Page:United States Statutes at Large Volume 47 Part 1.djvu/30

 6 72d CONGRESS. SESS. I. CH. 8. JANUARY 22, 1932 . Oath of office. ness of the corporation. Before entering upon his duties each of the direc tors s o appo inted and e ach of ficer of the corpo ratio n shal l take por mplo oment b co r, an oath faithfully to discharge the duties of his office. Nothing con- in Federal boards, com- tained in this or in any other Act shall be construed to prevent the missions, etc' appointment and compensation as an employee of the corporation of any officer or employee of the United States in any board, commis- Terms of directors sion, independent establishment, or executive department thereof. appointed by Presi- The terms of the directors appointed by the President of the United dent. States shall be two years and run from the date of the enactment When - fil lr ea peatt ~ to hereof and until their successors are appointed and qualified. When- ever a vacancy shall occur among the directors so appointed, the person appointed to fill such vacancy shall hold office for the unex- Salaries. pired portion of the term of the director whose place he is selected to fill. The directors of the corporation appointed as hereinbefore Restriction upon direc- provided shall receive salaries at the rate of $10,000 per annum each. tor, etc ., in determine- No di rector, offi cer, a ttorn ey, ag ent, o r empl oyee o f the corpo ration tion of question affect- ing personal interest. shall in any manner, directly or indirectly, participate in the delib- eration upon or the determination of any question affecting his per- sonal inter ests, or the inte rests of any corpo ration, par tnersh ip, or association in which he is directly or indirectly interested. Corporate rights and SEC. 4. The corporation shall have succession for a period of ten powers. years from the da te of the e nactme nt her eof, u nless it is soone r dis- solved by an Act of Congress. It shall have power to adopt, alter, and use a corporate seal ; to make contracts ; to lease such real estate as may be necessary for the transaction of its business ; to sue and be sued, to complain and to defend, in any court of competent juris- diction, State or Federal ; to select, employ, and fix the compensation of such officers, employees, attorneys, and agents as shall be necessary for the transaction of the business of the corporation, without regard to the provisions of other laws applicable to the employment and compensation of officers or employees of the United States ; to define their authority and duties, require bonds of them and fix the penal- ties thereof, and to dismiss at pleasure such officers, employees, attorneys, and agents ; and to prescribe, amend, and repeal, by its boar d of dire ctor s, by -law s, ru les, and regu lati ons g over ning the manner in which its general business may be conducted and the powers granted to it by law may be exercised and enjoyed, including the selection of its chairman and vice chairman together with pro- vision for such committees and the functions thereof as the board of directors may deem necessary for facilitating its business under this Act. The board of directors of the corporation shall determine and prescribe the manner in which its obligations shall be incurred and its expenses allowed and paid. The corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government. The corporation, with the consent of any board, commission, independent establishment, or executive department of the Government, including any field service thereof, may ava il itsel f of the use of i nformati on, servi ces, fac ilities offi cers, and emp loyee s th ereof in carry ing out the p rovi sions 01 this Act. Loans and advances SEC. 5. To aid in financing agriculture, commerce, and industry, by corporation. Past, p. 715. including facilitating facilitating the exportation of agricultural and other prod- ucts the corporation is authorized and empowered to make loans, Terms and condi- upon such terms and conditions not inconsistent with this Act as tions. it may deter mine, to any bank , sav ings bank , tr ust compa ny, build - ing and loan association, insurance company, mortgage loan coin- pany, credit union, Federal land bank, point-stock land bank, Federal intermediate credit bank, agricultural credit corporation, livestock credit corporation, organized under the laws of any State