Page:United States Statutes at Large Volume 48 Part 1.djvu/371

 73d C ONGRESS. SESS. II. CH. 7. JANUA RY 31, 1934 . 345 Commissioner. The directors shall receive no additional compensa- No add iti on al pa y; tion fo r thei r serv ices a s dire ctors of the corpor ation, but m ay be expenses allowed. allow ed ac tual nece ssary trav elin g and subs isten ce e xpens es wh en engaged in the business of the corporation outside of the District of Columbia. The Governor shall be the chairman of the board of directors. The directors shall have power to adopt such bylaws, Powers Ofdirectors. rules, regulations, and amendments thereto as they deem necessary for the condu ct of the bu siness of th e corpo ration autho rized under this Act. The directors shall have power, without regard to the provisions of other laws applicable to the employment and com- ti•ployees s, of officers and employees of the United States, to employ and fix the compensation and duties of such agents, officers, and employees of the corporation as may be necessary to carry out the powers and duties conferred upon the corporation by this Act, to require bonds of them and fix the penalties thereof and dismiss Bonds required. them at pleasure, and to prescribe the manner in which the obliga- tions o f the corpor ation shall be inc urred a nd its expen ses al lowed and paid, but the rates of compensation of such agents, officers, and employees of the corporation shall not exceed the rates of comliensa- Pay limitations. ti S.C, p. 68- Supp. tion prescribed for comparable duties by the Classification Act of VII, p. 34. 1923, as amended. SE C. 2. The corporation shall have succession until dissolved by Corporation to have succession and general Act of Congress ; shall have power to sue and be sued in any court, corporate powers. to adopt and use a corporate seal, to make contracts, and to acquire, hold, a nd dis pose o f real and p ersona l prope rty ne cessar y and inci- dent to the conduct of its business ; and shall have such other powers as may be necessary and incident to carrying out its powers and duties under this Act. The corporation shall be entitled to the free Franking privilege. use of the United States mails in the same manner as the executive departments of the Government. The corporation, with the consent Other facilities, etc. of any board, commission, independent establishment, or executive department of the Government, may avail itself of the use of infor- !nation, services, faciliti es, offic ers, agen ts, and e mployees thereof, in carrying out the provisions of this Act. SEC. 3 . The capital of the corporation shall be in the sum of Capital ; subscribed $200,000,000, which shall be subscribed by the Governor on behalf by United States. of the United States in such amounts and at such times as he deems necessary for the purposes of the corporation. For the purpose of such capital subscription, the funds and proceeds thereof made avail- F unds avai labl e to L and B ank Commis- able to the Land Bank Commissioner under section 32 of the Emer- sioner. gency Farm Mortgage Act of 1933 and the mortgages taken by the Ante, p. 48. Commissioner and the credit instruments secured thereby are hereby transfe rred t o the corpor ation. SE C. 4. (a) With the approval of the Secretary of the Treasury, Bond issue author. the corporation is authorized to issue and have outstanding at any ized ;aggregate amount. one time bonds in an aggregate amount not exceeding $2,000,000,000. Such bonds shall be in such forms and denominations, shall have such matu rities, s hall bear such rat es of int erest, sh all be su bject to M aturi ties, int erest , such terms and conditions, and shall be issued in such manner and etc. sold at such prices, as may be prescribed by the corporation, with the a pprov al of the Secr etary of the T reasu ry. Such bonds shall To be unco ndit ion- be fully and unconditionally guaranteed both as to interest and prin- ally guaranteed. cipal by the United States and such guaranty shall be expressed on the face thereof, and such bonds shall be lawful investments, and a dswfurityvest ent may be ac cepted as security, for all fiduciar y, trust, and publ ic funds funds. the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. In Secretary ofTreasurS y to purchase if corpora- the event that the corporation shall be unable to pay upon demand, tion unable to pay.
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