA PTER 8.] AN ACT T o pro vide emerg ency finan cing facil ities for financial institutions, to aid in financing agriculture, commerce, and industry, and for other purposes. January 22 R 7,611 6 0.] 932. [fi. . [Public, No. 2 .] Be i t enacte d by the Senate and Hous e of Repr esentati ves of t he Reconstruction Fi- United States o f America in Congress assembled, That there be, eLe cc Corporation cre- and is hereby, created a body corporate with the na me "Recon- struction Finance Corporation" (herein called the corporation) . That the principal office of the corporation shall be located in the Principal office and Distri ct of Colu mbia, but there may be esta blish ed age ncies or branches . branch offices in any city or cities of the United States under rules and regulations prescribed by the board of directors. This Act may be Citation of Act. cited as the " Reconstruction Finance Corporation Act ." SEC. 2. The corporation shall have capital stock of $500,000,000, Capital stock. sub sc rib ed by the United States of America, pa ym ent for which shall be subject to call in whole or in part by the board of directors of the corporation. Ther e is her eby auth orized t o be app ropriated, out of any mon ey thArppr priation an- in the Treasury not otherwise appropriated, the sum of $500,000,000, Post, p .14. for th e pur pose of making payments upon such subscription when called : Provided, That $50,000,000 of the amount so subscribed, and sm$ eileeacea far the expansion of same through the notes, debentures, bonds, or other loans, etc ., to farmers. obligations as set out in section 9 shall be allocated and made avail- able to the Secretary of Agriculture, which sum, or so much thereof Post, pp 9, 795 . as may be necessary, shall be expended by the Secretary of Agri- culture for the purpose of makin g loans or advanc es to fa rmers in the several States of the United 'tates in cases where he finds that an emergency exi sts as a result of which farmers are unable to ob tain loans for crop production during the year 1932 : Provided further, That the Secreta ry of Ag ricultur e shall give pref erence i n making Preference where emergency due to crop such loa ns or ad vances t o farmer s who su ffered fr om crop failures failures. in 1931. Such advances or loans shall be made upon such terms Terms, etc .,tobe and conditions and subject to such regulations as the Secretary of prescribed. Agriculture shall prescribe. A first lien on all crops growing, or Lien on crops. to be planted an d grown, shall, in the discretio n of the Secretar y of Agriculture, be deemed sufficient security for such loan or advance. Loans made through All such loans or advances shall be mae through such agencies as agencies. the Secretary of Agriculture may designate, and in such amounts as such agencies, with the approval of the Secretary of Agriculture, Pun may determine. Any person who shall knowingly make any material repentation,f or false false representa tion for the pur pose of obtainin g an advance or l oan, or in assisting in obtaining such advance or loan under this section shall, upon conviction thereof, be punished by a fine of not exceeding $1,000 or by imprisonment not exceeding six months, or both. Rec eipts fo r paymen ts by th e United States of Ameri ca for o r on Receipts for stock account of such stock shall be i ssued by the cor poration to the Secre- pa ym ent s' tart' of the Treasury and shall be evidence of the stock ownership of the United States of America. SE C. 3. The management of the corporation shall be vested in a p ~i mo ement of cor. board of directors consisting of the Secretary of the Treasury, or, Members ex officio. in his absence, the Under Secretary of the Treasury, the governor Post, p. 715 . of the Federal Reserve Board, and the Far m Loa n Commissioner, Appointments by who shal l be mem bers ex officio, and fou r other p ersons a ppointed president, et c. b y the Presiden t of the United States, by and wi th the a dvice an d consent of the Senate. Of the seven members of the board of direc- tors not more than four shall be members of any one political party and not mo re th an one shall be appointed fr om any one Federal reserve district. Each director shall devote hia time not otherwise vote s t i~t oir] required by the business of the United States principally to the busi-