Page:United States Statutes at Large Volume 50 Part 1.djvu/729

 704 Proviso. Li mita tion. Co nsol idat ed f arm loan bonds as security. Investment of funds. 48 Stat. 48. F arm credit dis- tricts ; number, bound- a ries, etc. De sign ati ons chan ged. 39 Stat. 372. Farm credit board ; selec tion, number. Title to include city. Elected dir ectors, selection. District directors, appointment. Present land bank directors to form farm credit board in each district. Selection of succes- sors. Third district direc- tor, selection. Removal fro m office, restricti on on renomi- nation. 39 Stat.375. 12U.S.C.§831b. 75Ta CONGRESS, 1ST SESSION-CH. 701 AUGUST 19, 19 37 security of real estate mortgages, sheriff's certificates, sales contracts and real estate, upon such terms and conditions as shall be pre- scribed by the board of directors of the corporation : Pr ovide d, however, That loans outstanding to joint-stock land banks under this subsection shall not at any one time exceed in the aggregate $10,000,000 ; to make loans to Federal land banks on the security of consolidated farm loan bonds ; and to invest its funds in mortgage l oans made under section 32 of the Emergency Farm Mortgage A ct of 1933, as amended ." SEC. 5 . (a) There shall be twelve districts in the continental U nited St ates, ex cluding Alaska, w hich sha ll be kn own as f arm cred it districts, and may be designated by number . The boundaries of the t welve Fe deral la nd bank districts existin g as of the date of enac t- ment of this Act shall be the boundaries of the respective farm credit districts. Such boundaries may be readjusted from time to time in the discretion of the Farm Credit Administration, provided that said districts shall be apportioned with due regard to the farm credit n eeds of the coun try and no such d istrict shall co ntain a fraction al part of any State . The designations "Federal land bank district" and "land bank district" wherever used in the Federal Farm Loan Act, or in any Act amendatory thereof or supplementary thereto, are changed to farm credit district" and shall hereafter be deemed to refer to the farm credit districts provided for in this section . (b) There shall be in each farm credit district a farm credit bo ard, whi ch shall be selec ted as h ereinaft er speci fied and shall be composed of seven members . Each farm credit board shall include in its title the name of the city in which the Federal land bank, Fe deral in termedia te credit bank, p roductio n credit corpora tion, and regional bank for cooperatives of the district are located . Three of the members of said board shall be known as elected directors of whom one shall be chosen by national farm loan associations and bo rrowers through agencies, one sha ll be ch osen by producti on credit associations of the district, and one shall be chosen by cooperatives which are stockholders or subscribers to the guaranty fund of the regional bank for cooperatives in the district. Three of the seven members shall be known as district directors, of whom two shall be appointed by the Governor of the Farm Credit Administration and one, who shall be known as the third district director, shall be chosen as hereafter in this section provided. The seventh member of such board shall be known as director at large and shall be appointed by the Governor of the Farm Credit Administration. (c) The directors of the Federal land bank of each district who are in office on the date of enactment of this Act shall constitute the farm credit board of the district and shall serve as members thereof for the remaining portions of the terms for which they were respectively elected or appointed as directors of the bank. Except as otherwise provided by this Act, the successor to each original member of the farm credit board shall be selected in the manner in which such member was selected as a director of the Federal land bank. (d) Each third district director shall be selected as follows : Each national farm loan association and borrower through agencies in the district shall nominate, in the manner provided herein for the nomi- nation of candidates for elected directors, one candidate for such director, and from the three persons having the greatest number of votes as nominees the Governor of the Farm Credit Administration shall appoint such director. No third district director who is removed from office pursuant to section 17 (h) of the Federal Farm Loan Act may be nominated to succeed himself.