Page:United States Statutes at Large Volume 48 Part 1.djvu/373

 73d C ONGRESS. SESS. II. CH. 7. JANUARY 31, 1934 . 347 "Am ounts transmi tted to farm loan associati ons by Federa l land Disbursements for class es . banks to be loaned to its members shall, at the option of the bank, loa ns ; optio nal be in current funds or Federal Farm Mortgage Corporation bonds, or, at the option of the borrower, in farm loan bonds ." SEC. 8. (a) Section 13 of the Federal Farm Loan Act, as amended A Vol. 39, nte, p 42 . 372. (U.S.C., Sup . VII, title 12, sec . 781), is amended by inserting at the I9s's . c., supp- vII, p end thereof the following new paragraphs " Fif tee nth . To exchang e farm loan b onds for Fede ral Farm Mort- gageCorporation bonds of equal face value, and to purchase Federal Farm Mortgage Corporation bonds at or below par . " Sixteenth. To exchange Federal Farm Mortgage Cor por ati on bonds for farm loan bonds of equal face value ." (b) The seventh paragraph of section 22 of the Federal Farm p. Vol . 31 1. U.S.C., Loan Act, as amended (U.S.C., title 12, sec . 897), is amended by adding the following after the first subparagraph (d) thereof : ~ 5 To pu rcha se c orpo- (e) To purchase Federal Farm Mortgage Corporation bonds . ration bonds . SEC . 9 . Section 32 of the Emergent Farm Mortgage Act of 1933 Ante, p . 4s. Emergen cy Land Bank C ommis- (U.S.C., Sup . VII, title 12, sec . 1016) is amended by inserting at the sioner authorized t o end ther eof the foll owin g : Until Februa ry 1, 1936, t he Land Bank ofa Cor loans on poration bu ll ti Commissioner shall, in his name, make loans under this section on February 1, 19 38 behalf of the Federal Farm Mortgage Corporation, either in cash or in bonds of the corporation' at his election, but no such loans shall be made by him after February 1, 1936, except for the purpose of avail - refinancing loans previously made by him under this section. Not able Su ms. made avail - to exr'eed $600,000,000 of the bonds and proceeds thereof issued under section 4 of the Federal Farm Mortgage Corporation Act are hereby made available for the purposes of this section, in addition to the amelints transferred to such corporation under section 3 of such Act ." SEC . 10. Section 32 of the Emergency Farm Mortgage Act of 1933 Maximum loa n in- is amended by striking out "$5,000" and inserting in lieu thereof CA tte'p.48 e cc$ 500' Corpo ratio n to act as SEC . 11. Section 62 of the Fa rm Credit Act of 1933 (rela ting to U Ante, op. 267 u.s .C ., fiscal agents of the United States) (U.S.C., Sup. VII, title 12, sec. Supp. VII, p. 216. 1138b) is amended by inserting after "Associations," the following

"the Federal Farm Mortgage Corporation,". SEc. 12 . (a) The corporation, including its franchise its capital To be exemp t from g I taxes, except real prop- reserves, and surplus, and its income shall be exempt from all taxa- erty taxes. tion now or hereafter imposed by the United States, by any Terri- tory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority ; except that any real prop- er ty of the cor poratio n shal l be su bject t o Stat e, Terr itorial, coun ty, municipal, or local taxation to the same extent according to its value as other real property is taxed. (b) Mortgages executed to the Land Bank Commissioner and Mortgages and credit instruments de emed mortga ges he ld by the c orpora tion, and the credit instruments Federal instrumentali- secured thereby, and bonds issued by the corporation under the ties. provisions of this Act, shall be deemed and held to be instrumen- talities of the Government of the United States, and as such they Tax exxem Otions. and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation (except estate, inheritance, and Excep tion s . gift taxes). SEC. 13 . Section 64 of the Farm Credit Act of 1933 (relating to penal ties bera ct, and unlawful acts and penalties) (U .S.C ., Sup . VII, title 12, sec . 1138d) Certa in statutory cc « provisions extended to is amended by inserting after Farm Credit Administration where- Corporation and inter- ever such phrase appears a comma and the following : " any Fed- media te p credit, banks eral intermediate credit bank, or the Fed er al Far m Mor tga ge Supp . VII, p. 217 Corporation,".