Page:United States Statutes at Large Volume 48 Part 1.djvu/374

 348 Designated funds transferred to the Gov- ern or of the Farm Credit Admini stration. Ante, p. 208. U.S .C., Supp. VII, p. 215 Ante, p. 258. Revol ving fun d es- tabli shed, fro m all oca- tions to Far m Credit Adm ini str at ion . Use by the Governor in subscribing to stock, etc ., of intermediate credit banks. Farm Loan Act amendment . Increase of capital stock permitted . Vol . 42, p. 1457; U.S.C , Supp. VII, p. 210. Federal Intermediate Credit Banks . Governor to su b- scribe to stock, etc ., of, to meet credit needs of bor row ers. Vol. 42, p 1457; U.S C.,p. 317. Shares, etc. Payments. Federal Reserve banks. Advances by, on de- posit of Cor poration bonds . U.S.C.,p. 282 . Ante, p. 180. May d eal in C orpo- ration bonds. Vol38,p.265;U.S.C. p. 282. Sep ara bil ity provi- sions. 73d C ONGRESS. SESS. II. CH. 7. JANU ARY 31, 1934 . SEC. 14 . Paragraph (2) of subsection (a) of section 5 of the Farm Credit Act of 1933 (U .S .C ., Sup . VII, title 12, sec . 1131i) is amended by striking out the period at the end thereof and inserting a comma and the following : " and the notes or other obligations evidencing" such advances and loans and the security therefor are hereby trans- ferred to the Governor of the Farm Credit Administration ." SEC . 15 . (a) Section 5 of the Farm Credit Act, of 1933 (U.S.C., Sup . VII, title 12, sec . 1131i) is amended by inserting at the end thereof the following new subsection "(e) The amount of all balances, collections, and appropriations allocated under subsection (a) to the revolving fund created there- under, which is in excess of $120,000,000, is hereby made available to the Governor of the Farm Credit Administration for the estab- lishment of a revolving fund of not to exceed $40,000,000. Out of such revolving fund, the Governor is authorized to allocate and, with the ap proval of th e Sec retary of th e Trea sury, to ex pend su ch amounts as lie deems necessary for subscriptions to the capital stock and/or paid-in surplus of Federal Intermediate Credit Banks ." (b) The firs t sentence of section 205 of the Federal Farm Loan Act (U .S .C ., Sup . VII, title 12, sec . 1061), as amended, is amended by striking out the period at the end thereof and inserting in lieu thereof a comma and the following : "which amount may be increased from time to time with the approval of the Governor of the Farm Credit Administration " . (c) Section 205 of the Federal Farm Loan Act (U .S .C ., title 12, see . 1061), as amended, is further amended by adding at the end thereof the following : " With the approval of the Secretary of the Treasury, the Governor of the Farm Credit Administration is hereby authorized to subscribe from time to time to the capital stock and/or paid-in surplus of any Federal Intermediate Credit Bank on behalf of the United States, in such amounts as lie may determine are necessary for the purpose of meeting the credit needs of eligible borrowers from the bank, and the amount of the capital stock and paid-in surplus of such bank may be increased or decreased from time to time by the Governor, in accordance with such needs. Such stock shall be divided into shares of $100 each and subscriptions to such paid-in surplus shall be made in multiples of $100 out of the revolving fund created under subsection (e) of section 5 of the Farm Credit Act of 1933, as amended. The Governor on behalf of the United States shall make payment for stock and paid-in surplus of such bank and such payment shall be subject to call in whole or in part by the board of directors of the bank, with the approval of the Governor ." SEC . 16 . (a) The first sentence of the eighth paragraph of section 13 of the Federal Reser ve Act, as am ended, is fur ther amended b y inserting before the semicolon after the words "section 13 (a) of this Act " a comma and the following : " or by the deposit or pledge of Federal Farm Mortgage Corporation bonds issued under the Federal Farm Mortgage Corporation Act ." (b) Paragrap h (b) of sect ion 14 of the Federal Reser ve Act, as amended (U .S .C., title 12, sees . 353-358), is further amended by inserting after the words " bonds and notes of the United States " a comma and the following : " bonds of the Federal Farm Mortgage Corpo ration havin g mat uritie s fr om date of purchase of not exceeding si x months. " SEC . 17 . (a) 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 application of such provision to other persons or circumstances, shall not be affected thereby.