Page:United States Statutes at Large Volume 47 Part 1.djvu/761

 72d CONGRESS. SESS. I. CH. -522. JU LY 22,1932. 737 to fill such vacancy shall hold office for the unexpired po rtion of the term of the member whose place he is selected to fill. Each sue- of the members of the board shall receive a salary at the rate of $10, 000 per ann um : Pr ovid ed, That during the fiscal year 1933 s°18 • Salary, fiscal yea r the salary shall be $9,000 per annum. The President shall designate ")33 . Chairman to be aes one of the members as chairman of the board . The chairman shall ignatea. be the chief execu tive o fficer of th e board and i n his absenc e or disability the duties of his office shall be performed by some one of the other members to be designated as acting chairman by the chairman in such order as he may determine . The board shall board . etc., of supervise the Federal Home Loan Banks created by this Act, shall perfor m the other duties speci ficall y presc ribed by thi s Act, and shall have power to adopt, amend, and require the observance of such rules, regulations, and orders as shall be necessary from time to time for carrying out the purposes of the provisions of this Act . The board shall have power to suspend or remove any director, officer employee, or agent of any Federal Home Loan Bank, the cause 01 such suspension or removal to be communicated in writing forthwith to such director, officer, employee, or agent and to such Federal Home Loan Bank. Administrative ex. ADMINISTRAiiVi. EXPE NSES pen ses. SEC. 18. (a) There is hereby authorized to be appropriated the salaries tr as ndexenses .or sum of not t o exce ed $30 0,000 for sa laries, trave l and subsistence expenses, rents, printing and binding, furniture and equipment, law books, books of reference, periodicals newspapers, maps, contract stenographic reporting services, telephone and telegraph services, and all o ther nece ssary exp enses of the board, togethe r with ex penses preliminary to the organization and establishment of the banks created hereunder, until the end of the fiscal year 1933. Semiannual assess. (b) The board shall have power to levy semiannually upon the menu to be levied Feder al Ho me Lo an B anks, and they shal l pay, on such equi table upon banks. basis as the board shall determine, an assessment sufficient in its judgmen t to p rovide for t he pay ment o f its e stimat ed exp enses for the half year succeeding the levying of each such assessment, begin- Available for pay ning with the seco nd half of the cal endar yea r 1933. All expenses of ment of expenses. the boa rd inc urred in car rying out th e provi sions of thi s Act, as determi ned by it, b eginni ng Jul y 1, 1 933, sh all be paid from the proceeds of such assessments, and if any deficiency shall occur in such Provision in event of fund at any time between such semiannual assessments the board shall deficiency or surplus. have power to make an immediate assessment against the banks to cover such deficiency on the same basis as the original assessment. If any surplus shall remain from any assessment after the expiration of the semiannual period for which it was levied, such surplus may be dedu cted f rom th e next follo wing a ssessme nt. Personal servi ces au. SEC. 19 . The board shall have power to select, employ, and fix tborized. the compensation of such officers, employees, attorneys, and agents as shall be necessary for the performance of its duties under this Act without regard to the provisions of other laws applicable to the employment, or compensation of officers, employees, attorneys, and agents of - the Uni ted State s. No such officer, employee, attorney, or Payiimitation. agent sha ll be pai d compens ation at a rate in excess of the rat e pro- Franking privilege . vided in the case of members of the board. The board shall be en- titled to the free use of the United States mails for its official busi- ness in the same manner as the executive departments of the Gov- ernment; and shall determine its necessary expenditures under this Act and the manner in which they shall be incurred, allowed, and paid. 3051 ° -33-47