Page:United States Statutes at Large Volume 50 Part 1.djvu/552

 75TH CONGRESS, 1ST S ESSION- CH. 517 -J ULY 22, 19 37 527 TIT LE IV-GENERAL PROVISIONS Title IV-G enera l provisions . FARMERS' HOME CORPORATION SEc. 40. (a) There is hereby created as an agency, of and within Farmers' Home Corporation ; creation, the Department of Agriculture, a body corporate with the name principal office, et c. "Farmers' Home Corporation" (in this Act called the Corporation). The principal office of the Corporation shall be located in the District of Columbia, but there may be established agencies or branch offices elsewhere in the United States under rules and regulations prescribed by the Board of Directors. (b) The Secretary shall have power to delegate to the Corporation Powers and duties , such powers and duties conferred upon him under title I or title II, or both, and such powers un der title IV as r elate to the exer cise o f the powers and duties so delegated, as he deems may be necessary to the efficient carrying out of the purposes of such titles and may be executed by the Corporation, and to transfer to the Corporation such funds available for such purposes as he deems necessary. In connection with and in the exercise of such powers and duties so delegated, all provisions of this Act relating to the powers and duties of, and limitations upon, the Secretary shall apply to the Corporation in t he same manner as to the Se cretary, and t he term "Secre tary" shall be construed to inclu de "Corporation". (c) The Corporation shall have a nominal capital stock in an Capital stock. amount determined and subscribed for by the Secretary. Receipts for payments for or on account of such stock shall be issued by the Corporation to the Secretary and shall be evidence of the stock owner- ship of the United States. (d) The management of the Corporation shall be vested in a board Board of directors. of directors (in this Act called the Board) subject to the general super- vision of the Secretary. The Board shall consist of three persons employed in the Department of Agriculture who shall be designated by the Secretary. Vacancies in the Board, so long as there are two members in office, shall not impair the powers of the Board to execute its functions and two of the members in office shall constitute a quorum fo r the transaction of business. The directors, a ppointed as hereinbefore provided, shall receive no additional compensation for their services as such directors but may be allowed travel and sub- sistence expenses when engaged in business of the Corporation outside of the Di strict of Columbia. (e) The Board may select, subject to the approval of the Secretary, e xecmin is flat r,tobe an administrator, who shall be the executive officer of the Corporation, with such power and authority as may be conferred upon him by the Board. (f) The Corporation- Corporate powers. (1) Shall have succession in its corporate name ; (2) May adopt, alter, and use a corporate seal, which shall be judicially noticed ; (3) May sue and be sued in its corporate name in any court of competent jurisdiction, State or Federal : Provided, That the Provi o s. supervision of lit i- prosecution and defense of all litigation to which the Corporation gation. may be a party shall be conducted under the supervision of the Attorney General, and the Corporation shall be represented by the United States Attorneys for the districts, respec tively, in which such litigation may arise, or by such other attorney or attorneys as may, under the law, be designated by the Attorney Genera: And provided further, That no attachment, injunction, Corporation to be free from attachment, garnishment, or ot her similar proce ss, mesne or final, shall be etc . issued against the Corporation or its property ;