Page:United States Statutes at Large Volume 50 Part 1.djvu/731

 706 Disquali fication for conviction of felony, etc. 48 Stat. 257. Compengation. Limitation. Land banks ; branches. 12U.S.0.§672. A pplicabil ity of ag - ricultural credit laws to territo ries, etc. Farm credit boards, powers. Employment of joint officers and em- ployees for Fede ral land banks, etc. A cquisitio n and dis - posal of property. E xecution of leases , contracts, etc. 75TH CONGRESS, IST SESSION-CH. 704-AUGUST 19,193T or partnership engaged in the business of lending money or of mak- ing or selling land mortgage loans, except an institution or associa- tion under the supervision of the Farm Credit Administration. (i) No person shall be eligible for appointment or election as an administrative or executive official of a Federal lank 1 bank, Federal intermediate credit bank, or of any corporation or bank organized pursuant to the Farm Credit Act of 1933, or as a member of any farm credit board, or shall continue to hold office as such member, if such person has been finally adjudged guilty of a felony, or finally adjudged liable in damages in any civil proceeding for fraud, in any State or Federal court. (j) Subject to the approval of t he Farm C redit Admi nistratio n members of each farm credit board shall receive such compensation as may be authorized by the board, including a reasonable allowance for necessary expenses in attending meetings of said board and direc- tors' meetings. Such compensation shall be paid by the Federal land bank of the district, and such bank shall be reimbursed therefor by the Federal intermediate credit bank, production credit corpora- tion and bank for cooperatives of the district in such proportion and in such manner as may be fixed by the farm credit board subject to the approval of the Farm Credit Administration. Except with the approval of the Farm Credit Administration, no member of any farm credit board shall receive compensation or allowances for any services rendered such institutions, in his capacity as director or otherwise, for more than thirty days in any one calendar year, exclu- sive of the period for which compensation is paid for attendance at meetings of said board and at directors' meetings. (k) No thing cont ained in th is se ction shall be co nstru ed to abro- gate or r epeal the s econd parag raph of sec tion 4 of the Fe deral Farm Loan Act, as amended, or to affect the applicability of any other Act of Congress under which agricultural credit laws of the United States may be made applicable to territories or insular possessions of the United States. SEO. 6 . Each farm credit board provided for in this Act shall have power, subject to the approval of the Farm Credit Administration- (a) To employ joint officers and employees for the Federal land bank, Federal intermediate credit bank, production credit corpora- tion, and regional bank for cooperatives in its district. The salaries or ot her c ompen sation of a ll suc h joi nt of ficers and emplo yees s hall be fixed by the district farm credit board and shall be paid by the Federal land bank of the district. Such bank shall be reimbursed therefor by the other three institutions in the district, in such amounts and upon s uch condi tions as t he board shall dete rmine. Officers and employees appointed by the district farm credit board shall be officers and employees of the district institutions served by them. (b) To author ize the acquisition and disposal of such property, real or personal, as may be necessary or convenient for the trans- action of the business of the Federal land bank, the Federal inter- mediate credit bank, the bank for cooperatives, and the production credit corporation, located in its district, upon such terms and conditions as it shall fix, and to prorate among such institutions the cost of purchases, rentals, construction, repairs, alterations, mainte- nance, and operation, in such amounts and in such manner as it shall de te r mi ne. Any lease, or any contract for the purchase or sale of property, or any deed or conveyance of property, or any contract for t he co nstru ction, repa ir, or alte ratio n of b uildi ngs, author ized by a district farm credit board under this subsection shall be 2 So in original.