Page:United States Statutes at Large Volume 48 Part 1.djvu/299

 73d CONGRESS. SESS. I. CH. 98. JUNE 16, 1933 . 273 Mis cellaneous. Farm Loan Com- missioner known here- after as Land Bank Commissioner . Ter m of office. Vol. 39, p. 360; U.S .C ., p. 29 9, amended. Commissioner s in- creased to three. Vol. 39, p. 36 0, amended. Appoi ntme nt, s al- ary, etc. Duties. Att est ing Commis- sioner's signature. Gover nor' s author- ity, etc . Powers herein grant- ed to be additional to existing law. Regional Agricultural Credit Corporations. Vol.47,p. 713. Capital may be re- duced. Difference to form a revol ving fund; use, etc. Farm Cred it A dmin- istration; seal. Emerg ency Agr icul- tural Relief Act amended. Ante, p.37. Post, p. 1263. TI TLE VI II-MISC ELLANEO US SECTION 80. (a) After the date of the enactment of this Act, 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 the third paragr aph of sect ion 3 of the Feder al Fa rm Loa n Act, as amended (U.S .C ., title 12, sec . 653), prescribing a term of office of eight years shall not apply to incumbents hereafter appointed to the office of Land Bank Commiss ioner. (b) There shall be in the Farm Credit Administration three coin- missioners 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. SEC. 81 . The signature of the Land Ba nk Commissioner on Federal farm-loan bonds shall be attested by any Deputy Land Bank Commissioner. SEC. 82. The authority and powers conferred upon the governor under this Act 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. SEC. 83 . This Act shall not be construed to repeal subsection (e) of section 201 of the Emergency Relief and Construction Act of 1932. SE C. 8 4. The R econstruction Finance Corpo ration is aut horized, with the appro val of the Go vernor of the Farm Credit A dministra- tion, to reduce the capital of any Regional Agricultural Credit Cor- poration by su ch action as may be suitab le for the pur pose. The funds made available by any such reduction shall constitute a revolv- ing fund, all or any part of which shall be available for use from time to time by the Reconstruction Finance Corporation for the pur- pose of increasing, with the approval of the Governor of the Farm Credit Administration, the capital of any Regional Agricultural Credit Corporation. SE C. 85. The Farm Credit Administration shall have a seal, as adopted by the governor, which shall be judicially noticed. SEC. 8 6 . Subdi vision (a) of section 10 of the Act enti tled "An Act to relieve the existing national economic emergency by increasing agricultural purchasing power, to raise revenue for extraordinary expenses incurred by reason of such emergency, to provide emergency relief with respect to agricultural indebtedness, to provide for the orderly liquidation of joint-stock land banks, and for other pu r- poses,"' May 12, 1933, is amended by inserting before the period at the end of the first sentence a colon and the following : "And pro vide d fu rthe r, That the State Administrato r appointed to sta te Ad min ist ra tor administer this Act in each State shall be appointed by the President, Fein Presidential ap by and with the advice and consent of the Senate ." SE C. 87. 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 app lica tion of such pro visi ons to o ther per sons or circumstances, shall not be affected thereby. SEC. 88 . The right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, June 16, 1933, 1 : 10 p .m. 86637o-34-18 Sep ara bil ity provi- sions. Amendment.