Page:United States Statutes at Large Volume 48 Part 1.djvu/293

 73d CONGRESS. SESS. I. CH. 98. JUNE 16, 1933. Production Credit Corporation or Production Credit Association upon the ground that it was incorporated under this Act or that the United States owns a majority of the stock in it, nor shall any di strict court of the United States within the l and ban k distr ict se rved by such association or corporation have jurisdiction by removal or otherwise of any suit by or against any such association or cor- poration except in cases by or against the United States or by or against any officer of the United States and except in cases by or against any receiver of any such corporation or association appointed in accordance with section 65. EXAMINATIONS SEC. 61 . At least once each year and at such other times as the Annual, etc., exam- inations provided for. governor deems necessary, t he Central Ba nk for Coopera tives, and each Production Credit Corporation. Production Credit Association, and Bank for Cooperatives, organized under this Act, shall be examined by examiners designated by the governor. The governor shall assess the cost of such examinations against the bank, associa- tion, or corporation examined, which shall pay such costs to the governor. The amounts so assessed and unpaid shall be a prior lien on all assets of the bank, association, or corporation examined except on assets pledged to secure loans. FISCAL AGE NTS OF UNITED STA TES Receivers not in- c luded. Post, p. 269. Assessment of Costs. SEC. 62. The Central Bank for Cooperatives, the Production Credit Hsc orp ora ti ns made Corporations, Production Credit Associations, and Banks for Coop- Poor, p. 347. eratives, organized under this Act, when designated for that purpose by the Secretary of the Treasury, shall act as fiscal agents of the United States Government and when acting as such shall perform such duties as shall be prescribed by the Secretary of the Treasury. SEC. 63 . The Central Bank for Cooperatives, and the Production To be exe mpt from Credit Corporations, Production Credit Associations, and Banks for tax, etc ., payments. Cooperatives, organized under this Act, and their obligations, shall be deemed to be instrumentalities of the United States, and as such, any and all notes, debent ures, bonds, and other such obligations issued by such banks, associations, or corporations shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority. Such banks, associations, and corporations, their property, their franchises, capital, reserves, surplus, and other funds, and their income, shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority ; except that any real property and any tangible personal property of such banks, associations, and corporations shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. The exemption provided herein shall not apply with respect to any Production Credit Asso- Production Cred it Association not ex- ciation or its property or income after the stock held in it by the empt. Production Credit Corporation has been retired, or with respect to the Centr al Bank for Co operatives, o r any Product ion Credit Cor - poration or Bank for Cooperatives, or its property or income after the stock held in it by the United States has been retired. UNLAWFUL ACTS AND PENALIJ .itS Unlawf ul acts a nd penalties. SEC. 64 . (a) Whoever makes any material representation know- Qt Fals erepr esen tatio ns, ing it to be false, or whoever willfully overvalues any property or Post, p. 347. security, for the purpose of influencing in any way the action of the Excep tions. 267